All Regulatory Enforcement articles – Page 56
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Article
South Korea data regulator fines Google, Meta combined $72M
South Korea’s data regulator fined Google and Meta a total of ₩100 billion (U.S. $72 million) for violating the country’s personal data collection law, which forbids the collection and use of personal information without user consent.
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ArticleSEC fines four in pay-to-play enforcement sweep
Four investment advisers were fined between $45,000 and $95,000 by the Securities and Exchange Commission for violating the agency’s pay-to-play rule.
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ArticleBrazil airline Gol settles FCPA bribery charges for $41M
Brazilian airline Gol agreed to pay $41 million as part of reduced settlements addressing bribery investigations conducted by authorities in the United States and Brazil.
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ArticleDOJ to emphasize individual accountability, prior misconduct in corporate crime probes
Deputy Attorney General Lisa Monaco announced sweeping changes to the Department of Justice’s efforts to fight corporate crime, including new guidance regarding individual accountability, voluntary self-disclosure, compliance monitors, and ways to strengthen compliance culture.
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ArticleRegulation by enforcement does nobody any favors
To see a prominent representative from the CFTC accuse the SEC of “regulation by enforcement” might raise the eyebrow of some observers. But it shouldn’t—not when that’s the latter’s stated strategy.
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ArticleAkorn to pay $7.9M for Medicare false claims
Drug manufacturer Akorn Operating Company agreed to pay $7.9 million in a settlement with the Department of Justice for continuing to sell three drugs through Medicare when they were no longer covered under the program.
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ArticleDanske Bank fined $1.8M over AML checks in Ireland
Danske Bank was fined €1.82 million (U.S. $1.82 million) by the Central Bank of Ireland for omitting customers from automated financial crime checks between 2010-19 and failing to notify the regulator.
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ArticleLoop Capital fined $100K over municipal adviser registration violations
The Securities and Exchange Commission for the first time punished a broker-dealer—Chicago-based Loop Capital Markets—for providing advice to a municipal entity without registering with the agency as a municipal adviser.
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ArticleEx-CEO of environmental consultant imprisoned 3 years for false reports
DiAne Gordon, the former CEO and co-owner of Environmental Compliance & Testing, was sentenced to three years in prison for fabricating water quality reports that were sent to state environmental agencies.
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Article
Prosperity Bank to pay $19K in first PPP lender false claims settlement
Houston-based Prosperity Bank will pay approximately $18,700 to resolve allegations it processed a Paycheck Protection Program loan for an ineligible recipient in what is believed to be a landmark False Claims Act settlement.
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ArticleHay & Watson loses PCAOB registration over altered audit docs
Canadian public accounting firm Hay & Watson had its registration permanently revoked and must jointly pay a fine of $50,000 along with its owner for violating Public Company Accounting Oversight Board rules and standards and failing to cooperate with an inspection.
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Article
PCAOB vet Mark Adler returns to lead enforcement
The Public Company Accounting Oversight Board announced the appointment of Mark Adler as acting director of its Division of Enforcement and Investigations.
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ArticleGermany strives for coordination in enhanced AML efforts
Germany has unveiled plans to tackle financial crime more effectively by creating a new federal authority to strengthen enforcement and improve coordination among the country’s current supervisors, of which there are more than 300.
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Article
DOJ gets guilty plea in first crypto insider trading case
Nikhil Wahi, brother of former Coinbase product manager Ishan Wahi, pleaded guilty to one count of wire fraud conspiracy as part of the Department of Justice’s first case regarding the insider trading of cryptocurrency assets.
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ArticleBNY Mellon, 2 others settle with SEC in landmark municipal bonds cases
The Securities and Exchange Commission charged four underwriters with failing to satisfy exemption requirements related to limited offerings of municipal bonds—the first time the agency has taken such an action.
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ArticleVMware to pay $8M to settle SEC charges over misleading financials
Cloud services provider VMware will pay $8 million to settle allegations from the Securities and Exchange Commission it misled investors by hiding its lagging financial performance.
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Article
Court orders $2M from Ambassador Advisors and execs, including CCO
Ambassador Advisors and three of its executives, including its chief compliance officer, must pay a total of more than $2 million for failing to disclose conflicts of interest related to fees received from mutual fund share classes selected for clients.
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ArticleFormer Contech exec imprisoned 18 months for bid-rigging scheme
Brent Brewbaker, a former executive for civil engineering firm Contech Engineered Solutions, was sentenced to 18 months in federal prison for his role in a long-running bid-rigging scheme in North Carolina.
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ArticleOpioid cases against retail pharmacy chains yield compliance lessons
Two cases involving five retail pharmacy chains winding their way through court foretell a long and costly road ahead for all companies across the pharmaceutical supply chain battling litigation for their alleged roles in fueling the opioid epidemic.
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ArticleU.S. sanctions Iran intelligence ministry over Albania cyberattack
Iran’s minister of intelligence, together with its Ministry of Intelligence and Security, were sanctioned by the Treasury Department’s Office of Foreign Assets Control for malicious cyber activities that threaten the national security of the United States and its allies.