All Regulatory Enforcement articles – Page 80
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ArticleSEC probing GameStop, others over ‘meme stocks’ craze
Video game retailer GameStop, whose market volatility earlier this year led the so-called “meme stocks” craze, disclosed it is cooperating with an investigation launched by the Securities and Exchange Commission.
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ArticleWhat might an overhauled PCAOB look to accomplish?
With no requirements for the PCAOB to feature a certain number of members from each political party, the SEC has the chance to staff the organization with a decidedly Democratic majority. What might such a Board set out to change?
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ArticleAustralia’s NAB cited for ‘serious and ongoing non-compliance’ with AML laws
Australia’s financial regulator has identified “serious concerns” with National Australia Bank’s compliance with anti-money laundering and counter-terrorism financing rules but indicated it won’t fine the bank—for now.
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ArticleCCO settles SEC charges of causing firm to breach fiduciary duties
The SEC announced settled charges with the chief compliance officer of investment adviser VII Peaks Capital for her alleged role in causing the firm to breach fiduciary duties.
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Article
SEC drops FCPA probe into Avianca
Avianca Holdings disclosed in a regulatory filing that the SEC has dropped its FCPA investigation into the company and will not recommend an enforcement action.
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ArticleSEC pauses proxy voting rule enforcement amid review
SEC Chairman Gary Gensler announced he is directing staff to consider whether to recommend further regulatory action regarding proxy voting advice, leading the agency to pause related enforcement activity.
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ArticleNYC Bar framework seeks clarity on when CCOs face SEC charges
The New York City Bar Association has proposed a framework for regulators like the SEC to use when considering charging chief compliance officers for misconduct that occurs on their watch.
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ArticleOFAC bills Bulgarian sanctions as ‘single largest action targeting corruption’
Calling it the “single largest action targeting corruption to date,” the Office of Foreign Assets Control sanctioned three prominent Bulgarian individuals along with their network of 64 companies for their “extensive roles” in corruption in Bulgaria.
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SEC, CFTC charge LJM for mishandling $1B in assets; chief risk officer settles
The SEC and CFTC filed charges against investment management firm LJM and two portfolio managers for misleading investors about the company’s risk management practices. Each agency separately reached settlements with LJM’s chief risk officer for his role in the alleged scheme.
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ArticleJulius Baer pays $80M in FIFA corruption settlement
Swiss bank Julius Baer entered a deferred prosecution agreement and will pay $80 million for its role in a money laundering conspiracy linked to world soccer federation FIFA, the Department of Justice announced.
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ArticleReport: DOJ launches investigation into Archegos collapse
The Department of Justice has reportedly launched an investigation into the collapse of Archegos Capital Management, which cost multiple big banks billions of dollars.
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ArticleReport: GDPR fines more than doubled in Year 3
Data protection authorities issued 287 known GDPR fines between March 2020 and March 2021—a 120 percent increase in frequency, according to a new report from CMS.
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ArticleAustrian banker arrested for role in Odebrecht-related scheme
The former CEO of an Austrian bank was arrested in the United Kingdom on criminal charges for his alleged role in a massive money laundering scheme involving Brazil-based global construction conglomerate Odebrecht.
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ArticleGDPR’s future: Fine amounts, transparency among top points of contention
Experts believe the GDPR is largely “future-proof,” though fine decisions that vary considerably from one EU country to the next and lack of transparency remain areas of concern for the privacy law three years in.
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Nomura, UBS, UniCredit fined $453M total over EU cartel scheme
The European Commission fined Nomura, UBS, and UniCredit a total of €371 million (U.S. $453 million) for their participation in a cartel scheme through a group of traders. Bank of America, Natixis, NatWest, and Portigon were also each allegedly involved but not penalized.
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ArticleU.K. regulatory system also at fault in Greensill collapse
The collapse of Greensill Capital has led to investigations into how the company got into the financial mess it did and why alarm bells didn’t ring. But one investigation is noticeably conspicuous by its absence—why the company wasn’t properly regulated in the first place.
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ArticleSwiss Life to pay $77.4M for tax evasion scheme
Swiss Life Holding and three of its subsidiaries entered a deferred prosecution agreement with the Justice Department and will pay $77.4 million for conspiring with U.S. taxpayers to conceal more than $1.4 billion in offshore insurance policies.
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ArticleSFO probing Sanjeev Gupta business ties to Greensill Capital
The U.K. Serious Fraud Office has launched an investigation into suspected fraud and money laundering in financing arrangements between steel and mining magnate Sanjeev Gupta and recently collapsed Greensill Capital.
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ArticleState Street to pay $115M for mutual fund overcharges
State Street will pay a $115 million criminal penalty and enter into a deferred prosecution agreement with the Department of Justice for mutual fund and expenses overcharges.
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ArticleDeutsche Bank’s continued AML struggles worth questioning
How is it Deutsche Bank can spend more than $1 billion on compliance enhancements but still be ordered to do more to improve its AML controls? Is the bank to blame or are regulators missing the big picture?