All Regulatory Enforcement articles – Page 113
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Blog
New appointments at the SEC
The SEC has announced new appointments to the Office of Compliance Inspections and Examinations, as well to the Division of Trading and Markets.
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Blog
Kristin Snyder named deputy director of OCIE
The Securities and Exchange Commission on July 25 announced that Kristin Snyder has been named deputy director of the agency’s Office of Compliance Inspections and Examinations.
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Blog
SEC charges Fyre Festival founder with investor fraud
The Securities and Exchange Commission announced on Tuesday that New York entrepreneur William McFarland, creator of 2017's disastrous Fyre Festival, has agreed to settle charges arising out of a multi-year offering fraud that raised at least $27.4 million from more than 100 investors.
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SEC data analysis tool uncovers insider trading by executive
A senior executive at Alliance Fiber Optic Products agreed to settle charges that he made nearly $200,000 in illicit profits by trading on inside information in advance of three disappointing earnings announcements by the company, the Securities and Exchange Commission announced on July 24.
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Julie Lutz to leave SEC
The Securities and Exchange Commission on July 23 announced that Julie Lutz, the Regional Director of the SEC’s Denver Regional Office, will leave the agency at the end of this month after more than 40 years of service.
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SEC: Deutsche Bank to pay $75M for improper handling of ADRs
The Securities and Exchange Commission on July 20 announced that two U.S.-based subsidiaries of Deutsche Bank AG will pay nearly $75 million to settle charges of improper handling of “pre-released” American Depositary Receipts.
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SEC charges former Energy XXI CEO with hiding personal loans
The SEC charged the former CEO of Energy XXI with hiding more than $10 million in personal loans that he obtained from company vendors and a candidate for Energy XXI’s board.
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SEC charges BGC Financial for failure to maintain accurate books and records
New York-based broker-dealer BGC Financial has agreed to pay a $1.25 million penalty to settle charges that it failed to preserve audio files sought by the SEC and inaccurately recorded travel, entertainment, and other expenses.
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Charles Schwab settles with SEC for failing to file SARs
Charles Schwab on July 2 agreed to pay the Securities and Exchange Commission a civil penalty of $2.8 million for failing to file suspicious activity reports on questionable transactions by its investment advisers.
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CFTC: First award issued to a foreign whistleblower
The Commodity Futures Trading Commission (CFTC) on Monday announced an award of more than $70,000 to a whistleblower who “significantly” contributed to an ongoing CFTC investigation and led the CFTC to a successful settlement.
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DoJ launches new task force on Market Integrity and Consumer Fraud
The Justice Department, empowered by an executive order by President Trump, is creating a new, multi-agency task force on Market Integrity and Consumer Fraud. The plan was detailed, on Wednesday, in public remarks by Deputy Attorney General Rod Rosenstein.
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SEC pursues Fitbit stock manipulation scheme
The SEC has filed fraud charges against a second defendant in connection with a scheme to manipulate the price of Fitbit securities through false regulatory filings on its EDGAT database system.
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Credit Suisse subsidiary settles FCPA violations
The SEC has announced that Credit Suisse Group AG will pay $30 million to settle allegations that it rigged hiring practices to win business in the obtained investment banking business in the Asia-Pacific region, an FCPA violation. Credit Suisse also agreed to a $47 million settlement with the Justice Department.
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ITT executives agree to resolution, fines with SEC
The SEC has resolved ongoing accusations against with two former senior executives of ITT Educational Services Inc. The Commission says the company’s leadership hid its true financial condition from investors. The resolution successfully concludes an SEC case against the national operator of for-profit colleges.
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Article
Danske Bank in hot water again over money laundering allegations
The Estonian subsidiary of Denmark’s largest bank may have laundered more than double the amount of dirty money than first thought, according to reports.
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Blog
What is the cost of a subpoena?
Glencore has seen a drop in its share price, which could be related to the Justice Department having issued a subpoena for possible FCPA violations in the Democratic Republic of Congo, Nigeria, and Venezuela.
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Irony, FCPA enforcement actions, and M&A
Boeing’s planned acquisition of Brazilian company Embraer’s commercial jet business and LyondellBassell’s possible acquisition of Brazilian entity Braskem highlights an ironic twist to the FCPA: An enforcement action could be so financially draining that your company is forced to sell all or parts of itself, but results from that same ...
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Blog
Glencore receives subpoena from Department of Justice
Switzerland-based Glencore Ltd, a subsidiary of Glencore plc, said Tuesday it received a subpoena on July 2 from the U.S. Department of Justice to produce documents and other records with respect to compliance with the Foreign Corrupt Practices Act and U.S. money laundering statutes.
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Blog
Deutsche Bank fined $205M for ‘unsound’ conduct in Forex trading business
The New York State Department of Financial Services has fined Deutsche Bank $205 million as part of a consent order for violations of New York banking law in its Forex trading business.
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Article
SEC unveils ideas for updating whistleblower program
In an effort to improve its whistleblower program and adapt it to recent Supreme Court demands, the SEC has proposed a slate of amendments to the rules that govern the initiative.