Articles | Compliance Week – Page 58
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Lucid Group facing SEC subpoena over recent SPAC merger
Lucid Group said it received a subpoena from the Securities and Exchange Commission concerning its special purpose acquisition company merger this summer.
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Unilever announces new chief legal officer
Multinational consumer goods giant Unilever appointed Maria Varsellona as chief legal officer and group secretary. She will succeed Ritva Sotamaa, who will retire at the end of March 2022.
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Six Flags eliminates general counsel position
Amusement park company Six Flags Entertainment Corp. announced it has eliminated the role of executive vice president, general counsel and chief administrative officer as part of a strategic reorganization under its new CEO.
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Casey’s adds former Office Depot CCO as chief legal officer
Convenience stores chain Casey’s General Stores has named Katrina Lindsey chief legal officer and corporate secretary.
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American Renal Associates to pay $2M in accounting fraud case
American Renal Associates Holdings has agreed to pay $2 million to settle Securities and Exchange Commission charges of accounting fraud allegedly perpetrated by three former financial executives at the dialysis provider.
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UBS Switzerland CCO nominated to become board chairman
Markus Ronner, the group chief compliance and governance officer for UBS Switzerland AG, will be nominated to become chairman of the board at the bank’s annual meeting in April 2022.
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Compliance takeaways from Biden strategy on countering corruption
President Joe Biden’s sweeping anti-corruption initiative includes developments in two key areas of interest for the compliance profession: the U.S. beneficial ownership registry and a new proposal to expand reporting requirements on cash real estate transactions.
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What companies/auditors need to know for 2021 year-end audits
The continued effects of the pandemic, along with the implementation of new accounting standards, have companies and their auditors confronting substantial change in year-end audits.
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Ex-Immunomedics CFO charged with insider trading
The SEC charged former Immunomedics Chief Financial Officer Usama Malik and his former romantic partner with insider trading. The Department of Justice also announced criminal charges for securities fraud.
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FRC closes Conviviality accountant investigation; KPMG probe continues
The U.K. Financial Reporting Council announced the end of an investigation into an accountant that prepared and approved financial statements at collapsed alcohol retailer Conviviality.
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Ex-Roadrunner CFO gets two years in prison for accounting fraud scheme
Peter Armbruster, the former chief financial officer of trucking and logistics company Roadrunner Transportation Systems, was sentenced to 24 months in prison for his role in a complex securities and accounting fraud scheme.
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HSBC, Credit Suisse, Barclays, NatWest fined $389M total for currency cartel scheme
The European Commission fined HSBC, Credit Suisse, Barclays, and NatWest a total of €344 million (U.S. $389 million) for their participation in a trader-driven scheme to manipulate the foreign exchange spot market. UBS was not fined after first reporting the scheme.
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Sequential Brands avoids fine in SEC goodwill impairment case
Sequential Brands won’t be fined as part of a settlement with the SEC over charges it violated accounting principles in securities law when it did not acknowledge goodwill impairment that eventually landed on its balance sheet as a $304 million write-down.
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Aegon appoints chief risk officer
Life insurance provider Aegon announced the appointment of Astrid Jäkel as chief risk officer, effective March 1, 2022. Jäkel will also serve as a member of the company’s management board.
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Greensill report: British Business Bank loan approvals lacked due diligence
The British Business Bank failed to carry out sufficient due diligence when it gave collapsed lender Greensill Capital approval to hand out £350 million (U.S. $465 million) under the government’s pandemic support program, according to a U.K. Parliament report.
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My Compliance Library: ‘The Long Game’ offers timely look at long-term career planning
Dorie Clark’s best-selling book “The Long Game” challenges us to ponder what it would look like to “discover our own definition of success” at a time when more professionals than ever are quitting their jobs in search of positive change.
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Schindler names new deputy CCO, fills other compliance roles
Elevator and escalator manufacturer Schindler (U.S.) recently appointed Karen Espinosa-Catalfamo as deputy chief compliance officer and Olivia Carter and Iriana Vera as area compliance & ethics officers.
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FTC targets Walmart, Amazon, and more for study into supply chain disruptions
The Federal Trade Commission is ordering nine large retailers, wholesalers, and consumer goods suppliers to provide wide-ranging information as part of a study the agency is conducting into the causes behind ongoing supply chain disruptions.
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Clearview AI facing $22.6M fine over U.K. privacy violations
The U.K. Information Commissioner’s Office has warned Clearview AI it could face a £17 million (U.S. $22.6 million) fine over its use of people’s data to power its facial recognition software.
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Commerce Department to examine privacy concerns of disadvantaged communities
The Biden administration, through the Commerce Department’s National Telecommunications and Information Administration, intends to broaden the way it addresses privacy concerns for marginalized and disadvantaged communities.