Monday, September 17, 2012

Corporate crime is still a major problem in this country and we, as consumers and citizens, must always be on the alert for improper conduct. Pfizer agreed to pay $26 million to the US Securities and Exchange Commission after a probe into the drug maker’s use of illegal payments to win business overseas. Wells Fargo is paying $6.6 million to settle the SEC charge that it failed to inform investors about the risks tied to mortgage securities it sold. Standard Chartered Bank will pay $340 million to settle charges that it “schemed with the government of Iran and hid from regulators roughly 60,000 secret transactions, involving at least $250 billion, and reaping SCB hundreds of millions of dollars in fees.”  The company Blackwater now called Academi LLC has agreed to pay a fine of $5 to $7.5 million for trying to operate  in Sudan in violation of trade sanctions and other arms trade breaches.

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