Morgan Stanley Smith Barney LLC (MSSB) is facing a $15 million penalty from the Securities and Exchange Commission (SEC) after the agency found significant lapses in the firm’s ability to supervise its financial advisors. The gaps in oversight allowed four advisors to misappropriate millions of dollars from client accounts over several years.
SG Americas Securities, LLC, a New York-based member of the Financial Industry Regulatory Authority (FINRA), has found itself in hot water for failing to comply with essential fingerprinting requirements. FINRA announced a $950,000 fine, a formal censure, and strict remediation obligations following SG Americas’ acknowledgment of violations dating back to 2016.
Principal Associate Deputy Attorney General Marshall Miller took the stage at the Practicing Law Institute’s White Collar Crime 2024 program in Washington, D.C., delivering a keynote that delved into the Department of Justice’s (DOJ) recent innovations in corporate crime enforcement. Among the most notable developments he discussed was the newly revamped DOJ whistleblower program — a game-changer in the fight against corporate wrongdoing.
The Hong Kong Monetary Authority (HKMA) has hit China CITIC Bank International Limited (CITIC) with a HK$4 million fine for falling short in its anti-money laundering (AML) duties. Announced today, December 6, 2024, the penalty stems from an investigation that found significant gaps in the bank's ability to monitor suspicious transactions between 2015 and 2018.
Maxen Power, an energy supplier serving over 10,000 non-domestic customers, has agreed to pay £1.65 million after a recent investigation revealed serious customer service issues. The payment, ordered by energy regulator Ofgem, is in response to the company’s failure to meet industry standards, leaving customers vulnerable to financial difficulties.
Finland’s national postal service, Posti, has been hit with a €2.4 million fine following an investigation into its OmaPosti service. The Finnish Data Protection Ombudsman’s Sanctions Board determined that Posti’s handling of personal data violated GDPR rules, particularly in how it automatically created electronic mailboxes for customers without clear consent. The fine emphasizes the importance of transparency and respect for privacy in today’s digital landscape.
LifeSci Capital, a New York-based firm, has reached a settlement with FINRA following several violations related to its handling of underwriting compensation and its failures in adhering to regulatory filing requirements. The firm, a FINRA member since 2014, has agreed to a settlement that includes a $900,000 fine, censure, and a commitment to improve its supervisory systems to better comply with securities regulations.