- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-09-29T21:44:00
Barclays PLC and Barclays Bank agreed to pay $361 million to resolve allegations from the Securities and Exchange Commission (SEC) the bank failed to implement internal controls to track the sale of unregistered securities, leading to $17.7 billion worth of unregistered securities transactions over the course of nearly three years.
Barclays was assessed a $200 million civil penalty, while Barclays Bank must pay disgorgement and prejudgment interest of more than $161 million to harmed investors, the SEC announced Thursday. Without admitting or denying the agency’s findings, Barclays agreed to cease and desist from further violations and implement remediations to comply with Section 5 of the Securities Act, which prohibits the direct or indirect sale of securities unless a registration statement has been filed with the SEC and is in effect.
As a result of the alleged overissuances and internal control failures, both Barclays PLC and Barclays Bank restated their year-end 2021 audited financial statements filed with the SEC.
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