All Regulatory Enforcement articles – Page 53
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News BriefCoinbase-linked defendant sentenced to prison in first crypto insider trading case
The brother of a former Coinbase employee has been sentenced to 10 months in prison for his role in a groundbreaking insider trading scheme involving cryptocurrency.
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News BriefMeta, DOJ agree on compliance targets related to fairness in housing ads
Meta and the Department of Justice agreed on the targets the technology giant must reach when delivering housing ads to customers in order to comply with federal housing antidiscrimination rules.
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News BriefMcDonald’s avoids SEC fine for misleading statements related to fired CEO
The Securities and Exchange Commission found McDonald’s violated federal securities law when it failed to fully disclose material factors regarding the firing of former Chief Executive Stephen Easterbrook in 2019.
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News BriefUBS unit fined $3.75M for options trading reporting violations
UBS Securities agreed to pay $3.75 million to settle allegations brought by the Financial Industry Regulatory Authority that its failure to adequately supervise compliance staff led to millions of violations of options trading reporting requirements.
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News BriefCoinbase to pay $100M after NYDFS probe into compliance lapses
Cryptocurrency exchange Coinbase agreed to pay $100 million as part of a settlement with the New York State Department of Financial Services for compliance failures that opened the door for criminals to carry out illegal activity through the platform.
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News Brief
Former SPAC CFO pleads guilty to embezzlement scheme
Cooper Morgenthau, the former chief financial officer of African Gold Acquisition Corp., pleaded guilty to one count of wire fraud after embezzling more than $5 million for personal stock and cryptocurrency ventures.
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News BriefMeta fined $414M for targeted advertising GDPR breaches
The Irish Data Protection Commission fined Meta Ireland a total of €390 million (U.S. $414 million) for breaching the General Data Protection Regulation by forcing users to agree their personal data can be used for targeted advertising to access Facebook and Instagram.
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News BriefDanfoss to pay $4.4M in OFAC sanctions settlement
Danish manufacturer Danfoss agreed to pay nearly $4.4 million to settle allegations a subsidiary violated U.S. sanctions by running payments from customers based in Iran, Sudan, and Syria through the foreign branch of a U.S. financial institution.
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OpinionTen things I’d like to see happen in 2023 (2022 in review)
Expect big developments for the compliance profession in 2022 to continue to take center stage in the year ahead, including CCO certifications, climate-related disclosures, and more.
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ArticleIrish DPC probing Twitter over breach affecting 5.4M users
The Irish Data Protection Commission is investigating whether Twitter violated the European Union’s General Data Protection Regulation regarding a data breach alleged to have affected 5.4 million users.
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ArticlePCAOB enforcement roundup: Grant Thornton fined in disclosure crackdown
The Public Company Accounting Oversight Board announced several notable enforcement actions last week, including sanctions against six firms for allegedly violating agency reporting requirements.
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ArticleDOJ declines to prosecute Safran over alleged FCPA violations
The U.S. Department of Justice informed French aircraft equipment manufacturer Safran that the company would not face prosecution regarding alleged bribes paid by employees at two subsidiaries to a China-based consultant.
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ArticleSEC fines PNC unit over municipal bond disclosure lapses
Broker-dealer PNC Capital Markets agreed to pay nearly $200,000 and be censured to resolve Securities and Exchange Commission allegations it violated rules related to limited offerings of municipal securities.
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ArticleDeloitte fined $1.1M for SIG audit lapses
Deloitte received a penalty of £906,250 (U.S. $1.1 million) from the U.K. Financial Reporting Council for evidence failures regarding supplier rebates and cash uncovered in its 2015 and 2016 financial year audits at specialist building product distributor SIG.
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ArticleBioTelemetry to pay $44.8M over India testing false claims
BioTelemetry and CardioNet agreed to pay more than $44.8 million to settle allegations they violated U.S. federal health laws by improperly billing Medicare and other federal programs for heart monitoring and cardiac test analyses performed by a company in India.
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Article
Exela Technologies, ex-CFO settle SEC control failure charges
Texas-based IT firm Exela Technologies and its former CFO settled charges brought by the Securities and Exchange Commission alleging failure to properly account for and record liabilities related to a shareholder lawsuit.
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ArticleTSB Bank fined $59.2M for governance lapses in botched IT migration
TSB Bank was fined £48.65 million (U.S. $59.2 million) by U.K. regulators after a disastrous IT migration left customers unable to access cash or use online accounts for weeks.
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ArticleCHS Hedging AML controls criticized in $6.5M CFTC action
CHS Hedging, a Minnesota-based futures commission merchant, was fined $6.5 million by the Commodities Futures Trading Commission for AML program gaps and other risk management and recordkeeping failures regarding a ranch owner customer committing fraud.
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ArticleCFPB reaffirms tougher stance with $3.7B Wells Fargo settlement
Wells Fargo will pay a total of $3.7 billion to address “widespread mismanagement” of auto loans, mortgages, and deposit accounts as part of a settlement with the Consumer Financial Protection Bureau.
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ArticleHoneywell to pay $203M over bribery claims in Brazil, Algeria
Honeywell International agreed to pay $202.7 million to settle charges it paid bribes to obtain contracts with government entities in Brazil and Algeria in violation of the Foreign Corrupt Practices Act.