- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-05-12T21:06:00
HSBC was fined $45 million as part of a settlement with the Commodity Futures Trading Commission (CFTC) addressing charges its traders used manipulative and deceptive trading practices and that the bank committed recordkeeping failures related to a faulty third-party audio recording platform.
Registered swap dealer HSBC Bank USA violated the Commodity Exchange Act’s anti-fraud, anti-manipulation, and supervision provisions, the CFTC said Friday in its order. The bank also failed to adhere to recordkeeping provisions by not adequately responding when a third-party audio recording platform did not properly record entire voice calls on certain mobile phone calls over a five-month period in 2020, the agency said.
In a separate order Friday, the CFTC fined HSBC Bank USA, HSBC Securities, and HSBC Bank plc $30 million for admitted recordkeeping and supervision failures regarding use of off-channel communications by employees for conducting business.
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Bank of America Securities agreed to pay $24 million in settling with the Financial Industry Regulatory Authority for allegedly failing to supervise the “spoofing” activities of two former traders in U.S. Treasury markets.
Goldman Sachs, JPMorgan Chase, and Bank of America agreed to pay penalties totaling $53 million across settlements with the Commodity Futures Trading Commission addressing alleged swap reporting failures among their respective affiliates.
Chicago-based swap dealer StoneX Markets agreed to pay $650,000 as part of a settlement with the Commodity Futures Trading Commission addressing admitted disclosure and supervision failures.
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.
