All Regulatory Enforcement articles – Page 104
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ArticleMorgan Stanley fined $5M for short sales violations
The SEC has hit Morgan Stanley with a cease-and-desist order imposing a censure and a $5 million penalty resulting from violations of Regulation SHO, the agency’s regulations governing short sales.
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ArticleSEC charges Manitex, three former execs with accounting fraud
The SEC has brought charges against Manitex International and three of its former senior executives for engaging in accounting fraud that resulted in the issuance of materially misstated financial statements.
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Compliance failures at JPMorgan highlighted in record $920M spoofing fine
JPMorgan Chase agreed to pay more than $920 million as part of an agreement with three federal agencies to settle allegations that the firm’s traders manipulated the precious metals markets with false trades.
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ArticleFiat Chrysler fined $9.5M for ‘misleading disclosures’ on diesel emissions
Fiat Chrysler Automobiles has agreed to pay $9.5 million to settle allegations from the SEC that it made “misleading disclosures” regarding an internal audit of emission control systems for diesel vehicles it sold in the United States.
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ArticleCitibank affiliates fined $4.5M for deleting subpoenaed audio files
Three Citibank affiliates have been collectively ordered to pay $4.5 million to settle CFTC charges regarding supervision failures that led to the deletion of subpoenaed audio files.
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ArticleBreach costs Premera Blue Cross $6.85M; second-largest HIPAA fine
Premera Blue Cross has agreed to pay $6.85 million in a settlement with the U.S. Department of Health and Human Services regarding a 2014 data breach that affected the personal and health plan information of over 10.4 million people.
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ArticleOECD report: Fear of enforcement drives fight against corruption
Fear of enforcement and the consequential reputational fallout of an enforcement action are the top drivers for developing an anti-corruption compliance program, states a new report by the Organization for Economic Co-operation and Development.
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ArticleTwo companies charged in landmark SEC data analytics cases
A new risk-based data analytics initiative at the SEC has been credited for forming the basis of charges against two publicly traded companies for improper reporting of quarterly earnings per share.
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ArticleBoA a silver lining in damning ‘FinCEN Files’ report; Wells Fargo CEO puts foot in mouth
Bank of America gets a pat on the back for going beyond an “observe and report” approach to filing a SAR, and we learned this week that Wells Fargo’s CEO needs a little unconscious bias training.
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ArticleInternal whistleblower exposes fraud at Illinois engine manufacturer
An internal whistleblower exposed a scheme by three executives of a Chicago-area engine manufacturer to improperly inflate revenue and cover their tracks by lying to company accountants and independent counsel.
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ArticleLighting company, four executives fined for improperly booking revenue
A Connecticut industrial lighting company has been fined $1.25 million by the SEC for falsely booking $55 million worth of sales on its financial statements over four years. Four company executives have been fined as well.
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Keysight Technologies to pay $473K for sanctioned dealings in Iran
Keysight Technologies, a successor entity to Anite Finland, has reached a $473,157 settlement with the U.S. Department of the Treasury’s Office of Foreign Assets Control regarding subsidiary dealings in the sanctioned country of Iran.
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ArticleWestpac set to pay record $912.6M civil penalty for AML failures
Westpac is bracing for a record AUD$1.3 billion (U.S. $912.6 million) civil penalty issued by Australia’s financial crime regulator related to a money-laundering scandal and the facilitation of child exploitation in the Philippines and Southeast Asia.
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Sargeant Marine to pay $16.6M in FCPA case
Sargeant Marine has pleaded guilty to conspiracy to violate the anti-bribery provisions of the FCPA and agreed to a $16.6 million criminal fine to resolve the charges, the Department of Justice announced.
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ArticleFormer Wells Fargo execs settle with OCC for fake account scandal roles
Three former senior executives of Wells Fargo Bank must pay a combined total of $1.675 million in civil money penalties in settlements with the OCC for their individual roles in the bank’s now-infamous fake account scandal.
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ArticleChinese regulator fines Luckin Coffee, affiliated groups $9M
China’s market competition regulator announced a fine of 61 million yuan (U.S. $9 million) against Luckin Coffee and a group of affiliated firms in response to the coffee chain’s inflated sales scandal.
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ArticleRecent OCC case shows widespread liability when a BSA program fails
Who faces liability when a Bank Secrecy Act program is deemed to be deficient? A series of recent enforcement actions taken by the OCC against individuals at a now-defunct New Jersey bank provides a case study.
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ArticleFormer Rite Aid compliance exec charged with insider trading
Armed with insider information about problems with a merger with Walgreens, a Rite Aid compliance executive who oversaw its corporate code of conduct sold company stock to save himself and his family over $150,000, according to the SEC.
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ArticleCompliance official key to Comtech sanctions penalty
The alleged actions of an export compliance official are at the heart of “egregious” apparent OFAC sanctions violations by New York-based Comtech Telecommunications Corp. and its wholly owned subsidiary regarding sales in Sudan.
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CCO for investment firm altered docs to cover compliance failures, SEC says
A New York investment advisor and broker-dealer firm and its former chief compliance officer have been fined and censured for not fixing compliance failures identified by two federal agencies, then altering documents in an attempt to convince investigators the failures had been addressed.