Saturday, September 23, 2023
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Ralph Lauren Coughs up|$1.5 Million for Bribes

WASHINGTON (CN) - Ralph Lauren Corp. will pay $1.5 million in criminal and civil fines for making illicit profits by bribing government officials in Argentina, the SEC said in a nonprosecution agreement.

The SEC said a Lauren subsidiary paid the bribes from 2005 to 2009, and that Lauren discovered it and reported itself.

It agreed to pay the SEC $734,846: $593,000 plus $141,846 in interest, according to the nonprosecution agreement.

In a parallel criminal case, Lauren settled with federal prosecutors for $882,000 the SEC said in a statement.

The SEC's acting enforcement director said Lauren did the right thing: ""When they found a problem, Ralph Lauren Corporation did the right thing by immediately reporting it to the SEC and providing exceptional assistance in our investigation," George Canellos said in the statement. "The NPA in this matter makes clear that we will confer substantial and tangible benefits on companies that respond appropriately to violations and cooperate fully with the SEC."

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