| Bank of New York Mellon Corp. agreed to pay $14.8 million to settle charges that it violated foreign-bribery laws by giving internships to relatives of officials from a Middle Eastern sovereign-wealth fund. The settlement is the first enforcement action brought by the Securities and Exchange Commission against a financial institution under the Foreign Corrupt Practices Act, which bans U.S. companies from giving anything of value to a foreign official to gain an unfair advantage or business favors.
One of the sovereign-wealth fund officials in 2010 told a BNY Mellon employee that he could "secure internships for his family members from a competitor of BNY Mellon if it did not satisfy his personal request," according to court documents, and later became "angry" when the internships were delayed. The SEC didn't name the fund or the country it represents...............................................Full Article: Source
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