News | Compliance Week – Page 8
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News BriefCitigroup unit to pay $8.3M in FINRA partial tender offer case
A broker-dealer affiliate of Citi agreed to pay nearly $8.3 million as part of a settlement with the Financial Industry Regulatory Authority addressing allegations the firm overtendered shares in partial tender offers and received millions in ill-gotten gains.
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News BriefSEC orders AssetMark to pay $18M in conflicts of interest case
Investment adviser AssetMark agreed to pay more than $18 million to settle allegations by the Securities and Exchange Commission regarding undisclosed conflicts of interest involving its affiliate’s cash sweep program and its revenue-sharing arrangements with third parties.
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News BriefHyzon Motors fined $25M by SEC for alleged fraud
Hyzon Motors, a global supplier of hydrogen fuel cell-powered heavy vehicles, was assessed a $25 million penalty by the Securities and Exchange Commission in agreeing to settle charges it and its former executives misled investors regarding the sales of its vehicles.
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News BriefBDO fined $2M by PCAOB for estimate evaluation lapses
BDO was assessed a $2 million penalty as part of a settlement with the Public Company Accounting Oversight Board addressing alleged failures in the firm’s audit work at defunct healthcare services provider AAC Holdings.
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News BriefLawsuit: Ex-Payqwick CCO fired, retaliated against for raising alarm
The ex-chief compliance officer at Payqwick, a California-based money transmitter that serviced the cannabis industry, is suing her former employer alleging wrongful termination and whistleblower retaliation over lax disclosures related to an acquisition.
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News BriefJPMorgan to pay $75M in latest Epstein-related settlement
JPMorgan Chase agreed to pay $75 million as part of a settlement with the government of the U.S. Virgin Islands regarding the bank’s ties to convicted sex offender Jeffrey Epstein.
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News BriefCarl M. Hennig dinged by SEC over Reg BI lapses
Wisconsin-based broker-dealer Carl M. Hennig agreed to pay a $50,000 fine to settle allegations by the Securities and Exchange Commission it failed to comply with Regulation Best Interest.
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News BriefGTT Communications spared fine in SEC disclosure failure case
GTT Communications, a provider of telecommunications and internet services, avoided a civil penalty in reaching a settlement with the Securities and Exchange Commission addressing alleged disclosure failures over more than a two-year period.
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News BriefSEC obtains judgment against J.H. Darbie in SARs reporting case
New York-based brokerage firm J.H. Darbie & Co. consented to pay a $125,000 penalty to resolve charges levied by the Securities and Exchange Commission that the firm failed to report suspicious activity regarding penny stock transactions.
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News BriefDeutsche Bank unit fined $25M in ESG, AML settlements
DWS Investment Management Americas agreed to pay $25 million in penalties across separate settlements with the Securities and Exchange Commission addressing alleged misstatements in environmental, social, and governance investments and anti-money laundering violations.
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News BriefAmerican Infrastructure Funds to pay $1.6M over fiduciary duty breaches
California-based investment adviser American Infrastructure Funds agreed to pay more than $1.6 million to settle charges by the Securities and Exchange Commission regarding multiple breaches of its fiduciary duty to clients.
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News Brief3M to pay $9.6M over Iran sanctions lapses
The Office of Foreign Assets Control ordered multinational conglomerate 3M to pay more than $9.6 million over apparent Iran sanctions violations by its subsidiary and a U.S. employee of a separate subsidiary.
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News BriefCitadel Securities fined $7M for mismarked short, long sales
Miami-based broker-dealer Citadel Securities was fined $7 million as part of a settlement with the Securities and Exchange Commission addressing mismarked short and long sales caused by a coding error in the firm’s automated trading system.
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News BriefGoldman Sachs fined $6M by SEC over admitted data inaccuracies
Goldman Sachs & Co. was assessed a $6 million penalty by the Securities and Exchange Commission as part of a settlement in which the financial institution admitted it submitted incomplete and inaccurate securities trading information affecting at least 163 million transactions.
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News BriefEmigrant Bank to pay $32K in Iran sanctions case
New York-based Emigrant Bank agreed to pay nearly $32,000 as part of a settlement with the Office of Foreign Assets Control addressing apparent sanctions violations regarding an account it maintained for a pair of Iranian residents.
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News BriefStoneX admits disclosure, supervision lapses in $650K CFTC settlement
Chicago-based swap dealer StoneX Markets agreed to pay $650,000 as part of a settlement with the Commodity Futures Trading Commission addressing admitted disclosure and supervision failures.
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News BriefSEC adopts revised fund name requirements
The Securities and Exchange Commission adopted amendments to its rule covering fund names to ensure the regulation is appropriate to address new investment drivers, namely environmental, social, and governance matters.
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News BriefCFPB warns lenders on use of AI in credit denial process
The Consumer Financial Protection Bureau warned lenders using artificial intelligence in credit denials that consumers must receive accurate and specific reasoning—and not checklists—for why a credit request was denied.
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News BriefSEC: Investment adviser to sanctioned Russian oligarch failed to register
The Securities and Exchange Commission announced charges against New York-based Concord Management and its owner for operating as an unregistered investment adviser to a lone client: a sanctioned Russian oligarch.
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News BriefPCAOB proposal increases stakes on auditor negligence
Rule amendments proposed by the Public Company Accounting Oversight Board would enable the agency to penalize individual auditors more easily when their conduct is deemed to have contributed to violations by their firms.