All United States articles – Page 150
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SEC requests independent monitor in GPB Capital case
The SEC has requested the appointment of an independent monitor to oversee GPB Capital Holdings amid allegations the asset management firm defrauded more than 17,000 retail investors in a “Ponzi-like” scheme.
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SEC expands number of staffers authorized to launch investigations
The acting head of the Securities and Exchange Commission has expanded the number of staff authorized to issue a formal order of investigation, perhaps a sign the agency intends to launch more cases under President Joe Biden.
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Q&A: Global Widget CCO says CBD industry at regulatory ‘tipping point’
Global Widget Chief Compliance and Legal Officer Margaret Richardson talks with Compliance Week about how the company’s focus on federal and state compliance lends to leading the way in the currently unregulated cannabidiol industry.
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PCAOB 2019 inspection reports: Deloitte still tops; PwC deficiency rate rises again
Three of the Big Four audit firms—Deloitte, EY, and KPMG—improved their year-over-year deficiency percentage in the PCAOB’s 2019 inspection reports, while PwC’s deficiency rate increased for the third straight year.
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Clover Health facing SEC probe over short-seller report
The Securities and Exchange Commission has launched an investigation into Clover Health Investments in response to scathing allegations made against the Medicare provider by short-seller Hindenburg Research.
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The great privacy race? Apple, Facebook pitch data transparency
Apple and Facebook, two of the world’s most powerful companies, are jockeying over how transparent to be with their customers on whom they share users’ personal data with and what they do with it.
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FINRA report: Top risk areas for AML, cyber-security
The Financial Industry Regulatory Authority has published a new report designed to help inform member firms’ compliance programs by providing annual insights from its examinations and risk monitoring programs.
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Yellen, regulators say market withstood pressure from GameStop surge
A key meeting of regulators has determined the recent spike caused by Reddit users for normally tame stocks like GameStop and AMC Entertainment has not had a significant impact on the market, which Treasury Secretary Janet Yellen termed “resilient.”
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SEC: GPB Capital operated ‘Ponzi-like’ scheme, retaliated against whistleblower
GPB Capital Holdings allegedly defrauded more than 17,000 retail investors in a Ponzi-like scheme, then attempted to impede an employee from blowing the whistle on the illegal practices, according to the SEC.
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McKinsey to pay $573M for role in opioid epidemic
McKinsey & Company reached a $573 million settlement with 49 state attorneys general and the District of Columbia related to consulting services it provided to pharmaceutical companies that directly contributed to the opioid epidemic.
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Treasury head Yellen calls regulators together to discuss market volatility
Treasury Secretary Janet Yellen will meet with the heads of several regulatory agencies to discuss potential responses to the wild swings in value of GameStop and several other stocks.
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Goldman Sachs 1MDB fallout a case study for bonus risks
As Goldman Sachs cuts the pay of its top executives in response to more than $5 billion in penalties incurred for the 1MDB scandal, Martin Woods once again ponders whether bonuses helped facilitate the improper conduct that took place.
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Former WageWorks CEO, CFO settle SEC accounting violation charges
The Securities and Exchange Commission charged two former executives of WageWorks with making false and misleading statements and omissions that resulted in the improper recognition of $3.6 million in revenue.
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FDIC fines Apple Bank $12.5M for AML compliance failures
The Federal Deposit Insurance Corporation has fined Apple Bank for Savings $12.5 million for violations of the Bank Secrecy Act related to anti-money laundering controls.
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SolarWinds hack turning into Pandora’s box of cyber-risk
The more we learn about the SolarWinds hack, the more troubled compliance officers should be by the scope and breadth of the risks their companies might have incurred.
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Recently penalized USAA adds chief risk officer
USAA announced the appointment of Neeraj Singh as chief risk officer nearly four months after its federal savings bank was fined $85 million by the OCC for compliance risk management failures.
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New SEC senior advisor will specialize in climate change, ESG
The acting chair of the Securities and Exchange Commission has created a new senior policy advisor position on climate change and ESG, another signal the agency will prioritize both areas under a Biden administration.
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H.B. Fuller avoids fine in OFAC Iran sanctions probe
Adhesive manufacturing company H.B. Fuller said in a regulatory filing it received a “cautionary letter” from the Office of Foreign Assets Control concerning possible economic sanctions dealings in Iran.
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NYDFS regulation a best-practices model for cyber-security training
Companies must make cyber-security a continuous priority as threats evolve, often more quickly than the technology and regulations to counter them. That’s why the New York Department of Financial Services, under Maria Vullo, developed a policy that should act as a model for organizations.
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Facebook names Henry Moniz as first-ever chief compliance officer
Facebook has hired Henry Moniz, executive vice president and chief compliance officer at ViacomCBS, to be the social media giant’s first-ever CCO.