The U.S. Department of Justice announced that a federal grand jury in New Jersey has indicted Zhengming Pan, the former CEO of BIT Mining (formerly known as 500.com), for violations of the Foreign Corrupt Practices Act among other charges.
Former CEO Pan is accused of offering bribes worth approximately $2 million in cash, trips on private jets, entertainment, and luxury brand items to Japanese government officials concerning the expansion of an Integrated Resort (IR) that includes casinos in Japan. He allegedly directed, knew of, and concealed these bribes. The investigation was led by the FBI’s International Corruption Squad with the support of Japanese authorities.
Although the financial condition of BIT Mining and the sentencing guidelines suggested a fine of $54 million for the corporation, it was reduced to $10 million after proving the inability to pay. Furthermore, up to $4 million of the fine could be reduced in exchange for cooperation with ongoing investigations. A three-year deferred prosecution agreement has also been signed.
In relation to this case, former House of Representatives member Tsukasa Akimoto was arrested by the Tokyo District Public Prosecutor’s Office Special Investigation Department, and in March of this year, the Tokyo High Court sentenced him to four years in prison.
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