All Regulatory Enforcement articles – Page 54
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OpinionMessaging history damning in CFTC case against ex-Binance CCO
A cryptocurrency firm with a chief compliance officer found to not be handling the responsibilities of their role seriously is likely to face additional regulatory scrutiny, as evidenced by the Commodity Futures Trading Commission’s action against Binance.
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News BriefSEC charges three Austal USA execs with accounting fraud
Three executives at the U.S. subsidiary of Australian defense contractor Austal Limited were charged with accounting fraud for allegedly participating in a three-year scheme to lower cost estimates and prematurely book revenue.
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News BriefChatGPT exits Italy after GDPR violation warning
The Italian data protection authority shut down ChatGPT in the country, alleging the AI chatbot violates European Union privacy laws and has no controls to stop it interacting inappropriately with young children.
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News BriefEY Germany receives two-year ban over Wirecard audit work
Big Four audit firm EY will be prohibited from taking on new public interest clients in Germany for two years following an investigation into its work at collapsed payment processor Wirecard.
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News BriefUphold HQ fined $72K in OFAC sanctions case
Uphold HQ will pay $72,230 to settle charges levied by the Office of Foreign Assets Control that it processed sanctioned transactions for persons in Iran and Cuba and government employees in Venezuela.
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News BriefEx-CCO of Rochester Drug Co-operative spared jail time after testifying
The former chief compliance officer of Rochester Drug Co-operative received no jail time after pleading guilty to aiding widescale opioid distribution and testifying against his former chief executive officer.
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News BriefWells Fargo fined $98M for facilitating sanctions violations in Iran, Syria, Sudan
Wells Fargo will pay nearly $98 million to settle charges a subsidiary facilitated more than $532 million worth of prohibited transactions in violation of sanctions against Iran, Syria, and Sudan.
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News Brief
DOJ: Covenant Healthcare paid $69M in 2021 false claims settlement
Michigan-based Covenant Healthcare System paid $69 million to settle whistleblower allegations it engaged in illegal referral and kickback schemes.
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News BriefSpicer Jeffries avoids fine in improper audit conduct case
Spicer Jeffries and one of its audit engagement partners were spared financial penalties in settling with the Securities and Exchange Commission over allegations of improper professional conduct during the audits of two private funds.
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News BriefBipartisan bill would empower FDIC to pursue failed bank exec clawbacks
The Failed Bank Executives Clawback Act seeks to require the Federal Deposit Insurance Corporation to claw back five years’ worth of compensation from executives who lead failed banks.
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News BriefWilliam Hill fined record $23.7M for social responsibility, AML failures
The U.K. Gambling Commission announced three units of British bookmaking service William Hill Group will pay a record fine of £19.2 million (U.S. $23.7 million) for failures regarding social responsibility and anti-money laundering.
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News BriefVale to pay $55.9M in SEC settlement over dam disclosures
Brazilian mining company Vale agreed to pay $55.9 million to settle Securities and Exchange Commission charges it issued false and misleading statements regarding the safety conditions of its dams.
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News BriefLabcorp to pay $2.1M in third party overbilling case
Laboratory Corporation of America agreed to pay $2.1 million to settle Department of Justice allegations the company overbilled the Department of Defense for genetic tests performed by a third party.
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News BriefFriedman latest fined in PCAOB crackdown on unregistered auditor use
Friedman agreed to pay a $100,000 penalty to settle charges by the Public Company Accounting Oversight Board it over-relied on the work of unregistered Chinese firms across 12 public company audits.
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News BriefEx-Binance CCO accused of aiding and abetting CFTC rule violations
The Commodity Futures Trading Commission charged Binance and its founder with operating an illegal digital assets exchange, while former Chief Compliance Officer Samuel Lim faces charges of aiding and abetting the alleged misconduct.
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News Brief
Ex-OneCoin compliance head charged over alleged fraud role
The former head of legal and compliance at OneCoin was indicted on separate charges of conspiracy to commit wire fraud and money laundering for her role in the $4 billion cryptocurrency fraud scheme.
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News BriefPolite: Look to ABB case for ‘extraordinary cooperation’ example
Compliance officers seeking clarity on what the Department of Justice means by “extraordinary” cooperation or “immediate” self-disclosure should look to the agency’s case history, said Assistant Attorney General Kenneth Polite Jr. during a speech.
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News BriefCoinbase facing SEC enforcement over potential securities violations
Coinbase said it was served a Wells Notice by the Securities and Exchange Commission for potential violations of securities law regarding multiple of its cryptocurrency products.
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BlogPCAOB appoints Robert Rice new director of enforcement division
The Public Company Accounting Oversight Board announced Robert Rice would succeed Mark Adler as head of enforcement and investigations.
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News BriefBiden calls for banking exec clawbacks amid failures
President Joe Biden is calling on Congress to “do more to hold senior bank executives accountable” since the market turmoil that has followed the collapses of Silicon Valley Bank and Signature Bank.