Michael L. Cohen, the former European head of Och-Ziff Capital Management Group, pleaded guilty to a single count of lying to U.S. authorities a year after they accused him of cheating a client out of millions of dollars.
In a sign the U.S. case against Cohen has largely unraveled, prosecutors agreed to dismiss the remaining nine counts, including several fraud charges.
The case against Cohen, an American living in London, grew out of a sprawling scandal that has proven costly for Och-Ziff, one of Wall Street’s most prominent hedge-fund management firms. In September 2016, it paid $400 million in fines...
For more stories, analysis and expertiseOR Request Trial