The former chief financial officer of bankrupt email security business GigaTrust faces up to five years in prison after pleading guilty to defrauding investors and lenders of $50 million by impersonating auditors and fabricating reports.
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 inData Privacy
Drizly data security to be monitored for 20 years under FTC order
Online alcohol retailer Drizly and its chief executive officer agreed to data security requirements and to be assessed by an independent monitor for up to 20 years as part of a final settlement with the Federal Trade Commission over a data breach that impacted 2.5 million consumers.
Posted inRegulatory Enforcement
Meta, DOJ agree on compliance targets related to fairness in housing ads
Meta and the Department of Justice agreed on the targets the technology giant must reach when delivering housing ads to customers in order to comply with federal housing antidiscrimination rules.
Posted inRegulatory Enforcement
UBS unit fined $3.75M for options trading reporting violations
UBS Securities agreed to pay $3.75 million to settle allegations brought by the Financial Industry Regulatory Authority that its failure to adequately supervise compliance staff led to millions of violations of options trading reporting requirements.
Posted inRegulatory Policy
FTC proposes full-scale ban on noncompete clauses
The Federal Trade Commission proposed a rule that would ban new and existing noncompete clauses by employers, claiming they stifle healthy competition, dampen wages, and raise the price of goods.
Posted inInternal Controls
Coinbase to pay $100M after NYDFS probe into compliance lapses
Cryptocurrency exchange Coinbase agreed to pay $100 million as part of a settlement with the New York State Department of Financial Services for compliance failures that opened the door for criminals to carry out illegal activity through the platform.
Posted inEurope
Danfoss to pay $4.4M in OFAC sanctions settlement
Danish manufacturer Danfoss agreed to pay nearly $4.4 million to settle allegations a subsidiary violated U.S. sanctions by running payments from customers based in Iran, Sudan, and Syria through the foreign branch of a U.S. financial institution.
Posted inRisk Management
FinCEN report identifies financial trends of Russian oligarchs
The Financial Crimes Enforcement Network published an analysis of financial trends involving Russian oligarchs and how U.S. financial institutions have aided in the identification of more than $30 billion worth of sanctioned Russians’ assets.
Posted inRegulatory Enforcement
SEC fines PNC unit over municipal bond disclosure lapses
Broker-dealer PNC Capital Markets agreed to pay nearly $200,000 and be censured to resolve Securities and Exchange Commission allegations it violated rules related to limited offerings of municipal securities.
Posted inRegulatory Enforcement
BioTelemetry to pay $44.8M over India testing false claims
BioTelemetry and CardioNet agreed to pay more than $44.8 million to settle allegations they violated U.S. federal health laws by improperly billing Medicare and other federal programs for heart monitoring and cardiac test analyses performed by a company in India.
