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November 19, 2018

Posted  November 19, 2018

In a deferred prosecution agreement, Société Générale S.A. will pay penalties of $1.34 billion to federal and state prosecutors and regulators in relation to criminal charges that SG violated sanctions laws by processing billions of dollars in illegal transactions involving Cuban credit facilities through the U.S. financial system on behalf of entities subject to U.S. economic sanctions. According to a stipulated statement of facts, from approximately 2004 through 2010, SG operated 21 credit facilities that provided significant money flow to Cuban banks, entities controlled by Cuba, and Cuban and foreign corporations for business conducted in Cuba, primarily for the finance of oil transactions between a Dutch commodities trading firm and a Cuban corporation with a state monopoly on the production and refining of crude oil in Cuba.  The total penalties include: $717.2 million in civil forfeitures; $81.265 million to the Federal Reserve; $53.9 million to the Office of Foreign Assets Control; $325 million to the New York State Department of Financial Services; and, $162.8 million to the New York County District Attorney.  USAO SDNY

Tagged in: Financial and Investment Fraud, Financial Institution Fraud,

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