CFTC dings U.S. Bank, Oppenheimer over off-channel comms violations
By 
Kyle Brasseur2024-03-19T16:19:00
The Commodity Futures Trading Commission (CFTC) announced settlements with U.S. Bank and Oppenheimer & Co. for admitted recordkeeping and supervision failures regarding employee use of off-channel communications for conducting business.
U.S. Bank agreed to pay a $6 million penalty, while Oppenheimer was fined $1 million.
Both firms’ violations dated back to 2019 and included instances of noncompliance among senior leaders and supervisory personnel responsible for ensuring compliance, the CFTC said in its press release Tuesday. These occurred despite the firms having in place policies and procedures to prevent business-related communications through unapproved means.
Related articles
-
PremiumSEC official breaks down agency calculus for off-channel comms penalties
Sanjay Wadwha, deputy director of the SEC’s Enforcement Division, discussed the agency’s rationale for issuing widely disparate penalties for off-channel communications recordkeeping violations, as well as violations of its amended marketing rule.
-
News BriefSenvest latest rapped by SEC over off-channel comms
Registered investment adviser Senvest Management agreed to pay $6.5 million as part of a settlement with the Securities and Exchange Commission addressing admitted off-channel communications violations and separate code of ethics failures.
-
News BriefCFTC lauds Australian swap dealer’s cooperation in $500K enforcement
The Commodity Futures Trading Commission ordered an Australian swap dealer to pay $500,000 over admitted supervision failures related to a deficient spoofing surveillance tool.
More from Regulatory Enforcement
-
News BriefSEC charges duo in $275 million water vending machine Ponzi scheme
The owner of a water machine vending company and a portfolio manager were allegedly behind a Ponzi-like scheme that raised more than $275 million, according to the U.S. Securities and Exchange Commission.
-
Basic Page‘Extraordinary cooperation’ pays off for PFS Investments
As regulators shift toward rewarding transparency, self-regulation and self-reporting, the way PFS Investments handled a longstanding problem serves as an example of how proactive remediation can turn a costly compliance error into a manageable regulatory outcome.
-
ArticleDOJ charges Texas businessmen in alleged bribery scheme over PEMEX oil contracts
The Department of Justice says two Mexican businessmen living in Texas allegedly bribed Mexican officials to secure $2.5 million in contracts with Petróleos Mexicanos, Mexico’s state-owned oil company, and a subsidiary.