Broker-dealer OTC Link LLC has agreed to pay $575,000 to settle allegations that it repeatedly failed to create and enforce compliance policies and procedures for one of its trading platforms, which handles over-the-counter stocks, the SEC announced.
SEC
Posted inTop Stories
SEC’s Woodcock: Enforcement division aims to aggressively enforce fraud
The SEC’s overarching priority is to “get back to basics,” David Woodcock, the commission’s director of the Division of Enforcement, said.
Posted inWhistleblowers
More whistleblowers to receive 30 percent awards, CFTC says of rule changes
The U.S. Commodity Futures Trading Commission (CFTC) approved updates to its whistleblower rules designed to encourage participation by making it easier for more whistleblowers to receive 30 percent awards.
Posted inAccounting & Auditing
New audit quality control standard amended to reduce compliance burden
Important revisions to the new audit quality control QC 1000 standard have been announced by the Public Company Accounting Oversight Board. The intention is to increase flexibility for audit firms and reduce compliance costs.
Posted inFinancial Services
Financial institutions’ BSA filings linked to $17.5B in possible health fraud, FinCEN finds
Financial institutions’ reports to the U.S. Treasury Department’s Financial Crimes Enforcement Network revealed about $17.5 billion in suspicious financial activity related to health care, according to a FinCEN analysis.
Posted inRegulatory Enforcement
AI startup and former CEO settle with SEC over alleged material misrepresentations
An AI startup company and its former chief executive officer have settled charges that they misrepresented projected revenue, according to the SEC.
Posted inRegulatory Enforcement
SEC accuses former Wall St. bankers, including BOA employee, of insider trading scheme
The SEC has charged two former Wall Street investment bankers with insider trading tied to the 2022 acquisition of energy company South Jersey Industries.
Posted inTop Stories
SEC charges former execs of auto subprime lender giant Tricolor with fraud, falsifying loan documents
Two former executives and a former manager at subprime auto lender Tricolor Holdings falsified documents in pursuit of a $1.9 billion fraud against investors and banks including JPMorgan Chase, according to the Securities and Exchange Commission (SEC). Tricolor, which formed in 2007 and had dealerships in California, Illinois and Texas, provided subprime car loans to […]
Posted inFinancial Services
UBS hit with record $125M civil penalty for ‘willful’ BSA violations
UBS Financial Services was slapped with a record $125 million joint civil penalty by four regulatory agencies for willful violations of the Bank Secrecy Act, including a failure to implement and maintain an anti-money laundering compliance program and failure to file suspicious activity reports.
Posted inFinancial Services
In enforcement action against broker-dealer, SEC deems monthly compliance check with net capital rule not good enough
Texas broker-dealer Hext Capital Partners and its owner and chief executive officer, Gregory Hext, have agreed to pay $60,000 to settle allegations that the firm violated the net capital requirements of the Securities Exchange Act.
