‘Failure to cooperate’ multiplies SEC penalty from $2K to $980K
On June 21, 2016, the SEC announced that the failure of a defendant in an SEC enforcement action to live up to an agreement to “cooperate fully and truthfully” had resulted in that defendant's penalty being increased from $2,533 to a staggering $980,229. And it could have been worse! Bruce ...
Related articles
-
ArticleSenate Democrats question Vought on comments about closing CFPB in months
Senate Democrats warned OMB Director Russell Vought Tuesday that it would be illegal for the Trump administration to shut down the Consumer Financial Protection Bureau, citing a recent court decision barring actions that could severely harm the agency.
-
PremiumAssessing the impact of the DOJ’s monitorship policy six months in
It has been nearly six months now since the Department of Justice’s (DOJ) Criminal Division released its memorandum on the selection of compliance monitors. This article provides a critical analysis of the monitorships that received early terminations, those that remain in place, and the broader compliance lessons they impart.
-
ArticleOCC drops $10M fine against former Wells Fargo risk officer fingered in “fake accounts” scandal
A former Wells Fargo risk officer previously ordered to pay $10 million by the Department of the Treasury’s Office of the Comptroller of the Currency (OCC) for her alleged role in the bank’s “fake accounts” scandal is completely off the hook, according to an OCC consent order issued Tuesday.