A lawsuit filed by the Federal Trade Commission alleges Walmart turned a blind eye to fraudsters who used its money transfer services in its stores to scam consumers out of hundreds of millions of dollars, so that the retail giant could pocket the fees. Calling the allegations “factually flawed,” Walmart Read More
In a precedent-setting and highly controversial ruling, the U.S. Supreme Court Thursday curtailed the Environmental Protection Agency’s authority to regulate greenhouse gas emissions. In a 6-3 decision in West Virginia v. Environmental Protection Agency, the Court ruled that Congress—not the EPA—has authority to devise emissions limits for power plants. The Read More
The multinational Russian Elites, Proxies, and Oligarchs Task Force (REPO) announced it has blocked or froze more than $30 billion worth of sanctioned Russians’ assets in its first 100 days of operation and immobilized about $300 billion worth of Russian Central Bank assets. In a joint statement released on June Read More
In the largest penalty ever imposed by the Securities and Exchange Commission against an audit firm, Ernst & Young must pay $100 million and undertake “extensive remedial measures to fix the firm’s ethical issues” to resolve charges that its audit professionals cheated on exams required to obtain and maintain Certified Read More
CafePress must enhance its data security practices, and its former owner, Residual Pumpkin, must pay $500,000 to provide redress to data breach victims, to resolve allegations the online retailer failed to secure consumers’ sensitive personal data and covered up a major data breach, the Federal Trade Commission announced on June Read More
The banking sector is experiencing a “growing challenge” recruiting, retaining, and replacing compliance staff with the desired level of knowledge and experience, according to the Office of Comptroller of the Currency’s “Semiannual Risk Perspective” report, released June 23. Staffing struggles in the banking industry come at a time when compliance Read More
The Public Company Accounting Oversight Board (PCAOB) adopted amendments to its auditing standards on June 21 to improve lead auditors’ supervision of other auditor’s work. As companies increase their global presence, the use of additional audit firms has become more prevalent in the conduct of external audits. In 2021, 26 percent Read More
In a unanimous vote, the Senate confirmed Democrat Jaime Lizárraga and Republican Mark Uyeda this week to serve as the Securities and Exchange Commission’s newest Commissioners. President Joe Biden nominated the two as Commissioners in April. Lizárraga served most recently as a senior advisor to House Speaker Nancy Pelosi, (D-Calif.). Uyeda is Read More
Registered investment adviser A.G. Morgan Financial Advisors (AGM), its owner, and its former chief compliance officer each face charges by the Securities and Exchange Commission for violations of federal securities laws, the agency announced this week. According to the SEC’s complaint, AGM, owner Vincent Camarda, and AGM’s former Chief Compliance Read More
The Securities and Exchange Commission announced it has reopened the comment period on proposed rules related to listing standards for “recovery of erroneously awarded compensation,” known as “clawback rules.” In July 2015, the SEC proposed rules to implement Section 954 of the Dodd-Frank Act. The proposed clawback rules would, among Read More
