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Las Vegas Sands pays $9 million for FCPA violations

Jaclyn Jaeger | April 8, 2016

Las Vegas Sands has agreed to pay a $9 million penalty to the Securities and Exchange Commission to settle charges that it violated the Foreign Corrupt Practices Act by failing to properly authorize or document millions of dollars in payments to a consultant facilitating business activities in China and Macao.

An SEC investigation found that LVS kept inaccurate books and records and frequently lacked supporting documentation or proper approvals for more than $62 million in payments to a consultant in Asia. The consultant acted as an intermediary to obscure the company’s role in certain business transactions such as the purchases of a basketball team and a building in China, where casino gambling isn’t permitted.

At one point, LVS could not account for more than $700,000 transferred to the consultant for team expenses, yet continued to transfer millions of dollars to him. A portion of the payments were...

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