Credit Suisse Securities, a U.S.-based Credit Suisse subsidiary, has been fined $900,000 by the Financial Industry Regulatory Authority (FINRA) for late and inaccurate reporting in violation of numerous FINRA rules. According to FINRA’s order, from November 2015 through at least March 2023, Credit Suisse reported to the Trade Reporting and Read More
JPMorgan Securities, a subsidiary of JPMorgan Chase, has reached a $4 million settlement with the Securities and Exchange Commission to resolve charges that it deleted tens of millions of electronic communications that it should not have deleted. According to the SEC’s cease-and-desist order, from January to April 2018, JPMorgan deleted Read More
The Federal Trade Commission has filed a complaint against Amazon.com after the e-commerce company allegedly enrolled consumers into its Amazon Prime program for years without their consent “while knowingly making it difficult for consumers to cancel their subscriptions,” the FTC said. According to the FTC’s complaint, filed June 21 in Read More
The Federal Communication Commission (FCC) recently announced the launch of a newly created Privacy and Data Protection Task Force, aimed at enhancing data privacy and security practices around consumer communications. This new task force, created by FCC Chairwoman Jessica Rosenworcel and led by FCC Enforcement Bureau Chief Loyaan Egal, is Read More
The Treasury Department’s Office of the Comptroller of the Currency (OCC) ordered MUFG Union Bank to pay a $15 million civil penalty for engaging in deceptive practices in violation of Section 5 of the Federal Trade Commission Act. The OCC issued its consent order May 10, but it was not Read More
Mining company BHP admitted that it owes up to US$280 million in back pay to thousands of affected current and former employees after wrongly calculating public holiday leave for the last 13 years. In a press release, BHP said a preliminary review suggested that certain rostered employees across its Australian Read More
The Swedish Authority for Privacy Protection (IMY) has fined Spotify 58 million Swedish krona (US$5.4 million) after an audit uncovered deficiencies in the way the music-streaming service handled customers’ rights to access their personal data. The EU’s General Data Protection Regulation (GDPR), which entered into force in 2018, provides individuals Read More
A new initiative by the U.S. Department of the Treasury aims to promote fairer compliance and enforcement practices across its programs and services. On June 8, Deputy Secretary of the Treasury Wally Adeyemo published a memorandum directed at Treasury Department bureaus and offices, laying out a framework to guide their Read More
A former chief compliance officer of a now-defunct pharmacy holding company was convicted June 8 by a federal jury for conspiracy to commit health care fraud and wire fraud, the Department of Justice announced. According to court documents, Steven King “fraudulently billed Medicare over $50 million for dispensing lidocaine and Read More
Audit firm watchdog, the Public Company Accounting Oversight Board (PCAOB), is seeking public comment on a proposal aimed at increasing auditor vigilance against fraud and other forms of noncompliance with laws and regulations. If adopted, the proposal would strengthen auditor requirements to identify, evaluate, and communicate possible or actual wrongdoing and Read More
