UBS Financial Services agreed to pay approximately $25 million to settle fraud charges brought by the SEC that cited “inadequate” training and supervisory oversight of the firm’s financial advisers regarding a complex options trading strategy.
Jeff Dale
Posted inRegulatory Enforcement
NYDFS penalizes Carnival $5M for cybersecurity failures
The New York State Department of Financial Services announced a $5 million penalty against Carnival Corp. for “significant” cybersecurity failures, including not implementing basic protocols to prevent four separate data breaches from 2019-21.
Posted inRegulatory Enforcement
Carnival reaches $1.25M settlement over 2019 data breach
Carnival Cruise Line reached a $1.25 million settlement with 46 attorneys general stemming from its 2019 data breach that involved the personal information of 180,000 Carnival employees and customers nationwide.
Posted inAnti-Bribery
FCA fines JLT Specialty $9.7M for financial crime control lapses
The U.K. Financial Conduct Authority fined a unit of insurance broker Jardine Lloyd Thompson Group 7.9 million pounds (U.S. $9.7 million) for failing to control financial crime within its South and Central American subsidiaries.
Posted inRegulatory Enforcement
Weiss Asset Management lauded for cooperation in $6.9M settlement
Weiss Asset Management reached a $6.9 million settlement with the Securities and Exchange Commission after it self-reported alleged short selling violations.
Posted inSurveys & Benchmarking
Survey: Competitive jobs market pushes in-house counsel salaries higher
In-house counsel salaries across every industry bounced back in 2021 from the doldrums of the pandemic, with a competitive jobs market forcing recruiters to offer more bonuses, according to the latest compensation survey by BarkerGilmore.
Posted inAccounting & Auditing
Synchronoss to pay $12.5M over alleged accounting misconduct by former execs
The Securities and Exchange Commission announced software company Synchronoss Technologies agreed to a $12.5 million settlement for “long-running accounting improprieties” caused, in part, by alleged misconduct from senior executives.
Posted inRegulatory Enforcement
Fiat Chrysler pleads guilty in $300M emissions fraud case
The U.S. arm of Fiat Chrysler Automobiles pleaded guilty to conspiracy to defraud the United States, wire fraud, and violating the Clean Air Act for “making false and misleading representations” regarding emissions control systems on more than 100,000 vehicles.
Posted inEthics & Culture
Indictment: Ex-CCO charged with wire fraud over misappropriated funds
Jennifer Campbell, a former chief compliance officer at an unnamed investment adviser in Buffalo, N.Y., faces criminal and civil charges for allegedly misappropriating approximately $500,000 in funds from client accounts.
Posted inEurope
Former Danske Bank CCO Philippe Vollot resigns
Danske Bank Chief Administrative Officer Philippe Vollot, who was promoted to the position from chief compliance officer in November, has resigned, the Danish bank announced.
