The headquarters of the US Securities and Exchange Commission are seen in Washington, July 6, 2009. — Reuters pic
The SEC said in a statement that the company’s Mexican subsidiary paid over US$4 million in bribes to Mexican government and union officials in exchange for business lending to government employees. “This long-running bribe scheme did not happen in a vacuum. Through a lack of adequate internal accounting controls and a culture that undermined its internal audit and compliance functions, World Acceptance Corporation created the perfect environment for illicit activity to occur for nearly a decade,” Charles Cain, a senior SEC enforcement official, said in a statement.
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