- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
The Federal Reserve Bank this month assessed a penalty against Wells Fargo for the bank’s widespread customer abuse from its fraudulent accounts scandal, other regulatory violations, and lack of response by the bank’s doard of directors to these problems and other risk management issues.
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A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
The Securities and Exchange Commission ordered the owner of Rimar Capital and a board member of its holding company to pay nearly $524,000 in penalties for defrauding investors with false and misleading statements about its use of artificial intelligence.
A Wells Fargo subsidiary will pay nearly $3 million to settle allegations that it failed to properly supervise an employee attempting to sell unsuitable investment products to retail investors–the fifth time it has been penalized for similar supervisory failings since 2020.
