The Securities and Exchange Commission has charged two insurance executives and their Malta-based registered investment adviser, Standard Advisory Services Limited, for defrauding clients out of more than $75 million through undisclosed transactions that benefited themselves and their companies. In a statement, Osman Nawaz, Chief of the Division of Enforcement’s Complex Read More
Granite Construction will pay $12 million in a settlement with the Securities and Exchange Commission over financial reporting fraud charges after one of its former executives manipulated the company’s financial performance, the SEC announced. According to the SEC’s complaint, filed Aug. 25 in federal district court in the Northern District Read More
Sephora, a French multinational retail company, must pay $1.2 million in penalties and implement several compliance measures under a proposed settlement with the Office of the California Attorney General (AG) to resolve alleged violations of the California Consumer Privacy Act (CCPA). The California AG’s proposed settlement with Sephora is part Read More
A California county organized health system (COHS) and three California healthcare providers have agreed to pay a total of $70.7 million in three separate settlements over alleged violations of the False Claims Act (FCA) and the California False Claims Act (CFCA) concerning the submission of false claims to California’s Medicaid Read More
Citigroup Global Markets has agreed to pay more than 12.5 million pounds ($15 million) in a settlement with the U.K. Financial Conduct Authority (FCA) resulting from a failure to properly detect market abuse activities. Introduced in 2016, the Market Abuse Regulation (MAR) created requirements to monitor for insider dealing, unlawful Read More
Tornado Cash has been sanctioned by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) after the virtual currency mixer was “used to launder more than $7 billion worth of virtual currency since its creation in 2019,” OFAC announced Aug. 8. Among the $7 billion in laundered Read More
Wellman Dynamics, an aluminum and magnesium castings manufacturer for the defense and aerospace industry, will pay $500,000 to resolve alleged violations of the False Claims Act (FCA) for failing to conduct contractually required testing and falsifying test results for parts used in military aircraft, the Department of Justice announced Aug. Read More
Surgalign Holdings (formerly RTI Surgical Holdings), a global medical technology company, must pay a $2 million civil penalty for pulling revenue forward from future quarters in order to mask revenue shortfalls and then failed to disclose this practice to investors, the Securities and Exchange Commission announced Aug. 3. According to Read More
Robinhood Crypto (RHC) has been ordered to pay a $30 million penalty for “significant deficiencies” in its Bank Secrecy Act/anti-money laundering (BSA/AML) compliance program and for cybersecurity violations, said the New York Department of Financial Services. NYDFS discovered RHC’s compliance deficiencies following a supervisory examination and a subsequent investigation. In Read More
FCA US (formerly Chrysler Group) must pay a $300 million criminal penalty and will be under a three-year probation for making “false and misleading representations” to U.S. regulators and customers for cheating emissions standards on more than 100,000 vehicles. FCA US has been ordered to pay a $96.1 million fine Read More
