- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-02-05T22:15:00
Westpac Banking Corp. was assessed a maximum fine of 1.8 million Australian dollars (U.S. $1.2 million) to address charges levied by the Australian Securities and Investments Commission (ASIC) of insider trading related to an interest rate swap transaction.
Westpac must also pay AUS$8 million (U.S. $5.2 million) to cover litigation and investigation costs, ASIC announced in a press release Jan. 31. Australia’s Federal Court sided with the regulator in the case.
ASIC noted because of the alleged misconduct occurring in October 2016, the maximum penalty was significantly lower. The current penalty for similar misconduct is about AUS$15.7 million (U.S. $10.2 million) minimum for corporations and AUS$782.5 million (U.S. $507.3 million) maximum for large entities.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
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.
The Securities and Exchange Commission fined Charter Communications $25 million for violating internal accounting control requirements related to stock buybacks.
The Department of Justice and Securities and Exchange Commission announced charges against a dozen individuals across four separate insider trading cases, including an alleged scheme involving the chief compliance officer of an international payment processing company.
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.
