Just when it looked as though the Commodity Futures Trading Commission was going to have some stability, another commissioner has announced his departure. On Monday afternoon, Commissioner Scott O’Malia notified President Barack Obama of his resignation, effective Aug. 8, 2014.
Hurricane season is upon us and Mark Pearson and Larry Kivett, members of Deloitte’s supply chain forensics team, are sounding the alarm that stormy weather can bring with it supply chain fraud. In this week’s podcast, they discuss the connection and offer advice for how to shore up risk mitigation efforts.
Citizens Financial Group has appointed Stephen Gannon as general counsel and chief legal officer, effective Aug. 11, 2014. He succeeds Sheldon Goldfarb, who is stepping down to focus on his responsibilities with RBS Americas after serving for six years as Citizens’ general counsel and chief legal officer.
The U.K. Serious Fraud Office is moving forward with separate investigations of two U.K. companies for alleged bribery that occurred in the Middle East. One investigation focuses on a subsidiary of London-based construction and building firm the Sweett Group, while the other focuses on GPT, a subsidiary of Airbus Group. Details inside.
The European Court of Human Rights ruled that Italy must drop criminal proceedings against three executives for market manipulation because they had already been punished by a regulatory authority. The court "considered that although the sanction was described as 'administrative' in Italian law, the severity of the fines imposed on the applicants meant that they were criminal in nature," the ruling said. Pursuing further criminal charges, the court ruled, would violate EU laws on the right not to be tried or punished twice. More inside.
In mid-June I wrote about a reported audacious hack on a large hedge fund that enabled the hackers to gain access to the firm's order entry system, and then replicate it and make profitable trades based on it. The report turned out to be false, but the cybersecurity concerns raised are real.
BioMet said in a filing with the Securities and Exchange Commission last week that the SEC issued the medical device maker a subpoena requiring that the company produce certain documents relating to possible violations of the Foreign Corrupt Practices Act regarding its operations in Brazil and Mexico. More details inside.
The most recent episode of CNBC's American Greed offers an interesting and detailed look at the insider trading ring of trader Garrett Bauer, attorney Matthew Kluger, and a middleman-turned-informant named Kenneth Robinson. Details inside.