United States Department of Justice & SEC Fines Bit Mining (Previously 500.com) $10 Million for Violating Foreign Corrupt Practices Act in $2.5 Million Bribery Scheme Including to Members of Japan Parliament from 2017 to 2019 to Setup Integrated Resort Casino in Japan, Offered Bribes in Cash, Entertainment & Extravagant Trips, 500.com was Online Sports Lottery Service Provider Headquartered in China & Listed on New York Stock Exchange
20th November 2024 | Hong Kong
The United States Department of Justice & United States Securities & Exchange Commission (SEC) have fined Bit Mining (Previously known as 500.com) a total of $10 million for violating the Foreign Corrupt Practices Act in $2.5 million bribery scheme including to members of Japan Parliament from 2017 to 2019 to setup integrated resort casino in Japan, offering bribes in cash, entertainment & extravagant trips. 500.com was an online sports lottery service provider headquartered in China, and listed on New York Stock Exchange (NYSE). United States SEC (18/11/24): “ The Securities and Exchange Commission today announced that BIT Mining Ltd., formerly known as 500.com Limited, agreed to pay a $4 million civil penalty to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA) from 2017 to 2019 by engaging in a widespread bribery scheme to influence numerous foreign officials, including members of Japan’s parliament, in efforts to establish an integrated resort casino in Japan. 500.com was an online sports lottery service provider headquartered in Shenzhen, China, whose shares traded on the New York Stock Exchange under the symbol “WBAI.” The SEC’s order finds that the bribery scheme involved illicit payments of approximately $2.5 million in the form of cash bribes, entertainment, and extravagant trips. The order further finds that the bribes were authorized by a 500.com senior executive and that, after the bribery scheme came to light, the company never entered the market. BIT Mining consented to the SEC’s order finding that it violated the anti-bribery, recordkeeping, and internal accounting controls provisions of the FCPA. BIT Mining has agreed to cease and desist from committing or causing any violations and any future violations of these provisions and to pay the civil penalty mentioned above. In a parallel action, the U.S. Department of Justice announced today it has entered into a deferred prosecution agreement in which BIT Mining agreed to pay a $10 million criminal fine, of which $4 million will be satisfied by the company’s payment of a civil penalty pursuant to the SEC’s order.”
“ United States Department of Justice & SEC Fines Bit Mining (Previously 500.com) $10 Million for Violating Foreign Corrupt Practices Act in $2.5 Million Bribery Scheme Including to Members of Japan Parliament from 2017 to 2019 to Setup Integrated Resort Casino in Japan, Offered Bribes in Cash, Entertainment & Extravagant Trips, 500.com was Online Sports Lottery Service Provider Headquartered in China & Listed on New York Stock Exchange “
United States Department of Justice & SEC Fines Bit Mining (Previously 500.com) $10 Million for Violating Foreign Corrupt Practices Act in $2.5 Million Bribery Scheme Including to Members of Japan Parliament from 2017 to 2019 to Setup Integrated Resort Casino in Japan, Offered Bribes in Cash, Entertainment & Extravagant Trips, 500.com was Online Sports Lottery Service Provider Headquartered in China & Listed on New York Stock Exchange
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2024 Investment Day
- March 2024 - Hong Kong
- March 2024 - Singapore
- July 2024 - Hong Kong
- July 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Oct 2024 - Hong Kong
- Nov 2024 - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
