All articles by Aaron Nicodemus
-
ArticleActivision Blizzard fined $35M by SEC over workplace harassment disclosures
Activision Blizzard will pay $35 million to resolve Securities and Exchange Commission charges it violated federal securities laws by failing to adequately disclose how its ineffective response to workplace complaints was harming its ability to hire and retain skilled employees.
-
Article
Report: SEC mulls tweaks to ease climate-related disclosure rule obligations
The Securities and Exchange Commission is reportedly considering pulling back on key elements of its proposed climate-related disclosure rule following pushback from investors, companies, and the public.
-
Article
Allianz case questions if DOJ encouraging scapegoating in individual liability push
Is the Department of Justice’s focus on individual accountability in white-collar crime cases encouraging companies to scapegoat their employees? A recent court filing in a $6 billion corporate fraud case could give company officers some sleepless nights.
-
Article
Ethical culture strengthened by 2022 challenges, survey finds
LRN’s annual ethics and compliance benchmarking report found most respondents—85 percent—said their company’s ethical culture has been strengthened, not weakened, in facing the Covid-19 pandemic, Russia’s war in Ukraine, supply chain disruptions, and more.
-
Article
SEC examiners flag deficiencies in Reg BI compliance
The Securities and Exchange Commission issued a risk alert listing deficiencies its examiners found in broker-dealers’ compliance with Regulation Best Interest.
-
Article
Walgreens to pay $7M for accepting alleged FCA violation proceeds
Walgreens agreed to pay $7 million to settle alleged violations of the False Claims Act that it overbilled the state of Tennessee’s Medicaid insurance program for Hepatitis C medications and kept the proceeds even after it discovered an employee’s misconduct.
-
Article
California AG launches CCPA violation sweep against mobile apps
The California attorney general announced his office notified an unspecified number of businesses with mobile apps they are failing to comply with the California Consumer Privacy Act.
-
Article
Fed cites AML weaknesses in denying Custodia Bank membership application
The Federal Reserve Board denied the application of Custodia Bank for membership in the Federal Reserve System, citing weaknesses in the digital-first bank’s anti-money laundering protocols as part of its decision.
-
Article
Democratic senators push PCAOB to crack down on crypto audit work
Sens. Elizabeth Warren (D-Mass.) and Ron Wyden (D-Ore.) called on the Public Company Accounting Oversight Board to address so-called “sham audits” of cryptocurrency companies by registered auditors in the aftermath of the collapse of FTX.
-
Article
In Touch Games fined $7.6M for AML failures by U.K. Gambling Commission
U.K. online gaming company In Touch Games was fined £6.1 million (U.S. $7.6 million) by the country’s Gambling Commission for a series of anti-money laundering failures—its third such penalty since 2019.
-
Article
Reports: Morgan Stanley fines bankers up to $1M for off-channel communications
Morgan Stanley fined its employees up to $1 million for using unauthorized communication channels in violation of recordkeeping rules, according to multiple reports.
-
Article
Q&A: Ex-DOJ official on policy changes, new CCO expectations
Scott Hulsey, partner at Barnes & Thornburg, former federal prosecutor, and a former chief compliance officer, discusses with Compliance Week how CCOs should respond to the Department of Justice’s recent policy changes regarding corporate crime.
-
Article
SEC seeks to revive Dodd-Frank rule on conflicts in securities trading
The Securities and Exchange Commission resurrected an unfulfilled mandate of the Dodd-Frank Act that would prevent the sale of certain securities if there is a conflict of interest.
-
Article
Popular Bank fined $2.3M by Fed over fraudulent PPP loan approvals
The Federal Reserve Board fined New York-based Popular Bank $2.3 million for processing Paycheck Protection Program loans despite finding significant indications of possible fraud in the loan applications.
-
Article
JBS accused of greenwashing in SEC whistleblower complaint
Brazilian meat processing company JBS faces accusations of issuing $3.2 billion worth of “misleading and fraudulent” sustainability bonds in a whistleblower complaint filed with the Securities and Exchange Commission.
-
Article
Bloomberg to pay $5M for misleading disclosures about rate calculations
Bloomberg Finance agreed to pay $5 million to settle Securities and Exchange Commission charges alleging misleading disclosures it made about how it calculated the valuations it provided on fixed-income securities to the financial services industry.
-
Article
CFTC commissioner urges crypto gatekeepers ‘step up and call for compliance’
Christy Goldsmith Romero of the Commodity Futures Trading Commission called out gatekeepers—lawyers, accountants, auditors, compliance professionals, and others—for failing customers in the unregulated cryptocurrency market.
-
Article
Deutsche Bank refreshes compliance leadership with new group CCO
Deutsche Bank named Laura Padovani to be its next group chief compliance officer and head of compliance, effective April 1. She will replace Pascal Tagné, who will become the bank’s head of compliance for the Asia Pacific region.
-
Article
Crypto exchange Bitzlato shut down, labeled ‘money laundering concern’
The Financial Crimes Enforcement Network designated Bitzlato, a Hong Kong-registered cryptocurrency exchange, as a “primary money laundering concern” in the first use of a law that targets entities that facilitate illicit Russian financial transactions.
-
Article
DOJ urges voluntary self-disclosure in corporate enforcement policy updates
The Department of Justice unveiled new incentives to encourage companies to voluntarily report violations of the Foreign Corrupt Practices Act, including steep discounts in monetary fines against businesses that self-disclose misconduct.
