All articles by Aaron Nicodemus – Page 59
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ArticleBrockmeyer at TPRM: Regulator expectations for monitoring third parties
Former chief of the SEC’s FCPA Unit Kara Brockmeyer shared what regulators are looking for when they assess a company’s relationship with its third parties at Compliance Week’s TPRM Virtual Summit on Thursday.
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ArticleEY chairman: Auditors should work harder to find fraud
The chairman and chief executive of Big Four auditing firm EY says auditors should do more to uncover fraud while conducting external audits, a topic the industry has historically been reluctant to tackle.
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ArticleSEC charges chief compliance officer in stock fraud scheme
A New Jersey-based asset management firm and its president and chief compliance officer are facing SEC charges for “cherry-picking” profitable stocks for new and favored accounts that diminished returns for other clients.
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ArticleCFTC issues own guidance on evaluating compliance programs
Like the Department of Justice before it, the Commodity Futures Trading Commission has issued guidance to companies on how it will evaluate compliance programs in connection with enforcement matters.
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ArticleEx-GPB Capital CCO pleads guilty to stealing SEC information
A former SEC official facing federal felony charges for allegedly using confidential agency information to help him land the top compliance post at GPB Capital Holdings has pled guilty to a misdemeanor in federal court.
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ArticleAIG whistleblower claims in lawsuit he was fired for uncovering fraud
A former attorney for AIG has alleged in a federal whistleblower lawsuit that he was fired after he complained about fraudulent activity related to an attempt to spin off a separate legal services company.
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ArticleWith CFPB in ‘retreat,’ California eyes state consumer finance agency
California wants to create its own state consumer finance protection agency because the federal Consumer Financial Protection Bureau is in “retreat,” Democratic Gov. Gavin Newsom says.
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ArticleSEC issues two whistleblower awards, cancels meeting on program changes
The SEC has announced nearly $4 million in whistleblower awards this week, though changes to agency’s tipster program set to be discussed Wednesday will once again hit the back burner.
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ArticleSamsung heir indicted on market manipulation, accounting fraud charges
Lee Jae-yong, the heir and de facto leader at Samsung, was indicted by South Korean prosecutors on charges related to a 2015 merger of two subsidiaries and alleged irregularities in accounting practices at another subsidiary.
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ArticleSEC to consider limiting large whistleblower awards, weakening retaliation rule
The SEC had scheduled a Sept. 2 vote on controversial changes to its whistleblower program that, if passed, could weaken the agency’s prohibition of retaliation against whistleblowers and limit large rewards. The meeting has been canceled.
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ArticleChina proposes joint audit to end dispute with U.S. regulators
In an attempt to end the stalemate over audits of publicly traded Chinese companies listed on U.S. exchanges, China has reportedly proposed to allow U.S. regulators to conduct a trial joint inspection of a state-owned enterprise.
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SEC loosens risk disclosure requirements for public companies
In a split decision, the Securities and Exchange Commission has loosened requirements public companies must follow when they describe risk factors and legal proceedings in their financial statements.
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ArticleBorgWarner fined $950K by SEC for downplaying asbestos liabilities
Car parts manufacturer BorgWarner has agreed to pay $950,000 as part of a settlement with the SEC for allegedly failing to calculate and report $700 million in future asbestos liability claims.
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ArticleSuper Micro Computer, former CFO charged with accounting violations
A California-based server and cloud computing firm has agreed to pay $17.5 million as part of a settlement with the SEC to resolve charges of improperly booked revenue and understated expenses.
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ArticleMass. pharma company will pay $20.75M to settle FCA lawsuit
A Massachusetts-based pharmaceutical company will pay $20.75 million settle a whistleblower’s allegations that the company knowingly promoted misleading instructions for a skin lesion drug that caused doctors to submit false claims to Medicare.
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ArticleBanking regs reemphasize rules for monitoring accounts of foreign officials
Five federal regulatory agencies issued a reminder to banks and financial institutions that they should continually monitor risks associated with the accounts of foreign officials.
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ArticleCurtiss-Wright reports possible Russia sanctions violation
A North Carolina manufacturer that traces its origins back to the Wright brothers may have violated sanctions by doing business with two longtime customers purchased by a blacklisted Russian company.
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SEC wants to curb sensitive data contained in CAT submissions, EDGAR filings
Rule changes proposed by the SEC seek to limit the amount of personally identifiable information required in data submitted to the Consolidated Audit Trail and for public company filings.
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ArticleSurvey: Coronavirus revealed weaknesses in companies’ GRC, data processes
A recent survey from Compliance Week and Riskonnect of 261 compliance and audit professionals found that half of the respondents were not prepared for the coronavirus pandemic with an updated crisis management plan.
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New DOJ office to monitor, evaluate compliance with antitrust judgments
A new office within the Antitrust Division will be tasked with monitoring corporate compliance initiatives connected with DOJ antitrust judgments, as well as evaluating whistleblower complaints regarding those judgments.