Cash advance app Cleo AI agreed to meet compliance obligations for 10 years and to pay $17 million to settle allegations that it deceived millions of customers.
Adrianne Appel
Adrianne Appel writes regulatory news, policy, and trends for Compliance Week. She previously reported about policy developments for Bloomberg Law and Bloomberg Government.
Email: adrianne.appel@complianceweek.com
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Posted inTop Stories
Former Florida TD Bank employee admits laundering millions for Colombian criminals
A former employee at a Florida TD Bank branch has pleaded guilty to laundering about $4.8 million for Colombians involved in criminal activity in exchange for small bribes.
Posted inRetail
Alcohol distributor settles with FTC over higher prices charged to small stores
The largest U.S. distributor of wine and spirits has agreed to change its pricing practices toward mom-and-pop liquor stores to settle allegations that it selectively charged small retailers more for its products.
Posted inWhistleblowers
Whistleblower program coming to DOJ’s fraud division, McDonald says in memo
The DOJ’s Corporate Enforcement Section will oversee businesses’ compliance with criminal resolutions, and the department’s fraud division will create a whistleblower program to encourage substantial tips about business fraud.
Posted inTop Stories
Smart ring founder faces years in prison for lying to investors
The founder of a “smart ring” startup company was found guilty of lying to investors to further her nearly $2 million Ponzi scheme, the DOJ announced.
Posted inRegulatory Enforcement
Loan fraud involving former CEO and his friends allegedly led to collapse of Oklahoma’s First National Bank of Lindsay
A former borrower of the First National Bank of Lindsay conspired with the bank’s former chief executive concerning loans, which contributed to the Oklahoma bank’s collapse in 2024, the DOJ said.
Posted inData Privacy
New California law expands personal data deletion mandate for businesses
Businesses will soon have to honor requests by California residents to delete personal data no matter who collected the information originally.
Posted inHealthcare
Nursing home group, its owner, and an exec agree to pay $1M to settle false claims allegations
A New England nursing home group, its owner, and an executive agreed to pay $1 million to settle allegations first brought by a whistleblower that they billed Medicare and Medicaid for unnecessary care, the DOJ announced last Wednesday.
Posted inRegulatory Enforcement
OTC Link pays $575,000 to SEC to settle alleged compliance failures
Broker-dealer OTC Link LLC has agreed to pay $575,000 to settle allegations that it repeatedly failed to create and enforce compliance policies and procedures for one of its trading platforms, which handles over-the-counter stocks, the SEC announced.
Posted inTop Stories
SEC’s Woodcock: Enforcement division aims to aggressively enforce fraud
The SEC’s overarching priority is to “get back to basics,” David Woodcock, the commission’s director of the Division of Enforcement, said.