SEC charges former Morgan exec with FCPA violation

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SEC charges former Morgan exec with FCPA violation
from MarketWatch.com - MarketPulse
WASHINGTON (MarketWatch) - The Securities and Exchange Commission on Wednesday charged a former Morgan Stanley executive with violating the Foreign Corrupt Practices Act by allegedly acquiring millions of dollars worth of real estate investments for himself and a Chinese official who pushed business to the big bank's funds. The SEC alleged that Garth Peterson, a former managing director at Morgan Stanley, had a secret business relationship with the former chairman of a Chinese state-owned business with influence over the success of Morgan Stanley's real estate business in Shanghai. Peterson will pay more than $250,000 in disgorgement and relinquish interest in Shanghai real estate valued at about $3.4 million "that he secretly acquired through his misconduct," the SEC said.