Ambassador Advisors and three of its executives, including its chief compliance officer, must pay a total of more than $2 million for failing to disclose conflicts of interest related to fees received from mutual fund share classes selected for clients.
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 inRegulatory Enforcement
U.S. sanctions Iran intelligence ministry over Albania cyberattack
Iran’s minister of intelligence, together with its Ministry of Intelligence and Security, were sanctioned by the Treasury Department’s Office of Foreign Assets Control for malicious cyber activities that threaten the national security of the United States and its allies.
Posted inRegulatory Enforcement
Nine fined in SEC crackdown on custody rule, Form ADV
Nine investment advisers failed to follow Securities and Exchange Commission rules designed to keep clients’ assets safe and/or timely disclose financial updates following audits, the agency announced.
Posted inRisk Management
OCC studying risks posed by bank-fintech partnerships
Bank-fintech partnerships have grown “at exponential rates” and become so complicated it is often difficult to distinguish “where the bank stops and where the tech firm starts,” Acting Comptroller of the Currency Michael Hsu said.
Posted inRegulatory Enforcement
Perceptive Advisors fined $1.5M for SPACs conflicts, disclosure violations
Perceptive Advisors agreed to pay $1.5 million for allegedly steering clients toward special purpose acquisition companies its investment advisers had financial interests in and failing to disclose those conflicts in a timely fashion.
Posted inAnti-Bribery
Bayer to pay $40M to settle long-running false claims suits
Bayer agreed to pay $40 million to settle allegations its sales team paid kickbacks to hospitals and doctors for prescribing its drugs and that the pharmaceuticals company downplayed risks regarding certain of its offerings.
Posted inAnti-Bribery
Philips subsidiary to pay $24M for kickback violations
Philips RS North America agreed to pay more than $24 million to settle allegations it paid kickbacks to medical equipment suppliers to push its products ahead of other brands that are provided to patients of federal health programs.
Posted inRegulatory Enforcement
Wise fined $360K for AML failures in Abu Dhabi
International money transfer company Wise will pay a $360,000 penalty for failing to abide by Abu Dhabi’s anti-money laundering rules over a two-year period, the Financial Services Regulatory Authority of Abu Dhabi Global Market announced.
Posted inAccounting & Auditing
SEC fines ex-PPG controller $100K over accounting improprieties
The Securities and Exchange Commission ordered Mark Kelly, the former principal accounting officer and controller at PPG, to pay $100,000 for accounting improprieties aimed at inflating the painting supply company’s earnings per share.
Posted inAccounting & Auditing
Granite Construction fined $12M over exec accounting fraud scheme
California-based civil engineering and infrastructure firm Granite Construction agreed to pay $12 million to settle Securities and Exchange Commission charges alleging fraud related to inflation of the company’s financial performance.
