The Securities and Exchange Commission on March 22 served Coinbase with a “Wells Notice,” which the company said regards “an unspecified portion of our listed digital assets, our staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet after a cursory investigation.” The SEC issues a Wells Notice when it wants Read More
In the aftermath of the collapse of Silicon Valley Bank (SVB), President Joe Biden is calling on Congress “to impose tougher penalties for senior bank executives whose mismanagement contributed to their institutions failing.” In a March 17 statement, President Biden said he is “firmly committed to accountability for those responsible Read More
Tupperware Brands, a consumer products company, disclosed in a regulatory filing that it has identified several financial statements that were “materially misstated” that have given rise to a restatement of previously issued financial statements. In a March 16 press release, Tupperware Brands said, “for fiscal years 2020 to 2022, in Read More
The Securities and Exchange Commission has published a proposed rule to amend Regulation S-P to require broker-dealers, investment companies, registered investment advisers, and transfer agents to notify individuals affected by certain types of data breaches that may put them at risk of harm, the SEC announced. Regulation S-P, a regulation Read More
Carrie Tolstedt, former head of Wells Fargo Bank’s retail banking division, has agreed to plead guilty to obstructing a government examination into the bank’s widespread sales practices misconduct, including opening millions of unauthorized accounts, federal authorities announced. In a plea agreement filed March 15 in U.S. District Court, Tolstedt pled Read More
Evoqua Water Technologies Corp., a seller of water technology and treatment products, has agreed to an $8.5 million civil penalty to resolve charges of accounting fraud, the SEC announced. Imran Parekh, a former division-level finance director, was also charged with improper accounting practices. According to the SEC complaint, beginning in Read More
The Department of Justice declined to prosecute Corsa Coal Corporation for Foreign Corrupt Practices Act (FCPA) violations following an assessment of factors set forth in the Criminal Division’s Corporate Enforcement Policy (CEP) and Voluntary Self-Disclosure Policy. “We have reached this conclusion despite the bribery committed by employees and agents of Read More
A former chief compliance officer of an investment advisory firm, charged with wire fraud, was sentenced to serve three years in prison and pay restitution of $371,332 for stealing over $500,000 from clients and the firm itself, the DOJ announced. According to the Department of Justice, Jennifer Campbell was the Read More
The Federal Trade Commission announced it has finalized its order against Instant Brands, a kitchen appliance company, to resolve false “Made in USA” claims. According to the FTC’s complaint, first announced in January, “Instant Brands faced increased demand for its glass measuring cups in the early days of the COVID-19 pandemic, when Read More
Global mining and metals company Rio Tinto has agreed to pay a $15 million civil penalty for Foreign Corrupt Practices Act (FCPA) violations arising out of a bribery scheme involving a consultant in Guinea, the Securities and Exchange Commission announced. According to the SEC order, Rio Tinto in July 2011 Read More
