Tagged: Goldman Sachs

Goldman Sachs’ Lucrative and Wide-Ranging Corrupt Scheme (Part II of III)

Goldman Sachs now sits atop all charts with the largest US FCPA bribery penalty, totaling approximately $2.9 billion.  The second largest is Ericsson’s 2019 FCPA settlement for $1 billion.  There is a reason that Goldman “earned” this distinction.  The bribery scheme and controls and compliance failures are repugnant and pervasive.  Goldman’s corruption scheme was built on stealing funds from the 1MDB account that was intended...

Goldman Sachs Settles Massive 1MDB Bribery Case and Agrees to Pay Nearly $3 Billion (Part I of III)

The Justice Department finally closed out its investigation of Goldman Sachs’ massive bribery scheme involving Malaysia’s 1MDB fund.  The case is now the largest in US FCPA history (based on its payment to DOJ and related US agencies).  Goldman Sachs entered into  three-year deferred prosecution agreement (“DPA”) with the filing of a criminal information charging conspiracy to violate the anti-bribery provisions of the FCPA.  At...

RNC Deputy Finance Chair Elliott Broidy to Plead Guilty to Foreign Agent Registration Act Conspiracy

The former deputy finance chair of the Republican National Committee and prominent fundraiser for President Trump has agreed to plead guilty with lobbying on behalf of Jho Low, an indicted and fugitive financier, who was charged in the ongoing 1MDB sovereign wealth fund investigation and prosecution. Broidy agreed to assist Jho Low by lobbying the Justice Department and administration and failed to register as required...

SEC Charges Ex-Goldman Investment Banker for FCPA Bribes in Ghana Power Project

Last week, the Securities and Exchange Commission (“SEC”) filed charges against Asante Berko, a former Goldman Sachs executive with bribery of foreign government officials in Ghana.  Goldman Sachs discovered and stopped the scheme and then reported it to the government.  Goldman Sachs was not charged with the conduct and cooperated with the investigation. The SEC’s complaint charged Berko with assisting a client, a Turkish energy...

Episode 65 — Goldman Sachs and the 1MDB Corruption Scandal

Goldman Sachs’ role in the 1MDB scandal continues to draw scrutiny.  Justice Department prosecutors are investigating the extent to which Goldman Sachs knew and participated in the 1MDB scandal, and what penalty, if any, Goldman Sachs should pay.  The recent indictment and guilty plea of two former Goldman Sachs officials represents a significant development in the ongoing investigation. In this episode, Michael Volkov discusses recent...

The Goldman Sachs 1MDB Scandal: The Doctrine of Respondeat Superior

As Goldman Sachs continues to navigate its way through the 1MDB investigation and prosecution, there is no question that the media is beginning to focus on who at Goldman Sachs knew about the bribery activity (or should have known) and what liability, if any, Goldman Sachs will incur as a result. At the outset, it is important to remember what facts have been disclosed so...

Goldman Sachs and the 1MDB Criminal Prosecutions

The 1Malaysia Development Berhad scandal (“1MDB scandal”) has been making headlines for the past few years.  The turning point for US prosecutors was the cooperation of Malaysian law enforcement and the corruption allegations surrounding Malaysia’s former prime minister Najib Razak.  At the center of this scandal is Goldman Sachs, which profited from $3 billion in bond issues on behalf of the 1MDB fund. The interesting...