All Regulatory Enforcement articles – Page 45
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News BriefProbe into Goldman Sachs’ credit card practices expands
Goldman Sachs Group disclosed more regulators—beyond the Consumer Financial Protection Bureau—are investigating its credit card account management practices.
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News BriefOFAC imposes new sanctions to mark anniversary of Russia’s Ukraine invasion
The Office of Foreign Assets Control unveiled a slew of new sanctions against financial services firms and individuals that either support Russia’s war effort or have been judged to be undermining existing U.S. sanctions.
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News BriefCornerstone Healthcare Group to pay $21.6M over false claims
Cornerstone Healthcare Group will pay more than $21.6 million to settle allegations it filed false claims to Medicare by inflating the cost of services, billing for unauthorized services, and other violations initially brought forward by a whistleblower.
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News BriefDOJ publishes voluntary self-disclosure policy for corporations
The Department of Justice codified a new policy regarding the voluntary self-disclosure of corporate misconduct, following recent announcements on the updates by agency officials.
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News Brief
SEC fines SPAC $104K for control failures that enabled CFO embezzlement
African Gold Acquisition Corp. will pay a $103,591 fine for allegedly having flawed internal controls, reporting, and recordkeeping procedures that allowed its former chief financial officer to drain approximately $1.2 million from its bank account.
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News BriefSEC cites CCO error in HITE Hedge short selling case
Investment advisory firm HITE Hedge Asset Management and its private fund clients agreed to pay more than $220,000 to settle allegations the firm violated a Securities and Exchange Commission rule concerning short selling.
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News BriefWells Fargo probed for employee use of off-channel communications
The Securities and Exchange Commission and Commodity Futures Trading Commission are investigating Wells Fargo regarding employees’ improper use of off-channel communications to conduct business and the bank’s recordkeeping of those communications.
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News BriefTreasury No. 2 warns of increased Russian sanctions enforcement
Deputy Secretary of the Treasury Wally Adeyemo said the agency is primed to step up its enforcement efforts regarding sanctions and export controls announced against Russia in the year since the country invaded Ukraine.
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News BriefMormon church, investment manager pay $5M for misstating asset ownership
The Church of Jesus Christ of Latter-day Saints and its investment advisory firm agreed to pay a total of $5 million to settle charges from the Securities and Exchange Commission that both entities conspired to obscure the value of the church’s investments.
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News BriefRaiffeisen confirms OFAC probe into Russia, Ukraine business
Raiffeisen Bank International said it received a request for information from the Treasury Department’s Office of Foreign Assets Control regarding its business activities related to Russia and Ukraine.
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News BriefSEC, CFTC order Options Clearing Corp. to pay $22M over internal rule failures
Options Clearing Corp. agreed to pay $22 million as part of settlements with the Securities and Exchange Commission and Commodity Futures Trading Commission addressing charges the company failed to comply with internal rules to manage risks.
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News BriefDOJ official defends use of DPAs amid criticisms
Deputy Assistant Attorney General Lisa Miller spoke to the value of deferred prosecution agreements to resolve corporate misconduct amid renewed criticism directed toward the Department of Justice’s 2021 agreement with Boeing.
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PremiumGDPR push for privacy by design still ‘a long way off’
Italy’s data protection authority banned U.S.-based AI chatbot creator Replika from processing the personal data of Italian users because of risks the service posed to minors and vulnerable people—the latest example of a tech company’s product running afoul of the GDPR.
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News BriefFRC probing PwC audits at collapsed property group Intu
The U.K. Financial Reporting Council launched an investigation into Big Four firm PwC’s audit work at collapsed real estate investment trust Intu Properties.
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News BriefRoadrunner avoids $9.6M in penalties in SEC accounting fraud case
Roadrunner Transportation Systems avoided further penalties regarding allegations of accounting fraud after the Securities and Exchange Commission deemed a $20 million class-action settlement agreed to in 2019 returned any ill-gotten gains.
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News BriefAmigo Loans dodges $89M fine over IT system lending lapses
Amigo Loans faced a penalty of £72.9 million (U.S. $88.7 million) after the U.K. Financial Conduct Authority found it used automated decision-making to drive sales over ensuring whether customers posed credit risks.
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News Brief
Spacelabs Healthcare to pay $2.5M over VA contract false claims
Spacelabs Healthcare agreed to pay $2.5 million as part of a settlement with the Department of Justice resolving allegations it overcharged the U.S. Department of Veterans Affairs for medical devices.
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PremiumComerica pressured over handling of government program fraud claims
Comerica Bank has been battling allegations for years of mishandled fraudulent transactions in violation of U.S. federal banking laws. A series of class-action lawsuits against the bank recently certified by a federal district court judge provide scope into the alleged failings.
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News BriefJudge rules against adding compliance monitor in Boeing DPA
A federal judge in Texas ruled against a request by the families of those killed in two Boeing 737 MAX crashes to alter the terms of a 2021 deferred prosecution agreement between the company and the Department of Justice to add an independent compliance monitor.
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News BriefReport: FCA probing Barclays over AML controls
Barclays Bank is reportedly being investigated by the U.K. Financial Conduct Authority for failures regarding its anti-money laundering procedures and controls.