By
Aaron Nicodemus2022-08-16T17:00:00
An international scheme in which hackers accessed dozens of online brokerage accounts to manipulate stock prices holds cybersecurity and beneficial ownership lessons for compliance professionals.
The Securities and Exchange Commission (SEC) charged 18 individuals Monday for allegedly participating in a scheme in which they hacked into retail investors’ brokerage accounts, forced those accounts to purchase large blocks of two microcap stocks, then sold their existing holdings of the same stocks at artificially inflated prices.
The alleged misconduct, which took place from 2015-18, involved two overlapping groups of individuals operating outside the United States and Canada but involving offshore accounts and exchanges in a dozen countries. The scheme generated approximately $1.3 million in illicit profits, the SEC said.
2022-09-29T19:41:00Z By Aaron Nicodemus
The Financial Crimes Enforcement Network finalized its beneficial ownership rule, which will require certain reporting companies to file basic information with the agency about who controls their finances.
2022-09-16T14:30:00Z By Aaron Nicodemus
Determining the ultimate beneficial owner of individuals and companies your firm does business with can be a tricky thing. The most efficient investigations require an understanding of your firm’s risk appetite and appropriate technology to automate searches.
2025-10-29T20:12:00Z By Tom Fox
As CFOs use AI to streamline operations, they face new compliance risks tied to accountability and algorithmic governance. CCOs must work with them to ensure transparency and oversight throughout adoption.
2025-10-29T20:04:00Z By Oscar Gonzalez
The Consumer Financial Protection Bureau shut down a registry of non-bank financial firms that broke consumer laws. The agency cites the costs being ”not justified by the speculative and unquantified benefits to consumers.”
2025-10-28T21:11:00Z By Adrianne Appel
Senate Democrats warned OMB Director Russell Vought Tuesday that it would be illegal for the Trump administration to shut down the Consumer Financial Protection Bureau, citing a recent court decision barring actions that could severely harm the agency.
2025-10-23T20:36:00Z By Jaclyn Jaeger
It has been nearly six months now since the Department of Justice’s (DOJ) Criminal Division released its memorandum on the selection of compliance monitors. This article provides a critical analysis of the monitorships that received early terminations, those that remain in place, and the broader compliance lessons they impart.
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