The majority owner of a Pennsylvania investment firm faces 100 years of prison time and huge fines for allegedly running a $770 million Ponzi scheme centered on an ATM company he also owned.
Regulatory Enforcement
Posted inRegulatory Enforcement
Disney hit with $10M FTC fine for allegedly collecting children’s data without permission
The Federal Trade Commission (FTC) proposed an enforcement action against Disney for allegedly collecting personal information about children, and then threw salt in the wound by calling the company out in an alert emailed to an untold number of businesses.
Posted inRegulatory Enforcement
U.K. prepares to prosecute firms under new Failure to Prevent Fraud rules
The U.K. will start cracking down on companies under the new Failure to Prevent Fraud law on Sept. 1, with the Crown Prosecution Service and Serious Fraud Office ready to enforce it.
Posted inRegulatory Enforcement
Employees may fail to report fraud unless U.K. whistleblower protection is beefed up
In September, the U.K. will enforce its third “failure to prevent” offense under sweeping anti-corporate crime laws, but experts question whether it will actually change corporate behavior or embolden whistleblowers.
Posted inRegulatory Enforcement
Trump tries side attack on California air standards agency by alleging anti-white bias
The Trump administration has intensified its fight with California as the DOJ launched an investigation into whether the state’s environmental agency is violating federal law by pursuing racial equity.
Posted inRegulatory Enforcement
Bankrupt Synapse fintech software company agrees to let CFPB file claim on behalf of consumers
Synapse Financial Technologies, the troubled California fintech software provider, has agreed to let the Consumer Financial Protection Bureau (CFPB) eventually file a claim on its bankrupt estate.
Posted inRegulatory Enforcement
JPMorgan Chase pays $330M to settle Malaysian fund allegations
JPMorgan Chase has agreed to pay $330 million to settle allegations about its role in the massive, decades-long theft of Malaysian’s 1MDB state investment fund, the bank says.
An estimated $4.5 billion was robbed from the 1MDB fund, from 2009-2014, in a scheme led by Malaysian financier, Jho Low, former Goldman Sachs managing director Roger Ng, and Tim Leissner, former chairman of Southeast Asia for Goldman Sachs.
Posted inRegulatory Enforcement
OCC says Anchorage Digital has fulfilled its AML compliance obligations
Crypto platform Anchorage Digital has been freed of a consent order originally issued by the Treasury Department for anti-money laundering failures.
Posted inRegulatory Enforcement
Using falsified documents, two California executives defrauded investors and lenders of $248M, DOJ says
The co-founders of a California financial tech and sustainability services company defrauded investors and lenders of $248 million, according to the Department of Justice.
Posted inRegulatory Enforcement
FTC complaint accuses LA Fitness parent companies of blocking easy membership exits
The Federal Trade Commission filed a complaint against LA Fitness’ parent companies, citing difficulties canceling memberships, a month after a court blocked the agency’s click-to-cancel rule.
