All CCO Liability articles

  • SEC

    SEC charges CCO over illegal security sales practices


    A chief compliance officer is one of three individuals on the receiving end of SEC charges for illegally selling securities in unregistered transactions to retail investors while acting as an unregistered broker.

  • Hester_Peirce

    SEC Commissioner Hester Peirce mulling CCO liability framework


    SEC Commissioner Hester Peirce revealed in a recent speech that she is considering developing a draft framework that would aim to clarify when the Commission may seek personal liability in compliance cases.

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    Former hedge fund CCO fined, suspended for impeding investigation


    The former CCO of a New York City investment firm who impeded a Securities and Exchange Commission investigation into her employer has been fined $25,000 and suspended from practicing before the SEC for a year.

  • StockManipulation

    SEC charges chief compliance officer in stock fraud scheme


    A New Jersey-based asset management firm and its president and chief compliance officer are facing SEC charges for “cherry-picking” profitable stocks for new and favored accounts that diminished returns for other clients.

  • insider trading

    SEC bars CCO associated with alleged trading scheme


    The Securities and Exchange Commission has permanently barred the former chief compliance officer of a once-registered brokerage firm for her role in an alleged fraudulent unauthorized trading scheme.

  • WolvesSheep

    SEC charges Ambassador Advisors compliance chief for breaching fiduciary duties


    The SEC charged Ambassador Advisors and its principals—including its chief compliance officer—with breaches of fiduciary duty arising out of its mutual fund share-class selection practices.

  • Blog post

    Survey: CCO liability fears persist


    Although corporate compliance officers are receiving greater support for their programs, concerns about personal liability increased over the past year, according to a new survey conducted by DLA Piper.

  • Blog post

    The Haider FinCEN enforcement action and CCO liability


    Does the recent FinCEN enforcement action against Thomas Haider, Moneygram’s CCO, portend a shift in Justice Department enforcement strategies?

  • Article

    CW2016: Putting compliance into practice


    Yes, yes—companies everywhere know that having in place an effective compliance program is more important today than ever before, but how are compliance officers actually achieving that? Jaclyn Jaeger recaps this discussion from Compliance Week 2016.

  • Blog post

    Court: Compliance Officers Must Ensure Compliance With AML Laws


    A federal district court this month upheld a $1 million fine imposed against the former chief compliance officer for MoneyGram International, finding that individual officers of financial institutions, including chief compliance officers, may be held responsible for ensuring compliance with the anti-money laundering provisions of the Bank Secrecy Act.

  • Blog post

    Aguilar Sounds Off on CCO Liability Again


    Image: More shots fired this week in the continuing war of words at the SEC about whether the agency is unfairly taking enforcement action against chief compliance officers. This time, Commissioner Luis Aguilar defended the agency with a statement calling for the SEC to be more clear in its enforcement ...

  • Article

    Advisers Still Feel Unease Over CCO Liability Risk


    Image: The conversation about personal liability for compliance officers is buzzing again, thanks to a hornet’s nest SEC Commissioner Daniel Gallagher stirred up with a complaint about recent sanctions against two CCOs. “We’re hearing similar concerns among CCOs at investment adviser firms—and not just from CCOs, but also from senior ...

  • Blog post

    Aguilar on CCO Liability Fears: Untwist Your Knickers!


    Image: SEC Commissioner Luis Aguilar has jumped into the conversation about CCO liability, rebutting “unwarranted fear in the CCO community” that the SEC is looking to take enforcement action against compliance officers at investment advisory firms. “CCOs that faithfully and reasonably fulfill [SEC requirements] are not going to be subjects ...

  • Blog post

    Gallagher Uncorks on SEC Action Against CCOs


    Image: SEC Commissioner Dan Gallagher, often a contrarian voice at the agency, spoke up again last week to denounce recent enforcement actions against compliance officers at investment advisory firms. Gallagher panned the SEC rule that dictates how investment advisers establish compliance procedures, and he railed that “the Commission seems to ...

  • Article

    The Real State of CCO Legal Liability


    A compliance mishap in a company can feel like a professional failure to chief compliance officers; a more urgent question is whether it might also bring professional liability. At Compliance Week 2015, enforcement officials with the SEC and Justice Department, as well as compliance professionals themselves, explored how CCOs can ...

  • Blog post

    Parting Thoughts From CW 2015


    Image: The Compliance Week 2015 conference is now part of history. We had more than 560 compliance and audit professionals join us in Washington last week for three days to discuss all things ethics, compliance, audit, and risk management. Inside, editor Matt Kelly shares his thoughts on the most relevant ...