FTX Trading and the Commodity Futures Trading Commission have agreed on a $4 billion settlement in bankruptcy court to settle the CFTC’s lawsuit against the failed crypto trading platform.
Internal Controls
Posted inInternal Controls
FINRA fines UBS unit $850K for failing to properly monitor customer transactions
UBS Financial Services, a subsidiary of the Swiss banking giant UBS, has been fined $850,000 for failing to properly monitor transactions between its broker-dealers and third parties.
Posted inInternal Controls
OCC, Fed fine Citi $136M for repeated risk management, data governance failures
Citigroup will pay $135.6 million in fines levied by two banking regulators for repeated failures to remediate deficiencies in risk management, data governance, and internal controls.
Posted inAccounting & Auditing
SEC orders Meta Materials to pay $1M over market manipulation, fraud
A Nevada energy and manufacturing company headquartered in Nova Scotia agreed to pay $1 million to settle charges levied by the Securities and Exchange Commission for alleged market manipulation and fraud, while the agency further investigates its former chief executives.
Posted inAccounting & Auditing
Broadway Financial discloses ICFR weaknesses due to training shortfalls
Los Angeles-based bank holding company Broadway Financial Corp. disclosed in a public filing weaknesses discovered in its internal control over financial reporting because of training shortfalls.
Posted inAccounting & Auditing
PCAOB dings MaloneBailey $400K over ‘pervasive’ quality control violations
Audit firm MaloneBailey agreed to pay a $400,000 fine to settle allegations levied by the Public Company Accounting Oversight Board over “pervasive” quality control violations.
Posted inEurope
Citi unit fined $78.6M by U.K. regs for trading control failures
The Financial Conduct Authority and Prudential Regulation Authority combined to fine a London-based Citigroup subsidiary approximately £61.7 million (U.S. $78.6 million) for control failures related to its trading system.
Posted inAccounting & Auditing
DOJ orders Evoqua to pay $8.5M over admitted securities fraud
Evoqua Water Technologies agreed to pay $8.5 million as part of a nonprosecution agreement with the Department of Justice to settle admitted criminal charges related to fraudulent revenue recognition.
Posted inEthics & Culture
Binance CEO got 4 months in prison. FTX’s got 25 years. Was compliance the difference?
Why the wild disparity in the sentences of Binance’s Changpeng Zhao and FTX’s Sam Bankman-Fried? Aaron Nicodemus argues the performance of the compliance teams at the two cryptocurrency exchanges was as big a contrast as the penalties earned by their respective founders.
Posted inAccounting & Auditing
ADM CFO to depart amid accounting probes
Food processing company ADM announced Chief Financial Officer Vikram Luthar, who was placed on administrative leave in January amid a probe into the company’s accounting practices, will resign.
