Gregg Smith and Michael Nowak, former precious metals traders at JPMorgan Chase, were found guilty of fraud, attempted price manipulation, and spoofing as part of a near decade-long market manipulation scheme involving thousands of illegal trades.
Jeff Dale
Posted inEthics & Culture
Wells Fargo confirms DOJ probe into diversity hiring practices
Wells Fargo disclosed in a regulatory filing the Department of Justice has opened an investigation into the bank’s “hiring practices related to diversity.”
Posted inRisk Management
IBM report: Data breach costs up, contributing to inflation
The global average cost to mitigate cybersecurity issues resulting from a data breach increased to an all-time high of $4.35 million and could be contributing to current inflation trends, according to the latest annual report from IBM.
Posted inRegulatory Enforcement
Wawa to pay states $8M for data security failures in 2019 breach
East Coast convenience store chain Wawa agreed to pay $8 million in a settlement with a coalition of seven attorneys general over its 2019 data breach that exposed the debit and credit card information of approximately 34 million payment cards.
Posted inRegulatory Enforcement
Uber admits 2016 data breach cover-up in deal with DOJ
Ridesharing company Uber reached a nonprosecution agreement with the Department of Justice to resolve a criminal investigation into its 2016 data breach and subsequent cover-up.
Posted inRegulatory Enforcement
Chinese regulator fines Didi $1.2B for data security violations
The Cyberspace Administration of China levied fines of more than ¥8 billion (U.S. $1.2 billion) against ridesharing platform Didi Global and ¥1 million (U.S. $148,000) against two company executives for violating the country’s data security regulations.
Posted inUncategorized
OneTrust CECO Asha Palmer to depart
Ethics and compliance veteran Asha Palmer announced her departure from software company OneTrust in a LinkedIn post.
Posted inEthics & Culture
Survey: Widening remit driving cost of compliance higher, retention lower
Compliance functionality is vital to the future of financial services firms, but many are “struggling to meet their commitments while maintaining an appropriate risk and compliance culture,” according to the “Cost of Compliance Report 2022” by Thomson Reuters.
Posted inRegulatory Enforcement
CFTC fines BNP Paribas, JPMorgan for swap reporting violations
BNP Paribas and JPMorgan Chase agreed to pay penalties of $6 million and $850,000, respectively, in separate settlements with the Commodity Futures Trading Commission for swap reporting violations dating back years.
Posted inRegulatory Enforcement
FINRA fines Barclays $2.8M over supervision, disclosure lapses
Barclays Capital agreed to pay $2.8 million as part of a settlement with the Financial Industry Regulatory Authority for “failure to comply with customer confirmation and related supervision rules” that led to disclosure lapses.
