Enforcement Archive

Aug 08, 2019
Citi unit fined over employee screening allegations
Citigroup Global Markets will pay a $1.25 million fine for allegedly failing to conduct timely or adequate background checks on thousands of non-registered associated persons. The Financial Industry Regulatory Authority (FINRA) brought the enforcement, which Citigroup Global Markets settled without admitting or denying wrongdoing. Susan Schroeder, executive vice president of FINRA’s enforcement department, said in a statement: ‘FINRA member firms must liv...
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Jul 26, 2019
The week in GRC: DoJ launching antitrust review of big tech firms, and sanctions enforcement fines increase
– CNN reported that credit reporting agency Equifax reached a deal to pay up to $700 million to state and federal regulators to settle investigations arising from a data breach that exposed the personal information of almost 150 million people. The Federal Trade Commission (FTC) said Equifax will pay at least $300 million and as much as $425 million to compensate affected people with cre...
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Jul 25, 2019
Facebook settles SEC complaint about data misuse disclosure
Facebook has agreed to pay $100 million to settle SEC allegations that it made misleading disclosures regarding the risk of misuse of users’ data. According to the SEC, the social media company’s public disclosures for more than two years presented the risk of misuse of user data as simply hypothetical even though Facebook knew that a third-party developer had misused such data. Facebook has agreed to settle the action without admitting or denying the SEC’s al...
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Apr 04, 2019
Fresenius pays $231 million to resolve FCPA actions
Bad Homburg, Germany-based company Fresenius Medical Care has agreed to pay a total of roughly $231 million to resolve investigations by the US Department of Justice (DoJ) and the SEC into alleged violations of the FCPA. The SEC states in a regulatory filing that from at least 2009 through 2016 millions of dollars in bribes were paid to procure business throughout Fresenius’ operations in Saudi A...
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Mar 12, 2019
Russia’s MTS settles FCPA case
Moscow-based Mobile TeleSystems (MTS), the largest mobile telecommunications company in Russia, has settled SEC and US Department of Justice (DoJ) allegations that it violated the FCPA to win business in Uzbekistan. The SEC alleges in a related filing that from 2004 until at least 2012 MTS offered and paid bribes to a government official in Uzbekistan in connection with its Uzbek operations. The im...
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Feb 01, 2019
The week in GRC: Google employees send diversity resolution to Alphabet board, and Elliott plans push for takeovers
– The Guardian reported that Nissan confirmed it was being investigated by the SEC. Former Nissan leader Carlos Ghosn was arrested in November by Japanese authorities after the company reported him for allegedly under-declaring his income by millions of yen. Nissan quickly removed him from his position as board chair following the arrest, but insiste...
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Jan 04, 2019
The week in GRC: House Dems to target board diversity, and global co-operation remains key in FCPA cases
– Politico reported that Rep Maxine Waters, D-California, the incoming chair of the House Financial Services Committee, is planning to use her new power to press for more women and minorities in the top ranks of corporate America. Waters has proposed creating a subcommittee focused on diversity and inclusion. Senior members of her committee are preparing to introduce bills...
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Nov 30, 2018
The week in GRC: Marriott reveals huge Starwood cyber-breach, and Deutsche Bank offices raided in AML probe
– The New York Times reported that the board of Mitsubishi Motors removed Carlos Ghosn as chair, a week after he was arrested in Tokyo on suspicion of financial misconduct. Following the arrest, the Nissan board had also voted to remove him as chair. Ghosn is being questioned by prosecutors after Nissan said he underreported his income to Japanese regulators over severa...
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