All articles by Aaron Nicodemus – Page 24
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Essilor agrees to $22M settlement over kickback charges
Essilor, a manufacturer and distributor of optical lenses and equipment, will pay $22 million to settle allegations it paid kickbacks to spur sales in violation of the False Claims Act.
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Twitter whistleblower says poor cybersecurity invites breaches, manipulation
Peiter Zatko, a former cybersecurity executive at Twitter, has blown the whistle on his observations of systemic data security lapses at the company, undercounting of fake accounts, and how the social media platform could be manipulated by foreign intelligence services.
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Calif. health system, healthcare providers to pay $70.7M over false claims
Gold Coast Health Plan and three California county healthcare service providers will pay a total of $70.7 million to settle allegations they violated the False Claims Act regarding California’s Medicaid program, Medi-Cal.
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Citigroup broker-dealer fined $15M for inadequate U.K. trade monitoring
Citigroup Global Markets was fined £12.6 million (U.S. $14.9 million) by the U.K.’s Financial Conduct Authority for failing to implement an adequate trade surveillance program required by British law.
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John Hancock to repay $23.8M over N.Y. insurance law violations
John Hancock Life & Health Insurance Company will return a total of $23.8 million to customers and the state of New York and pay a $2.5 million fine for violations of the state’s law regarding the handling of long-term care insurance policies.
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EagleBank fined $23M over improper lending, disclosure practices
EagleBank agreed to pay nearly $23 million in penalties for improperly loaning approximately $90 million to family trusts controlled by its former CEO over three years, then misleading investors about the loans.
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Cybersecurity, beneficial ownership lessons found in SEC fraud case
Charges levied by the Securities and Exchange Commission regarding an international scheme in which hackers accessed online brokerage accounts to manipulate stock prices impart cybersecurity and beneficial ownership lessons for compliance professionals.
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Google fined $42M for misleading Australian customers on data collection
Google was ordered to pay 60 million Australian dollars (U.S. $42 million) to resolve charges levied by Australia’s competition regulator it misled its Australian customers about how to opt out from the collection of their personal location data.
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FTC seeks to expand authority on data breaches, commercial surveillance
The Federal Trade Commission is seeking comment on potential rules that would penalize companies that suffer data breaches due to lax cybersecurity protocols and punish firms that engage in abusive commercial surveillance practices.
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SEC, CFTC propose large hedge funds provide more financial disclosure
The SEC and CFTC proposed expanding Form PF disclosure requirements for large hedge funds to include more information on their investment strategies, investment exposure, open positions, and borrowing arrangements with counterparties, among other areas.
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DOJ-informed compliance guidance helps Home Depot prep for potential scrutiny
How can a company prove its compliance bona fides to a regulator, should one ever come knocking on its door? The Home Depot has prepared for such a scenario with detailed guidance pegged to the DOJ’s “Evaluation of Corporate Compliance Programs.”
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Benefytt to refund $100M to customers who paid for sham health plans
The Federal Trade Commission ordered Florida-based Benefytt Technologies to refund $100 million to consumers who received sham healthcare insurance plans bundled with services they did not order.
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Senators demand answers from U.S. Bank on fake accounts scandal
Democratic senators are calling on U.S. Bank to answer questions before a Senate committee regarding an alleged fake accounts scandal the bank recently paid $37.5 million to settle.
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Morgan Stanley reaches $200M agreement over unauthorized electronic messages
Morgan Stanley has reached agreements in principle totaling $200 million with the SEC and CFTC to settle charges its employees used messaging platforms not approved by the financial services company.
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Roundup: Goldman Sachs, Citi, Robinhood disclose regulatory investigations
Goldman Sachs Group, Citigroup, and Robinhood Markets each issued quarterly filings disclosing regulatory investigations they are respectively facing into varied business practices.
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Albemarle in settlement talks with SEC, DOJ over FCPA violations
Chemical company Albemarle Corp. has entered settlement talks with the Securities and Exchange Commission and Department of Justice regarding potential violations of the Foreign Corrupt Practices Act.
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Crypto regulation back in spotlight after SEC securities claims
The Securities and Exchange Commission’s move to classify nine cryptocurrencies as securities as part of insider trading charges it brought against a former Coinbase manager has touched a nerve with other regulators, particularly the Commodity Futures Trading Commission.
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Surgalign to pay $2M to settle accounting fraud charges
Medical implant manufacturer Surgalign will pay a $2 million penalty handed down by the SEC and recoup nearly $600,000 in incentive-based compensation from four senior executives who allegedly manipulated the company’s financial statements.
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SEC: Adherence to Reg BI should be embedded in compliance culture
Staff at the Securities and Exchange Commission warned investment advisers and broker-dealers they must continually identify, mitigate, and disclose all conflicts of interest regarding advice they make to retail investors to remain in compliance with Regulation Best Interest.
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Robinhood Crypto fined $30M for AML, cybersecurity failures
Robinhood Crypto agreed to pay a $30 million fine to the New York State Department of Financial Services for “significant failures” in its Bank Secrecy Act/anti-money laundering and cybersecurity compliance programs.