World Acceptance, a South Carolina-based consumer mortgage company, agreed on Thursday to pay $21.seven million to resolve fees that it violated the Overseas Corrupt Tactics Act (FCPA).
The Securities and Exchange Fee said that from at least December 2010 by June 2017, World Acceptance’s previous Mexican subsidiary, WAC de Mexico S.A. de C.V., paid out additional than $4 million in bribes to Mexican govt officers and union officers. The bribes were intended to secure the potential to make loans to govt personnel and make certain that individuals loans were repaid in a well timed way.
In accordance to the SEC’s get, WAC Mexico paid out the bribes in a selection of ways, together with by depositing money into financial institution accounts connected to the officers and by hiring an middleman to distribute big bags of cash among the the officers.
“This extended-running bribe plan did not transpire in a vacuum,”