All Regulatory Enforcement articles – Page 47
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News BriefInstinet fined $3.8M by FINRA over deficient CAT reports
Instinet, a brokerage firm subsidiary of Nomura Group, agreed to pay $3.8 million as part of a settlement with the Financial Industry Regulatory Authority regarding “tens of billions” of inaccurate or late reports filed to the consolidated audit trail central repository.
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News Brief
SEC fines Malvern Bank, ex-CFO for material misstatements
Malvern Bancorp and its former chief financial officer agreed to pay a combined $390,000 to settle allegations levied by the Securities and Exchange Commission regarding antifraud, reporting, books and records, and internal accounting control violations.
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News BriefAult Alliance fined $700K over disclosure lapses
Diversified holding company Ault Alliance agreed to pay $700,000 as part of a settlement with the Securities and Exchange Commission addressing allegations of misleading disclosures and reporting violations.
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News Brief
Neogen discloses avoided OFAC fine in Iran sanctions probe
Neogen Corp. disclosed the Office of Foreign Assets Control concluded a probe into potential sanctions violations regarding transactions by the food and animal safety company with parties in Iran without issuing a fine.
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News BriefInotiv discloses FCPA probe into primate importation practices
Inotiv disclosed the Securities and Exchange Commission is investigating potential violations of the Foreign Corrupt Practices Act by the pharmaceutical testing company regarding its importation of nonhuman primates from Asia.
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News Brief
UBS to pay $1.4B over financial crisis-era fraud
UBS and several of its U.S. affiliates agreed to pay $1.44 billion as part of a settlement with the Department of Justice regarding the underwriting and issuance of residential mortgage-backed securities in the lead up to the 2008 financial crisis.
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News BriefSkyCity Entertainment reserves $29M for pending AML/CFT fine
Australian gaming company SkyCity Entertainment Group disclosed it reserved AUS$45 million (U.S. $29 million) for a potential settlement resolving alleged violations of the country’s anti-money laundering and combating the financing of terrorism law.
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News BriefSEC fines Crowe U.K. $750K over deficient Akazoo audit
The U.K. arm of audit firm Crowe agreed to pay $750,000 as part of a settlement with the Securities and Exchange Commission for alleged professional care and skepticism failures regarding its 2018 audit of music streaming subscription company Akazoo.
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News BriefPCAOB fines three in latest reporting requirement sweep
The Public Company Accounting Oversight Board continued its crackdown on reporting requirement violations with penalties against three audit firms, including a BDO affiliate.
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News BriefBittrex, foreign affiliate to pay $24M over unregistered sale of securities
The Securities and Exchange Commission ordered cryptocurrency trading platform Bittrex and its foreign affiliate Bittrex Global to pay $24 million for running an unregistered national securities exchange, broker, and clearing agency.
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News BriefGrupo Aval to pay $81M in landmark FCPA case
Colombian conglomerate Grupo Aval agreed to pay nearly $81 million as part of settlements addressing alleged bribes paid by its bank subsidiary Corficolombiana to win a highway construction contract.
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News BriefOFAC doubles down on sanctions against Belarusian regime
The Treasury Department’s Office of Foreign Assets Control announced expanded sanctions against the Belarusian regime three years after the country’s disputed 2020 presidential election.
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News BriefRobinhood discloses New York AG probe into brokerage execution
Online brokerage Robinhood Markets disclosed in a quarterly filing it is under investigation regarding the quality of its brokerage execution.
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News BriefPCAOB fines K G Somani over audit quality lapses
The Public Company Accounting Oversight Board announced a $125,000 penalty against India-based audit firm K G Somani & Co. for alleged violations of quality control standards.
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PremiumSEC, CFTC call for self-reporting to reduce off-channel comms backlash
The Securities and Exchange Commission and Commodity Futures Trading Commission have indicated they will be more forgiving to financial services firms that voluntarily self-report recordkeeping violations and take remedial actions before being asked to do so.
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News BriefCanoo to pay $1.5M over misstatements, disclosure lapses
Electric vehicle manufacturer Canoo agreed to pay $1.5 million as part of a settlement with the Securities and Exchange Commission for alleged material misrepresentations regarding revenue and failing to properly disclose executive compensation.
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News BriefFund administrator Theorem to pay $122K over missed red flags
The Securities and Exchange Commission ordered Florida-based fund administrator Theorem Fund Services to pay more than $122,000 to settle allegations it missed red flags regarding a $39 million fraud.
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News BriefWells Fargo fined $200M in latest SEC, CFTC off-channel comms sweep
The Securities and Exchange Commission and Commodity Futures Trading Commission continued their crackdown on financial firms’ recordkeeping failures regarding employee use of off-channel communications with $555 million in total fines levied against nine institutions and their affiliates.
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PremiumCovington mulling appeal of ruling in SEC breached client case
Covington & Burling is leaving open the possibility of appealing a recent federal court order requiring the law firm to provide the names of hacked clients to the Securities and Exchange Commission.
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News BriefACI Worldwide to pay $20M in settlement with states over data handling
ACI Worldwide is set to pay $20 million as part of a proposed settlement with states related to lax data handling and erroneous transactions that resulted in previous penalties against the company levied by the Consumer Financial Protection Bureau.