All Regulatory Enforcement articles – Page 70
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ArticleEx-Glencore oil trader pleads guilty for role in bribery scheme
A former oil trader for a subsidiary of Glencore entered a guilty plea for his role in bribing government officials in Nigeria in exchange for the award of oil cargoes and more favorable delivery terms.
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SEC charges 27 financial firms for Form CRS delivery lapses
The Securities and Exchange Commission levied penalties totaling $910,092 across settlements with 21 investment advisers and six broker-dealers for failing to timely file and deliver Form CRS to retail investors.
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ArticleOFAC fines Payoneer $1.4M for sanctions violations
Money transfer services company Payoneer will pay $1.4 million to resolve 2,260 apparent violations of U.S. sanctions in a settlement with the Department of the Treasury’s Office of Foreign Assets Control.
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ArticleTikTok fined $883K under GDPR for children’s privacy violations
The Dutch Data Protection Authority imposed a €750,000 (U.S. $883,000) fine on TikTok for violating the privacy of young children following a wide-scale investigation launched last year.
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ArticleFirstEnergy to pay $230M in Ohio corruption settlement
FirstEnergy Corp. agreed to pay a $230 million criminal penalty as part of a settlement with the U.S. Attorney’s Office for the Southern District of Ohio surrounding the state’s nuclear bailout federal corruption scandal.
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ArticleCalifornia AG: ‘Great progress’ under CCPA despite no fines
California Attorney General Rob Bonta commemorated one year of CCPA enforcement with praise for the law despite there not yet being a publicly announced fine against a business.
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ArticleNew agency Europe’s latest hope to curb AML struggles
The European Commission unveiled new plans to set up an agency specifically aimed at tackling the region’s spiraling problems with money laundering.
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Senate confirms former CCO Kenneth Polite to lead DOJ’s Criminal Division
The Senate confirmed Kenneth Polite, former chief compliance officer of Fortune 500 electric power company Entergy, as assistant attorney general to lead the Department of Justice’s Criminal Division.
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ArticleHouse passes bill to restore FTC’s disgorgement authority
The Federal Trade Commission will have its power to seek disgorgement of ill-gotten gains restored, if a bill that passed the House becomes law.
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Article
ICFR failures cost Tandy Leather in SEC settlement
Tandy Leather Factory and its former CEO have agreed to pay a total of $225,000 as part of a settlement with the SEC to resolve charges of inaccurate financial reporting caused by a faulty inventory tracking system.
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ArticleAlfa Laval subsidiaries fined $430K for Iran sanctions violations
Dubai and U.S. subsidiaries of Swedish manufacturer Alfa Laval will settle OFAC charges they violated U.S. sanctions when they shipped storage tank cleaning units to an Iranian company.
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ArticleSFO secures DPAs worth $3.4M with two unnamed companies
The Serious Fraud Office announced deferred prosecution agreements worth £2.5 million (U.S. $3.4 million) with two unidentified U.K.-based companies for bribery offenses.
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ArticleUBS unit to pay $8M for ETP compliance failures
UBS Financial Services agreed to pay more than $8 million as part of an SEC settlement for allegedly failing to adopt adequate policies and procedures regarding a certain exchange-traded product.
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ArticleLordstown Motors confirms DOJ, SEC probes into SPAC merger
Electric vehicle manufacturer Lordstown Motors disclosed in a regulatory filing it has received scrutiny from the Justice Department and the Securities and Exchange Commission regarding its SPAC deal and preorders of its flagship truck.
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ArticleFCA pledge to be more assertive rings hollow amid enforcement drops
A steady decrease in enforcement activity makes it easy to question whether the U.K. Financial Conduct Authority is in position to become the “more innovative, assertive, and adaptive regulator” it pledges to be.
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ArticleFormer FTE Networks CEO, CFO charged with accounting fraud
The former chief executive officer and chief financial officer of telecommunications company FTE Networks were arrested and charged with accounting fraud among a series of other alleged crimes.
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ArticleCompliance allegedly ignored in LendingClub $18M FTC settlement
FinTech firm LendingClub has agreed to pay $18 million in a settlement with the Federal Trade Commission for deceiving loan applicants about hidden fees that its compliance department allegedly warned it about.
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ArticleSEC examinations head Peter Driscoll to depart
The Securities and Exchange Commission announced Peter Driscoll, the director of the Division of Examinations (formerly OCIE), will leave the agency in August.
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ArticleCherry Bekaert audit partner facing SEC scrutiny over MiMedx fraud case
The Securities and Exchange Commission is considering whether to pursue enforcement against a certified public accountant for his alleged role in an accounting fraud case the agency brought against biotech company MiMedx Group.
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ArticleSPAC due diligence called out in $8M SEC enforcement
The SEC issued a $7 million fine against startup space company Momentus for misleading investors about the viability of its technology and an additional $1 million fine against the SPAC taking it public for not conducting adequate due diligence.