All Compliance Week articles in Web Issue – Page 649
-
Blog
SciClone Could Pay SEC $12.8 Million in FCPA Case
SciClone Pharmaceuticals has disclosed in a quarterly report that it’s discussing a tentative $12.8 million settlement with the Securities and Exchange Commission to resolve an investigation of potential violations of the Foreign Corrupt Practices Act with respect to its China operations. Details inside.
-
Blog
FTC Issues First-Ever Guidance on Unfair Competition
After more than 100 years, it has finally happend: the Federal Trade Commission has published guidance on what it considers “unfair” competition. The pronouncement is a welcome development for companies, as they now have at least some idea as to what activity could potentially result in a FTC investigation. More ...
-
Blog
Wintrust Financial Names General Counsel and Corporate Secretary
Wintrust Financial, a financial holding company, has named Kathleen Boege general counsel and corporate secretary. She will assume these roles from Lisa Pattis, who will be leaving the company in September. Details inside.
-
Blog
Edward Jones to Pay $20M for Overcharging Customers in Municipal Bond Sales
The Securities and Exchange Commission has charged brokerage firm Edward Jones and the former head of its municipal underwriting desk have agreed to settle charges that they overcharged customers in new municipal bonds sales. It’s the SEC’s first case against an underwriter for pricing-related fraud in the primary market for ...
-
Blog
Malvern Federal Savings Bank Appoints Chief Risk Officer
Malvern Federal Savings Bank, the wholly owned subsidiary of Malvern Bancorp, announced the appointment of William Woolworth as chief risk officer. Prior to joining Malvern Federal, he served in the positions of director of enterprise risk management, chief auditor and chief compliance officer for Customers Bank. More inside.
-
Blog
Companies Continue Shift Toward Restricted Stock Awards
Large public companies continue their shift away from stock options toward restricted stock in 2014, according the latest annual analysis by PwC of stock compensation assumptions and disclosures.
-
Blog
Benchmark Report Shows Latest Trends in Training Programs
A new report conducted by NAVEX Global offers fresh benchmarking data for ethics and compliance officers looking to see how their training program, objectives, and challenges compare to their peers. Among the findings: employee cynicism and fear of retaliation for speaking up about misconduct are the top two challenges to ...
-
Blog
Ex-SAP Executive Pleads to FCPA Charges
The Justice Department and SEC jointly announced an enforcement action on Wednesday against a former executive of SAP International for violations of the Foreign Corrupt Practices Act by bribing officials in Panama to win government contracts. Vicente Eduardo Garcia, 65, will pay damages totalling $92,300 and faces sentencing later this ...
-
Blog
U.K. Financial Regulator Explains the New Accountability Rules
Image: The Financial Conduct Authority released “near final rules” which shows how it will apply the new accountability regimes that hold employees accountable for misconduct in U.K. branches of overseas banks. These rules further explain the FCA’s accountability reform announcement last month that zeroes in on top executives at U.K. ...
-
Blog
Huntington Ingalls Industries Names Chief Accounting Officer
Huntington Ingalls Industries, a military shipbuilding company, has promoted Nicolas Schuck to the position of controller and chief accounting officer, effectively immediately. More inside.
-
Blog
Former Cigna Chief Compliance Officer Joins Voya Financial
Voya Financial announced this week that it has appointed Trish Walsh as chief legal officer, effective Sept. 14. In this role, Walsh will oversee all aspects of Voya's law, compliance and external affairs department, serving as an advisor to senior management and the board of directors on legal, compliance, securities ...
-
Blog
DVR Alert: Showtime's Wall Street Drama 'Billions' Debuts January 17
I'm always up for watching some insider trading drama, and Showtime will attempt to deliver some on January 17, 2016 when it debuts its new Wall Street drama series, "Billions."
-
Blog
The Current State of the U.K.’s Serious Fraud Office
Image: Britain’s Serious Fraud Office appears to be under intense pressure, amid the announcement that another part of the government, led by International Development Secretary Justine Greening, is launching a new specialized anti-corruption unit to investigate cases of international corruption affecting developing countries. While the SFO achieved a significant victory ...
-
Blog
St. Joseph's Healthcare System Names Chief Compliance Officer
St. Joseph’s Healthcare System has appointed Theodore Brown as chief compliance officer. In this role, Brown leads the corporate compliance department and is responsible for assessing organizational risk for misconduct and noncompliance, establishing objectives for compliance, and implementing initiatives to foster a culture of compliance throughout the organization. Details inside.
-
Blog
Standard Chartered Bolsters Its Financial Crime Unit Amid Regulatory Trouble
Standard Chartered is adding more staff to its financial crimes team, following a probe by U.S. regulators for an alleged breach in sanctions laws that resulted in a $400 million fine in 2012. In its first-half results announced last week, the bank said, “There is a range of potential penalties ...
-
Blog
Grant Thornton Grows Financial Services Advisory Practice
Paul Makowski has joined Grant Thornton as a managing director in the firm’s national Financial Services Advisory practice. Most recently, Makowski served as interim chief risk officer for the Mortgage division of BB&T. Details inside.
-
Blog
SCCE Announces 2015 Award Winners
The Society of Corporate Compliance and Ethics has announced the winners of its annual achievement awards, to be honored in October at its annual conference. Winners range from FCPA bloggers to building products companies. More inside.
-
Blog
Aguilar Sounds Off on CCO Liability Again
Image: More shots fired this week in the continuing war of words at the SEC about whether the agency is unfairly taking enforcement action against chief compliance officers. This time, Commissioner Luis Aguilar defended the agency with a statement calling for the SEC to be more clear in its enforcement ...
-
Blog
Internal Control Audits Improving, to a Point
Image: Audits of internal control over financial reporting are starting to improve, but it’s still too early to say if audit practice has turned the corner as fully as regulators want, according to PCAOB Member Jeanette Franzel. Franzel said internal control over financial reporting continues to be the most frequent ...
-
Blog
New U.K. Crime Unit to Investigate Corruption Affecting Developing Countries
Image: The U.K.’s Department for International Development is stepping up its efforts to investigate cases of international corruption affecting developing countries through a new specialist unit launched by International Development Secretary Justine Greening. “Through the international corruption unit, the best of British law enforcement will step up our aid work ...