All Regulatory Enforcement articles – Page 77
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ArticleSBM Offshore subsidiaries fined $7.6M in Swiss bribery probe
The Swiss Public Prosecutor’s Office ordered three subsidiaries of Dutch oil and gas services company SBM Offshore to pay a criminal penalty of CHF 7 million (U.S. $7.6 million) as part of the conclusion of a legacy bribery investigation.
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ArticleEx-LeClairRyan chief legal officer sentenced to 44 months imprisonment
A former chief legal officer of now-defunct law firm LeClairRyan was sentenced to 44 months in prison and ordered to pay a $10,000 fine after pleading guilty to obstructing an embezzlement investigation into his own fraudulent conduct as a bankruptcy trustee.
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ArticleCassava Sciences facing widening probe over short seller claims
The SEC has reportedly launched an investigation into Cassava Sciences regarding allegations made against the clinical-stage biopharmaceutical company and its experimental Alzheimer’s drug by a law firm representing anonymous short sellers.
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ArticleProPetro avoids fine in executive perk case; ex-CEO to pay $195K
The former CEO of ProPetro Holding Corp. will pay $195,046 to settle SEC charges related to the company’s failure to disclose some of his executive perks and stock pledges to investors. ProPetro avoided a fine because of its remedial efforts.
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ArticleFed ends 2016 enforcement against Goldman Sachs for supervisory data misuse
The Federal Reserve Board of Governors has terminated a 2016 enforcement action against Goldman Sachs Group ordering the bank to pay $36.3 million for the unauthorized use and disclosure of confidential supervisory information from banking regulators.
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Ex-Cozen O’Connor attorney to pay $20K to settle insider trading charges
William Gericke, a former attorney with law firm Cozen O’Connor, has agreed to pay $20,004 and be permanently barred from appearing before the SEC to settle charges he traded on inside information on a corporate client.
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ArticleMcKinsey affiliate to pay $18M for poor handling of nonpublic information
MIO Partners, a wholly owned subsidiary of management consulting firm McKinsey & Company, has agreed to pay an $18 million penalty for failing to maintain adequate policies and procedures to prevent the misuse of material nonpublic information.
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ArticleSEC enforcement report: Total actions down in FY2021; first-of-their-kind cases up
The number of total enforcement actions filed by the Securities and Exchange Commission fell 3 percent in fiscal year 2021, according to the agency’s annual enforcement report.
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ArticleDutch authorities warn Rabobank of pending action for AML failures
Rabobank announced the Dutch Central Bank ordered it to “remedy deficiencies in its compliance with the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act.”
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ArticleEx-McKinsey partner charged with insider trading on Goldman Sachs deal
Former McKinsey Partner Puneet Dikshit was arrested and charged with using inside information to profit on the acquisition of a fintech company by his firm’s client, Goldman Sachs Group.
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ArticleIgnoring compliance, Mashreqbank fined $100M for Sudan sanctions violations
The New York State Department of Financial Services fined United Arab Emirates-based Mashreqbank $100 million for violating now-repealed Sudanese sanctions regulations and for having in place an inadequate compliance program.
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ArticleTreasury ransomware response: More sanctions, updated FinCEN guidance
The U.S. Treasury continued its crackdown on facilitators of ransomware payments, sanctioning a second virtual currency exchange and its affiliates and updating FinCEN guidance to help make financial institutions more aware of related red flags.
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ArticleIAB Europe expecting to be found in violation of GDPR
The European arm of the Interactive Advertising Bureau released a statement acknowledging it expects to be found in violation of the EU’s General Data Protection Regulation regarding its Transparency and Consent Framework.
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ArticleSEC, CFTC charge U.S. Commodity Funds with disclosure failures
The SEC settled charges against U.S. Oil Fund and its general partner U.S. Commodity Funds for misleading statements about futures broker limitations. USCF additionally settled a parallel CFTC case and will pay a total penalty of $2.5 million.
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ArticleSupreme Court declines challenge to SEC’s Bank Secrecy Act authority
The Supreme Court turned down a bid by brokerage firm Alpine Securities Corp. petitioning for review of the Securities and Exchange Commission’s power to enforce the Bank Secrecy Act.
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ArticleNikola sets aside $125M in potential SEC settlement
Electric semitruck startup Nikola has set aside $125 million for a potential settlement with the SEC regarding fraud allegations raised in a short-seller report in September 2020.
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ArticleEx-FIFA president facing fresh fraud charges
Former FIFA officials Sepp Blatter and Michel Platini have been charged with fraud, forging documents, and other offenses following a six-year investigation into a controversial CHF 2 million (U.S. $2.2 million) payment made out to Platini a decade ago.
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ArticleGrant Thornton UK fined for ‘skepticism failures’ in Interserve audit
Grant Thornton UK received a “severe reprimand” and reduced penalty of £718,250 (U.S. $981,000) for breaches that arose in the context of audit work on the 2015-17 financial statements of now-collapsed construction firm Interserve.
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ArticleCFPB picks consumer advocate Eric Halperin to lead enforcement
Newly confirmed CFPB Director Rohit Chopra has chosen Eric Halperin to lead the agency’s Office of Enforcement, as well as announcing the appointment of Lorelei Salas as assistant director for supervision policy.
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ArticleDOJ vows stricter white-collar enforcement, increased risk of monitors
Deputy Attorney General Lisa Monaco shares actions the Department of Justice will be taking to strengthen its response to corporate crime and what areas it will be looking at moving forward.