The U.K.’s Serious Fraud Office has announced that it has launched an investigation into suspected fraud, false accounting and money laundering at telecoms firm Internet Mobile Communications Limited.
Regulatory Enforcement
Posted inAnti-Bribery
Former Goldman exec faces 30 years for bribery
A former Goldman Sachs executive director faces 30 years in prison after being convicted of paying more than $1.5 million in bribes to officials in Ghana, the U.S. Department of Justice (DOJ) announced.
Posted inAccounting & Auditing
U.K. increases fines for poor audit practices while audit firms criticized for poor practices and quality failures
U.K. audit regulator, the FRC, has fined audit firms and their partners $17.37 million for audit misconduct over the past year.
Posted inFinancial Services
UBS hit with record $125M civil penalty for ‘willful’ BSA violations
UBS Financial Services was slapped with a record $125 million joint civil penalty by four regulatory agencies for willful violations of the Bank Secrecy Act, including a failure to implement and maintain an anti-money laundering compliance program and failure to file suspicious activity reports.
Posted inRegulatory Enforcement
SEC targets RIA’s failure to deduct broker-dealer compensation from client advisory fees
The Securities and Exchange Commission (SEC) has highlighted a compliance failure in a New York registered investment adviser’s handling of client advisory fees that its affiliated broker-dealer received from third-party private fund managers. From 2019 to January 2022, Papamarkou Wellner Asset Management, a New York registered investment adviser with $358 million in assets under management, […]
Posted inRegulatory Enforcement
New York is the latest state to sue Kalshi for hosting an illegal gambling operation
New York Attorney General Letitia James sued prediction market platform Kalshi on July 31, alleging the company has been operating an unlicensed gambling business in violation of state law. The lawsuit is the latest legal challenge facing Kalshi, which is already battling several other states as courts determine what regulations, if any, the company must follow.
Posted inTop Stories
Telehealth company Hims & Hers vows to fight FTC suit alleging illegal subscription, cancellation practices
The FTC has filed another enforcement action against a company charging illegal subscription fees and using illegal cancellation practices, this time against the telehealth company Hims & Hers.
Posted inFinancial Services
In enforcement action against broker-dealer, SEC deems monthly compliance check with net capital rule not good enough
Texas broker-dealer Hext Capital Partners and its owner and chief executive officer, Gregory Hext, have agreed to pay $60,000 to settle allegations that the firm violated the net capital requirements of the Securities Exchange Act.
Posted inSanctions
U.S. continues to dominate sanctions penalties, but EU and U.K. penalties are increasing
Sanctions regimes in the U.S., U.K. and EU are evolving rapidly, causing continual changes, and the penalties for failure – civil and criminal – are potentially huge. Multiple inconsistent sanctions lists and increased focus on supply chains and third-party entities are making compliance for global organizations a full-time headache.
Posted inRegulatory Enforcement
DOJ launches new trade fraud unit as task force tops $1 billion in recoveries
The DOJ announced the creation of a new unit dedicated to investigating and prosecuting criminal import, trade, and customs fraud.
