Wall Street bank BNY Mellon has agreed to pay $14.8 million to settle federal civil charges of attempting to influence officials of a Middle Eastern sovereign wealth fund by giving internships to their family members.
The Securities and Exchange Commission announced the settlement Tuesday with BNY Mellon, which is the seventh-largest bank in the U.S. Bank employees aimed to keep and win business managing the sovereign fund's assets by offering the valuable internships to officials' sons and a nephew, the SEC said.
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The family members getting the highly competitive internships didn't meet BNY Mellon's strict hiring standards, the agency said.
The New York bank neither admitted nor denied wrongdoing. It is paying a $5 million fine, $8.3 million in restitution plus $1.5 million in interest.
The country wasn't named.