All Regulatory Enforcement articles – Page 97
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Article
FRC sanctions KPMG for audit failings of Foresight 4 VCT
The U.K. Financial Reporting Council imposed non-financial sanctions on KPMG related to audit failures concerning the financial statements of investment firm Foresight 4 VCT for fiscal years ending 2013, 2014, and 2015.
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ArticleFCA fines Lloyds $80M for mistreating mortgage customers
A group of prominent U.K. banks—Lloyds chief among them—is facing a £64 million (U.S. $80 million) fine for unfair treatment of mortgage customers from 2011-2015.
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ArticleMerrill Lynch to pay $7.2M to customers overcharged for mutual funds
Merrill Lynch will pay more than $7.2 million in restitution and interest to customers who incurred unnecessary sales charges and paid excess fees in connection with mutual fund transactions, FINRA announced.
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ArticleDanske faces criminal complaint over market abuse violations
Denmark’s financial regulator has filed a criminal complaint against Danske Bank for violating market abuse regulations concerning inadequate market monitoring and opposite trades.
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ArticleFCC seeks record $225M fine for robocall scam
The Federal Communications Commission is seeking a $225 million fine—the largest proposed penalty in its 86-year history—against a health insurance telemarketer for allegedly making approximately one billion illegally spoofed robocalls.
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Article
Criminal Division head Benczkowski to depart DOJ
Assistant Attorney General Brian Benczkowski, head of the Justice Department’s Criminal Division, will leave the agency, effective July 3.
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ArticleFRC strikes out again as third Tesco probe ends
The U.K. Financial Reporting Council has ended its third and final investigation into the Tesco accounting scandal, yet again failing to find anyone responsible for the overstating of £250 million (U.S. $317.5 million) in profits.
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ArticleEuropol launches new financial and economic crime body
Europol has created the new European Financial and Economic Crime Center, with the aim of enhancing operational support to EU member states and EU bodies in the fields of financial and economic crime.
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Article
Argo Group to pay $900K for failing to fully disclose CEO perks
Argo Group International Holdings must pay a $900,000 civil penalty in a settlement reached with the SEC to resolve charges that it failed to fully disclose perquisites and benefits provided to its former chief executive officer.
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ArticleCFTC stresses clarity in revised civil monetary penalty guidance
The CFTC’s Division of Enforcement issued new civil monetary penalty guidance for the first time since publishing its penalty guidelines in 1994. The update is in line with recent efforts by the DOJ to crack down on commodities fraud.
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ArticleUSBI to pay $16M for breaches of fiduciary duty
U.S. Bancorp Investments, a dually registered investment adviser and broker-dealer, has agreed to pay $16 million to settle SEC charges for breaches of fiduciary duty arising out of its mutual fund share-class selection practices.
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ArticleRevised DOJ compliance guidance highlights risk, training, more
The Department of Justice posted new revisions to its “Evaluation of Corporate Compliance Programs” guidance, directing prosecutors to ask whether compliance is “adequately resourced and empowered to function” effectively, among other changes.
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ArticleNo stopping CCPA enforcement deadline, says California AG
With one month to go to the July 1 enforcement deadline of the California Consumer Privacy Act, it is still full speed ahead for Attorney General Xavier Becerra’s office.
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ArticleInvestigation into EY’s audit of Danske Bank dropped
Denmark’s state prosecutor has dropped its investigation into whether Big Four firm EY violated anti-money laundering laws in connection with its audit of Danske Bank.
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ArticleSFO closes bribery investigation into ABB
The U.K. Serious Fraud Office closed its bribery investigation into power and automation technology provider ABB after concluding the case “did not meet the relevant test for prosecution.”
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ArticleAres Management to pay $1M for compliance failures
Ares Management will pay a $1 million civil penalty to resolve charges by the SEC that it failed to implement and enforce policies and procedures reasonably designed to prevent the misuse of material nonpublic information.
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Article
Facebook pays $6.8M to settle Canadian privacy violations
Facebook will pay $6.8 million in fines and penalties to settle claims it shared private information regarding 24 million Canadian customers with third parties over six years, despite promising users it was not doing so.
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ArticleMiniclip settles with FTC for falsely claiming participation in COPPA safe harbor program
Swiss-based digital game maker Miniclip has reached a settlement with the U.S. Federal Trade Commission for lying about its participation in a children’s privacy self-regulatory program.
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ArticleKPMG audit partners settle test cheating allegations
The KPMG cheating scandal expanded this week as three former partners at the firm settled charges with the SEC regarding the improper sharing of answers for internal training exams.
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ArticleLongtime holdout Ireland issues first GDPR fine
Child and family agency Tusla has become the first company to receive a fine from the Irish Data Protection Commission for violations of the General Data Protection Regulation.