All Regulatory Enforcement articles – Page 81
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ArticleWhatsApp GDPR fine fallout: EDPB actions shift enforcement landscape
Experts weigh in on the Irish Data Protection Commission’s €225 million (U.S. $267 million) GDPR fine against WhatsApp, which saw the European Data Protection Board rule to increase the fine total and compliance obligations.
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ArticleEx-Mylan employee pleads guilty to insider trading
Dayakar Mallu, a former IT manager at Mylan, pleaded guilty to criminal charges for his role in an $8 million insider trading scheme aided by an unnamed executive at the pharmaceutical company.
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ArticleMassMutual $4M fine a lesson in trader conduct oversight
A subsidiary of Massachusetts Mutual Life Insurance agreed to pay $4 million after apparently missing nearly two years’ worth of red flags by one of its broker-dealers that turned out to be a driving force behind the GameStop stock trading craze.
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Article
App Annie to pay $10M in landmark SEC action
The Securities and Exchange Commission charged App Annie with securities fraud—the agency’s first enforcement action against an alternative data provider.
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ArticleKPMG Australia fined $450K over training test cheating
The Public Company Accounting Oversight Board announced a $450,000 fine against KPMG’s Australian subsidiary to resolve allegations of widespread cheating on personnel training tests at the firm.
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ArticleBiden nominates 3 to CFTC, including Rostin Behnam as chair
President Joe Biden announced the nomination of three individuals to serve as commissioners at the Commodity Futures Trading Commission, including the naming of Rostin Behnam as the agency’s full-time chair.
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ArticleNLRB to enhance enforcement of unfair labor practices
National Labor Relations Board General Counsel Jennifer Abruzzo issued a memo signaling the agency will broadly be expanding the remedies it seeks against companies that engage in unfair labor practices.
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ArticleOCC fines Wells Fargo $250M for continued risk management failings
Wells Fargo Bank has been ordered to pay $250 million related to deficiencies in its home lending loss mitigation program in addition to violations of a 2018 consent order, the Office of the Comptroller of the Currency announced.
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ArticleNewTek fined $189K over Iran sanctions violations
NewTek, a Texas-based company that develops 3D animation hardware and software, has agreed to pay $189,483 to settle OFAC allegations it knowingly violated U.S. sanctions against Iran.
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ArticleEx-Ericsson employee charged with FCPA bribery violations
A former account manager at Swedish telecommunications giant Ericsson faces charges of conspiracy to violate the Foreign Corrupt Practices Act regarding alleged bribes paid to government officials in the Republic of Djibouti.
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ArticleEx-Cavco Industries CCO charged with accounting control failures
The former CFO and chief compliance officer of Cavco Industries has been charged by the SEC with internal accounting control failures and for misleading the company’s auditor regarding an insider trading matter.
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ArticleCompliance takeaways from FDA’s final ‘intended use’ rule
The U.S. Food and Drug Administration’s “intended use” final rule reaffirms the agency’s wide latitude of discretion in establishing an off-label use case against pharmaceutical and medical device companies.
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ArticleSEC fines telecom Pareteum $500K for overstating revenue
New York City-based telecom Pareteum Corp. will pay $500,000 to settle SEC charges it committed fraud by overstating its revenue by approximately $42 million over six quarters and providing false information to auditors.
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ArticleKraft Heinz fined $62M in SEC accounting probe
Kraft Heinz agreed to pay $62 million as part of a settlement with the SEC for improper accounting that led to the restatement of several years of financial reporting.
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ArticleIreland shakes up GDPR enforcement with $267M fine against WhatsApp
Ireland’s Data Protection Commission announced a record-breaking €225 million (U.S. $267 million) fine against WhatsApp that is equally significant for the compliance lessons it imparts and inconsistency of the GDPR it exposes.
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ArticleHedge fund manager/CCO sentenced 4 years for ‘Ponzi-like’ scheme
Jason Rhodes, the co-founder and chief risk and compliance officer of a Connecticut-based investment fund, was sentenced to 48 months in prison and ordered to pay more than $25 million in restitution for his role in a “Ponzi-like” scheme.
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Article
SEC charges CCO for role in TMG fraud scheme
Steven Wolfe, the former chief compliance officer of investment adviser Tellone Management Group, has been charged by the SEC for his role in a fraudulent scheme to hide information from investors.
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ArticleSEC sanctions 8 over email breaches
The Securities and Exchange Commission penalized eight firms across three separate actions for breaches of employee email accounts that exposed the personal information of thousands of customers in each case.
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ArticleRomanian bank penalized over Iran and Syria sanctions lapses
The Office of Foreign Assets Control fined Romania-based First Bank and its U.S. parent company JC Flowers & Co. $862,318 as part of a settlement for First Bank’s processing of transactions in apparent violation of Iran and Syria sanctions.
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ArticleWeathering the storm: Why FinTech compliance failures persist
Experts weigh in with their thoughts on why FinTechs and cryptocurrency firms continue to have a bad reputation in terms of compliance.