All articles by Aaron Nicodemus – Page 55
-
ArticleSEC ‘pay-to-play’ enforcement surge projected in 2021
More donations in a high-stakes election year means more chances that the Securities and Exchange Commission will pursue investigations related to its often overlooked “pay-to-play” rule.
-
ArticleDeutsche Bank fined $15.9M for lag in reporting suspicious transactions
A German public prosecutor levied a €13.5 million (U.S. $15.9 million) fine against Deutsche Bank for failing to report over 600 suspicious transactions in a timely manner but dropped a wider investigation related to the Danske Bank money laundering scandal.
-
ArticleSAExploration accused of $100M accounting fraud
SAExploration Holdings has been accused by the SEC of perpetrating a $100 million accounting fraud that involved routing payments through shell companies so it appeared to be legitimate revenue.
-
ArticleOCC fines Morgan Stanley $60M for data inventory risk failures
Morgan Stanley has agreed to pay $60 million as part of a settlement with the OCC for failing to adequately protect customer data when the bank decommissioned two U.S.-based wealth management data centers.
-
ArticleCitigroup fined $400M for compliance, risk management failures
Federal banking regulators fined Citigroup $400 million for failing to address “significant” risk and compliance failures.
-
ArticleCFTC announces record enforcement year—and departure of enforcement head
On the same day the CFTC celebrated a record-breaking 113 enforcement actions in fiscal year 2020, the agency also announced the impending departure of Enforcement Director James McDonald.
-
ArticleIncreased award volume breathes new life into SEC whistleblower program
The record amount of whistleblower payouts by the SEC in fiscal year 2020 ($175M) happened because the agency made quickening the pace of awards a priority, whistleblower advocates say.
-
ArticleMandate COVID-19 vaccines for all employees? Like everything, it’s complicated
So you want to mandate that all of your company’s employees get the coronavirus vaccine, once it’s available? Such a requirement is legal, but there are a host of considerations that might make it impractical, employment experts say.
-
Article
Former hedge fund CCO fined, suspended for impeding investigation
The former CCO of a New York City investment firm who impeded a Securities and Exchange Commission investigation into her employer has been fined $25,000 and suspended from practicing before the SEC for a year.
-
ArticleBanner year for whistleblowers: SEC issued $175M in awards in FY2020
It’s no wonder the SEC recently issued new rules asserting its right to limit large whistleblower awards, because the agency handed them out in fiscal year 2020 at an unprecedented pace.
-
Article
Compliance failures at JPMorgan highlighted in record $920M spoofing fine
JPMorgan Chase agreed to pay more than $920 million as part of an agreement with three federal agencies to settle allegations that the firm’s traders manipulated the precious metals markets with false trades.
-
ArticleFiat Chrysler fined $9.5M for ‘misleading disclosures’ on diesel emissions
Fiat Chrysler Automobiles has agreed to pay $9.5 million to settle allegations from the SEC that it made “misleading disclosures” regarding an internal audit of emission control systems for diesel vehicles it sold in the United States.
-
ArticleTwo companies charged in landmark SEC data analytics cases
A new risk-based data analytics initiative at the SEC has been credited for forming the basis of charges against two publicly traded companies for improper reporting of quarterly earnings per share.
-
ArticleInternal whistleblower exposes fraud at Illinois engine manufacturer
An internal whistleblower exposed a scheme by three executives of a Chicago-area engine manufacturer to improperly inflate revenue and cover their tracks by lying to company accountants and independent counsel.
-
ArticleLighting company, four executives fined for improperly booking revenue
A Connecticut industrial lighting company has been fined $1.25 million by the SEC for falsely booking $55 million worth of sales on its financial statements over four years. Four company executives have been fined as well.
-
Article‘FinCEN Files’ fallout: Where do banks go from here?
The “FinCEN Files” report raises the question: What should banks be doing to address the trillions of dollars’ worth of banking transactions that are facilitating criminal activity every year?
-
PremiumInside the Mind of the CCO: 2020 a year like no other
Our second annual “Inside the Mind of the CCO” survey revealed that compliance practitioners, by and large, have stepped up to meet the unique challenges presented by this very different, very difficult year.
-
ArticleWhistleblower advocates up in arms over changes to SEC program
More than two years after proposing them, the Securities and Exchange Commission approved a series of controversial amendments to its whistleblower program designed to make the issuance of awards more streamlined and efficient.
-
Article‘FinCEN Files’ report casts compliance officers in unfair light
The BuzzFeed “FinCEN Files” investigation purportedly uncovered evidence of a catastrophic, international collapse of internal controls within the world banking system. But that argument is misleading, to the point of being disingenuous.
-
ArticleWhat CCPA-affected businesses need to know about California’s next privacy initiative
Businesses with operations in California should expect their data privacy compliance obligations to get a lot more complicated next year with the California Privacy Rights Act expected to pass in November.