We just can't quite conceive of Ralph Lauren bribing anyone.
He seems so wholesome and all-American!
After being charged with overseas bribery, the designer has agreed to pay the government to the tune of $1.6 million to settle the claims.
The bribes were made in Argentina between 2005 and 2009 by a company manager, and included paying customs officials about $593,000 in exchange for making it easier to import the company's goods into the country, as well as gifting government officials with the $22,500 "Ricky" handbag, among other Ralph Lauren goods.
In a move of integrity, the designer's company was actually the one to report the bribery to federal authorities after it was discovered during an internal audit.
Props to them for not trying to sweep it under the rug instead!
The designer signed two nonprosecution agreements and will pay penalties of about $882,000 to the Justice Department and $735,000 to the Securities and Exchange Commissions.
Government officials praised Ralph Lauren and his company for bringing the misconduct to their attention and for their full cooperation with the law.
The company is also no longer doing business in Argentina.
And now that that's settled, Mr. Lauren can turn his attention to that other lawsuit.
[Image via Ramey Pix.]
Tags: department of justice, ralph lauren, ralph lauren bribery payout, ricky handbag, securities and exchange commission