A former head of Morgan Stanley's real-estate investing
operations in China pleaded guilty Wednesday to violating a U.S. anticorruption
law and settled related civil charges brought by the Securities and Exchange
Commission, foxbusiness reports.
The Feds alleged the executive, Garth Peterson, 42, violated
the Foreign Corrupt Practices Act by paying bribes to an influential Chinese
official who in turn steered business to the firm. The government also said
Peterson and the Chinese official secretly acquired a valuable Shanghai
real-estate interest from a Morgan Stanley fund.
Peterson "secretly bribed a government official to
illegally win business for his employer and enriched himself in violation of
his fiduciary duty to Morgan Stanley's clients," said Robert Khuzami,
director of the SEC's Division of Enforcement…..
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