All Compliance Week articles in Web Issue – Page 211
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ArticleKT to pay $6.3M in SEC settlement for FCPA violations
KT Corp., South Korea’s largest telecom operator, will pay $6.3 million in a settlement with the Securities and Exchange Commission for violations of the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act.
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DOJ names head of crypto enforcement team
The Department of Justice named veteran prosecutor Eun Young Choi to serve as the first director of its newly created National Cryptocurrency Enforcement Team.
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ArticleComerica discloses CFPB investigation
Financial services firm Comerica disclosed in a regulatory filing the Consumer Financial Protection Bureau is investigating certain of its business practices.
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ArticleRulemaking on CPRA facing delay
The newly formed California Privacy Protection Agency appears behind schedule on rulemaking for the transition to the California Privacy Rights Act, putting the law’s July 2023 enforcement date in question.
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ArticleReport: Accounting enforcement at SEC, PCAOB down in 2021
The amount of accounting and audit enforcement actions by the Securities and Exchange Commission and Public Company Accounting Oversight Board decreased in 2021, resulting in a sharp decline in monetary settlements, according to Cornerstone Research.
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ArticleIndictment: Infinity Q founder’s attempts to hide fraud aided by CCO
The Department of Justice charged James Velissaris, the former chief investment officer and founder of Infinity Q Capital Management, for his role in a scheme to defraud investors by overvaluing derivative swap positions.
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Intel general counsel to retire
Tech giant Intel disclosed in a regulatory filing Corporate Vice President and Corporate Secretary Susie Giordano will serve as interim general counsel, effective immediately, with current Executive Vice President and General Counsel Steven Rodgers planning to retire in May.
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Constellis names chief legal and compliance officer
Constellis, a provider of risk management support for government and commercial customers, announced Melissa Taylormoore has been promoted to chief legal and compliance officer.
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Eos Energy adds chief accounting officer
Eos Energy Enterprises, a provider of sustainable zinc-based energy storage systems, announced John Tedone has been appointed chief accounting officer.
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Freddie Mac appoints general counsel
The Federal Home Loan Mortgage Corp. has appointed Heidi Mason as executive vice president and general counsel.
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ArticleEricsson admits ‘corruption-related misconduct’ in Iraq
Ericsson announced an internal investigation uncovered evidence of “corruption-related misconduct” that occurred in the Swedish telecommunications company’s Iraq operations between 2011 and 2019.
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DOJ Fraud Section 2021 review: FCPA resolutions down
The Department of Justice entered into eight corporate resolutions in all of 2021, a decrease from 13 the previous year, according to the Fraud Section’s annual report. Three resolutions included violations of the Foreign Corrupt Practices Act.
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ArticleSEC, states fine BlockFi $100M; crypto lending product declared a security
BlockFi Lending agreed to pay $100 million in penalties as part of a first-of-its-kind case in which the Securities and Exchange Commission declared a type of cryptocurrency lending product should be registered as a security.
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ArticleFINRA sanctions compliance officer for AML failures
The Financial Industry Regulatory Authority has ordered a compliance officer to pay $25,000 for failing to establish and implement a “reasonably designed” anti-money laundering compliance program at the brokerage firm where he worked.
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ArticleESG reporting: A summary of investor needs and wants
An investor-focused panel at a recent event shared views on investors’ perspectives about current and future use of ESG metrics and disclosures and where common ground can be found between the providers and users of the information.
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Prudential reshuffles C-suite; names new chief risk and compliance officer
British multinational insurance company Prudential announced Avnish Kalra will become chief risk and compliance officer in March as part of a series of executive-level changes in line with the expected retirement of CEO Mike Wells.
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Biocept adds chief compliance officer
Biocept, a provider of molecular diagnostic assays, products, and services, announced the appointment of Darrell Taylor as senior vice president, general counsel and chief compliance officer.
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ArticleAttorney general turns up heat on SFO with probe into Unaoil lapses
The U.K. attorney general is carrying out a review into why—and how—the Serious Fraud Office managed to botch a bribery investigation into Unaoil that saw one of the oil and gas consultancy’s former executives have his conviction overturned.
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ArticleSEC proposal seeks to undo Trump-era whistleblower changes
The Securities and Exchange Commission will seek to undo several changes to the agency’s whistleblower program enacted during the Trump administration to potentially limit large awards.
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ArticleFINRA 2022 exam report highlights Reg BI compliance, AML trends, more
The Financial Industry Regulatory Authority’s annual report on examinations and risk monitoring contains insights on issues the organization uncovered regarding broker-dealers’ compliance with Regulation Best Interest during the rule’s first full year in existence.