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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-05-06T15:30:00
SoFi’s brokerage unit will pay a $1.1 million fine to the Financial Industry Regulatory Authority (FINRA) for fraud detection weaknesses that allowed thieves to create SoFi Money accounts using fake or stolen identities.
SoFi Securities failed to establish and maintain reasonable customer identification and identity theft programs for SoFi Money, its cash management brokerage account that also contained features like a debit card and check writing capabilities, FINRA said in an order released Thursday.
SoFi used a largely automated process to verify customers’ identities and approve the opening of SoFi Money accounts, a system that was vulnerable to fraud, FINRA said. Among the alleged problems was that SoFi failed to prevent former customers whose loan or investment accounts had been closed for potential fraud from opening accounts.
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News and analysis for the well-informed compliance or audit exec.
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2024-06-07T18:18:00Z By Kyle Brasseur
Food service distributor HF Foods Group agreed to pay a $3.9 million penalty as part of a settlement with the Securities and Exchange Commission regarding alleged fraudulent conduct carried out by its former chief executive officer and former chief financial officer.
2024-05-10T16:55:00Z By Kyle Brasseur
Merrill Lynch was assessed an $825,000 penalty by the Financial Industry Regulatory Authority for alleged supervision failures regarding the execution of marketable equity orders entered into its electronic order systems.
2024-05-09T19:16:00Z By Aaron Nicodemus
The Financial Industry Regulatory Authority fined three firms—M1 Finance, Mizuho Securities, and Oppenheimer—between $250,000 and $500,000 across separate actions for failing to properly implement, monitor, and supervise internal systems that led to compliance failures.
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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