BNP Paribas to pay $80m for defrauding US Agriculture Dept

Tags: News
The US Justice Department announced on Thursday that a Federal court entered judgment against French bank BNP Paribas for $80 million for defrauding a program designed to encourage American exports.

The program, run by the US Department of Agriculture, covered losses for American commodities exporters in cases where their import partner failed to make a payment.

Last month, BNP Paribas pleaded guilty and agreed to pay $8.9 billion in a settlement with US authorities for violating US economic sanctions.

From 1998 to 2005, BNP Paribas knowingly guaranteed such a credit for companies known to be operating both the export and import side of a trade and, in some cases, never making a payment or shipment, according to a statement from the Justice Department.

Beginning in April 2005, BNP Paribas submitted claims to the Agriculture Department for losses resulting from a Mexican importer owned by the same company as the American exporter.

A vice president of BNP Paribas, Jerry Cruz, pleaded guilty in 2012 to receiving bribes from the exporters.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The sudden crisis in oil exporting economies offers India big opportunity

    The unprecedented 6.5 per cent single-day hike in Russian interest rates on Tuesday and the subsequent devaluation of the ruble from 60 to the dollar

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Roopen Roy

Why do we shoot, load and then aim?

There is a joke about what Indians would do in ...

Zehra Naqvi

When humanity died, bestiality prevailed

The terrorist attack that killed 132 children in Peshawar has ...

Dharmendra Khandal

Protecting jungle cats is vital

In what can only be called a cat night, we ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture