Federal Reserve Bank of Richmond examiner pleads guilty to insider trading
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
Drexel Hamilton to pay $1.1M, four employees fined for ‘flipping’ municipal bonds
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
Walker & Dunlop names GC, compliance chief
Commercial real estate finance and advisory services firm Walker & Dunlop announced that Dan Groman will be its executive vice president, general counsel, secretary and chief compliance officer.
Bravo Property Trust announces GC
Bravo Property Trust, an affiliate of Bravo Capital and a leading privately held bridge and construction financing platform, announced the addition of Deborah Ginsberg as the chief operating officer and general counsel.
Curtiss-Wright appoints new GC
Curtiss-Wright Corporation, which provides highly engineered products, solutions and services mainly to aerospace & defense markets, announced that George McDonald has been promoted to vice president, general counsel and corporate secretary.
Drug company and CEO pay $47 million over alleged kickbacks and false claims
A pharmaceutical company and its chief executive have agreed to pay $47 million to settle allegations first brought by whistleblowers, that the company paid kickbacks and filed false claims, the Department of Justice said.
FinCEN alerts financial institutions to be wary of AI-enabled deepfakes
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
Kailera Therapeutics welcomes legal chief
Biopharmaceutical company Kailera Therapeutics announced the appointment of Scott Akamine as chief legal officer.
I Squared Capital appoints GC
Investment manager I Squared Capital announced the appointment of Patricia Menéndez Cambó as its new general counsel.
Truist names chief risk officer
Truist Financial Corporation announced that Brad Bender will be its new chief risk officer.
The New Terminal One announces CLO
The New Terminal One at John F. Kennedy International Airport has announced Varlin Vissepó as chief legal officer.
Packsize announces chief legal officer
Packsize announced it has appointed JD Ellis as the company’s chief legal officer.
CFTC cites ‘unreasonably delayed reporting’ for unevenly split $4M whistleblower award
“Unreasonably delayed reporting” cost one of two claimants whom will unevenly split a $4 million whistleblower award from the Commodity Futures Trading Commission for providing information that led to a successful enforcement action.
DOJ orders Paragon Systems, subsidiary to pay $54M over front company contracts scheme
Paragon Systems, a Virginia-based security contractor, and a subsidiary will pay nearly $54 million to resolve allegations that its corporate executives–including its compliance manager–conspired to win Department of Homeland Security contracts by creating fraudulent small business front companies.
Cohen & Steers names General Mills GC to board
Global investment manager Cohen & Steers Board of Directors has appointed Karen Wilson Thissen, general counsel and secretary of General Mills, as a director of the company.
AIG appoints chief risk officer
American International Group announced that Christopher Schaper has been appointed chief risk officer.
ADM elects AT&T GC to board
Global agricultural supply chain manager and processor ADM’s board of directors announced that it has elected AT&T Senior Executive Vice President and General Counsel David McAtee II as its newest member.
SEC orders Invesco to pay $17.5M over misleading investors about ESG assets
Invesco Advisors agreed to pay $17.5 million to the Securities and Exchange Commission to settle allegations that the company misled investors about the extent of its assets that included environmental, social, and governance factors.
Navy Federal Credit Union to pay $95M in fines, redress over ‘surprise’ overdraft fees
Navy Federal Credit Union will pay a $15 million fine and return $80 million in “surprise” overdraft fees to its members to resolve an enforcement action from the Consumer Financial Protection Bureau.
FTC to monitor compliance at AI-enabled product review platform after misleading ratings
Artificial intelligence-enabled product review platform Sitejabber agreed to a 10-year compliance monitorship with the Federal Trade Commission following allegations that it inflated product ratings and misled the public.
NetApp names diversity chief
NetApp, the intelligent data infrastructure company, announced the appointment of Pamela Hennard as the new chief diversity and inclusion officer.
FREYR Battery names interim legal chief
FREYR Battery announced that Peter del Vecchio will be joining as interim chief legal officer.
Discover adds interim legal chief, GC
Discover Financial Services added Kelly Welsh as the incoming interim chief legal officer, general counsel and head of corporate and public affairs.
Antelope Enterprise announces compliance chief
Antelope Enterprise Holdings Limited, a provider of electricity through natural gas power generation, announced the appointment of Junjie Dong as the new corporate secretary and chief compliance officer.
World Bank Group appoints risk chief
The World Bank Group announced the appointment of Dennis McLaughlin as chief risk officer and vice president.
FINRA fines Morgan Stanley $1M for alleged documentation failures
The Financial Industry Regulatory Authority fined broker-dealer Morgan Stanley $1 million over alleged documentation failures related to risk management controls and supervisory procedures involving violations of the Market Access Rule.
Texas health group pays $14.2M for alleged physician self-referral violations
A Texas health care organization agreed to pay $14.2 million to settle allegations it filed false claims related to violations of the “Stark” self-referral law, according to the Department of Justice.
Sonida announces new GC
Sonida Senior Living, an owner, operator and investor in senior living communities, announced that Tabitha Bailey will be appointed senior vice president and chief legal officer, effective Jan. 1.
Church Pension Group names legal chief
The Church Pension Group announced the appointment of Julian Chung as executive vice president, chief legal officer and corporate secretary.
BambooHR appoints legal chief
BambooHR announced the appointment of Jonathan Vaas as the company’s new chief legal officer.
Underfunding of BSA/AML compliance made TD Bank an unwitting partner to cross-border crime
Law enforcement officials stumbled on TD Bank’s role in money laundering while investigating a Mexican drug cartel. They found that the bank’s corporate culture considered compliance, particularly BSA/AML compliance, a low priority. As they dug deeper, authorities discovered that multiple money laundering schemes had infiltrated the bank’s network.
Vystar pays $1.5 million for alleged lack of due diligence with launch of troubled banking system
VyStar credit union has agreed to pay a $1.5 million fine and make restitution to customers harmed by its alleged lack of due diligence when it launched a new banking platform, the Consumer Financial Protection Bureau said.
Election rules aimed to curb AI misuse may serve as regulatory warning for all advertisers
With the presidential election this week, one fear has remained on the minds of voters regardless of their political stripe–that artificial intelligence will be misused to change the outcome of the race.
Premier Transportation appoints compliance chief, GC
Premier Transportation named Shiriki Jones, ESQ, as chief compliance officer, general counsel.
JPMorgan Chase to pay $151M in penalties, restitution to settle disclosure lapses
Two affiliates of JPMorgan Chase have agreed to pay $151 million to settle five separate enforcement actions for making misleading disclosures, breaching fiduciary duties, and other failures related to investors.
Speakers at Compliance Week AI & Compliance Summit talk future rules around technology
While companies are exploring and building artificial intelligence technology, lawmakers and regulators are trying to identify what ground rules they need to set. These guardrails are what companies and governments alike believe are essential parts of ensuring safe and responsible use of the technology.
Treasury set to block investment flow on American AI, semiconductor tech to China
The U.S. Treasury Department has issued a final rule–and created a new division to oversee it–that will attempt to limit outbound investments to China related to sensitive technologies with military applications.
FCC teams up with CPPA to enforce privacy rules
In an effort to streamline the enforcement of California’s stringent privacy rules, the Federal Communications Commission has signed a memorandum of understanding (MOU) with the California Privacy Protection Agency.
AI & Compliance Summit: Regs discuss artificial intelligence guardrails for financial services
Artificial intelligence is an exciting, new technology and it is well-regulated by old laws and rules already on the books, financial regulators said at Compliance Week’s AI & Compliance Summit at Boston University.
BayCom Corp names Lotus Hotels’ GC as director
BayCom Corp, the holding company for United Business Bank, announced that Lotus Hotels and Investments’ General Counsel and Chief Operating Officer Bhupen Amin was appointed as director of the company, effective Nov. 1.
Kraft Heinz welcomes global GC
Food company Kraft Heinz announced the appointment of Angel Shelton Willis as executive vice president, global general counsel and corporate affairs officer, effective Nov. 18.
Redwood Capital Bank welcomes CRO
Redwood Capital Bank announced the hiring of Stephanie Bye as senior vice president/chief risk officer.
Citadel Credit Union announces risk chief
Citadel Credit Union announced the appointment of Chris Palumbo as chief risk officer.
How to adopt AI tools the right way at your company, from people who’ve tried
Companies are adopting artificial intelligence tools at a breakneck pace, but it’s increasingly clear that they set guardrails early. AI leaders say that approaching the technology with safety and ethics in mind will help ensure its upside benefits, while avoiding the significant risks it poses as well.
Aircastle announces legal chief
Aircastle Limited announced that Sarah Clarkin has been promoted to chief legal officer, effective Mar. 1.
First Horizon names general counsel
First Horizon Corporation announced the appointment of Lang Wiseman as deputy general counsel, effective Nov. 1. He will transition into the general counsel position on Jan. 1.
Nanit announces legal chief
Parenting tech company Nanit appointed Grace Fu as chief legal and administrative officer.
CS Disco announces GC, compliance chief
DISCO, AI-enabled legal technology provider, announced that Susan Garcia has joined the company as general counsel and chief compliance officer.
Coherent names legal, compliance chiefs
Coherent Corp, provider of materials, networking, and lasers, announced that it has appointed Rob Beard as the company’s new chief legal and global affairs officer, and corporate secretary. The company has also promoted Marie Batz Martin to chief compliance officer.