Deutsche Bank has become the latest financial institution to pay a penalty for violations of the Foreign Corrupt Practices Act over questionable hiring practices, showcasing a litany of compliance failures.
Sweeping, open allegations of fraud against major public companies raise fresh questions about the effectiveness of regulatory whistleblower programs.
American Airlines has agreed to pay $22.1 million to resolve allegations of violations of the False Claims Act regarding the reporting of international delivery times.
Pharmaceutical company TherapeuticsMD agreed to pay a $200,000 penalty to resolve charges brought by the SEC for Reg FD violations. The case imparts some compliance lessons.
Brokers Cantor Fitzgerald and BMO Capital Markets will combine to pay more than $4.5 million to settle charges of improper handling of “pre-released” American Depositary Receipts.
Avianca Holdings disclosed in a securities filing that it is investigating possible violations of the U.S. Foreign Corrupt Practices Act concerning free and discounted airline tickets and upgrades given to government officials in certain countries.
The U.K.’s National Crime Agency announced it has frozen eight bank accounts containing more than £100m (U.S. $121 million), which it suspects derived from bribery and corruption overseas. This represents the largest amount of money frozen to date.
The CFTC is pursuing enforcement against five entities and four individuals for engaging in a fraudulent scheme to solicit global customers for the purported purpose of trading illegal, off-exchange binary options.
Check out information on upcoming events from such regulators as the PCAOB, FDIC, SEC, DOJ, and more.
Allscripts Healthcare Solutions has reached a $145 million agreement in principle with the DOJ to resolve civil and criminal investigations into violations of HIPAA and anti-kickback laws.
A former audit inspector and executive director at KPMG was sentenced to eight months in prison after entering a guilty plea related to a scheme to steal inspection plans.
A former KPMG partner charged by the SEC with insider trading has been ordered to pay a civil penalty of $125,000 and suspended from appearing or practicing before the Commission as an attorney or accountant.
In recent guidance, the SFO for the first time has formally set out expectations essential to U.S.-type deferred prosecution agreements, but some say the low number of companies accepting criminal responsibility may negate the provision’s worth.
U.S. audit regulators have fined PwC’s affiliate in Mexico for a seemingly brazen failure to observe auditor independence rules.
A Swiss-based private bank reached a $10.7 million settlement and entered into a non-prosecution agreement with the U.S. Department of Justice for committing tax evasion after recommendations made by its compliance officer went ignored.
The U.S. Department of Justice and the Securities and Exchange Commission are pursuing fraud charges over manipulation of a non-GAAP metric at a publicly traded real estate investment trust.
In a period of three months, two chief compliance officers have been charged for their individual roles in the opioid epidemic—a clear indication the Department of Justice continues to expand the scope of prosecutions to those who fail in their compliance responsibilities.
Mylan disclosed in a regulatory filing that it has reached a $30 million agreement-in-principle to resolve the SEC’s investigation alleging securities violations for disclosures surrounding EpiPens.
The compliance aspects of what will be expected of Facebook going forward were fair enough, but a lack of personal liability has us questioning the settlement.
The FTC hit Facebook with a ground-breaking $5 billion penalty for privacy violations, but the bigger takeaway for CCOs is the unprecedented new privacy and corporate governance obligations the company must implement.
In addition to its record-breaking FTC fine, Facebook on Wednesday reached a $100 million settlement with the SEC for making misleading disclosures regarding the risk of misuse of its user data.
Three former executives of a smaller reporting company are facing multiple fraud charges connected to a $25 million overstatement of revenue.
What resulted in the largest-ever breach of consumer data culminated in the largest data breach enforcement action in history.
The European Commission has fined Qualcomm 242 million Euros (U.S. $271 million) for anti-competitive behavior in violation of EU antitrust rules. Qualcomm says it has done nothing wrong and will appeal the finding.
The FTC, by dragging its feet and keeping silent on a massive Facebook fine, raises concerns about its potential role as top cop on the data privacy beat.
Reckitt Benckiser Group will pay $1.4 billion to resolve a long-running federal investigation concerning the sales and marketing of the opioid addiction treatment drug Suboxone.
The SEC has filed insider trading charges against a former Illumina accountant and friend whose alleged scheme resulted in $6.2 million in profits.
The CEO of a now-bankrupt pharmaceutical company was sentenced to 30 years in prison for his role in a $100 million plot that triggered Westernbank of Puerto Rico’s collapse.
Here’s a look at some upcoming events and training from regulators like the SEC, DOJ, and PCAOB.
Marriott has disclosed in a filing with the SEC that the U.K.’s Information Commissioner’s Office intends to fine it roughly £99 million (U.S. $124 million) for infringements of the EU’s GDPR.
In a potential boon for businesses, SEC Chairman Jay Clayton says qualifications for waiver issuances may no longer be delayed due to lingering accusations of misconduct.
Hong Kong’s Securities and Futures Commission has banned Tim Leissner, a former participating managing director at Goldman Sachs (Asia), from re-entering the industry in connection with his crimes relating to 1MDB.
The U.K. Serious Fraud Office has approved in principle a deferred prosecution agreement with Serco Geografix for fraud and false accounting that would result in a fine of £19.2 million (U.S. $24.2 million).
The Commodity Futures Trading Commission announced on July 1 an award of $2 million to two “model whistleblowers” who provided the agency with “significant information” that prompted the CFTC to open an investigation.
State Street will pay $88.8 million to resolve charges with the SEC that it overcharged mutual funds and other registered investment company clients for expenses related to the firm’s custody of client assets.
The FTC is turning up the heat on the data security compliance requirements companies must meet in the event of an enforcement action following a data breach.
A London Southwark Crown Court jury on June 27 convicted two individuals—a senior compliance officer of UBS and a day trader of financial securities—and sentenced them to three years’ imprisonment for insider trading.
Danske Bank has been forced to fire yet another board member—this time for mis-selling thousands of customers a wealth management product that charged excessive fees.
Merrill Lynch Commodities will pay a combined $25 million to resolve a government investigation into a multi-year scheme to mislead the market for precious metals futures contracts.
TechnipFMC and its wholly owned U.S. subsidiary Technip USA will pay a combined $301.3 million settlement to resolve foreign bribery charges with authorities in the United States and Brazil.
The Senate has approved President Trump’s nomination of Allison Herren Lee, a former aide to Kara Stein, to a seat on the Securities and Exchange Commission.
After new allegations at KPMG of cheating on internal training tests, audit committees now have another area of questioning for their external auditors.
The Federal Trade Commission is warning over a dozen companies in the form of letters not to falsely claim participation in the EU-U.S. Privacy Shield program.
The SEC has canceled sanctions imposed by the PCAOB on a now-retired KPMG auditor connected with a mortgage lender failure at the height of the financial crisis.
Wedbush Securities will pay more than $8.1 million to settle charges for the improper handling of “pre-released” American Depositary Receipts.
The United States seems poised to finally tackle issues surrounding shell companies and their often-opaque beneficial ownership structures.
The SEC has fined KPMG for not only allegations of cheating on regulatory inspections, but also new charges of numerous auditors cheating on training exams.
Industrial and Commercial Bank of China Financial Services will pay more than $42 million to settle charges with both the Securities and Exchange Commission and the Department of Justice for the improper handling of “pre-released” American Depositary Receipts.
Following the 2008 financial crisis, regulatory compliance has come to play an ever-larger role in the lives of financial institutions. Regulatory requirements have become more complex and enforcement scrutiny has increased.
Expedia Group has agreed to pay more than $325,000 to resolve allegations that it violated U.S. sanctions on Cuba, the Treasury Department announced.