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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-12-06T19:00:00
A commissioner at the Commodity Futures Trading Commission (CFTC) said she expects the regulator to pursue more individual liability cases against chief compliance officers, in the aftermath of landmark charges laid against the former CCO at Binance.
“There will likely be more cases against CCOs in the future,” CFTC Commissioner Caroline Pham told Compliance Week. Of note, Pham worked in several compliance roles at Citi before being named to the commission.
Pham said the CFTC should reserve charging compliance officers for those who engage in “egregious conduct,” like that found in the case of former Binance CCO Samuel Lim. The CFTC alleged Lim was “willfully aiding and abetting Binance’s numerous violations” of the Commodity Exchange Act in fining him $1.5 million.
The case marked the first time the CFTC charged a CCO with individual liability.
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2024-06-12T21:18:00Z By Aaron Nicodemus
Caroline Pham, a commissioner at the Commodity Futures Trading Commission, said compliance officers have a lot to worry about if they or their firms are subject to CFTC enforcement during her fireside chat at CW’s Financial Crimes Summit.
2024-05-01T14:00:00Z By Amii Barnard-Bahn
Despite significant issues outside the control of most chief compliance officers, some regulators have signaled more individual liability cases are to be expected. Will accepting the wrong job, in hindsight, make it your last?
2024-04-11T20:32:00Z By Kyle Brasseur
Earning self-reporting credit from the Commodity Futures Trading Commission is no simple task, Director of Enforcement Ian McGinley conceded.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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