Wells Fargo Advisors will pay a $7 million penalty and has agreed to a censure and a cease-and-desist order to resolve charges brought by the Securities and Exchange Commission. The SEC charged the broker-dealer with failure to file at least 34 Suspicious Activity Reports (SARs) in a timely manner, the Read More
Seven South Korea-based companies must pay a total of $3.1 million for allegedly violating the False Claims Act by engaging in a bid-rigging conspiracy that targeted U.S. Army Corps of Engineers (USACE) contracts for construction and engineering work on U.S. military bases in South Korea. The seven companies are Korea Read More
Kraft Foods Group and Mondelēz Global, a Chicago-based snack food and beverage company, are finally paying the price for accusations of trying to manipulate the price of wheat in December 2011. An enforcement action brought by the Commodity Futures Trading Commission nearly seven years ago against the food companies has Read More
The Justice Department obtained more than $5.6 billion in settlements and judgments from civil cases involving the False Claims Act during the 2021 fiscal year. It was the second largest annual total in the history of cases of fraud and false claims against the U.S. government under the law, and Read More
The United Kingdom’s Financial Reporting Council has expanded its investigation into audits conducted by Big Four firm PricewaterhouseCoopers of Babcock International Group to include the fiscal years 2019 and 2020. The FRC was already investigating the accounting firm’s audits of the U.K. defense contractor in 2018 and 2017, after spot Read More
A new report finds that regulatory enforcement actions against financial institutions and their employees totaled $5.4 billion for non-compliance with anti-money laundering (AML) and data privacy regulations last year, in comparison to $10.6 billion in 2020, a decline of just under 50 percent. The report, issued by Fenergo, which provides Read More
The Securities and Exchange Commission appears to be making a new effort to pass clawback rules that would require executives to pay back compensation that was obtained by hitting incentive goals that were later found to be false or inaccurate. The rule was included in the Dodd-Frank Wall Street Reform Read More
Three pharmaceutical companies, Taro Pharmaceuticals USA, Sandoz, and Apotex, have agreed to pay a total of $447 million to resolve charges of price fixing and violating the False Claims Act, according to a statement by the U.S. Justice Department. The DoJ alleges that between 2013 and 2015, all three pharma Read More
The Office of the Comptroller of the Currency issued a “cease and desist” order against MUFG Union Bank based in San Francisco for engaging in “unsafe or unsound practices regarding technology and operational risk management.” The regulator also took issue with what it called, “the bank’s noncompliance with the Interagency Read More
Ohio-based public utility holding company FirstEnergy will pay a $230 million fine for its connection to a bribery scheme to entice lawmakers to pass a $1 billion bailout for two of its nuclear power plants. The U.S. Justice Dept. charged the company with conspiring to commit honest services wire fraud, Read More
