All Regulatory Enforcement articles – Page 157
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Blog
Former Federal Regulator Offers Consulting Services for Wolters Kluwer
Former federal regulator Sandra Braunstein will provide compliance management and Community Reinvestment Act consulting services to the U.S. banking clients of Wolters Kluwer Financial Services. In April 2014, Braunstein retired from her role as director of the Federal Reserve Board’s Division of Consumer and Community Affairs after nearly 27 years ...
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Blog
SEC Judge RSVP's 'No' to Commission's Invitation to Submit Affidavit
On June 4, 2015 the SEC issued an unusual order inviting one of its ALJs to file an affidavit addressing whether he has experienced any pressure to find in favor of the SEC in his cases. This week, the ALJ declined to do so, effectively RSVP'ing "no" to this "invitation."
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Blog
Prosecutors Search Deutsche Bank Head Offices in Tax Fraud Probe
Deutsche Bank took another blow this week after law enforcement officials searched the bank’s headquarters amid suspicions of tax fraud relating to client securities transactions. The practice, known as “dividend stripping,” has once again placed the largest German lender under the regulatory spotlight. Details inside.
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Blog
Former KPMG Partner Scott London out of prison, back to work
Scott London—the former KPMG partner who pleaded guilty to insider trading in June 2013 and was sentenced to serve 14 months in prison in April 2014—is out of prison and back to work. London is now employed as the assistant to the CFO of a computer company.
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Blog
Innocent Attorney Tries to Clear Name He Shares With Securities Fraudster
Itamar Cohen, age 52, of Thornhill in Ontario, Canada recently pleaded guilty in New Jersey to a $17 million stock fraud. This has created considerable stress and drama for Itamar Cohen, age 53, of Thornhill in Ontario, Canada -- an innocent attorney who is the victim of this unfortunate coincidence.
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Article
Export Control Reform Still Lags, Leaving Compliance Programs in Lurch
Image: Anyone involved in international trade might hope that one day, in the long run, export control reform will alleviate the compliance burden companies face now. In the short run, however, expect even more pain as reform ideas inch along. “This is one of the most complex and changing environments ...
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Blog
FinCEN Fines Tinian Dynasty Hotel & Casino $75 Mill on AML
The Financial Crimes Enforcement Network this week fined Tinian Dynasty Hotel & Casino, $75 million for “willful and egregious” violations of the Bank Secrecy Act. According to FinCEN, Tinian Dynasty failed to develop and implement policies and procedures designed to ensure anti-money laundering compliance, or to detect suspicious transactions. Details ...
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Blog
SEC 'Invites' ALJ to Submit Affidavit on Pressure to Find for Agency
Yesterday, the SEC issued an unusual order In the Matter of Timbervest LLC et al., an administrative proceeding currently before the agency. The Commission invited the ALJ in the case to file an affidavit addressing the existence of any pressure to rule in favor of the Division of Enforcement in ...
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Blog
SEC Sues Bulgarian Trader for EDGAR-Assisted Avon Stock Scheme
The SEC says it knows who was behind fake tender offers posted to its EDGAR database and is suing the Bulgarian man it claims is responsible. On June 4, the Commission filed a complaint in U.S. District Court against Nedko Nedev and firms he was associated with. He allegedly masterminded ...
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Blog
SEC's Pinterest Page Highlights Achievements of Women SEC Officials
The SEC has found another interesting use for its "Pinterest" page. It recently created a Women's History Month board on the popular social media site to help gather information and photos, and celebrate the achievements of many of the most influential women employees in in its history.
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Blog
Sen. Warren is Triply 'Disappointed' in SEC Chair White
Sen. Elizabeth Warren would like SEC Chair Mary Jo White to know that Sen. Warren is disappointed in her. In a 13-page letter this week, Sen. Warren expressed this very sentiment repeatedly, prompting Chair White and others to defend her leadership of the agency and its accomplishments.
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Blog
Ex-Wells Fargo CEO Slams ‘Absurd’ Compliance Spending
Image: Is the compliance ramp-up at big banks to blame for layoffs, including the 5,000 of them announced last month by JPMorgan? Richard Kovacevich, former CEO of Wells Fargo, seems to think so. “It is absurd that [banks] are investing that kind of money on compliance” he said of growing ...
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Blog
Five Major Banks Agree to Parent-Level Guilty Pleas
Five major banks—Citicorp, JPMorgan Chase, Barclays, The Royal Bank of Scotland, and UBS—last week agreed to plead guilty to conspiring to manipulate the price of U.S. dollars and euros exchanged in the foreign currency exchange (FX) spot market. The banks also agreed to pay criminal fines totaling more than $2.5 ...
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Blog
Compliance Director Charged With Defrauding Investors
The Securities and Exchange Commission yesterday announced fraud charges against a former director of compliance of a registered broker-dealer who was accused of defrauding investors and stealing money from the brokerage firm where he worked. “We allege a classic situation of the fox guarding the henhouse as William Quigley subverted ...
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Blog
Premiering Tonight -- '(Dis)honesty: The Truth About Lies'
A documentary premiering tonight on CNBC includes an in-depth look at the audacious insider trading scheme carried out by trader Garrett Bauer and attorney Matthew Kluger. The film examines how people rationalize and justify behavior, and considers what can be done "to stem an epidemic of cheating."
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Article
The Real State of CCO Legal Liability
A compliance mishap in a company can feel like a professional failure to chief compliance officers; a more urgent question is whether it might also bring professional liability. At Compliance Week 2015, enforcement officials with the SEC and Justice Department, as well as compliance professionals themselves, explored how CCOs can ...
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Blog
Deutsche Bank to Pay $55 Million for Misstating Financial Reports
Deutsche Bank has agreed to pay a $55 million penalty to the SEC to resolve charges that it filed misstated financial reports, which failed to take into account a material risk for potential losses estimated to be in the billions of dollars, during the height of the financial crisis. Details ...
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Blog
Podcast: Internal Investigation Lessons From the NFL
Ray Rice of the Baltimore Ravens attacked his fiancée in an elevator. Super Bowl champion Tom Brady is in a protracted battle over whether he had game balls underinflated. In our latest podcast, we talk to Timothy McConnell, co-chair of the labor & employment practice at law firm Baker Donelson, ...
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Blog
Australian Stock Trader Tries Out 'Costanza Defense' in Sentencing Hearing
Australian stock trader facing sentencing for insider trading channels his inner George Costanza ("Was that wrong? Should I have not done that?")
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Blog
SEC: BHP Billiton Went Too Far on Hospitality
Image: The SEC has settled FCPA charges against BHP Billiton for inviting 176 government officials and employees of state-owned enterprises to attend the 2008 Summer Olympic Games at the company’s expense. Andrew Ceresney, head of the SEC’s Enforcement Division, said the invites occurred “while they were in a position to ...