All Regulatory Enforcement articles – Page 21
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ArticleCHS avoids fine in SEC accounting fraud case
Minnesota-based agricultural cooperative CHS settled charges levied by the Securities and Exchange Commission that the company violated federal securities laws when it filed materially false financial statements with the agency over five years.
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Wells Fargo ordered to pay ex-manager $22M in SOX whistleblower case
Wells Fargo must pay more than $22 million to a former senior banking executive who alleged to the Occupational Safety and Health Administration they were retaliated against for blowing the whistle on financial misconduct.
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Upheld ex-Alstom exec’s acquittal affirms ‘setback’ for FCPA’s reach
The latest development in the nearly decadelong Lawrence Hoskins court case has the potential to open the door for foreign nationals involved in aiding U.S. companies with foreign bribery schemes to escape liability under the Foreign Corrupt Practices Act, according to experts.
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EU countries take varied approaches to combating greenwashing
European regulators are taking greater steps to clamp down on companies’ misleading ESG claims, but experience shows different countries have differing priorities about tackling dishonest marketing.
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Wise fined $360K for AML failures in Abu Dhabi
International money transfer company Wise will pay a $360,000 penalty for failing to abide by Abu Dhabi’s anti-money laundering rules over a two-year period, the Financial Services Regulatory Authority of Abu Dhabi Global Market announced.
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KPMG South Africa, two partners fined $275K for using unregistered firm
The Public Company Accounting Oversight Board fined KPMG South Africa and two of its partners a total of $275,000 for supervisory failures and violation of accounting rules related to the use of an unregistered accounting firm.
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SEC fines ex-PPG controller $100K over accounting improprieties
The Securities and Exchange Commission ordered Mark Kelly, the former principal accounting officer and controller at PPG, to pay $100,000 for accounting improprieties aimed at inflating the painting supply company’s earnings per share.
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FTC sues Kochava for collecting, selling mobile phone user data
Data broker Kochava has been sued by the Federal Trade Commission for selling geolocation data on hundreds of millions of mobile phone customers that could unveil sensitive personal information without their knowledge or consent.
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Taronis Fuels to pay $5.1M in SEC fraud settlement
Industrial gas and water products manufacturer Taronis Fuels agreed to pay $5.1 million to settle fraud charges levied by the Securities and Exchange Commission.
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Granite Construction fined $12M over exec accounting fraud scheme
California-based civil engineering and infrastructure firm Granite Construction agreed to pay $12 million to settle Securities and Exchange Commission charges alleging fraud related to inflation of the company’s financial performance.
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Accor fined $600K under GDPR after EDPB intervention
French hotel chain Accor had its initial fine for cross-border data privacy violations increased sixfold after one data regulator involved in the decision-making process complained an original penalty of €100,000 (U.S. $99,900) was too low.
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SEC censures Farber Hass Hurley over accounting exam deficiencies
California-based accounting firm Farber Hass Hurley and two of its partners settled charges with the Securities and Exchange Commission alleging “repeated failures” in conducting custody examinations for two SEC-registered investment advisers.
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Sephora fined $1.2M in first public CCPA enforcement
Cosmetics retailer Sephora agreed to pay $1.2 million in the first public enforcement action under California’s landmark consumer privacy law.
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Tether prepared to defy controversial U.S. sanctions on Tornado Cash
Cryptocurrency platform Tether is set to defy U.S. sanctions by holding firm on its refusal to freeze relevant Tornado Cash addresses until receiving further instruction from law enforcement agencies.
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Essilor agrees to $22M settlement over kickback charges
Essilor, a manufacturer and distributor of optical lenses and equipment, will pay $22 million to settle allegations it paid kickbacks to spur sales in violation of the False Claims Act.
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Big bank messaging app crackdown exposes policy holes, monitoring struggles
U.S. regulators have signaled through an impending widespread enforcement sweep they are zeroing in on banker use of messaging apps to discuss business matters. The cases emphasize the need for financial services firms to enhance their monitoring and recordkeeping.
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Calif. health system, healthcare providers to pay $70.7M over false claims
Gold Coast Health Plan and three California county healthcare service providers will pay a total of $70.7 million to settle allegations they violated the False Claims Act regarding California’s Medicaid program, Medi-Cal.
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Citigroup broker-dealer fined $15M for inadequate U.K. trade monitoring
Citigroup Global Markets was fined £12.6 million (U.S. $14.9 million) by the U.K.’s Financial Conduct Authority for failing to implement an adequate trade surveillance program required by British law.
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Ex-Rabobank CEO fined $20K for withholding AML report
John Ryan, the former CEO of Rabobank, N.A., was fined $20,000 by the Office of the Comptroller of the Currency for his alleged role in obstructing a Bank Secrecy Act program examination that would lead to significant fines for the bank.
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PCAOB forecasts stricter oversight in five-year strategy
The Public Company Accounting Oversight Board issued its draft five-year strategic plan for public comment. Areas of focus include enhancing audit inspections, strengthening enforcement, and more.
