Regulation & Compliance: Page 23
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xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Tenn. Bank Director Accused of Insider Trading
A former director of Pinnacle Financial Partners has been charged with insider trading for buying shares in the target of an impending merger after learning of the deal at a meeting of the board’s executive committee.The U.S. Securities and Exchange Commission said James C. Cope, 67, made his fir...
By Matthew Heller • Oct. 26, 2016 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
TelexFree Founder Pleads Guilty to Massive Scam
The founder and former CEO of TelexFree has pleaded guilty to criminal fraud charges for his role in a multibillion-dollar Ponzi scheme that targeted investors in the internet phone service company.James Merrill, 55, accepted a plea agreement just weeks before he was set to go to trial on nine co...
By Matthew Heller • Oct. 25, 2016 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Judge OKs $14.7B Settlement in VW Scandal
Volkswagen on Tuesday took a major step toward extricating itself from its diesel emission cheating scandal as a California judge approved a historic $14.7 billion settlement with 475,000 vehicle owners.The deal, the largest-ever reached with an automaker accused of misconduct, gives owners of Vo...
By Matthew Heller • Oct. 25, 2016 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Energy Services Vendor, Execs, Settle SEC Fraud Case
An energy services provider and four of its former executives has settled Securities and Exchange Commission charges of taking part in an accounting fraud scheme that booked tens of millions of dollars in improper revenue, some from non-existent accounts, over a two-year span.Without admitting or...
By Sean Allocca • Oct. 20, 2016 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
SEC Fines ‘Fantasy Sports for Stocks’ Company
The operator of a mobile phone app that allowed users to make “fantasy stock” picks has been charged with illegally offering security-based swaps.The Forcerank app has been described as “fantasy sports for stocks,” offering contests in which players would rank a group of stocks or exchange traded...
By Matthew Heller • Oct. 14, 2016 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
SEC Hit Record Enforcement Highs in 2016
It’s been a busy year for the SEC — in fact, one of the busiest on record. The Securities and Exchange Commission announced its enforcement results for fiscal year 2016, posting record numbers for actions filed and money forfeited.The SEC filed 868 enforcement actions, in the year ending Sept. 3...
By Sean Allocca • Oct. 13, 2016 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Court Finds Structure of CFPB Unconstitutional
A federal appeals court has ruled that the single-director structure of the Consumer Financial Protection Bureau is unconstitutional but stopped short of shutting the controversial agency down.The D.C. Circuit Court of Appeals said having a single director who can only be removed by the President...
By Matthew Heller • Oct. 12, 2016 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Joint Ventures: Proceed with Caution
As joint venture agreements gain in popularity, corporate executives should be aware of the legal challenges and pitfalls that present themselves in these unique commercial arrangements.Jonathan Cogan The benefits of joint venture (JV) agreements are clear: They provide a framework for deeper col...
By Jonathan Cogan and Will Rosenzweig • Oct. 10, 2016 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Mylan Underpaid U.S. on Rebates for EpiPen
Mylan NV underpaid the federal-state Medicaid program in rebates owed on sales of EpiPen by misclassifying the emergency allergic reaction treatment as a generic drug, according to a federal regulator.Andy Slavitt, acting administrator of the federal Centers for Medicare and Medicaid Services (CM...
By Matthew Heller • Oct. 6, 2016 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Tenet Settles Kickback Charges for $513M
Tenet Healthcare has agreed to pay $513 million to settle charges that its hospitals in Georgia and South Carolina paid kickbacks to an operator of prenatal clinics in return for referrals.The hospital chain said Monday it had finalized a deal with the U.S. Department of Justice that resolves bot...
By Matthew Heller • Oct. 4, 2016 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
A Foreign Government Blocks a Huge Customer Payment. Now What?
[Editor’s note: the following is a fictional scenario.]It was 4:30 a.m. and the phone must have just rung five times, probably waking up everyone in the house. Bleary-eyed, I could see that the call was coming in from Jimmy Callaghan, chief operating officer of my company’s Latin America division...
By Marc Wagman • Oct. 3, 2016 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Puma Biotech Exec Accused of Insider Trading
A former Puma Biotechnology executive has been charged with making more than $1.1 million in illicit profits by trading in the company’s shares ahead of positive news about its breast cancer drug.The U.S. Securities and Exchange Commission said Robert Gadimian, 46, learned sensitive, nonpublic in...
By Matthew Heller • Sept. 30, 2016 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Och-Ziff Settles Africa Bribery Case for $412M
In the first U.S. foreign bribery case against a hedge fund, Och-Ziff Capital Management Group has agreed to pay $412 million to settle charges that senior employees paid off government officials in Africa to secure business for the firm.Federal prosecutors in Brooklyn, N.Y., said Och-Ziff “posit...
By Matthew Heller • Sept. 30, 2016 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Merrill Lynch Fined $12M Over Flash Crashes
Merrill Lynch has agreed to pay $12.5 million to settle charges that it failed to prevent the transmission of erroneous trades, causing mini-flash crashes in the stocks of 13 companies including Google, Diageo, and Anadarko Petroleum.The U.S. Securities and Exchange Commission said Merrill’s inte...
By Matthew Heller • Sept. 27, 2016 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Movie Execs Accused of Studio Complex Fraud
The former CEO of a would-be movie production company and his successor have been charged with falsely claiming they were building the largest film studio in North America and using investor funds to finance a “Hollywood lifestyle.”The U.S. Securities and Exchange Commission said Medient Studios ...
By Matthew Heller • Sept. 26, 2016 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Regulator Launches Samsung Phone Recall
With research data showing initial warnings have not discouraged use of Samsung’s Galaxy Note 7, the U.S. Consumer Product Safety Commission has announced a formal recall of the fire-prone devices.Samsung itself launched an international recall Sept. 2 of 5 million units of the new high-end Note ...
By Matthew Heller • Sept. 16, 2016 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Court Tosses Suit Over One-Star Rating on Yelp
In a victory for internet service providers, a federal appeals court has ruled that Yelp’s signature star-rating system does not make it liable for a negative review posted by a user.Section 230 of the Communications Decency Act (CDA) broadly protects ISPs from liability for content “created” by ...
By Matthew Heller • Sept. 14, 2016 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
How to Mitigate the Threat of Ransomware
All too often, companies’ focus after being victimized by a ransomware attack is on the ransom paid, which is generally the most trivial outcome of the incident. From the perspective of a CFO, what goes unaccounted for in any meaningful way is the lost productivity, lost profits, harm to business...
By Michael R. Overly and Aaron Tantleff • Aug. 31, 2016 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
New Rules Open Skies to Commercial Drones
The Federal Aviation Administration’s new rules for the drone industry have gone into effect, with the agency predicting a 30-fold increase in commercial flights within a year.There are 20,000 drones currently registered for commercial use in the U.S. but the new rules, which were finalized in Ju...
By Matthew Heller • Aug. 31, 2016 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Green Tech Execs Accused of $6 Million Fraud
The two top executives of green technology firm Enviro Board have been charged with defrauding investors of $6 million by making bogus financial projections for a building materials product.The U.S. Securities and Exchange Commission said co-chairmen/CEOs Glenn Camp, 59, and William Peiffer, 62, ...
By Matthew Heller • Aug. 29, 2016 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
How Delaying Payments Can Help Suppliers
Extending payment terms to 120 days or more frees up working capital for big companies. But it can also increase the financial stress on suppliers and ultimately lead to increased product costs. Although the tactic has attracted much criticism, research underway at the Zaragoza Logistics Center, ...
By Spyros Lekkakos • Aug. 12, 2016 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Ex-College Football Star Accused of $6M Fraud
Former University of Virginia linebacker Merrill Robertson and his partner in an investment firm have been charged with stealing $6 million in funds from investors, including football coaches at schools he attended, to finance their “luxurious” lifestyles.The U.S. Securities and Exchange Commissi...
By Matthew Heller • Aug. 11, 2016 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Drug Investigator Accused of Insider Trading
A Connecticut cardiologist who was helping to conduct a clinical trial of a heart drug for Regado Biosciences has been charged with insider trading in the biotech firm’s shares.The U.S. Securities and Exchange Commission said Edward Kosinski, 68, traded on his advance notice of announcements rela...
By Matthew Heller • Aug. 5, 2016 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Regulator Seeks Tougher Rules on Debt Collectors
The U.S. Consumer Financial Protection Bureau has proposed new rules for the debt collection industry that include limiting collectors’ communications with debtors.While the industry is already regulated by the Federal Trade Commission under the Fair Debt Collection Practices Act, the CFPB has pe...
By Matthew Heller • July 29, 2016 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Treasury Chief Lauds Dodd-Frank
In a statement celebrating the six-year anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act, U.S. Treasury Secretary Jacob Lew today praised the “resilience” of the reformed financial system in the face of episodes of market volatility triggered by Brexit and other events...
By David Katz • July 21, 2016
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