Legg Mason To Pay $34 Million To Resolve Charges Related To Bribery Scheme: SEC

The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington. Photo: REUTERS/Jonathan Ernst...

The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington. Photo: REUTERS/Jonathan Ernst

By Tim Ahmann, International Business Times
WASHINGTON

The U.S. Securities and Exchange Commission said on Monday that Legg Mason (LM.N) will pay more than $34 million to resolve a charge it violated the Foreign Corrupt Practices Act in bribing Libyan officials to secure investments.

The SEC said that between 2004 and 2010, a former Legg Mason asset management subsidiary, Permal Group Inc, partnered with a French financial services company in paying bribes to solicit investment business from Libyan state-owned financial institutions.

The SEC fine is the second half of a settlement announced by the Department of Justice in June.

“We do not expect the payment to have any impact on future investment and operations. We are pleased that this matter with the SEC is now concluded,” a spokeswoman for Legg Mason said in an email.