- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-05-30T16:13:00
The director of the Enforcement Division at the Securities and Exchange Commission (SEC) spelled out plainly his view on the best path to earning cooperation credit during settlement negotiations with the agency.
Gurbir Grewal spoke to the topic during remarks delivered at a securities enforcement event last week. The SEC published the transcript of the speech this week.
“As numerous recent enforcement matters have shown, there are real benefits to parties that cooperate with commission investigations,” Grewal said. “These benefits can affect both the charges (e.g., declinations) and the remedies (e.g., reduced or zero civil penalties) the division may recommend and that the commission may ultimately impose.”
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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.
Gurbir Grewal, director of the Securities and Exchange Commission’s Division of Enforcement, will step down from his post Oct. 11. Grewal, who had served as the division’s director since 2021, will be replaced by Sanjay Wadhwa, currently the division’s deputy director, the SEC said.
Intercontinental Exchange and nine affiliates agreed to pay $10 million for allegedly failing to inform the Securities and Exchange Commission of a cyber intrusion as required by Regulation Systems Compliance and Integrity.
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.
A Minnesota transportation company agreed to pay nearly $258,000 to settle allegations that a subsidiaries violated sanctions against Cuba and Iran more than 80 times, the U.S. Treasury Department’s Office of Foreign Assets Control said.
