Bloomberg Finance, a subsidiary of media company Bloomberg, agreed to cease and desist from future violations and to pay a $5 million penalty in a Jan. 23 settlement with the Securities and Exchange Commission concerning misleading disclosures relating to its paid subscription service, BVAL, the SEC announced. BVAL provides daily Read More
The Department of Justice has made the first significant changes to the Criminal Division’s Corporate Enforcement Policy (CEP) since 2017, changes that offer companies “new, significant, and concrete incentives to self-disclose misconduct,” Assistant Attorney General Kenneth Polite announced in remarks delivered Jan. 17 at Georgetown University. On the other hand, Read More
Nihat Cardak, the former chief financial officer of email security company GigaMedia Access Corporation (GigaTrust), pled guilty for his alleged role in a scheme to defraud investors and lenders out of millions of dollars through, among other measures, impersonating an auditor, the Department of Justice announced. U.S. District Court Judge Read More
Online alcohol marketplace Drizly has been ordered to implement numerous data security measures following a data breach that exposed the personal information of about 2.5 million consumers in 2020, the Federal Trade Commission announced Jan. 10. Additionally, the FTC ordered Drizly CEO James Cory Rellas to “implement an information-security program Read More
The SEC on Jan. 9 charged McDonald’s Corporation with “shortcomings in its public disclosures” concerning its 2019 separation agreement with ousted CEO Stephen Easterbrook. McDonald’s was able to avoid a financial penalty, however, due, in part, to its remedial measures, which included “recovering the compensation Easterbrook received pursuant to the Read More
Danfoss, a multinational Danish energy-efficiency solutions provider, has agreed to pay nearly $4.4 million in a settlement with the Office of Foreign Assets Control (OFAC) resulting from 225 violations of multiple OFAC sanctions programs, OFAC announced. According to OFAC, the violations occurred between November 2013 and August 2017, when Danfoss Read More
The Federal Trade Commission has proposed a new rule that would ban employers from imposing noncompete clauses on employees. According to the FTC, 30 million U.S. employees are covered by noncompetes, and that stopping this practice could potentially increase wages by nearly $300 billion per year. “Noncompetes block workers from freely Read More
The Financial Regulatory Authority (FINRA) fined UBS Securities, the investment banking division of financial institution UBS, $3.75 million for numerous reporting and compliance failures in violation of FINRA reporting rules. FINRA requires member firms to report over-the-counter (OTC) options to the Large Options Positions Reporting (LOPR) system, information that FINRA Read More
Cryptocurrency exchange Coinbase has reached a $100 million settlement with the New York Department of Financial Services for “significant failures” across several areas of its compliance program. The Jan. 4 consent order includes a $50 million penalty and a commitment from Coinbase to invest an additional $50 million in its Read More
The Department of Justice has filed a civil complaint against AmerisourceBergen and two of its subsidiaries, AmerisourceBergen Drug Corporation and Integrated Commercialization Solutions, for ignoring red flags and failing to report suspicious opioid orders that directly contributed to the nationwide opioid epidemic, the DoJ announced. Pharmaceutical distributors, like AmerisourceBergen, are Read More
