Brazilian investment firm J&F pleads guilty to bribery, agrees to pay $283M penalty 


J&F agreed to pay $26,866,565 in disgorgement and pre-judgment interests to resolve the Commission’s charges arising from its extensive bribery scheme for many years.

The SEC alleged that the Brazilian investment firm’s owners Joesley Batista and Wesley Batista committed bribery to facilitate JBS’ acquisition of U.S. issuer Pilgrim’s Pride Corporation in 2009.

The Batistas each agreed to pay a penalty of $550 million. The investment management firm and its owners also agreed to stop further violations of the anti-bribery provisions of the FCPA.

Signup for the USA Herald exclusive Newsletter

“Engaging in bribery to finance their expansion into the U.S. markets and then continuing to engage in bribery while occupying senior board positions at Pilgrim’s, reflects a profound failure to exercise good corporate governance. This brazen misconduct flies in the face of what investors should expect from those occupying the role of an officer or director of a U.S. issuer,” said SEC Enforcement Division FCPA Unit Chief Charles Cain.