All Regulatory Enforcement articles – Page 90
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ArticleBitPay fined $507K for digital currency sanctions violations
The Office of Foreign Assets Control reached a $507,375 settlement with digital currency platform BitPay for lapses in its sanctions compliance procedures that led to 2,102 apparent violations of multiple sanctions programs.
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ArticleSEC policy reversal puts settlement/waiver pairing back in spotlight
Acting SEC Chair Allison Herren Lee announced the Enforcement Division will no longer recommend to the Commission a settlement offer that is conditioned on granting a waiver, abruptly ending a policy that began under former Chairman Jay Clayton.
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ArticleNorthern Ireland turns up heat on modern slavery transparency
Northern Ireland Justice Minister Naomi Long has launched two consultation documents on measures to eradicate modern slavery from the supply chains of public- and commercial-sector organizations.
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ArticleCisco Systems investigating ‘self-enrichment scheme’
Technology conglomerate Cisco Systems said in a regulatory filing it is investigating allegations of a “self-enrichment scheme” involving former employees in China and potentially Foreign Corrupt Practices Act violations.
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Facebook fined $8.4M for data collection practices in Italy
Facebook has been fined €7 million (U.S. $8.4 million) by Italy’s antitrust regulator for failing to address issues related to its personal data collection practices.
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ArticleSEC sues Morningstar for disclosure violations, internal control failures
The SEC has filed a civil action against Morningstar Credit Ratings alleging the former credit ratings agency violated disclosure and internal controls provisions of the federal securities laws in rating commercial mortgage-backed securities.
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ArticleSEC requests independent monitor in GPB Capital case
The SEC has requested the appointment of an independent monitor to oversee GPB Capital Holdings amid allegations the asset management firm defrauded more than 17,000 retail investors in a “Ponzi-like” scheme.
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ArticleSEC expands number of staffers authorized to launch investigations
The acting head of the Securities and Exchange Commission has expanded the number of staff authorized to issue a formal order of investigation, perhaps a sign the agency intends to launch more cases under President Joe Biden.
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ArticleU.K.’s SFO slapped down over attempts to flout jurisdiction rules
In another blow to the agency’s credibility, the U.K.’s Serious Fraud Office cannot attempt to force foreign companies to hand over evidence held overseas, according to a recent court ruling.
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ArticleClover Health facing SEC probe over short-seller report
The Securities and Exchange Commission has launched an investigation into Clover Health Investments in response to scathing allegations made against the Medicare provider by short-seller Hindenburg Research.
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SEC: GPB Capital operated ‘Ponzi-like’ scheme, retaliated against whistleblower
GPB Capital Holdings allegedly defrauded more than 17,000 retail investors in a Ponzi-like scheme, then attempted to impede an employee from blowing the whistle on the illegal practices, according to the SEC.
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ArticleMcKinsey to pay $573M for role in opioid epidemic
McKinsey & Company reached a $573 million settlement with 49 state attorneys general and the District of Columbia related to consulting services it provided to pharmaceutical companies that directly contributed to the opioid epidemic.
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ArticleEurope handcuffed by current corporate liability laws; is change coming?
European countries have begun to question whether their laws around corporate liability need to be reformed. However, change may not be as rapid as first thought.
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ArticleAnti-corruption developments in 2020: China, India make strides
A global panel of experts with law firm Gibson Dunn share insights around recent anti-corruption developments in some of the world’s largest regions, including China, India, Latin America, and Africa.
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Former WageWorks CEO, CFO settle SEC accounting violation charges
The Securities and Exchange Commission charged two former executives of WageWorks with making false and misleading statements and omissions that resulted in the improper recognition of $3.6 million in revenue.
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ArticleFDIC fines Apple Bank $12.5M for AML compliance failures
The Federal Deposit Insurance Corporation has fined Apple Bank for Savings $12.5 million for violations of the Bank Secrecy Act related to anti-money laundering controls.
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ArticleH.B. Fuller avoids fine in OFAC Iran sanctions probe
Adhesive manufacturing company H.B. Fuller said in a regulatory filing it received a “cautionary letter” from the Office of Foreign Assets Control concerning possible economic sanctions dealings in Iran.
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Athenahealth settles kickback case for $18.25M
The Department of Justice announced an $18.25 million settlement with electronic health records technology vendor athenahealth for allegedly paying unlawful kickbacks to generate sales.
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VideoVideo: Thumbs-down to all parties in GameStop madness
While Kyle Brasseur gives Data Privacy Day the shout-out it deserves, Dave Lefort explains why retail investors, the apps they use, and regulators all “Failed It” in the GameStop stock market craze.
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SEC charges Vuuzle Media with $14M securities fraud
The Securities and Exchange Commission charged streaming service Vuuzle Media Corp. and its founder with fraudulently offering over $14 million in securities via a boiler room scheme.