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“For tracking litigation, enforcement, and regulatory developments, Compliance Week
should be your prime source.”- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
BB&T Securities to pay $5.7M for misleading clients
BB&T Securities has reached a $5.7 million settlement with the Securities and Exchange Commission to settle charges that a firm it acquired misled its advisory clients.
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News BriefKuCoin latest crypto firm to pay hefty price for violating BSA with $297M penalty
The Sechelles-based owner of cryptocurrency exchange KuCoin has agreed to pay nearly $300 million in penalties–and cease doing business in the U.S. for two years–to settle charges that it failed to properly monitor potential criminal activity on its network.
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PremiumExperts: Prepare now with U.K. failure to prevent fraud offense on horizon
Fraud prevention is about to get more complicated with penalties rising sharply for U.K. organizations. Starting Sept. 1, larger businesses will be liable to criminal prosecution if any of their employees–or an agent, subsidiary, or other “associated person”–commits fraud that is intended to benefit the company.
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News BriefDOJ indicts five in remote IT work scheme to circumvent North Korean sanctions
Five people, including two Americans, allegedly duped U.S. companies into hiring North Koreans for contract IT work, and funneled millions in U.S. dollars to the sanctioned regime, the Department of Justice said.
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News BriefEx-nursing home operator who defrauded Medicaid sentenced to 12 years in prision
The former operator of a Massachusetts homecare agency was sentenced to 12 years in prison for defrauding Medicaid of more than $100 million, the Department of Justice said.
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News BriefCPSC fines Google-owned Fitbit $12M for failing to report smartwatch burn hazard
The U.S. Consumer Product Safety Commission ordered Google-owned Fitbit to pay more than $12 million and comply with certain undertakings to settle allegations the company knowingly failed to report a serious burning hazard with its Ionic smartwatches.