All Regulatory Enforcement articles – Page 96
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ArticleU.S. agencies get nod for using data, smart incentives in enforcement
Both the CFTC and CFPB “Nailed It” this week while corporate heavyweight General Electric found itself in more trouble.
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ArticleCitigroup fined $400M for compliance, risk management failures
Federal banking regulators fined Citigroup $400 million for failing to address “significant” risk and compliance failures.
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World Bank debars Kalpataru Power Transmission for fraud
The World Bank announced the debarment of India-based Kalpataru Power Transmission for 12 months and one day for fraudulent practices connected to power development projects in the Democratic Republic of the Congo and Egypt.
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ArticleCFTC announces record enforcement year—and departure of enforcement head
On the same day the CFTC celebrated a record-breaking 113 enforcement actions in fiscal year 2020, the agency also announced the impending departure of Enforcement Director James McDonald.
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GE facing potential SEC action over accounting issues
General Electric revealed in a regulatory filing that it is facing a civil injunctive action from the Securities and Exchange Commission regarding accounting issues tied to its legacy insurance portfolio.
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ArticleFINMA orders Banca Credinvest to improve AML measures
The Swiss Financial Market Supervisory Authority found Banca Credinvest “seriously breached” anti-money laundering regulations with regard to dealings with PDVSA in Venezuela.
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Travel service company to pay $6M for violating Cuba sanctions
Generali Global Assistance has agreed to pay approximately $5.9 million for violating U.S. sanctions. The action comes a week after OFAC amended its Cuban Assets Control Regulations.
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ArticleEY allegedly flubbed Wirecard dealings worse than we thought
In this week’s “Nailed It or Failed It,” we take down EY and JPMorgan Chase for apparently ignoring whistleblowers and give the SEC a nod for rewarding them.
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ArticleHP fined $6M for disclosure violations and control failures
HP has agreed to pay $6 million in a settlement with the Securities and Exchange Commission to resolve allegations of disclosure violations and control failures regarding improper sales practices.
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ArticleH&M Germany fined $41.3M in one of largest GDPR penalties
In one of the largest GDPR fines imposed, a regional data protection authority in Germany fined H&M Germany €35.2 million (U.S. $41.3 million) for excessive monitoring of several hundred employees by one of the retailer’s subsidiaries.
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Former hedge fund CCO fined, suspended for impeding investigation
The former CCO of a New York City investment firm who impeded a Securities and Exchange Commission investigation into her employer has been fined $25,000 and suspended from practicing before the SEC for a year.
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ArticleMorgan Stanley fined $5M for short sales violations
The SEC has hit Morgan Stanley with a cease-and-desist order imposing a censure and a $5 million penalty resulting from violations of Regulation SHO, the agency’s regulations governing short sales.
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ArticleSEC charges Manitex, three former execs with accounting fraud
The SEC has brought charges against Manitex International and three of its former senior executives for engaging in accounting fraud that resulted in the issuance of materially misstated financial statements.
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Compliance failures at JPMorgan highlighted in record $920M spoofing fine
JPMorgan Chase agreed to pay more than $920 million as part of an agreement with three federal agencies to settle allegations that the firm’s traders manipulated the precious metals markets with false trades.
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ArticleFiat Chrysler fined $9.5M for ‘misleading disclosures’ on diesel emissions
Fiat Chrysler Automobiles has agreed to pay $9.5 million to settle allegations from the SEC that it made “misleading disclosures” regarding an internal audit of emission control systems for diesel vehicles it sold in the United States.
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ArticleCitibank affiliates fined $4.5M for deleting subpoenaed audio files
Three Citibank affiliates have been collectively ordered to pay $4.5 million to settle CFTC charges regarding supervision failures that led to the deletion of subpoenaed audio files.
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ArticleBreach costs Premera Blue Cross $6.85M; second-largest HIPAA fine
Premera Blue Cross has agreed to pay $6.85 million in a settlement with the U.S. Department of Health and Human Services regarding a 2014 data breach that affected the personal and health plan information of over 10.4 million people.
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ArticleOECD report: Fear of enforcement drives fight against corruption
Fear of enforcement and the consequential reputational fallout of an enforcement action are the top drivers for developing an anti-corruption compliance program, states a new report by the Organization for Economic Co-operation and Development.
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ArticleTwo companies charged in landmark SEC data analytics cases
A new risk-based data analytics initiative at the SEC has been credited for forming the basis of charges against two publicly traded companies for improper reporting of quarterly earnings per share.
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ArticleBoA a silver lining in damning ‘FinCEN Files’ report; Wells Fargo CEO puts foot in mouth
Bank of America gets a pat on the back for going beyond an “observe and report” approach to filing a SAR, and we learned this week that Wells Fargo’s CEO needs a little unconscious bias training.