All Regulatory Enforcement articles – Page 26
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PremiumDOJ official: People ‘drawing the right conclusions’ on national security focus
Christian Nauvel, deputy chief counsel for corporate enforcement in the Department of Justice’s National Security Division, said the agency’s focus on national security is “top of mind at the highest levels” and that enforcement numbers are set to increase.
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News BriefDaVinci Payments to pay $206K over OFAC sanctions lapses
DaVinci Payments, a financial services firm which manages prepaid reward card programs, agreed to pay approximately $206,000 as part of a settlement with the Office of Foreign Assets Control addressing alleged sanctions violations across four countries.
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News BriefSEC, Canadian regs fine RBC $6M for accounting failures
Royal Bank of Canada will pay $6 million in total penalties to settle charges from the Securities and Exchange Commission and two Canadian regulators that it failed to properly record software development costs for more than a decade.
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News BriefSEC charges president, CCO of Prophecy Asset Management with fraud
The president and chief compliance officer of investment adviser Prophecy Asset Management misled investors about more than $350 million in losses while pocketing millions in management and incentive fees, according to the Securities and Exchange Commission.
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OpinionFCA’s Staley decision a bold move. Are more needed?
The U.K. Financial Conduct Authority’s decision to ban Jes Staley, the former CEO of Barclays, for misrepresenting his relationship with Jeffrey Epstein has seemingly reaffirmed the notion that everyone—even the boss—is accountable for their actions.
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News BriefCFTC: ‘Majority’ of FY23 whistleblower cases related to crypto fraud
Most of the whistleblower tips received by the Commodity Futures Trading Commission in fiscal year 2023 related to fraud and misappropriation of crypto/digital assets.
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News Brief
HealthSun Health Plans earns DOJ declination in employee fraud case
The impact of the Department of Justice’s voluntary self-disclosure program was on display in the agency’s declination of an enforcement action against Florida-based health insurance company HealthSun Health Plans for apparent fraud committed by its employees and agents.
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News BriefMedical management company to pay $100K in landmark HHS ransomware case
Doctors’ Management Service agreed to pay $100,000 in settling the first ransomware agreement under the Health Insurance Portability and Accountability Act reached by the Department of Health and Human Services’ Office for Civil Rights.
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News BriefWells Fargo’s cash sweep program under SEC investigation
Wells Fargo disclosed it is under investigation by the Securities and Exchange Commission regarding cash sweep options it provides to new investment advisory clients.
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News BriefGE HealthCare discloses FCPA reviews into China activities
GE HealthCare said it is cooperating with reviews by the Department of Justice and Securities and Exchange Commission into potential violations of the Foreign Corrupt Practices Act in China.
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PremiumSEC’s Grewal calls for more self-policing in reflecting on FY23 cases
Businesses must step up their internal policing and do a better job of reporting violations to the Securities and Exchange Commission, according to Gurbir Grewal, director of the agency’s Enforcement Division.
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News BriefNostrum Labs, CEO to pay up to $50M in DOJ false claims case
Pharmaceuticals firm Nostrum Laboratories and its founder and chief executive officer could pay up to $50 million as part of a settlement with the Department of Justice addressing alleged violations of the False Claims Act by underpaying Medicaid rebates.
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News BriefSolarWinds cries SEC ‘overreach’ in fraud lawsuit against company, CISO
SolarWinds will contest a lawsuit brought by the Securities and Exchange Commission against it and its chief information security officer alleging fraud and internal control failures related to the software company’s cyberattack reported in 2020.
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News BriefMohawk says no SEC enforcement regarding $60M securities litigation
Flooring manufacturer Mohawk Industries disclosed it does not expect to face enforcement from the Securities and Exchange Commission regarding allegations of violations of securities laws raised in a class-action lawsuit that the company agreed to pay $60 million to settle.
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PremiumSEC crackdown on whistleblower violations a warning on employment contracts
Recent enforcement cases brought by the Securities and Exchange Commission regarding apparent violations of its whistleblower protection rule are proof the agency is taking compliance with the rule “very seriously,” said Enforcement Director Gurbir Grewal.
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PremiumCFPB to beef up enforcement staff to police ‘surveillance economy’
Eric Halperin, enforcement director at the Consumer Financial Protection Bureau, said his office will be adding 75 new full-time employees as part of an expansion of its efforts to protect consumers from misuse of their personal data.
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News BriefCFTC, French AMF reaffirm collaboration on market oversight
The Commodity Futures Trading Commission and France’s Autorité des marchés financiers signed a new agreement to continue collaboration regarding the supervision and oversight of firms that operate on a cross-border basis in the United States and France.
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News BriefFCA flags potential regulatory breaches at NatWest regarding Farage scandal
An independent review into how NatWest handled the closure of politician Nigel Farage’s Coutts account uncovered potential regulatory breaches by the bank that are on the radar of the U.K. Financial Conduct Authority.
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PremiumDOJ official: Aspects of healthcare competition ‘broken’; antitrust enforcement can help
It’s no secret the U.S. healthcare competition system has significant flaws. Where the debate exists is in determining the source of the issues and how to fix them, according to Deputy Assistant Attorney General Andrew Forman of the Department of Justice’s Antitrust Division.
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News BriefOFAC sanctions more investment entities linked to Hamas
The Treasury Department’s Office of Foreign Assets Control imposed a second round of sanctions on investment entities believed to be funding the terrorist organization Hamas.