FTX Trading and its sister cryptocurrency exchange Alameda Research will pay $12.7 billion to settle charges laid by the Commodity Futures Trading Commission that the two companies violated the Commodity Exchange Act and CFTC regulations.
Regulatory Enforcement
Posted inAccounting & Auditing
FRC orders EY to pay $376K over 2021 audit of Evraz
The Financial Reporting Council ordered a unit Ernst & Young UK to pay 296,000 pounds (U.S. $376,000) over the firm’s 2021 audit of Russia mining group Evraz.
Posted inRegulatory Enforcement
Legends ordered to pay $3.5M, hire compliance officer over pre-merger activity
A hospitality company agreed to pay $3.5 million and appoint an anti-trust compliance officer to settle allegations by the Department of Justice that it engaged in illegal pre-merger activity.
Posted inData Privacy
DOJ lawsuit alleges TikTok ignored order to enhance COPPA compliance
TikTok is in hot water with the Department of Justice and Federal Trade Commission over widespread failures to comply with a 2019 consent order to enhance compliance with children’s privacy laws.
Posted inRegulatory Enforcement
SolarWinds partial dismissal casts doubt on SEC Cybersecurity Rule
A partial dismissal of charges levied by the Securities and Exchange Commission against Solarwinds has cast doubt about the breadth of the SEC’s Cybersecurity Rule.
Posted inAccounting & Auditing
LexisNexis survey: Compliance costs soared for U.K. banks in 2023
Nearly all but a tiny minority of financial institutions saw their costs of financial crime compliance rise in 2023, a survey by LexisNexis and Oxford Economics found.
Posted inRegulatory Enforcement
Avantor agrees to pay $5.3M to settle false claims, chemicals reporting violations
Laboratory supply company Avantor agreed to pay $5.3 million to settle allegations, first brought by a whistleblower, that it overcharged four federal agencies and failed to comply with chemical regulations, the Department of Justice said.
Posted inAnti-Bribery
SFO staffing shortages improve under new leadership
Staffing shortages that have plagued the U.K. Serious Fraud Office are trending in the right direction since its new director took charge, with the anti-bribery agency forging ahead with initiatives to ensure its future sustainability.
Posted inData Privacy
Meta reaches $1.4B settlement over Texas biometric data privacy lawsuit
Meta agreed to pay $1.4 billion to the state of Texas to settle allegations regarding the unauthorized capture and use of personal biometric data of state residents.
Posted inRegulatory Enforcement
FCC fines Charter Communications $15M over failing to report 911 outages
Charter Communications agreed to pay $15 million and put in place a “robust” compliance plan, including cybersecurity upgrades, to settle allegations it didn’t comply with emergency 911 and network outage notification rules, the Federal Communications Commission announced.
