All Regulatory Enforcement articles – Page 39
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News BriefVirtu sued by SEC over customer information protections
Virtu Financial and its broker-dealer affiliate Virtu Americas face a lawsuit filed by the Securities and Exchange Commission alleging the company misled its customers regarding its safeguards to protect their information contained in its trading business database.
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News Brief
Mortgage industry adviser fined $100K over long-running compliance lapses
Mortgage Industry Advisory Corp. agreed to pay $100,000 to settle allegations levied by the Securities and Exchange Commission it failed to adopt and implement written compliance policies and procedures, conduct annual reviews, and establish and enforce a code of ethics.
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News BriefFINRA fines Citigroup unit $250K over trade designations
Citigroup Global Markets was fined $250,000 by the Financial Industry Regulatory Authority regarding inaccurate trade confirmations to customers.
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News Brief
SEC fines nine in first marketing rule violation sweep
Nine investment advisers agreed to pay a total of $850,000 in penalties across separate settlements with the Securities and Exchange Commission addressing alleged violations of the agency’s amended marketing rule.
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News BriefSEC fines former Marcum partner for causing control failures
An ex-partner at Marcum agreed to pay $75,000 to settle charges by the Securities and Exchange Commission he failed to remediate numerous quality control deficiencies magnified by the audit firm’s special purpose acquisition company client boom.
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News BriefDOJ appoints leaders for corporate enforcement program
The Department of Justice announced new positions in its National Security Division to support the agency’s crackdown on sanctions evasion, export control violations, and other forms of economic crime.
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OpinionFallout from ‘debanking’ scandal suggests more U.K. bank reforms coming
The former CEO of NatWest’s decision to leak client details to the press regarding Nigel Farage is likely to cost the financial industry millions in new compliance checks as U.K. regulators prepare reviews into how banks treat people with extreme political views.
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News BriefSEC fines Monolith $225K over violating whistleblower protections
Monolith Resources, a privately held energy and tech company, agreed to pay $225,000 to settle charges by the Securities and Exchange Commission it used employee separation agreements that violated whistleblower protection rules.
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News BriefLinus Financial avoids penalty in SEC crypto securities case
Linus Financial avoided a civil penalty in reaching settlement with the Securities and Exchange Commission over its alleged failure to register the offer and sale of its crypto lending product.
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News BriefGreek shipper fined $2.5M in Iranian oil smuggling case
Empire Navigation pleaded guilty to violating the International Emergency Economic Powers Act by carrying nearly 1 million barrels of Iranian oil from the sanctioned Islamic Revolutionary Guard Corps to another country.
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News BriefNetwork 1, CCO fined by FINRA for Reg BI failures
Network 1 Financial Securities and its chief compliance officer agreed to pay approximately $740,000 combined, plus interest, as part of a settlement with the Financial Industry Regulatory Authority addressing alleged Regulation Best Interest compliance failures.
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News BriefSEC fines Fluor $14.5M over accounting lapses
Engineering and construction company Fluor Corp. agreed to pay $14.5 million to settle allegations by the Securities and Exchange Commission that accounting deficiencies led to restatements on nearly three years of financial statements.
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News BriefSEC risk alert warns investment advisers over exam determinations
How the Securities and Exchange Commission determines which investment advisers to inspect and what areas those examinations typically cover were among subjects addressed in a new risk alert released by agency staff.
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News BriefVerizon unit to pay $4.1M in cybersecurity false claims case
Verizon Business Network Services agreed to pay approximately $4.1 million to settle allegations levied by the Department of Justice regarding false claims caused by failure to fully implement cybersecurity controls required of a government contractor.
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News BriefSEC fines five in latest custody rule sweep
The Securities and Exchange Commission announced penalties against five investment advisers as part of its second targeted sweep regarding violations of its custody rule and Form ADV requirements.
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News Brief
Prime Group to pay $20.6M in SEC fee disclosure case
Prime Group Holdings agreed to pay $20.6 million as part of a settlement with the Securities and Exchange Commission resolving allegations it failed to adequately disclose it paid millions of dollars in fees to a real estate brokerage firm owned by its CEO.
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News Brief
FCPA opinion shines light on reasonable expenses for foreign officials
A Foreign Corrupt Practices Act review published by the Department of Justice offers further clarity around when the agency would determine expenses paid on behalf of a foreign official to be deemed “reasonable and bona fide.”
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PremiumLarge companies in crosshairs early under German Supply Chain Act
Amazon, IKEA, and Volkswagen were among the companies targeted in the first round of complaints under the German Supply Chain Due Diligence Act—an early indication nongovernmental organizations will seek to hold big businesses accountable for alleged human rights violations.
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News Brief
Plug Power settles with SEC over accounting woes; warned of added $5M fine
Plug Power was fined $1.25 million as part of a settlement with the Securities and Exchange Commission over alleged accounting failures that the company agreed to fully remediate within one year or face an additional penalty.
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News BriefSwedish DPA fines Trygg-Hansa $3.2M for GDPR breaches
Sweden’s data protection authority issued a penalty of 35 million Swedish krona (U.S. $3.2 million) against insurance company Trygg-Hansa for alleged security flaws that made customer insurance information accessible on the internet.