All Regulatory Enforcement articles – Page 106
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ArticleBorgWarner fined $950K by SEC for downplaying asbestos liabilities
Car parts manufacturer BorgWarner has agreed to pay $950,000 as part of a settlement with the SEC for allegedly failing to calculate and report $700 million in future asbestos liability claims.
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ArticleSEC bars CCO associated with alleged trading scheme
The Securities and Exchange Commission has permanently barred the former chief compliance officer of a once-registered brokerage firm for her role in an alleged fraudulent unauthorized trading scheme.
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ArticleSuper Micro Computer, former CFO charged with accounting violations
A California-based server and cloud computing firm has agreed to pay $17.5 million as part of a settlement with the SEC to resolve charges of improperly booked revenue and understated expenses.
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ArticleClash over draft Twitter GDPR decision exposes differences among EU authorities
As Ireland’s first GDPR decision against Big Tech hangs in limbo, experts are scratching their heads as to why a seemingly straightforward case is headed to the EU’s data governing body to rule on.
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ArticleMass. pharma company will pay $20.75M to settle FCA lawsuit
A Massachusetts-based pharmaceutical company will pay $20.75 million settle a whistleblower’s allegations that the company knowingly promoted misleading instructions for a skin lesion drug that caused doctors to submit false claims to Medicare.
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New DOJ office to monitor, evaluate compliance with antitrust judgments
A new office within the Antitrust Division will be tasked with monitoring corporate compliance initiatives connected with DOJ antitrust judgments, as well as evaluating whistleblower complaints regarding those judgments.
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NPB Financial Group to pay $1M for disclosure failures
NPB Financial Group has reached a $1 million settlement with the Securities and Exchange Commission to settle charges for breaches of fiduciary duty arising out of its mutual fund share-class selection practices.
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Uber’s former security chief charged in data breach cover-up
Uber’s former security chief has been charged in connection with an alleged cover-up of a 2016 data breach that compromised millions of people’s personally identifiable information.
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ArticleJury’s out on Wells Fargo compliance moves; Twitter #fail for Irish DPC
While it’s not yet clear whether Wells Fargo’s compliance moves (including the loss of its CCO) will pay off, we’re much more certain about the Irish Data Protection Commission’s stance on a potential Twitter fine.
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ArticleSEC names Berger deputy director of Enforcement
The Securities and Exchange Commission named Marc Berger deputy director of the Division of Enforcement, also promoting Richard Best to take over for Berger as director of the New York Regional Office.
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ArticleScotiabank to pay $127.4M for commodities scheme, compliance failures
The Bank of Nova Scotia will pay $127.4 million in total penalties in resolutions with the Justice Department and the CFTC for its role in a massive price-manipulation scheme in the precious metals futures contracts markets.
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ArticleDaimler projects over $2B to resolve U.S. emission cheating allegations
Daimler AG, the parent company of car maker Mercedes-Benz, predicts it will spend over $2 billion to settle emission tampering allegations by U.S. regulators and a related class-action lawsuit.
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Analysis: What to make of the DOJ’s rare FCPA opinion
The Department of Justice last week issued its first FCPA opinion procedure in six years. Experts weigh in on the ruling, the gap between opinions, and more.
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Crenshaw, Peirce sworn in as SEC commissioners
The Securities and Exchange Commission has a female majority board with the swearing in of Commissioners Caroline Crenshaw and Hester Peirce.
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ArticleSEC investigating iQIYI over accounting scandal
iQIYI announced it’s under investigation by the Securities and Exchange Commission over allegations the China-based video-streaming company overstated its revenues and subscriber numbers.
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Federal banking regs clarify BSA/AML compliance violation response
Two strikes and you’re out, say four federal agencies to repeat violators of Bank Secrecy Act/anti-money laundering compliance requirements.
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ArticleSEC charges former Hertz CEO with aiding and abetting accounting misconduct
The Securities and Exchange Commission charged Mark Frissora, the former chief executive officer of car rental service Hertz, with aiding and abetting the company in its filing of inaccurate financial statements and disclosures.
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ArticleOFAC announces rare sanctions enforcement against individual
The Office of Foreign Assets Control announced a $5,000 settlement with a U.S. person for apparent sanctions violations—a reminder the regulator can pursue enforcement against individuals in addition to companies.
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ArticleInteractive Brokers to pay $38M for SAR, AML failures
Interactive Brokers has agreed to pay $38 million in settlements with three regulatory agencies related to anti-money laundering lapses, including repeated failures regarding the filing of suspicious activity reports.
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ArticleOCC fines Capital One $80M over 2019 data breach
Capital One and Capital One Bank (USA) were fined $80 million for failing to establish sound risk management processes and internal controls related to the company’s data breach last year.