- 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.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
