Deutsche Bank AG will pay $16.2 million to settle a U.S. regulator’s allegations that it hired relatives of overseas government officials to win business, making it the latest firm ensnared in a scandal that rocked Wall Street and sparked years-long investigations.
The hiring, which lasted from at least 2006 through 2014 in the Asia Pacific-region and Russia, violated U.S. laws including the Foreign Corrupt Practices Act, the Securities and Exchange Commission said in a Thursday order. The Frankfurt-based bank agreed to settle the case without admitting or denying wrongdoing, the SEC said.