Ex-Outcome Health execs sentenced over overbilling ad revenue, lying to auditor
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
SCOTUS extends timeline for regulated entities seeking to overturn regulations
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
DOJ orders Evolution Health to pay $4.5M over alleged kickbacks, false claims
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
Silvergate Bank to pay $63M to Fed, California over BSA/AML deficiencies
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor over $1 trillion worth of customer transactions.
DOJ orders Tareen Dermatology to pay $1.6M over false claims to Medicare
A Minnesota dermatology practice, its owner, and chief executive agreed to pay $1.6 million to settle allegations, first brought by two whistleblowers, that the company violated the Anti-Kickback Statue by making false claims to Medicare.
How fintechs can overcome major compliance hurdles in embedded finance
Margaret Holmes Tibbets, chief compliance officer at financial technology company Pipe, explains how firms are facing an existential compliance crisis, and to survive they’ll need to overcome not one but two hurdles.
Banks must bolster awareness of fintech partner risks, experts advise at Fordham
During a panel at Compliance Week’s Financial Crimes and Regulatory Compliance Summit, held June 10-11 in New York, experts discussed nuances in bank-financial technology partnerships, offering best practices for how banks should protect themselves.
SCOTUS overturns Chevron doctrine, putting thousands of regulations in limbo
The Supreme Court of the United States overturned a long-held precedent in which courts deferred to federal agencies in interpreting complex or ambiguous regulations–a decision that could make thousands of federal regulations more vulnerable to legal challenges.
Bank of England report: ’Need to improve’ private equity risk management
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
FinCEN proposes additional risk assessments for AML/CFT programs
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
SCOTUS decision upends in-house tribunals in SEC fraud cases
The Supreme Court of the United States ruled that the Securities and Exchange Commission’s practice of using in-house tribunals overseen by an administrative judge to adjudicate securities fraud cases is unconstitutional.
OnKure appoints general counsel
Biopharmaceutical company OnKure announced the appointment of Rogan Nunn as general counsel and secretary.
MAPFRE USA promotes GC to COO
Auto and home insurer MAPFRE USA announced that Daniel Olohan, who has served as general counsel and secretary of the company since 2008, has been appointed chief operating officer, effective Aug. 1.
Cetera Investment Services gets compliance chief
Cetera Financial Group announced that Gwen Weithaus has been named chief compliance officer for Cetera Investment Services.
Sigma names new general counsel
Sigma, analytics and business intelligence provider, announced the addition of Ali Harmer as general counsel.
Cariloop adds general counsel
Cariloop, a comprehensive caregiver support platform, announced the addition of Carly Duvall Le Riche as the company’s first general counsel.
Mativ names Roper Technologies GC to board
Specialty materials company Mativ Holdings announced it has appointed John Stipancich, currently serving as executive vice president, general counsel, and secretary of Roper Technologies, as an independent member of its board of directors.
FedEx announces new chief sustainability officer
FedEx announced that Karen Blanks Ellis will become the company’s next chief sustainability officer, effective July 1.
Kriya appoints chief legal officer
Biopharmaceutical company Kriya Therapeutics announced the appointment of Katherine Eade to the position of chief legal officer.
Mondo TV reaches $538K settlement with OFAC over N. Korea sanctions violations
Italy-based Mondo TV agreed to pay $538,000 to settle charges with the Treasury Department’s Office of Foreign Assets Control over 18 apparent violations of North Korea sanctions regulations.
DOE offers supply chain cybersecurity guidance for energy, oil, gas industries
The U.S. Department of Energy released supply chain cybersecurity principles meant to help strengthen key technologies used to manage and operate electricity, oil, and natural gas systems.
Women in Compliance highlights: Mentorship driving DEI; fostering board buy-in
Keeping track of regulations and understanding how they affect your business can be a hot mess without proper organization and collaboration, experts said at Compliance Week’s Women in Compliance Summit, held June 3-4, in Atlanta.
DOJ orders PetroChina unit to pay $14.5M over export control violations
PetroChina International America agreed to pay a fine and forfeiture of $14.5 million to settle charges with the Department of Justice that it violated U.S. export control laws.
OFAC sanctions nearly 50 entities for ‘shadow banking’ benefiting Iranian military
The Treasury Department’s Office of Foreign Assets Control sanctioned nearly 50 entities connected with so-called “shadow banking” networks that help Iran’s military evade U.S. sanctions and to sell the country’s oil and petrochemical products.
SEC orders Meta Materials to pay $1M over market manipulation, fraud
A Nevada energy and manufacturing company headquartered in Nova Scotia agreed to pay $1 million to settle charges levied by the Securities and Exchange Commission for alleged market manipulation and fraud, while the agency further investigates its former chief executives.
SpongeBob game developer ordered to pay $500K over CCPA, COPPA violations
Popular children’s mobile game developer Tilting Point Media agreed to pay $500,000 to settle allegations the company illegally collected children’s personal data, a violation under the California Consumer Privacy Act and a federal children’s privacy law.
DOJ orders Houston medical centers to pay $15M over concurrent billing false claims
Houston-based medical center institutions agreed to jointly pay $15 million to settle allegations for improperly billing Medicare for concurrent surgeries in violation of teaching physician and informed consent regulations.
Banking regs find flaws in resolution plans for BoA, JPM, Goldman Sachs, Citi
Two federal banking regulators found deficiencies with the sale of derivatives in the resolution plans of Bank of America, Goldman Sachs, and JPMorgan Chase, while the regulators disagreed on the severity of an issue with Citigroup’s plan.
Clearview AI agrees to pay stake in company to settle Illinois privacy lawsuit
Facial recognition company Clearview AI reached a preliminary settlement in a class action lawsuit alleging it violated the Illinois Biometric Privacy Act, with the company agreeing to compensate victims with stake in the company.
Averhealth to pay $1.3M in DOJ drug test false claims case
National drug testing firm Averhealth agreed to pay $1.3 million to settle allegations, first brought by a whistleblower, that it knowingly submitted false claims to the Michigan Department of Health and Human Services, the Department of Justice announced.
DOJ orders Lockheed Martin units to pay $70M for improper subcontracting
Two subsidiaries of aerospace giant Lockheed Martin agreed to pay $70 million to settle allegations levied by the Department of Justice of overcharging the Navy for aircraft parts.
Citi report: GenAI revolution will bring increased need for compliance
A new report on the use of artificial intelligence in financial services predicts that the technology will drive profits, disruptions, and change over the next decade.
OFAC sanctions drug cartel over China procurement; FinCEN issues advisory
The Treasury Department’s Office of Foreign Assets Control and Secretary Janet Yellen announced sanctions Thursday against the top leaders of La Nueva Familia Michoacana drug cartel over the illicit trafficking of synthetic opioid fentanyl in the United States.
Seaport Therapeutics appoints general counsel
Biopharmaceutical company Seaport Therapeutics announced the appointment of Lana Gladstein as general counsel.
Cedar Fair, Six Flags announce legal, compliance chief
Cedar Fair and Six Flags Entertainment Corporation announced that Brian Nurse will serve as chief legal, compliance officer, and corporate secretary of the combined company following the completion of their previously announced merger.
CFPB proposes $3.95M fine against Freedom Mortgage over repeated data errors
Freedom Mortgage Corp. would have to pay a $3.95 million fine and carry out regular auditing and testing of its loan data under a proposed order by the Consumer Financial Protection Bureau.
Greentown Labs adds MassCEC general counsel to board
Greentown Labs announced the addition of John Hitt, general counsel at the Massachusetts Clean Energy Center, to its board.
Ascent Hospitality Management announces GC
Ascent Hospitality Management announced it hired Louis DiPietro as executive vice president and general counsel and corporate secretary.
Nutanix names chief legal officer
Hybrid multicloud computing company Nutanix announced it has named Brian Martin as chief legal officer.
Bumble appoints chief legal officer
Bumble announced that Elizabeth Monteleone has been promoted to chief legal officer.
OCC emphasizes compliance’s role in FI’s operational resiliency
Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.
CFTC awards whistleblower $8M despite involvement in misconduct
A whistleblower received an $8 million award from the Commodity Futures Trading Commission for uncovering fraud—even though the agency deemed the whistleblower was culpable in the misconduct.
Redwire hires general counsel
Space infrastructure provider Redwire Corporation announced that Aaron Futch has been appointed executive vice president, general counsel, and secretary.
HGGC adds GC, CCO
Middle-market private equity firm HGGC announced it has named Rachel Stock as general counsel and chief compliance officer.
VideoAmp names general counsel
VideoAmp, a media measurement company, announced the promotion of Sharon Lee as executive vice president, general counsel.
Payzli announces chief risk officer
Payzli announced that Arash Izadpanah will be its chief risk officer.
SEC orders R.R. Donnelley to pay $2.1M over cyber-related control violations
A business communications and marketing services company agreed to pay more than $2 million to settle charges levied by the Securities and Exchange Commission over cybersecurity-related control violations.
Horizon3.ai appoints chief legal officer
Horizon3.ai, an autonomous security solutions provider, announced the appointment of Jill Passalacqua as chief legal officer.
ExxonMobil elects new general counsel
ExxonMobil Corporation announced the election of Jeff Taylor as vice president, general counsel, and secretary.
DOJ orders consultants to pay $11.3M total for cyber rule violations
Guidehouse and Nan McKay and Associates will pay a total of $11.3 million to the Department of Justice (DOJ) to settle allegations that cybersecurity failures led to the theft of client personal information during the height of the COVID-19 pandemic.