All Regulatory Enforcement articles – Page 118
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ArticleEnforcement actions against accountants on the decline
Accountants and auditors are getting a lighter touch from enforcement authorities, according to an analysis that shows actions dropped significantly from 2017 to 2018.
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Swedbank creates new unit to combat financial crime
As Swedbank faces multiple investigations into money laundering practices, the bank’s acting president and CEO Anders Karlsson recently announced the formation of a new unit to combat financial crime.
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ArticleSEC charges compliance officer in ticket resale scam
The SEC has charged a CCO with perpetuating a previously charged scheme run by his cousin that involved stealing millions of dollars from investors.
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Justice Department revises the Evaluation of Corporate Compliance Programs
The Department of Justice on April 30 released a revised, more comprehensive guidance describing specific factors that prosecutors should consider when evaluating corporate compliance programs.
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ArticleCFTC approves proposed rule to improve quality for swap data repositories
The Commodity Futures Trading Commission approved a proposed rule to improve the quality of swap data and update and streamline regulations related to swap data repository operations and governance.
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ArticleAstellas, Amgen to pay $124.75M for False Claims Act violations
Pharmaceutical companies Astellas and Amgen will pay a total of $124.75 million to resolve allegations that they violated the False Claims Act by illegally paying the Medicare co-pays for their own high-priced drugs.
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Glencore announces CFTC probe
The U.S. Commodity Futures Trading Commission is investigating whether multinational commodity trading and mining company Glencore and its subsidiaries might have violated certain provisions of the Commodity Exchange Act and/or CFTC regulations.
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ArticleCeladon Group to pay $42.2M in restitution for accounting fraud
Trucking company Celadon Group entered into a corporate resolution for securities fraud and will pay total restitution of $42.2 million for filing materially false and misleading statements to investors and falsifying books, records, and accounts.
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ArticleOCIE issues risk alert on Regulation S-P
The SEC’s Office of Compliance Inspections and Examinations has issued a risk alert on Regulation S-P describing the most common deficiencies it has uncovered in recent examinations of both registered investment advisers and broker-dealers.
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UniCredit Group Banks to pay $1.3B for sanctions violations
UniCredit Group Banks will pay total financial penalties of approximately $1.3 billion for processing hundreds of millions of dollars of transactions through the U.S. financial system on behalf of an entity designated as a weapons of mass destruction proliferator and other Iranian entities subject to U.S. economic sanctions, the Department ...
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Former VW boss charged over emissions scandal in Germany
German prosecutors have filed aggravated fraud charges against Martin Winterkorn, the former chief executive of Volkswagen, and four other unnamed managers for their involvement in the emissions-cheating scandal.
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Trump takes another swing at controlling independent agencies
The Trump administration is trying a new strategy to seize control over independent agencies’ rulemaking processes and the guidance they issue.
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GE to pay $1.5B for misrepresentations concerning subprime loans
General Electric will pay a civil penalty of $1.5 billion to resolve claims under the Financial Institutions Reform, Recovery, and Enforcement Act involving subprime residential mortgage loans originated by WMC Mortgage, a GE subsidiary.
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ArticleStandard Chartered Bank to pay $1.1B for sanctions violations
Standard Chartered Bank, a U.K.-based financial institution, will pay a total of $1.1 billion in a global settlement for sanctions violations.
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ArticleRoadrunner executives charged with accounting fraud
The SEC and the Department of Justice brought civil and criminal charges against three former executives of transportation company Roadrunner Transportation Systems for their alleged role in a complex securities and accounting fraud scheme that resulted in a loss of more than $245 million in shareholder value.
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Allison H. Lee, former counsel to Kara Stein, nominated to SEC
President Trump will nominate Allison Herren Lee, of Colorado, to serve at the SEC. Lee, a Democrat, would fill the seat vacated by Kara Stein, restoring the five-member Commission to full strength.
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ArticleFCA regulation now in effect for claims management companies
The U.K. Financial Conduct Authority has issued a reminder for the claims management industry: As of 1 April, all claims management companies in England, Scotland, and Wales will have to demonstrate that they meet and maintain minimum standards set by the FCA.
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ArticleFCA fines Goldman Sachs £34.3M for transaction reporting failures
Compliance officers in the financial services industry can learn a lot from the failings of Goldman Sachs, which was fined £34.3 million (U.S. $45 million) by the U.K. Financial Conduct Authority for failing to provide accurate and timely reporting relating to 220 million transaction reports over a period of a ...
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ArticleFresenius Medical Care to pay $231M to resolve FCPA case
German healthcare company Fresenius Medical Care reached a $231 million settlement with U.S. authorities for violations of the Foreign Corrupt Practices Act for participating in various corrupt schemes across multiple countries that went undetected for more than a decade.
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HUD charges Facebook with facilitating housing discrimination
The Department of Housing and Urban Development is charging Facebook with violating the Fair Housing Act by “encouraging, enabling, and causing housing discrimination through the company’s advertising platform.”