All articles by Jaclyn Jaeger – Page 12
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Guggenheim Securities fined $209K for allegedly stifling whistleblowers
New York-based broker-dealer Guggenheim Securities has agreed to pay a $208,912 civil penalty for violating SEC whistleblower protection rules regarding language in its compliance manual.
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Ex-Deutsche Bank traders imprisoned for ‘spoofing’ roles
James Vorley and Cedric Chanu, former precious metals traders at Deutsche Bank, were each sentenced to one year and one day in prison for their respective roles in a scheme to manipulate the precious metals markets with fraudulent trades.
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Big week for breaches: McDonald’s, Carnival, and more
Multiple high-profile companies—including Carnival, Wegmans, McDonald’s, Volkswagen, and CVS—have confirmed in recent days they were either victims of a data breach or were alerted to a gap in their security controls.
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Embattled Deutsche Bank to overhaul anti-financial crime controls
Deutsche Bank is planning to shake up its internal structure around anti-financial crime efforts in the wake of criticism from multiple regulators.
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First American Financial settles SEC charges for cyber-security failures
First American Financial Corp. reached a $487,616 settlement with the SEC for failing to maintain cyber-security disclosure controls and procedures that exposed more than 800 million title insurance records containing sensitive customer information.
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Activist investor win at ExxonMobil should be wake-up call for companies
The growing scope and influence surrounding environmental activist campaigns promises to spill well beyond 2021. Recent developments should inspire boards to reassess how their company’s environmental initiatives align with long-term shareholder value.
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JBS USA confirms $11M ransom payment to hackers
Meatpacker JBS USA announced it paid the equivalent of $11 million in ransom in response to a May cyber-attack that impacted its operations in North America and Australia.
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Tech giants support G7 global minimum corporate tax agreement
Finance ministers from the G7 reached an historic international tax agreement that will impose a new global minimum corporate tax. Among those expected to be most affected are technology giants, but they say they support the move.
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Survey: In-house counsel salary increases down amid pandemic
In-house counsel salaries across every industry took a hit in 2020 as a direct result of the coronavirus pandemic’s impact, according to the latest compensation survey by executive search firm BarkerGilmore.
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‘Cost of Compliance’ survey reflects post-COVID landscape
A year removed from the start of the pandemic, the long-term effects the shift in work culture will have on the compliance profession have become more apparent. The “Cost of Compliance Report 2021” by Thomson Reuters reflects these changes.
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CCO settles SEC charges of causing firm to breach fiduciary duties
The SEC announced settled charges with the chief compliance officer of investment adviser VII Peaks Capital for her alleged role in causing the firm to breach fiduciary duties.
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Biden memo establishes fighting corruption as national security priority
A new directive released by President Biden instructs U.S. federal agencies to make combating corruption a national security interest. Compliance practitioners in the financial services industry, particularly, may feel the ripple effect
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SEC drops FCPA probe into Avianca
Avianca Holdings disclosed in a regulatory filing that the SEC has dropped its FCPA investigation into the company and will not recommend an enforcement action.
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SEC pauses proxy voting rule enforcement amid review
SEC Chairman Gary Gensler announced he is directing staff to consider whether to recommend further regulatory action regarding proxy voting advice, leading the agency to pause related enforcement activity.
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OFAC bills Bulgarian sanctions as ‘single largest action targeting corruption’
Calling it the “single largest action targeting corruption to date,” the Office of Foreign Assets Control sanctioned three prominent Bulgarian individuals along with their network of 64 companies for their “extensive roles” in corruption in Bulgaria.
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Assessing yet another ransomware attack on critical supplier (JBS)
Meatpacker JBS USA has become the latest critical infrastructure company to be targeted by a ransomware attack, which temporarily halted its global operations. The attack brings with it implications for the food and agriculture industries.
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Colonial Pipeline fallout: Thwarting ransomware attacks requires collective defense
President Biden’s executive order on cyber-security largely applies to federal agencies. But its core message—that the public and private sectors must collectively defend against increasingly malicious ransomware attacks—should not be lost on companies.
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SEC, CFTC charge LJM for mishandling $1B in assets; chief risk officer settles
The SEC and CFTC filed charges against investment management firm LJM and two portfolio managers for misleading investors about the company’s risk management practices. Each agency separately reached settlements with LJM’s chief risk officer for his role in the alleged scheme.
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Julius Baer pays $80M in FIFA corruption settlement
Swiss bank Julius Baer entered a deferred prosecution agreement and will pay $80 million for its role in a money laundering conspiracy linked to world soccer federation FIFA, the Department of Justice announced.
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Austrian banker arrested for role in Odebrecht-related scheme
The former CEO of an Austrian bank was arrested in the United Kingdom on criminal charges for his alleged role in a massive money laundering scheme involving Brazil-based global construction conglomerate Odebrecht.