All Regulatory Enforcement articles – Page 129
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Blog
Yahoo to pay $35M for failing to disclose massive cyber-security breach
The SEC on Tuesday announced that Altaba—the company formerly known as Yahoo—has agreed to pay a $35 million penalty to settle charges that it misled investors by failing to disclose one of the largest data breaches in history, in which hackers stole personal data relating to at least 500 million ...
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Article
What Wells Fargo’s woes could mean for near future of bank regulation
A $1 billion fine may set the stage for even harsher enforcement actions against Wells Fargo and their big bank brethren, despite the deregulatory zeal taking hold at the Federal Reserve and other agencies.
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Blog
It never pays to lie ... just ask ZTE
The Man From FCPA is continually reminded that much of the basis of compliance is grounded in wisdom imparted by our parents. Today, we are reminded of one of the most basic ones: Do not lie. That lesson apparently did not reach Chinese state-owned telecom company ZTE.
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Blog
Wells Fargo fined $1B by OCC, CFPB
The Office of the Comptroller of the Currency, in a coordinated action with the Consumer Financial Protection Bureau, assessed a total civil money penalty of $1 billion against Wells Fargo Bank for engaging in abusive lending practices concerning its auto loans.
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Blog
Public-private structure key to whistleblower program's success
The Dodd-Frank Whistleblower Program has essentially widened the net of information available to the SEC.
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ArticleAmid criticism, can trust in U.K. FRC be restored?
Attacks on the Financial Reporting Council are growing at the same time the U.K. regulator has been granted sweeping new powers to do a job it has been accused of not doing very well.
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ArticleBeware of ‘no-poach’ agreements
Informal non-solicitation agreements between companies to stifle bidding wars for top talent might easily violate anti-trust law.
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Blog
SEC obtains emergency freeze of $27M in stock sales of Longfin
The SEC has obtained a court order freezing more than $27 million in trading proceeds from allegedly illegal distributions and sales of restricted shares of cryptocurrency firm Longfin stock involving the company, its CEO, and three other affiliated individuals. The case is another example highlighting the difference between simply having ...
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Blog
SEC charges medical device company with fraud
The Securities and Exchange Commission has charged a medical-device company and convicted felon and former NHL team owner Peter Pocklington with defrauding investors by hiding Pocklington’s recidivist history and by misappropriating investor funds.
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Blog
SEC: Whistleblower collects $2.2M after first reporting to another federal agency
A former company insider whose tips helped the SEC open an investigation that led to an enforcement action was awarded more than $2.2 million. The whistleblower first reported the information to another federal agency and later provided the same information to the SEC.
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Blog
Knorr, Wabtec must end ‘no-poach’ agreements
The Department of Justice reached a settlement with rail equipment suppliers Knorr-Bremse and Westinghouse Air Brake Technologies (Wabtec) to resolve allegations that these companies had for years maintained unlawful agreements not to compete for each other’s employees.
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Resource
Offense or Defense: Why Not Both? 5 Ways to Think Differently About GDPR
When it comes to new data regulations, we’re usually left scrambling to organize a good defense. And it’s true that teams with a flawless defense can often prevail. However, when combined with a strong offense, good teams can become great ones - and almost impossible to defeat. Working defensively to ...
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Blog
Barclays to pay $2B in mortgage-backed securities fraud case
Barclays Capital will pay $2 billion in civil penalties to resolve claims for fraud in the sale of residential mortgage-backed securities, and two former Barclays executives will pay $2 million to resolve claims brought against them individually.
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Blog
Aegis Capital, compliance officers resolve cases with FINRA, SEC
Aegis Capital must pay a $550K fine to the Financial Industry Regulatory Authority, and a $750K penalty to the SEC for failing to have adequate supervisory and anti-money laundering programs in place. Two Aegis CCOs were found to have aided and abetted the violations.
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Blog
Be careful what you wish for, Corporate America
Businesses might soon regret the Supreme Court’s pro-business Somers decision, which impacts the Dodd-Frank Act anti-retaliation whistleblower provision.
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Blog
UBS to pay $230M arising from conduct leading up to financial crisis
UBS has reached a $230M settlement with the Justice Dept. in connection with the packaging, marketing, sale, and issuance of residential mortgage-backed securities to investors leading up to the financial crisis.
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Blog
McDonald's nears agreement with NLRB over joint employer status
McDonald's and the NLRB are nearing approval on settlement agreements related to how much control the parent company had over how franchisees treated their employees and resulting wage violations. The case is part of the confusing landscape of what constitutes joint employer status.
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Blog
CORRECTION: Theranos executives charged by SEC for 'massive fraud'
Correction: In a recent post that appeared in the Filing Cabinet, we incorrectly connected a recent enforcement action against Theranos founder and CEO Elizabeth Holmes with Mylan, the maker of the EpiPen. Any implication or connection between the two companies was incorrect.
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Blog
SEC doles out its largest ever whistleblower awards
The Securities and Exchange Commission today announced its highest ever Dodd-Frank whistleblower awards, with two whistleblowers sharing a nearly $50 million award and a third whistleblower receiving more than $33 million.
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Blog
Theranos executives charged by SEC for 'massive fraud'
The SEC has charged Theranos founder and CEO Elizabeth Holmes, and its former President Ramesh “Sunny” Balwani, with raising more than $700 million from investors “through an elaborate, years-long fraud.”