SEC bribery lawsuit in opposition to Och-Ziff executives is dismissed

NEW YORK (P3PWriter) – A federal choose has dismissed the U.S. Securities and Alternate Fee’s lawsuit accusing two former Och-Ziff Capital Administration Group LLC (OZM.N) executives of masterminding a scheme to funnel tens of hundreds of thousands of of bribes to African officers.

FILE PHOTO: The U.S. Securities and Alternate Fee emblem adorns an workplace door on the SEC headquarters in Washington, June 24, 2011. P3PWriter/Jonathan Ernst

U.S. District Choose Nicholas Garaufis in Brooklyn dominated on Thursday that the SEC couldn’t gather fines, recoup revenue or acquire injunctions as a result of it had missed a five-year deadline to sue the defendants, Michael Cohen and Vanja Baros.

The SEC accused Cohen, who headed the hedge fund’s European workplace, and Baros, an government for African-related enterprise, of arranging bribes to enter pure assets transactions and win investments in Chad, Democratic Republic of Congo, Guinea, Libya and Niger.

It stated the suspect transactions in lots of circumstances concerned the usage of investor cash, not Och-Ziff’s personal capital.

Garaufis stated in a 32-page choice that two latest Supreme Courtroom precedents barred the January 2017 lawsuit, which challenged transactions that happened between Could 2007 and April 2011.

The choose additionally stated Cohen’s agreements to place the statute of limitations on maintain for some SEC claims lacked the “broad language” which may have averted the case’s dismissal.

Och-Ziff’s Michael Cohen is just not the longtime private lawyer for U.S. President Donald Trump.

The SEC didn’t instantly reply on Friday to a request for remark.

Ronald White, a lawyer for Cohen, didn’t instantly reply to comparable requests. Mark Cohen, a lawyer for Baros, additionally didn’t instantly reply to such requests.

Och-Ziff in September 2016 reached a $412 million settlement of associated U.S. investigations, and its OZ Africa Administration unit pleaded responsible to a prison conspiracy cost.

Chief Govt Daniel Och, a former Goldman Sachs Group Inc (GS.N) dealer, agreed to pay $2.2 million to settle an SEC recordkeeping violation cost, with out admitting wrongdoing.

Och and Och-Ziff weren’t defendants within the SEC case in opposition to Cohen and Baros.

The case is SEC v Cohen et al, U.S. District Courtroom, Japanese District of New York, No. 17-00430.

Reporting by Jonathan Stempel in New York; Modifying by Steve Orlofsky

log in

reset password

Back to
log in