Regulation & Compliance: Page 14
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xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
DOJ Plans Heightened Scrutiny of Government Contractors
The Justice Department announced on Tuesday the formation of a new unit aimed at deterring, detecting, investigating, and prosecuting procurement-related antitrust crimes such as bid-rigging and price-fixing conspiracies.Such fraud undermines competition in government procurement, grant, and prog...
By David McCann • Nov. 8, 2019 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
AT&T Fined $60 Million in Data ‘Throttling’ Case
After five years of litigation, AT&T has agreed to pay $60 million to settle allegations that it “throttled” the data speeds of millions of smartphone customers who had signed up for unlimited data plans.The company and the U.S. Federal Trade Commission had reached a settlement in August but ...
By Matthew Heller • Nov. 6, 2019 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Proxy Adviser Sues SEC Over New Guidance
Institutional Shareholder Services has sued the U.S. Securities and Exchange Commission over guidance that would heighten regulatory oversight of proxy advisers, claiming it would have a chilling effect on their ability to advise shareholders.In August, the SEC recommended that the definition of ...
By Matthew Heller • Nov. 1, 2019 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Operations Leaders Are Pessimistic on Recession
“It’s a universally acknowledged truth: The world will eventually experience another economic downturn. Equally as obvious: Companies that are well prepared for economic turbulence will fare the best when storm clouds gather on the horizon. But knowing these truisms and doing something about them...
By David McCann • Oct. 24, 2019 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Pelosi’s Drug Plan Would Save Medicare $345B
House Speaker Nancy Pelosi’s bill to lower drug prices would save Medicare $345 billion between 2023 and 2029 but reduce the flow of new medications, according to the Congressional Budget Office.In a preliminary analysis of the measure, the CBO focused on its main provision, which would allow the...
By Matthew Heller • Oct. 15, 2019 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Fed OKs Rollbacks of Post-Crisis Banking Rules
The Federal Reserve has voted to loosen liquidity and capital requirements for large U.S. banks that were imposed as part of the post-crisis Dodd-Frank financial reforms.The Fed on Thursday adopted what The Wall Street Journal called “some of the most significant rollbacks of bank rules since Pre...
By Matthew Heller • Oct. 11, 2019 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Block.one Fined $24M Over Initial Coin Offering
Blockchain startup Block.one has agreed to pay $24 million to settle allegations that it conducted an illegal securities offering by selling digital assets.The U.S. Securities and Exchange Commission, which has been cracking down on initial coin offerings, said Block.one violated securities laws ...
By Matthew Heller • Oct. 2, 2019 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Warren Slams SEC Oversight of Rating Firms
Sen. Elizabeth Warren, Massachusetts Democrat, has questioned regulatory oversight of credit rating agencies, saying the U.S. Securities and Exchange Commission needs to take “meaningful action” to curb their activities.According to the Democratic presidential candidate and frequent Wall Street c...
By Matthew Heller • Sept. 30, 2019 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Ex-Sodastream CEO Suspected of Insider Trading
Israeli authorities are investigating whether the chairman of Sodastream violated insider trading laws by tipping off an associate in advance of the $3.2 billion takeover of the Israeli carbonated drink maker by PepsiCo.Hebrew-language media reported that Daniel Birnbaum, who stepped down as Soda...
By Matthew Heller • Sept. 24, 2019 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Marcum Fined $525K for Touting Audit Clients
The Public Company Accounting Oversight Board has fined accounting firm Marcum, a subsidiary and one of its partners a total of $525,000 for touting audit clients at investor conferences it hosted.According to the PCAOB, 62 issuer audit clients made presentations to investors at Marcum’s annual M...
By Matthew Heller • Sept. 11, 2019 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
NY to Lead Antitrust Investigation of Facebook
Facebook’s antitrust headaches worsened on Friday as New York’s attorney general announced she was leading an investigation into potential anticompetitive conduct.The social media giant is already being probed by the U.S. Federal Trade Commission, which is focusing on whether Facebook has used ac...
By Matthew Heller • Sept. 6, 2019 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Clearinghouse Fined $20M for Violating Standards
Options Clearing Corp. has agreed to pay $20 million to settle a first-of-its-kind enforcement action alleging it failed to comply with heightened standards governing clearing agencies.A joint investigation by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commissio...
By Matthew Heller • Sept. 5, 2019 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Walmart to Limit Ammo Sales in ‘Watershed’ Move
A month after a gunman armed with an AK-47 killed 22 people at one of its stores in El Paso, Texas, Walmart has announced it will no longer sell ammunition that can be used in military-style assault rifles.The nation’s largest retailer said the decision to discontinue sales of short-barrel rifle ...
By Matthew Heller • Sept. 4, 2019 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Ex-Live Well Execs Accused of $130M Loan Fraud
Three former executives of reverse mortgage lender Live Well, including the CEO and CFO, have been charged with defrauding lenders of around $130 million by grossly inflating the value of bonds that served as collateral for loans.The charges against CEO Michael Hild, CFO Eric Rohr, and Executive ...
By Matthew Heller • Aug. 30, 2019 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Third Point Fined Over Antitrust Violations
Activist investor Third Point has agreed to pay more than $600,000 to settle charges that three funds it controls failed to obtain antitrust clearance before acquiring stock in DowDuPont.The U.S. Federal Trade Commission said Third Point violated the premerger notification and waiting period requ...
By Matthew Heller • Aug. 29, 2019 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
J&J Found Liable for Helping Cause Opioid Crisis
An Oklahoma judge has for the first time found a drug maker to blame for the U.S. opioid epidemic, ordering Johnson & Johnson to pay $572 million for falsely marketing two painkillers as safe.After an eight-week trial of a landmark case brought by Oklahoma’s attorney general, Cleveland County...
By Matthew Heller • Aug. 27, 2019 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Overcoming Cybersecurity Communications Barriers
During the Napoleonic campaign in Egypt, a French army officer made a startling discovery. While building Fort Julien in 1799, he noticed a slab with writing on it. Now known as the Rosetta Stone, it provided a translation from hieroglyphics to Greek, finally deciphering ancient Egyptian writing....
By David McCann • Aug. 20, 2019 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Kraft Settles Futures Market Manipulation Case
After more than four years of litigation, Kraft Foods Group and Mondelēz International have agreed to a settlement of U.S. allegations that it manipulated the market for wheat futures, ultimately earning more than $5 million in illicit profits.The case arose from alleged improper wheat futures tr...
By Matthew Heller • Aug. 16, 2019 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
IFF Discloses ‘Improper Payments’ by Israel Unit
International Flavors & Fragrances has disclosed that it is investigating whether officials of an Israeli company it acquired last year made improper payments to customers.The $7 billion acquisition of Frutarom reportedly made IFF the largest flavoring company in the world. It was also the se...
By Matthew Heller • Aug. 7, 2019 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Heads Up: Cybercriminals Are Businesspeople
When the hacker behind the Capital One data breach was presented in the media, she very much fit the eccentric cybercriminal stereotype.However, the truth is that she’s quite an outlier. Most cybercriminals operate in highly organized groups based abroad. They approach their work like any busines...
By Jim Parise • Aug. 2, 2019 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Cisco Settles With Whistleblower in Cyber Case
Cisco Systems has agreed to pay $8.6 million to settle claims that it sold defective software to U.S. government agencies in what appears to be the first payout in a cybersecurity case initiated by a whistleblower.The settlement and underlying complaint were unsealed on Wednesday, 10 years after ...
By Matthew Heller • Aug. 1, 2019 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Securities Fraud Class Actions Spike Again
Filing federal class-action lawsuits alleging securities fraud is a big-time sport in the United States, and getting bigger all the time.The first half of 2019 brought 198 new cases. Over the past two and a half years there have been more than 1,000 of them, representing over 20% of all such fili...
By David McCann • Aug. 1, 2019 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Mnuchin Warns of Cryptocurrency Security Risks
U.S. Treasury Secretary Steven Mnuchin echoed his boss’s concerns about cryptocurrencies, saying he was “not comfortable” with Facebook’s proposed Libra digital currency, in part due to the risk it could be misused by criminals and terrorists.According to The New York Times, Mnuchin’s comments at...
By Matthew Heller • July 16, 2019 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
SOX Compliance Doesn’t Get Easier With Time
Seventeen years after passage of the Sarbanes-Oxley Act, those not involved in SOX compliance might assume that by now it would be a rote activity requiring diminishing effort.They would be wrong. Despite efforts and expectations to the contrary, the time and cost expended on SOX compliance have ...
By David McCann • July 16, 2019 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Ex-Illumina Accountant Accused of Insider Trading
A former accountant for Illumina has been charged with leaking the biotech company’s quarterly results to a close friend as part of an insider trading scam that netted more than $6.2 million in illicit profits.The U.S. Securities and Exchange Commission said Martha Bustos engaged in the scheme wi...
By Matthew Heller • July 11, 2019
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