The Securities and Exchange Commission (SEC) has charged Cantor Fitzgerald, L.P. with misleading investors over its handling of two special purpose acquisition companies (SPACs). The firm, which has agreed to pay a $6.75 million civil penalty to settle the case, found itself under scrutiny for bending the truth about its early dealings with potential merger targets.
the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has slapped Toronto-based Exchange Bank of Canada with a $2,457,750 penalty for failing to uphold key anti-money laundering (AML) and anti-terrorist financing rules.
Judge Adrienne Nelson of the U.S. District Court for the District of Oregon has stepped in to block the proposed $24.6 billion merger between Kroger Co. and Albertsons Companies, Inc. On December 10, 2024, the court issued a preliminary injunction, reflecting growing concerns about the merger’s potential to harm competition, raise consumer prices, and negatively affect grocery store workers.
Senators Ron Wyden (D., Ore.) and Elizabeth Warren (D., Mass.) are turning up the heat on TD Bank, demanding answers about what its executives and employees knew regarding a sprawling money-laundering operation. This operation, spearheaded by Da Ying Sze—a Queens-based individual—funneled more than $470 million from drug sales through the bank. The senators’ inquiry, detailed in a letter to TD Bank CEO Bharat Masrani, signals ongoing scrutiny despite October’s record-breaking $3 billion settlement with the Justice Department.
Methode Electronics, the Chicago-based manufacturer known for its contributions to transportation and cloud computing industries, is facing questions from the Securities and Exchange Commission (SEC) over its adherence to anti-corruption laws, including the Foreign Corrupt Practices Act (FCPA).
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.