Related Documents:
34-78989
29-Sep-2016
Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, and Sections 203(e), 203(f), and 203(k) of the Investment Advisers Act of 1940, Making Findings, Imposing Remedial Sanctions and a Cease-and-Desist Order, and Notice of Hearing
On September 29, 2016, the SEC issued a settled administrative proceeding against OZ Management, LP for Foreign Corrupt Practices Act violations.
2016-203
29-Sep-2016
Press Release--Administrative Proceeding
Och-Ziff Hedge Fund Settles FCPA Charges
Och-Ziff Executives Also Settle Charges
On September 29, 2016, the SEC announced that "OchZiff Capital Management Group has agreed to pay nearly $200 million to the SEC to settle civil charges of violating the Foreign Corrupt Practices Act (FCPA)... Och-Ziff acknowledged that it expected to enter into a deferred prosecution agreement with the Justice Department in a parallel criminal proceeding, and its subsidiary OZ Africa Management GP LLC agreed to enter into a plea agreement. Och-Ziff is expected to pay a criminal penalty of $213 million."
Order Designating Presiding Judge
Order assigning Administrative Law Judge Jason S. Patil as the presiding judge.
Order
On October 11, 2016, Administrative Law Judge, Jason S. Patil, issued an order addressing the September 29, 2016 OIP question of "what, if any, civil penalties pursuant to Section 21(B)(a) of the Exchange Act against Joel M. Frank are in the public interest."
Notice to the Parties and Order Following the Commission's Ratification of Administrative Law Judge Appointments
"On November 30, 2017, the Commission issued an order ratifying the appointment of its administrative law judges and directing all administrative law judges with pending proceedings to: (1) reconsider the record in each proceeding, including all substantive and procedural actions; (2) allow the parties to file any new evidence that the parties deem relevant to the reexamination of the record by January 5, 2018; (3) determine whether to revise or ratify prior actions; and (4) issue by February 16, 2018, an order on ratification."
Order Ratifying Prior Actions
According to the SEC: "Upon reconsideration of the record, [Jason S. Patil, the ALJ] find[s] nothing that requires revisions. Therefore, [the ALJ ratifies] all prior actions taken by an administrative law judge in this proceeding. The process contemplated by the Commission's November 30 order is complete."
Notice of Extension of Stay
On July 24, 2018, the SEC filed a notice of extension of stay in the administrative proceeding against Oz Management LP. The stay was extended to August 22, 2018.
Order Following Reassignment
The Administrative Law Judge stated: "The order instituting proceedings (OIP) directs that a hearing may be held in this matter "following the entry of a final judgment against the last remaining defendant(s) in ... all actions related to the conduct described herein" to determine "what, if any, civil penalties pursuant to Section 21(B)(a) of the Exchange Act against Respondent Frank are in the public interest." The Commission's August 22 order instructed me to seek proposals from the parties "for the conduct of further proceedings." The parties may file such proposals, jointly or separately, by October 12, 2018."
Order Scheduling Prehearing Conference
On October 12, 2018, the SEC issued an order stating: "I order a telephonic prehearing conference for October 18, 2018 at 3:00 p.m. Eastern."
Order Canceling Prehearing Conference and Directing Parties to File a Supplemental Joint Report
The SEC stated: "The prehearing conference scheduled for today, October 18, 2018, is CANCELED. I ORDER the parties to file a supplemental joint report by November 1, 2018..."
Order Denying Joint Proposal to Set a Schedule
On November 6, 2018, the SEC issued an order denying joint proposal to set a schedule. The SEC stated: "[B]ecause United States v. Oz Africa Management GP and United States v. Cohen are Related Actions, I cannot convene a hearing until final judgments have been entered in them. If the parties wish to proceed before those final judgments are issued, the appropriate remedy is for the Division of Enforcement to move the Securities and Exchange Commission to amend the OIP"
Order Redesignating Presiding Judge
The Commission stated: "IT IS ORDERED that Chief Administrative Law Judge Brenda P. Murray is hereby designated, in place and stead of the Administrative Law Judge heretofore designated, to preside at the hearing in these proceedings and to perform other and related duties in accordance with the Commission's Rules of Practice."
Order Redesignating Presiding Judge
The Commission stated: "IT IS ORDERED that Administrative Law Judge James E. Grimes is hereby designated, in place and stead of the Administrative Law Judge heretofore designated, to preside at the hearing in these proceedings and to perform other and related duties in accordance with the Commission's Rules of Practice."
Order for Status Report
Administrative Law Judge James E. Grimes stated: "This proceeding was recently reassigned to me. I direct the Division of Enforcement to submit, by October 15, 2019, a report about the current status of the 'actions related to the conduct described' in the order instituting proceedings. The Division must submit a further status update by April 15, 2020, and every six months thereafter."
Order Scheduling Prehearing Conference
The Administrative Law Judge stated: "The docket of that case shows that the court entered final judgment on
November 12, 2020 . Judgment in a Criminal Case, United States v. OZ Africa
Mgmt. GP, LLC , 16 cr 515 (E.D.N.Y. Nov. 12, 2020), ECF No. 111. The OIP
directed me to issue the initial decision no later than 120 days from the date of
the last final judgment, which would be March 12, 2021. Because of this
accelerated schedule and delay in learning about the final judgment , I will hold
a telephonic prehearing conference on December 17, 2020, at 2:00 p.m. E ST ."
Order Following Prehearing Conference
The Administrative Law Judge stated: " I asked the parties to file a status report
by January 8, 2021, about the submission of a signed offer of settlement to the
Commission."
Stay Order
The Administrative Law Judge stated: "Respondent Joel M. Frank and the Division of Enforcement, the only
parties remaining in this proceeding, have agreed in principle to a settlement
on all major terms and jointly moved for a stay . . .
I GRANT that motion and STAY the proceeding. "
