All Regulatory Enforcement articles – Page 40
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News BriefMedical management company to pay $100K in landmark HHS ransomware case
Doctors’ Management Service agreed to pay $100,000 in settling the first ransomware agreement under the Health Insurance Portability and Accountability Act reached by the Department of Health and Human Services’ Office for Civil Rights.
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News BriefWells Fargo’s cash sweep program under SEC investigation
Wells Fargo disclosed it is under investigation by the Securities and Exchange Commission regarding cash sweep options it provides to new investment advisory clients.
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News BriefGE HealthCare discloses FCPA reviews into China activities
GE HealthCare said it is cooperating with reviews by the Department of Justice and Securities and Exchange Commission into potential violations of the Foreign Corrupt Practices Act in China.
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PremiumSEC’s Grewal calls for more self-policing in reflecting on FY23 cases
Businesses must step up their internal policing and do a better job of reporting violations to the Securities and Exchange Commission, according to Gurbir Grewal, director of the agency’s Enforcement Division.
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News BriefNostrum Labs, CEO to pay up to $50M in DOJ false claims case
Pharmaceuticals firm Nostrum Laboratories and its founder and chief executive officer could pay up to $50 million as part of a settlement with the Department of Justice addressing alleged violations of the False Claims Act by underpaying Medicaid rebates.
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News BriefSolarWinds cries SEC ‘overreach’ in fraud lawsuit against company, CISO
SolarWinds will contest a lawsuit brought by the Securities and Exchange Commission against it and its chief information security officer alleging fraud and internal control failures related to the software company’s cyberattack reported in 2020.
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News BriefMohawk says no SEC enforcement regarding $60M securities litigation
Flooring manufacturer Mohawk Industries disclosed it does not expect to face enforcement from the Securities and Exchange Commission regarding allegations of violations of securities laws raised in a class-action lawsuit that the company agreed to pay $60 million to settle.
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PremiumSEC crackdown on whistleblower violations a warning on employment contracts
Recent enforcement cases brought by the Securities and Exchange Commission regarding apparent violations of its whistleblower protection rule are proof the agency is taking compliance with the rule “very seriously,” said Enforcement Director Gurbir Grewal.
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PremiumCFPB to beef up enforcement staff to police ‘surveillance economy’
Eric Halperin, enforcement director at the Consumer Financial Protection Bureau, said his office will be adding 75 new full-time employees as part of an expansion of its efforts to protect consumers from misuse of their personal data.
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News BriefCFTC, French AMF reaffirm collaboration on market oversight
The Commodity Futures Trading Commission and France’s Autorité des marchés financiers signed a new agreement to continue collaboration regarding the supervision and oversight of firms that operate on a cross-border basis in the United States and France.
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News BriefFCA flags potential regulatory breaches at NatWest regarding Farage scandal
An independent review into how NatWest handled the closure of politician Nigel Farage’s Coutts account uncovered potential regulatory breaches by the bank that are on the radar of the U.K. Financial Conduct Authority.
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PremiumDOJ official: Aspects of healthcare competition ‘broken’; antitrust enforcement can help
It’s no secret the U.S. healthcare competition system has significant flaws. Where the debate exists is in determining the source of the issues and how to fix them, according to Deputy Assistant Attorney General Andrew Forman of the Department of Justice’s Antitrust Division.
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News BriefOFAC sanctions more investment entities linked to Hamas
The Treasury Department’s Office of Foreign Assets Control imposed a second round of sanctions on investment entities believed to be funding the terrorist organization Hamas.
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News Brief
DOJ removes ‘acting’ from FCPA Unit chief’s title
The Department of Justice is sticking with David Fuhr as permanent head of its Foreign Corrupt Practices Act Unit.
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News BriefCompanies House set for ‘biggest shakeup’ under U.K. corporate transparency bill
The United Kingdom adopted the Economic Crime and Corporate Transparency Act, which aims to stem the flow of dirty money coming into the country through enhancements to government agency capabilities and law enforcement.
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PremiumWirecard what happens when ‘those that are meant to check compliance don’t’
The Wirecard fraud highlights the result of regulators and auditors failing to act properly and underlines the importance of encouraging and protecting whistleblowers, said the reporter who exposed the firm in speaking at Compliance Week’s Europe conference in London.
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PremiumSEC’s Grewal: Being a compliance officer not a ‘get-out-of-jail’ card
Gurbir Grewal, head of the Enforcement Division at the Securities and Exchange Commission, outlined the scenarios in which the agency would charge a chief compliance officer for securities law violations.
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News BriefPCAOB fines Smythe $175K over unregistered firm use
Canada-based accounting firm Smythe agreed to pay a $175,000 penalty in settling with the Public Company Accounting Oversight Board regarding its use of unregistered firms across four issuer audits.
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News BriefSEC fines BlackRock $2.5M over inaccurate investment disclosures
BlackRock Advisors agreed to pay $2.5 million as part of a settlement with the Securities and Exchange Commission addressing allegations the firm inaccurately described investments a fund it advised made in a now-defunct film production company.
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News BriefMetropolitan Commercial Bank fined $30M for third-party oversight failings
New York-based Metropolitan Commercial Bank was assessed nearly $30 million in penalties by federal and state banking regulators for failing to properly oversee a third-party program manager whose prepaid cards were a popular target of fraud during the Covid-19 pandemic.