- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jaclyn Jaeger2020-09-08T18:47:00
Two Wells Fargo subsidiaries were ordered to pay more than $2 million due to supervisory failures regarding the switching of customers’ variable annuities, the Financial Industry Regulatory Authority announced.
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The Financial Industry Regulatory Authority fined broker-dealer Morgan Stanley $1 million over alleged documentation failures related to risk management controls and supervisory procedures involving violations of the Market Access Rule.
For the second time in five years, a subsidiary of Wells Fargo has been charged by the Securities and Exchange Commission with failing to file suspicious activity reports in a timely manner due to deficiencies in the system it used to flag transactions.
Two Wells Fargo broker-dealers agreed to jointly pay a $2.25 million fine to settle charges levied by FINRA regarding a failure to store approximately 13 million customer records in the proper format over a 17-year span.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
