Compliance & Ethics

In a dramatic enforcement move, the Securities and Exchange Commission (SEC) has taken aim at Kiromic BioPharma, Inc., a Houston-based biotech firm, and two of its former top executives, accusing them of keeping investors in the dark about critical FDA setbacks during a $40 million public offering. While the executives face penalties, the company itself avoided a fine, thanks to its efforts to come clean, cooperate, and make things right after the fact.

The Federal Trade Commission (FTC) isn’t buying IntelliVision Technologies Corp.’s lofty promises about its facial recognition software. In a move that sends a clear message to AI developers, the agency has reached a proposed settlement with the San Jose-based company over allegations that it made unsupported claims about the accuracy and fairness of its AI-powered technology.

After ten years of legal wrangling, Gen Digital Inc. — the tech giant once known as Symantec Corp. — has paid $55.1 million to settle a False Claims Act case involving overcharges to the U.S. government. The hefty payout, which includes $16.1 million in damages and $36.8 million in civil penalties, wraps up one of the longest-running procurement fraud battles in recent memory.

The Monetary Authority of Singapore (MAS) has handed JPMorgan Chase Bank, N.A. (JPM) a $2.4 million civil penalty. The fine comes after regulators uncovered a series of missteps by the bank’s relationship managers (RMs), who misrepresented fees during over-the-counter (OTC) bond transactions, leaving clients unknowingly overcharged.

The Department of Justice’s (DOJ) Antitrust Division recently updated its Evaluation of Corporate Compliance Programs in Criminal Antitrust Investigations, a guidance that serves as a benchmark for companies to assess and improve their compliance programs. This revision builds on the 2019 guidelines and highlights emerging trends, especially the growing importance of technology, communication tools, and management culture in maintaining robust antitrust compliance.

Barclays is closing the book on one of the most contentious chapters in its history, agreeing to pay a £40 million fine to the Financial Conduct Authority (FCA) for failing to disclose key arrangements with Qatari investors during a pivotal moment in 2008. The saga, which has spanned over a decade, is an important reminder that actions taken under pressure can reverberate for years.

The Securities and Exchange Commission (SEC) announced today that it had agreed on charges against United Parcel Service (UPS) in response to falsified earnings numbers resulting from its failure to comply with generally accepted accounting principles (GAAP) when valuing one of its poorest-performing subsidiaries.