All Regulatory Enforcement articles – Page 9
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News BriefLPL Financial fined $5.5M by FINRA over transaction supervision lapses
Independent broker-dealer LPL Financial agreed to pay more than $6 million as part of a settlement with the Financial Industry Regulatory Authority addressing alleged supervision failures regarding direct business transactions and the suitability of switch transactions.
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News BriefInteractive Brokers fined $3.5M in FINRA action
Electronic trading platform Interactive Brokers received a $3.5 million penalty from the Financial Industry Regulatory Authority for multiple alleged violations of the self-regulatory organization’s rules regarding execution and supervision.
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News BriefOEP Capital Advisors fined $4M over policy failures
OEP Capital Advisors agreed to pay a $4 million penalty as part of a settlement with the Securities and Exchange Commission addressing alleged deficiencies regarding the prevention of misuse of material nonpublic information.
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News BriefSEC fines UAE-based Brooge Energy $5M in fraud case
Brooge Energy agreed to pay $5 million in a settlement with the Securities and Exchange Commission resolving fraud charges related to a scheme to inflate revenues.
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News BriefPURE Insurance to pay $466K in OFAC sanctions case
Insurance organization Privilege Underwriters Reciprocal Exchange agreed to pay $466,200 as part of a settlement with the Office of Foreign Assets Control addressing alleged sanctioned transactions on behalf of designated Ukrainian-Russian oligarch Viktor Vekselberg.
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News BriefCFTC names chief data officer to boost analytic capabilities
The Commodity Futures Trading Commission announced two appointments to its Division of Data designed to help the agency leverage analytics and emerging technologies to improve its policymaking and oversight efforts.
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News BriefPhilips unit settles DOJ false claims case for $14.7M
Wireless medical technology company BioTelemetry and its subsidiary LifeWatch Services agreed to pay more than $14.7 million as part of a settlement with the Department of Justice regarding alleged false claims submitted to federal healthcare programs.
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News BriefRite Aid gets 5-year facial recognition use ban from FTC
Retail pharmacy chain Rite Aid agreed to a five-year ban on its use of facial recognition technology for surveillance purposes as part of a settlement with the Federal Trade Commission.
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News BriefCommunity Health Network to pay $345M in historic Stark Law case
Indiana-based Community Health Network agreed to pay $345 million as part of a settlement with the Department of Justice resolving allegations it overcompensated physicians it employed at a rate that violated the Stark Law.
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News BriefU.S. Bank to pay $36M in CFPB, OCC settlements
U.S. Bank agreed to pay nearly $36 million total in separate settlements with the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency for allegedly impeding consumers’ access to their unemployment benefits during the Covid-19 pandemic.
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News BriefFRC drops investigation into PwC’s Intu Properties audits
The U.K. Financial Reporting Council announced it closed its investigation into Big Four firm PwC’s audit work at collapsed real estate investment trust Intu Properties.
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PremiumAssessing impact of court ruling on GDPR strict liability
The idea companies can be held “strictly liable” for violations of the European Union’s privacy rules was shot down, following a judgment from Europe’s top court relating to a case involving German property company Deutsche Wohnen.
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News BriefAdobe: Penalties possible in FTC subscriptions probe
Software company Adobe disclosed it could face “significant monetary costs or penalties” resulting from an ongoing Federal Trade Commission investigation into its disclosure and subscription cancellation practices.
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News BriefFreepoint Commodities to pay $99M in Brazil bribery FCPA case
Freepoint Commodities agreed to pay nearly $99 million to settle allegations by the Department of Justice that it paid bribes to Brazilian government officials in return for business from state-owned oil company Petrobras.
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PremiumTop ethics and compliance failures of 2023
A virtual currency exchange that sought to mislead regulators, banks failing after ignoring obvious risks, and a manufacturer that sold millions of its products in violation of U.S. export controls are among those that make up CW’s list of the biggest ethics and compliance fails of 2023.
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News BriefCredit Suisse units to pay $10M in SEC mutual fund services case
Three entities of Swiss bank Credit Suisse agreed to pay more than $10 million combined as part of a settlement with the Securities and Exchange Commission for allegedly providing prohibited underwriting and advising services to mutual funds.
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News BriefCoinList to pay $1.2M to settle Crimea sanctions violations
Virtual currency exchange CoinList Markets agreed to pay more than $1.2 million to settle allegations from the Office of Foreign Assets Control that it violated U.S. sanctions by processing transactions for customers located in the Crimea region of Ukraine.
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News BriefNew U.K. office eyeing 2024 to enforce trade sanctions
The U.K. government is set to establish a new agency to enforce trade sanctions and provide compliance guidance to businesses regarding the country’s sanctions regimes.
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PremiumFive compliance triumphs from 2023
A financial services giant’s compliance mea culpa that could serve to benefit the rest of the profession, a chemical company’s praised FCPA settlement, and an example of the value of whistleblowers highlight CW’s annual list of laudable ethics and compliance moments.
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News BriefUnilever facing U.K. probe into green claims
Consumer goods company Unilever will be scrutinized by the U.K. Competition and Markets Authority regarding its marketing of certain products as environmentally friendly.