All articles by Jeff Dale – Page 10
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News BriefSEC fines former Marcum partner for causing control failures
An ex-partner at Marcum agreed to pay $75,000 to settle charges by the Securities and Exchange Commission he failed to remediate numerous quality control deficiencies magnified by the audit firm’s special purpose acquisition company client boom.
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News BriefFinCEN analysis: Trends in Russia export control evasion attempts
Analysis of suspicious activity reports by the Financial Crimes Enforcement Network indicates nearly $1 billion in suspicious activity in cases of suspected evasion of Russia-related export controls.
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News BriefSEC fines Monolith $225K over violating whistleblower protections
Monolith Resources, a privately held energy and tech company, agreed to pay $225,000 to settle charges by the Securities and Exchange Commission it used employee separation agreements that violated whistleblower protection rules.
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News BriefLinus Financial avoids penalty in SEC crypto securities case
Linus Financial avoided a civil penalty in reaching settlement with the Securities and Exchange Commission over its alleged failure to register the offer and sale of its crypto lending product.
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News BriefNetwork 1, CCO fined by FINRA for Reg BI failures
Network 1 Financial Securities and its chief compliance officer agreed to pay approximately $740,000 combined, plus interest, as part of a settlement with the Financial Industry Regulatory Authority addressing alleged Regulation Best Interest compliance failures.
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News BriefSEC fines Fluor $14.5M over accounting lapses
Engineering and construction company Fluor Corp. agreed to pay $14.5 million to settle allegations by the Securities and Exchange Commission that accounting deficiencies led to restatements on nearly three years of financial statements.
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News BriefVerizon unit to pay $4.1M in cybersecurity false claims case
Verizon Business Network Services agreed to pay approximately $4.1 million to settle allegations levied by the Department of Justice regarding false claims caused by failure to fully implement cybersecurity controls required of a government contractor.
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News BriefDiscover sued by investors over lax compliance procedures
Discover Financial Services faces a class-action lawsuit from investors alleging materially false and misleading statements regarding its business, operations, and compliance policies.
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News BriefLabor Department proposal seeks clarity for OSHA inspection reps
The Department of Labor issued a notice of proposed rulemaking to clarify regulations regarding authorized employee representatives during Occupational Safety and Health Administration compliance officer inspections.
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News BriefSEC fines Citigroup unit $2.9M for underwriting record failures
The Securities and Exchange Commission fined Citigroup Global Markets $2.9 million as part of a settlement addressing alleged recordkeeping failures concerning underwriting expenses that occurred for at least a decade.
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News BriefLincare to pay $29M over false claims for improperly billing Medicare
Lincare Holdings, a provider of oxygen equipment and subsidiary of Linde, agreed to pay $29 million to resolve allegations it violated the False Claims Act by fraudulently overbilling Medicare.
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News BriefTD Bank expecting punishment in BSA/AML probes
TD Bank disclosed in a shareholder report it is facing regulatory investigations regarding its Bank Secrecy Act/anti-money laundering compliance program.
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News BriefSEC orders 3M to pay $6.6M over FCPA violations in China
The Securities and Exchange Commission ordered 3M to pay nearly $6.6 million for alleged violations of the Foreign Corrupt Practices Act regarding hidden travel perks its foreign subsidiary made to government officials in China.
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News BriefLawsuit: Pfizer fired, retaliated against whistleblower who raised FCPA concerns
An ex-Pfizer compliance officer is suing his former employer claiming wrongful termination and whistleblower retaliation after discovering the company allegedly paid $168 million to potentially influential government officials in China.
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News BriefEx-JPMorgan precious metals traders sentenced in spoofing case
Two former precious metals traders at JPMorgan Chase were sentenced after being convicted a year ago for fraud, attempted price manipulation, and spoofing.
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News BriefFintech to pay $1M in first violation of SEC’s amended marketing rule
The Securities and Exchange Commission ordered Titan Global Capital Management USA to pay more than $1 million for allegedly misleading investors with hypothetical performance metrics in its advertising.
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OpinionWhistleblower goes above, beyond in Construction Specialties OFAC case
The impact of “see something, say something” was on display as part of Construction Specialties’ settlement with the Office of Foreign Assets Control for apparent Iran sanctions violations.
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News BriefPCAOB fines AJ Robbins CPA, owner $150K for audit misconduct
The Public Company Accounting Oversight Board fined Colorado-based audit firm AJ Robbins CPA and its founding partner a total of $150,000 for alleged professional skepticism failures and improperly altering audit documentation.
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News BriefFRC fines Mazars $92K over missed material misstatement
The U.K. Financial Reporting Council fined audit firm Mazars £72,000 (U.S. $92,000) for “wide-ranging failings” in its audit of an unnamed market traded company.
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News BriefConstruction Specialties to pay $660K in Iran sanctions case
Construction Specialties agreed to pay more than $660,000 in a settlement with the Office of Foreign Assets Control regarding three apparent sanctions violations in Iran carried out by “rogue employees” of its Middle Eastern affiliate.