Regulation & Compliance: Page 11
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xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Deutsche Bank Fined $132M Over Bribery Schemes
Deutsche Bank has agreed to pay more than $130 million to settle U.S. allegations that it made improper payments, including bribes, to politically-connected intermediaries to secure business overseas.The allegations announced Friday by the Department of Justice and Securities and Exchange Commiss...
By Matthew Heller • Jan. 11, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Boeing Fined $2.5 Billion Over 737 Max Crashes
Boeing is putting some of its legal problems from the two crashes of the 737 Max aircraft behind it, agreeing to pay $2.5 billion to settle a criminal charge of conspiracy.The U.S. Department of Justice alleged two senior Boeing pilots deceived the Federal Aviation Administration into certifying ...
By Matthew Heller • Jan. 8, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
U.S. Adopts New Independent Contractor Rule
The Trump administration has approved a regulatory change to make it easier for businesses to classify workers as independent contractors rather than employees.The rule change defines independent contractors for the first time under the Fair Labor Standards Act, adopting an “economic reality” tes...
By Matthew Heller • Jan. 7, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
SEC Sues Ripple Over Sales of XRP Digital Assets
The U.S. Securities and Exchange Commission has charged Ripple Labs with illegally raising more than $1.3 billion through sales of its XRP tokens in a case that could have major implications for the booming cryptocurrency industry.Since 2013, Ripple has sold more than 1.46 billion XRP units to in...
By Matthew Heller • Dec. 23, 2020 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Disbarred Attorney Charged With Microcap Fraud
A disbarred former U.S. Securities and Exchange Commission attorney and a licensed attorney have been charged with issuing phony attorney opinion letters to facilitate the offer and sale of microcap securities.According to the SEC, Richard Rubin — who worked for the commission from 1969 to 1976, ...
By Matthew Heller • Dec. 2, 2020 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
CEO of Digital Ad Startup Charged With Fraud
The founder and CEO of digital advertising startup Benja has been charged with defrauding investors and a lender by falsely representing that well-known brands including Nike and Patagonia were using its services.According to the U.S. Securities and Exchange Commission, Andrew Chapin, 31, went as...
By Matthew Heller • Nov. 24, 2020 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Feds Subpoena Nikola as Part of Fraud Probe
Electric vehicle maker Nikola has disclosed it received subpoenas from federal and state authorities amid allegations that it misled investors about its technology and manufacturing capabilities.Nikola has been under scrutiny since short-seller Hindenburg Research released a report on Sept. 10 th...
By Matthew Heller • Nov. 11, 2020 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
EU Charges Amazon With Antitrust Violations
Continuing their crackdown on U.S. tech giants, EU regulators have charged Amazon with stifling competition through its use of marketplace seller data and opened another antitrust investigation of its e-commerce practices.The European Commission, the executive branch of the 27-nation bloc, said T...
By Matthew Heller • Nov. 10, 2020 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
SEC Fines From Enforcement Hit Record $4.68B
The U.S. Securities and Exchange Commission obtained a record amount in fines for corporate wrongdoing this year despite a decline in the number of enforcement actions due to disruptions to casework caused by the COVID-19 pandemic.In an annual report, the SEC said disgorgement and penalties resul...
By Matthew Heller • Nov. 3, 2020 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
House Urges Reforms to Curb Big Tech Firms
House lawmakers have called for sweeping measures to “rein in” Facebook, Google, Amazon, and Apple, comparing the tech giants to the big business monopolies that controlled the U.S. economy in the late 19th century.In a 449-page report, the House Judiciary Committee said its 16-month investigatio...
By Matthew Heller • Oct. 7, 2020 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Cybersecurity Tycoon Accused of Touting ICOs
Anti-virus software developer John McAfee has been charged with promoting initial coin offerings to his Twitter followers without disclosing that issuers paid him more than $23 million in digital assets for the promotions.McAfee, 74, is the latest high-profile figure to be accused of illegally “t...
By Matthew Heller • Oct. 6, 2020 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
California Governor Vetoes Return-to-Work Bill
In a victory for business groups, California Gov. Gavin Newsom has vetoed a bill that would have protected workers who have been laid off in service industries badly hit by the coronavirus pandemic.Assembly Bill 3216 required that employers in the hotel, airport hospitality, event center and buil...
By Matthew Heller • Oct. 2, 2020 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Kroll Fined $2M for Violating Credit-Rating Rules
Kroll Bond Rating Agency has agreed to pay $2 million to settle allegations that its procedures for rating derivative securities fell short of industry standards.The U.S. Securities and Exchange Commission tightened its oversight of credit ratings agencies after the mass defaults of highly rated ...
By Matthew Heller • Sept. 30, 2020 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Ex-Amazon Employee Accused of Insider Trading
A former manager in Amazon’s tax department and two family members have been charged with making insider trades in advance of the company’s earnings announcements.The U.S. Securities and Exchange Commission said Laksha Bohra passed on highly confidential information she obtained through her work ...
By Matthew Heller • Sept. 29, 2020 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Biotech Exec Charged With COVID Test Fraud
In the latest legal fallout from an alleged fraud related to the COVID-19 pandemic, the U.S. Securities and Exchange Commission has accused the president of biotech firm Arrayit of making false claims to investors.According to the SEC, Mark Schena stated that Arrayit had developed a COVID-test an...
By Matthew Heller • Sept. 28, 2020 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
SEC Drops Proposed Whistleblower Award Rule
The U.S. Securities and Exchange Commission announced changes to its whistleblower program but discarded a controversial proposal to allow staff to reduce awards of more than $30 million.The proposal for a discretionary “cap” on large awards had sparked an outcry among whistleblower advocates and...
By Matthew Heller • Sept. 24, 2020 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
S&P Index Manager Charged With Insider Trading
A senior index manager at S&P Dow Jones Indices and his friend have been charged with trading on inside information he misappropriated from his employer, generating $900,000 in illicit profits.The U.S. Securities and Exchange Commission said Yinghang “James” Yang of Flushing, N.Y., traded in ...
By Matthew Heller • Sept. 22, 2020 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
GOP Senators Offer 6-Month Lifeline for Airlines
Two Republican senators have introduced legislation to provide $28 billion in coronavirus relief to U.S. airlines, extending a program that is set to expire at the end of this month.Airlines have warned that tens of thousands of employees would be laid off next week unless the Payroll Support Pro...
By Matthew Heller • Sept. 22, 2020 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Judge Gives WeChat Reprieve From U.S. Shutdown
A U.S. judge has barred the Trump administration from effectively shutting down the China-based messaging app WeChat, citing the free-speech rights of users and casting doubt on the government’s national security concerns.The Commerce Department issued an order on Friday requiring Apple and Googl...
By Matthew Heller • Sept. 21, 2020 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Fraud Prevention Firm’s Ex-CEO Charged With Fraud
The former CEO of fraud prevention startup NS8 has been charged with fraud for fabricating millions of dollars in revenue to raise $123 million from investors.The U.S. Department of Justice said Adam Rogas, 43, altered NS8’s bank statements before providing them on a monthly basis to its finance ...
By Matthew Heller • Sept. 18, 2020 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Feds Net 57 People in Probe of PPP Loan Scams
The Department of Justice said it had uncovered widespread fraud in the Paycheck Protection Program, with 57 people, including an NFL player, being charged so far with trying to steal a total of $175 million in coronavirus relief loans for small businesses.The spectrum of fraud has ranged from in...
By Matthew Heller • Sept. 11, 2020 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Hedge Fund Founder Accused of Neiman Fraud
The founder of distressed debt hedge fund Marble Ridge Capital has been charged with defrauding creditors of Neiman Marcus by coercing a rival bidder to drop a higher offer for the thriving e-commerce business of the bankrupt retailer.Daniel Kamensky, 47, was arrested Thursday on criminal charges...
By Matthew Heller • Sept. 4, 2020 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Trump Signals Support for More Airline Aid
President Donald Trump indicated he supports more government aid to avert layoffs at U.S. airlines after their current relief package expires at the end of the month.Congress set aside $25 billion for U.S. passenger carriers in the $2.2 trillion CARES Act in March on the condition that they would...
By Matthew Heller • Sept. 2, 2020 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Herbalife Fined $123M Over China Bribe Scheme
Herbalife has agreed to pay $123 million to settle charges that it bribed Chinese government officials to promote and increase its business in China and disguised the payments as permissible legitimate expenses.U.S. authorities said the corruption scheme lasted from 2006, when Herbalife applied f...
By Matthew Heller • Aug. 31, 2020 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Engineer Gets 18 Months in Google Secrets Case
Former Google engineer Anthony Levandowski has been sentenced to 18 months in prison for stealing trade secrets from the company to benefit himself and Uber’s self-driving car program.Levandowski, 40, was a pioneer of autonomous vehicle technology at Google’s Project Chauffeur before leaving to f...
By Matthew Heller • Aug. 5, 2020
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