The Securities and Exchange Commission is putting cryptocurrency platforms and exchanges on notice that it is watching closely for any type of securities law abuses. Earlier this week, the regulator sued Binance, which operates the world’s largest crypto asset trading platform in the world, and its founder, alleging multiple securities Read More
Tenet Healthcare, Vanguard Health Systems, and Detroit Medical Center (DMC) have reached a combined $29.7 million settlement with the U.S. government for allegedly providing kickbacks to certain referring physicians in violation of the False Claims Act (FCA), the Department of Justice announced. DMC operates hospitals in and around Detroit, including Read More
Delta Air Lines has been hit with a proposed class-action lawsuit for “grossly misrepresenting the total environmental impact of its business operations in its advertisements, corporate announcements, and promotional materials and, thereby, attaining underserved market share and extracting higher prices from consumers,” according to a new complaint filed in California Read More
The Consumer Financial Protection Bureau (CFPB) has ordered OneMain Financial to pay a total of $20 million in consumer redress and penalties for failing to refund interest charged to tens of thousands of consumers, the CFPB announced. Failures include deceitful sales tactics and a fraudulent refund policy. Unethical sales tactics, Read More
Large and complex banks with “persistent weaknesses” could face “additional and increasingly severe” sanctions, under the Office of the Comptroller of the Currency’s (OCC) newly revised policies and procedures manual on bank enforcement actions. The OCC’s revised policies and procedures manual on bank enforcement actions, issued May 25, includes a Read More
A new benchmark report closely examines what is and isn’t working with whistleblower hotline programs, especially as they concern fraud detection. Among the most troubling findings: 25 percent of organizations still don’t have a whistleblower program and among those that do, only 39 percent bother to audit them. The report, Read More
The Financial Industry Regulatory Authority (FINRA) May 16 issued JPMorgan Securities a censure and a $750,000 fine for having in place risk management controls and supervisory procedures that were not reasonably designed and, thus, failed to prevent five erroneous market orders, FINRA announced. According to FINRA’s order, “from January 2019 Read More
The Irish Data Protection Authority (DPA) hit Meta with an administrative fine of 1.2 billion euros ($1.3 billion) for violations of the EU’s General Data Protection Regulation (GDPR), making it the largest GDPR fine ever levied. According to the Irish DPA, Meta Ireland violated Article 46(1) of the GDPR when Read More
Medical-device company Stryker disclosed in a regulatory filing that it is being investigated for potential violations of the Foreign Corrupt Practices Act (FCPA), making it the third time in a decade. “We are currently investigating whether certain business activities in a foreign country violated provisions of the Foreign Corrupt Practices Read More
Wells Fargo just keeps paying and paying for its compliance ineptitude. In the latest chapter of the saga, the big bank has agreed to a $1 billion settlement in a securities class-action lawsuit that accused the financial firm of lying about the progress of required compliance reforms. In 2018, Wells Read More
