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By Allison Prang
Barclays PLC settled with the Securities and Exchange Commission over charges that the company's Asia Pacific region tried to influence foreign government officials by hiring their relatives and friends and therefore violated the Foreign Corrupt Practices Act, the SEC said.
The regulator said the company tried to lure or keep business by giving government officials' associates, relatives and friends "valuable employment." The SEC also said the company "falsified corporate records to conceal the true source of the candidates and the reasons for hiring them."
Barclays has agreed to pay the SEC about $3.8 million in disgorgement, a $1.5 million civil penalty and $984,040 in prejudgement interest, the SEC said. It isn't admitting to or denying the SEC's conclusions, the regulator said.
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(END) Dow Jones Newswires
September 27, 2019 15:53 ET (19:53 GMT)
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