Bank of America has been ordered to pay $225 million in civil penalties and redress to harmed consumers for engaging in abusive practices when it denied consumers access to unemployment benefits on prepaid debit cards at the height of the COVID-19 pandemic. In a separate case, Bank of America is Read More
The Commodity Futures Trading Commission issued two separate orders on July 5, simultaneously filing and settling charges against two separate swap dealers for failing to comply with their reporting obligations in violation of the Commodity Exchange Act (CEA) and CFTC regulations. In the first action, the CFTC ordered BNP Paribas, 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
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
For the third time in eight years, Merrill Lynch, Pierce, Fenner & Smith has been ordered by the Financial Industry Regulatory Authority (FINRA) to pay restitution to thousands of its customers who were charged more than necessary related to mutual fund shares. In this latest action, Merrill Lynch agreed to Read More
Switzerland-based commodity trading and mining giant Glencore International and a subsidiary pleaded guilty Tuesday and has been fined over $1.1 billion for engaging in a decade-long global corruption scheme and a multi-year commodity price manipulation scheme. The guilty pleas are part of coordinated resolutions with criminal and civil authorities in Read More
Twitter has agreed to pay a $150 million civil penalty and implement robust data-privacy compliance measures, under a settlement reached with the Department of Justice and the Federal Trade Commission (FTC). The settlement awaits federal court approval. “The $150 million penalty reflects the seriousness of the allegations against Twitter,” said Read More
Britain’s Information Commissioner’s Office fined Clearview AI, a New York-based facial recognition company, 7.5 million pounds ($9.5 million) for misusing images of people in the United Kingdom and elsewhere that it collected from the Internet and social media sites to create a global online database used for facial recognition. The Read More
BNY Mellon Investment Adviser agreed to a cease-and-desist order, a censure, and a $1.5 million penalty to settle charges with the Securities and Exchange Commission for misstatements and omissions about environmental, social, and governance (ESG) considerations in making investment decisions for certain mutual funds it managed. According to the SEC’s Read More
