All Regulatory Enforcement articles – Page 41
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News BriefRBC unit settles with FINRA over trade monitoring system lapses
RBC Capital Markets agreed to pay nearly $1.1 million as part of a settlement with the Financial Industry Regulatory Authority for failing to establish and maintain a reasonable supervisory system to monitor the suitability of short-term trading recommendations.
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News Brief
SEC fines Corvex Management $1M for SPACs conflicts
Corvex Management agreed to pay $1 million to settle allegations it failed to disclose personnel ownership in certain sponsors of special purpose acquisition companies and didn’t have policies and procedures reasonably designed to thwart conflicts of interest.
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News BriefBittrex charged by SEC amid U.S. departure efforts
The Securities and Exchange Commission announced charges against Seattle-based Bittrex and its co-founder and former CEO for operating an unregistered national securities exchange, broker, and clearing agency.
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News BriefAdobe to pay $3M over government kickback allegations
Adobe agreed to pay $3 million to settle allegations it paid kickbacks in an attempt to win more software purchase orders from the federal government.
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News BriefEDPB task force latest scrutinizing ChatGPT, AI accountability
The European Data Protection Board is the latest regulatory body assessing the applicability of ChatGPT amid skyrocketing data privacy concerns regarding the popular artificial intelligence platform.
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News BriefOFAC sanctions International Investment Bank over Russian ties
The International Investment Bank, a multinational development institution headquartered in Hungary, was designated by the Office of Foreign Assets Control for potentially facilitating the evasion of U.S. sanctions against Russia.
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News BriefKPMG fined $1.1M for admitted deficiencies in Luceco audit
Big Four audit firm KPMG and one of its former directors were disciplined by the U.K. Financial Reporting Council regarding eight admitted breaches of relevant requirements in their fiscal year 2016 work at lighting and wiring product distributor Luceco.
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News Brief
Infinity Q founder sentenced to 15 years for fraud scheme
The former chief investment officer and founder of investment adviser Infinity Q Capital Management was sentenced to 15 years in prison and ordered to forfeit $22 million for artificially inflating the values of certain derivatives to defraud investors.
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News BriefFormer Celadon COO, CFO settle SEC accounting fraud charges for $50K
Two former executives of trucking company Celadon Group each agreed to pay $50,000 to settle charges levied by the Securities and Exchange Commission they engaged in accounting fraud to inflate the company’s earnings.
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PremiumWyelands Bank case warrants extra scrutiny post-SVB collapse
The details of the Prudential Regulation Authority’s case against Wyelands Bank and the business coming from the group of companies that owned it raise questions about the risks such exposure causes to financial institutions, their customers, and the sector at large.
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News Brief
DOJ: Former Magellan quality control director, execs misled public over lead tests
The former director of quality assurance at Magellan Diagnostics allegedly conspired with executives to conceal a critical flaw in lead tests they knew would result in tens of thousands of false negative tests among lead-exposed children.
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News BriefGoldman Sachs settles CFTC charges over same-day swaps manipulation for $15M
Goldman Sachs will pay a $15 million fine to settle charges from the Commodity Futures Trading Commission it manipulated the execution of same-day swaps to the detriment of unsophisticated clients and for failing to accurately disclose the actual cost of those swaps.
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News BriefOCC ‘reluctantly’ drops enforcement, fine against former Rabobank CCO
The Office of the Comptroller of the Currency dismissed an enforcement action and withdrew a fine against the former chief compliance officer for the now-defunct U.S. branch of Rabobank N.A.
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News BriefMicrosoft to pay $3.3M to settle sanctions, export control violations
Microsoft will pay more than $3.3 million to settle charges from the Office of Foreign Assets Control and Bureau of Industry and Security its subsidiaries violated sanctions laws and export controls across their dealings in four sanctioned countries and Ukraine’s Crimea region.
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News BriefGenotox Laboratories to pay $5.9M in DOJ kickback settlement
Genotox Laboratories agreed to pay at least $5.9 million to settle charges it violated the False Claims Act by paying volume-based commissions to third-party marketers and submitting claims to federal healthcare programs for unnecessary drug tests.
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OpinionAlleged fraudster cited privacy in duping JPMorgan into $175M merger
Charlie Javice and her startup Frank allegedly convinced the country’s largest bank to pay $175 million for what largely amounted to a list of fake college students. The apparent due diligence failures by JPMorgan Chase offer a cautionary tale to compliance professionals.
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News BriefGoldman Sachs fined $3M by FINRA over mismarked short sales
Goldman Sachs was fined $3 million by the Financial Industry Regulatory Authority for mismarking nearly 60 million short sell orders as long and related supervision failures.
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News BriefTikTok fined $15.9M for violations of U.K. GDPR
Social media platform TikTok was fined £12.7 million (U.S. $15.9 million) by the U.K. Information Commissioner’s Office for using the personal data of children without parental consent and other violations of data protection mandates.
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News Brief
Merrill Lynch to pay $9.7M over undisclosed fees
Merrill Lynch agreed to pay nearly $9.7 million as part of a settlement with the Securities and Exchange Commission addressing allegations the firm charged more than $4 million in undisclosed fees to clients.
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OpinionMessaging history damning in CFTC case against ex-Binance CCO
A cryptocurrency firm with a chief compliance officer found to not be handling the responsibilities of their role seriously is likely to face additional regulatory scrutiny, as evidenced by the Commodity Futures Trading Commission’s action against Binance.