All Regulatory Enforcement articles – Page 44
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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.
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News BriefWise Payments cited for Russia sanctions breaches in landmark OFSI action
U.K.-based foreign exchange service Wise Payments was cited for breaching the country’s sanctions levied against Russia as part of the Office of Financial Sanctions Implementation’s first use of its disclosure enforcement powers acquired last year.
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News BriefSEC fines Citigroup unit $2.9M for underwriting record failures
The Securities and Exchange Commission fined Citigroup Global Markets $2.9 million as part of a settlement addressing alleged recordkeeping failures concerning underwriting expenses that occurred for at least a decade.
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News BriefPCAOB fines Warren Averett $200K over BDO alliance ties
Accounting firm Warren Averett agreed to pay a penalty of $200,000 in resolving the first case brought by the Public Company Accounting Oversight Board regarding auditor independence violations related to a firm’s membership in an accounting alliance.
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News BriefCFTC fines Goldman Sachs $5.5M over new recordkeeping failures
Goldman Sachs was fined $5.5 million by the Commodity Futures Trading Commission as part of a settlement addressing alleged audio recordkeeping violations that followed a previous consent order the bank reached with the agency.
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News BriefLincare to pay $29M over false claims for improperly billing Medicare
Lincare Holdings, a provider of oxygen equipment and subsidiary of Linde, agreed to pay $29 million to resolve allegations it violated the False Claims Act by fraudulently overbilling Medicare.
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News BriefSEC fines Archipelago Trading Services $1.5M over SARs filing lapses
Archipelago Trading Services agreed to pay a $1.5 million penalty as part of a settlement with the Securities and Exchange Commission for allegedly failing to file nearly 500 suspicious activity reports largely related to microcap or penny stock securities transactions.