BNY Mellon to pay $14.8 million to settle U.S. SEC bribery charges

[Eugene]

Source: Reuters

Business News | Tue Aug 18, 2015 1:07pm EDT

BNY Mellon to pay $14.8 million to settle U.S. SEC bribery charges

BY NATE RAYMOND AND SARAH N. LYNCH

Bank of New York Mellon Corp (BK.N) will pay $14.8 million to settle charges it gave internships to family members of officials affiliated with a Middle Eastern sovereign wealth fund, violating federal bribery laws, U.S. regulators said.

The U.S. Securities and Exchange Commission said the bank failed to evaluate the family members through its highly competitive internship programs and did not apply the rigorous criteria usually required.

The family members nonetheless were hired for internships to corruptly influence government officials and to win or keep contracts to manage and service the sovereign wealth fund's assets, the SEC said.

"BNY Mellon deserved significant sanction for providing valuable student internships to family members of foreign officials to influence their actions," Andrew Ceresney, the SEC's director of enforcement, said in a statement.

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Read more: http://www.reuters.com/article/2015/08/18/us-bny-mellon-sec-corruption-idUSKCN0QN1PJ20150818

[Wellstone ruled]

1. Nothing here to see,go away.

Business as usual,slap on the wrist,pay a fine,oh and by the way,it is tax deductible.