A former executive of a brokerage firm settled SEC charges for illicitly securing business deals with a Malaysian state-owned and controlled investment fund.

According to the SEC, the former executive at Goldman Sachs Group, Inc. worked with other executives to secure business deals with the Malaysian-owned investment fund through bribes and kickbacks to government officials in Malaysia and the Emirate of Abu Dhabi. The SEC determined that the former executive violated the anti-fraud, books and records, and internal controls provisions of the Foreign Corrupt Practices Act.

To settle the charges, the former executive agreed to (i) cease and desist from further violating SEC regulations, (ii) a permanent bar from the securities industry, and (iii) pay disgorgement in the amount of $43.7 million, which will be offset in accordance with amounts paid in a parallel criminal action by the DOJ.

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