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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2022-09-23T14:32:00
A broker-dealer unit of Raymond James Financial agreed to pay $500,000 as part of a settlement with the Securities and Exchange Commission (SEC) for alleged supervisory failures that included the input of a misinformed compliance officer.
Raymond James & Associates did not clearly communicate to compliance and supervisory staff procedures regarding a group the business formed to help protect senior and at-risk clients, resulting in a compliance officer misunderstanding the purpose of the group’s investigations, the SEC alleged in its order. As a result, activities by a former registered representative at the firm, Frederick Stow, who was misappropriating funds from two elderly customers’ accounts were allowed to continue, according to the agency.
Stow, who eventually admitted his misconduct, was sentenced to five years in prison by the Department of Justice in May 2021 after pleading guilty to securities fraud, wire fraud, and aggravated identity theft.
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
2024-07-02T20:35:00Z By Adrianne Appel
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
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A Minnesota dermatology practice, its owner, and chief executive agreed to pay $1.6 million to settle allegations, first brought by two whistleblowers, that the company violated the Anti-Kickback Statue by making false claims to Medicare.
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Italy-based Mondo TV agreed to pay $538,000 to settle charges with the Treasury Department’s Office of Foreign Assets Control over 18 apparent violations of North Korea sanctions regulations.
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