A Minnesota transportation company agreed to pay nearly $258,000 to settle allegations that a subsidiaries violated sanctions against Cuba and Iran more than 80 times, the U.S. Treasury Department’s Office of Foreign Assets Control said.
Regulatory Enforcement
Posted inInternal Controls
McKinsey & Co. to pay $650M, improve compliance over opioid advice to Purdue Pharma
McKinsey & Co. will pay $650 million in penalties to the U.S. Department of Justice (DOJ) to settle charges that it advised Purdue Pharma on how to “turbocharge” the sale of Oxycontin in the middle of the U.S. opioid crisis.
Posted inRegulatory Enforcement
SeaCrest to pay $375K to settle charges that it failed to supervise rogue adviser
New York-based SeaCrest Wealth Management will pay a $375,000 fine for failing to properly prevent a cherry-picking scheme perpetrated by one of its investment advisers.
Posted inRegulatory Enforcement
SEC fines Cantor Fitzgerald $6.75M for failing to disclose pre-IPO talks
Financial services firm Cantor Fitzgerald will pay a $6.75 million fine to the Securities and Exchange Commission for making misleading statements regarding two special purpose acquisition companies that it controlled.
Posted inRegulatory Enforcement
U.K. can’t shake reputation of being a conduit to individual, institutional money laundering
London has long had the dubious reputation of being the world’s money laundering capital and it looks like it’s a title it is likely to retain for some time yet.
Posted inInternal Controls
SEC fines Morgan Stanley $15M to settle allegations of theft of client funds
A lack of supervision and internal controls at Morgan Stanley Smith Barney allowed four of its investment advisers to steal millions from customers before the behavior was detected, the SEC said in charging the firm.
Posted inAnti-Bribery
DOJ hits McKinsey & Co. subsidiary with $123M criminal penalty over bribes in South Africa
A subsidiary of McKinsey & Co. will pay nearly $123 million to the Department of Justice to settle allegations that it bribed officials in South Africa to win consulting contracts.
Posted inEthics & Culture
Whistleblower’s defamation case reveals scope of USAA ‘coverup’
A defamation lawsuit filed by a whistleblower against USAA, which a Florida judge recently dismissed on a technicality, revealed in public court records an estimated 400,000 violations of the Military Lending Act by USAA Federal Savings Bank (USAA Bank), an indirect wholly owned subsidiary of USAA.
Posted inEurope
U.K., EU enforcement regimes set to escalate, but critics question sanctions’ effectiveness
With a new political regime ready to take over in the U.S., the effectiveness of sanctions against malign foreign actors like Russia, North Korea, and Iran have come into question. While the European Union and U.K. have increased sanctions pressure, critics have publicly asked: Is it enough?
Posted inRegulatory Enforcement
German firm Aiotec to pay $14.5M to settle Iran sanctions violation
German petrochemical parts supplier Aiotec agreed to pay $14.5 million to settle allegations that it engaged in a four-year conspiracy to dismantle and ship a plastics manufacturing plant owned by a U.S. company to Iran, in violation of U.S. sanctions.
