A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
Aaron Nicodemus
Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass.
Email: aaron.nicodemus@complianceweek.com
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Posted inRegulatory Enforcement
Drexel Hamilton to pay $1.1M, four employees fined for ‘flipping’ municipal bonds
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
Posted inAnti-Bribery
BIT Mining changes business model, pays $10M fine to resolve FCPA violations
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
Posted inRegulatory Enforcement
MetLife subsidiary fined $178K by OFAC for issuing premiums to Iran-controlled entities
A subsidiary of MetLife will pay more than $178,000 for violating U.S. sanctions on Iran when it provided insurance policies to entities in the United Arab Emirates owned or controlled by Iran.
Posted inRegulatory Enforcement
European Commission accuses Meta of anticompetive practices, fines it $841M
Meta, the parent company of Facebook, has been fined nearly 798 million euros (U.S. $841 million) by the European Commission to resolve the agency’s long-running investigation into alleged “abusive practices” by Facebook Marketplace.
Posted inRegulatory Enforcement
DOJ orders Paragon Systems, subsidiary to pay $54M over front company contracts scheme
Paragon Systems, a Virginia-based security contractor, and a subsidiary will pay nearly $54 million to resolve allegations that its corporate executives–including its compliance manager–conspired to win Department of Homeland Security contracts by creating fraudulent small business front companies.
Posted inAnti-Bribery
Spanish telecomm Telefónica S.A. fined $85M over bribes to government officials in Venezuela
A subsidiary of Spanish telecommunications provider Telefónica S.A. will pay $85.2 million to settle a charge that it violated the Foreign Corrupt Practices Act when it paid bribes to Venezuelan officials to gain preferential access to a currency auction.
Posted inRegulatory Enforcement
Navy Federal Credit Union to pay $95M in fines, redress over ‘surprise’ overdraft fees
Navy Federal Credit Union will pay a $15 million fine and return $80 million in “surprise” overdraft fees to its members to resolve an enforcement action from the Consumer Financial Protection Bureau.
Posted inRisk Management
U.K. sanctions 56 entities connected to Russia’s ‘war machine’
The U.K. has issued 56 new sanctions against entities and individuals involved with Russia’s war effort, including several private mercenary groups operating in Africa that are connected to the Kremlin.
Posted inRegulatory Enforcement
Underfunding of BSA/AML compliance made TD Bank an unwitting partner to cross-border crime
Law enforcement officials stumbled on TD Bank’s role in money laundering while investigating a Mexican drug cartel. They found that the bank’s corporate culture considered compliance, particularly BSA/AML compliance, a low priority. As they dug deeper, authorities discovered that multiple money laundering schemes had infiltrated the bank’s network.
