- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-05-12T21:06:00
HSBC was fined $45 million as part of a settlement with the Commodity Futures Trading Commission (CFTC) addressing charges its traders used manipulative and deceptive trading practices and that the bank committed recordkeeping failures related to a faulty third-party audio recording platform.
Registered swap dealer HSBC Bank USA violated the Commodity Exchange Act’s anti-fraud, anti-manipulation, and supervision provisions, the CFTC said Friday in its order. The bank also failed to adhere to recordkeeping provisions by not adequately responding when a third-party audio recording platform did not properly record entire voice calls on certain mobile phone calls over a five-month period in 2020, the agency said.
In a separate order Friday, the CFTC fined HSBC Bank USA, HSBC Securities, and HSBC Bank plc $30 million for admitted recordkeeping and supervision failures regarding use of off-channel communications by employees for conducting business.
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Bank of America Securities agreed to pay $24 million in settling with the Financial Industry Regulatory Authority for allegedly failing to supervise the “spoofing” activities of two former traders in U.S. Treasury markets.
Goldman Sachs, JPMorgan Chase, and Bank of America agreed to pay penalties totaling $53 million across settlements with the Commodity Futures Trading Commission addressing alleged swap reporting failures among their respective affiliates.
Chicago-based swap dealer StoneX Markets agreed to pay $650,000 as part of a settlement with the Commodity Futures Trading Commission addressing admitted disclosure and supervision failures.
Elon Musk, the world’s wealthiest person and the apparent right-hand man of incoming U.S. president Donald Trump, has been taken to court for a third time by the Securities and Exchange Commission for allegedly violating securities law.
Twelve more firms have been dinged with fines by the Securities and Exchange Commission for failing to properly supervise employees who used off-channel communications to conduct company business. In this latest round of enforcement actions, nine investment advisers and three broker-dealers will pay a total of $63 million.
Capital One promised very high interest rates on millions of savings accounts but the bank didn’t deliver, losing customers more than $2 billion, the Consumer Financial Protection Bureau alleged.
