By Aaron Nicodemus2023-11-06T12:59:00
Royal Bank of Canada (RBC) will pay $6 million in total penalties to settle charges from the Securities and Exchange Commission (SEC) and two Canadian regulators that it failed to properly record software development costs for more than a decade.
The SEC said in a press release Thursday that RBC applied deficient internal accounting controls to the costs of internally developed software (IDS) from 2008-20. The deficiencies violated the books and records and internal accounting controls provisions of U.S. securities laws.
The Autorité des marchés financiers, which is the regulatory and oversight body for Québec’s financial sector, announced Thursday that RBC would pay 2 million Canadian dollars (U.S. $1.5 million) to settle its charges. The Ontario Securities Commission (OSC) also announced a settlement with RBC for CAD $2 million.
2024-04-30T20:43:00Z By Aaron Nicodemus
RBC Capital Markets agreed to pay nearly $769,000 to settle allegations levied by the Financial Industry Regulatory Authority, in part, over sending inaccurate information in trade confirmations to customers over nearly a decade.
2024-01-23T18:03:00Z By Jeff Dale
Food processing company ADM announced Chief Financial Officer Vikram Luthar was placed on administrative leave pending an investigation into accounting practices and procedures flagged by the Securities and Exchange Commission.
2023-12-08T15:42:00Z By Kyle Brasseur
The Canadian Imperial Bank of Commerce received the second penalty for alleged deficiencies regarding suspicious transaction reporting announced this week by Canada’s financial intelligence agency.
2025-10-08T18:28:00Z By Adrianne Appel
Charlie Javice, a former CEO who duped JPMorgan Chase into purchasing her start up company for $175 million, has been ordered to forfeit more than $22 million by the Department of Justice (DOJ) and to spend 7 years in jail.
2025-10-07T16:08:00Z By Adrianne Appel
Georgia Tech Research Corp. (GTRC) has agreed to pay $875,000 to settle allegations first raised by two compliance officers that its cybersecurity protocols violated acceptable standards for defense contractors, the Department of Justice (DOJ) said.
2025-10-06T17:12:00Z By Adrianne Appel
Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.
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