- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-02-19T16:00:00
A subsidiary of the Teachers Insurance and Annuity Association of America (TIAA) agreed to pay more than $2.2 million as part of a settlement with the Securities and Exchange Commission (SEC) for not acting in the best interest of its retail customers regarding their retirement accounts.
TIAA-CREF Individual & Institutional Services (TC Services) violated Regulation Best Interest’s (Reg BI) disclosure, care, and compliance obligations, the SEC announced in a press release Friday.
The firm agreed to pay a $1.25 million penalty, disgorgement of nearly $937,000, and about $103,000 in prejudgment interest.
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First Horizon Advisors will pay a $325,000 fine to settle allegations from the Securities and Exchange Commission that it violated Regulation Best Interest in part due to issues with incorporating a merged firms’ accounts into its systems.
Registered broker-dealer Laidlaw and Company agreed to pay more than $800,000 as part of a settlement with the Securities and Exchange Commission addressing multiple alleged violations of Regulation Best Interest.
Citigroup Global Markets and Citi International Financial Services agreed to pay a total of nearly $2 million as part of a settlement with the Securities and Exchange Commission resolving allegations they violated the disclosure obligations of Regulation Best Interest.
Purported “testimonial and review” service Rytr agreed to stop selling its program that used artificial intelligence to create fake content as part of a consent order with the Federal Trade Commission.
Bank of America avoided a monetary penalty in agreeing to settle charges with the Treasury Department’s Office of the Comptroller of the Currency but was ordered to shore up previously disclosed deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions compliance programs.
Aviation maintenance services provider AAR Corp. will pay nearly $56 million to settle charges that it violated the Foreign Corrupt Practices Act when it paid bribes to government officials in Nepal and South Africa.
