US hedge fund to pay $400M in African bribery case


A major Wall Street hedge fund has agreed to pay more than $400 million to settle charges accusing it of using a web of brazen middlemen to pay bribes to African officials, authorities said Thursday.The Securities and Exchange Commission announced in Washington that it reached a $200 million civil settlement in the corruption scandal involving Och-Ziff Capital Management Group, considered the largest publicly traded hedge fund in the U.S.The Manhattan-based firm, which has offices across the globe and tens of billions of dollars under management, was ordered to pay another $213 million in criminal penalties in a related criminal case in federal court in Brooklyn, part of a broader U.S. crackdown on bribery of foreign officials in the world of international finance.In the criminal case, an Och-Ziff subsidiary pleaded guilty on Thursday to conspiracy to violate the Foreign Corrupt Practices Act.