The Financial Industry Regulatory Authority ordered Western International Securities to pay $1.5 million for failing to implement a supervisory system to detect and respond to excessive trading, the firm’s fifth consent order with the regulator since 2019.
Regulatory Enforcement
Posted inRegulatory Enforcement
OSHA orders Maersk to pay $707K over suspending, firing whistleblower
Global shipping giant Maersk Line Limited agreed to pay more than $707,000 and reinstate a seaman who was terminated after he alerted a federal regulatory agency about alleged safety violations, the U.S. Department of Labor’s Occupational Safety and Health Administration said.
Posted inRegulatory Enforcement
SEC awards $37M to whistleblower who was retaliated against by supervisors
The Securities and Exchange Commission announced its second $37 million whistleblower award in as many weeks with four claimants vying for the payout, but only one reaping the benefits.
Posted inRegulatory Enforcement
State Street to pay $7.5M to settle Russia sanctions violations by subsidiary
State Street Bank & Trust Co. will pay a $7.5 million fine to settle allegations by the Treasury Department’s Office of Foreign Assets Control that a subsidiary violated sanctions against Russia.
Posted inAnti-Bribery
Raytheon parent reserves $1.24B over improper payments, export control violations
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
Posted inInternal Controls
FCA fines Coinbase subsidiary $4.5M over providing service to high-risk customers
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
Posted inRegulatory Enforcement
DOJ orders Admera Health to pay $5.5M to settle kickback allegations
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
Posted inData Privacy
What’s on tap for CPPA from its deputy director of enforcement
Michael Macko, deputy director of enforcement at the California Privacy Protection Agency, described priorities for the agency now and in the near future during a recent board meeting.
Posted inRegulatory Enforcement
CFPB warns against censoring whistleblowers via broad NDAs
The Consumer Financial Protection Bureau is warning companies against intimidating potential whistleblowers by forcing them to sign broad nondisclosure agreements to deter misconduct from coming to light.
Posted inRegulatory Enforcement
DOJ orders Prysmian unit to pay $920K over alleged fabricated tests to military
Prysmian Cables and Systems USA agreed to pay $920,000 to settle allegations it falsified tests and compliance certifications concerning cable it sold to the U.S. military for use in vehicles, the Department of Justice said.
