The Financial Industry Regulatory Authority (FINRA) has taken enforcement action against Wells Fargo Clearing Services, LLC (WFCS) for significant supervisory failures related to the short-term trading of certain investment products. This action comes as part of a settlement agreement reached between FINRA and WFCS, highlighting ongoing compliance challenges within one of the nation's largest financial institutions.
Chinese authorities have imposed severe penalties on PricewaterhouseCoopers (PwC) for its role in auditing the collapsed property developer Evergrande. The punishment, including a six-month ban and fines exceeding 400 million yuan ($56.4 million), marks the heaviest sanctions yet for international accounting firms operating in China.
The Consumer Financial Protection Bureau (CFPB) has ordered TD Bank to pay $28 million for repeatedly mishandling customer credit information. The penalty, announced on September 11, 2024, comes after a lengthy investigation revealed years of systemic errors that potentially harmed tens of thousands of consumers.
Wells Fargo Bank, N.A., has entered into a formal agreement with the Office of the Comptroller of the Currency (OCC) to address deficiencies in its anti-money laundering (AML) and financial crimes risk management practices. The agreement, announced today, outlines a comprehensive plan to enhance the bank's compliance with the Bank Secrecy Act (BSA) and U.S. economic sanctions laws.
The U.S. Securities and Exchange Commission (SEC) has announced settled charges against three sales agents from StraightPath Venture Partners for engaging in unregistered broker activity. Anthony Guarino, Robert Seropian, and Frank Vecchio were charged with selling membership interests in LLCs that claimed to invest in pre-IPO company shares without proper registration.
The Commodity Futures Trading Commission (CFTC) has approved a final rule amending Regulation 4.7, which provides exemptions from certain compliance requirements for commodity pool operators (CPOs) and commodity trading advisors (CTAs).
Agricultural machinery giant John Deere has agreed to pay nearly $10 million to settle charges brought by the U.S. Securities and Exchange Commission (SEC) for violations of the Foreign Corrupt Practices Act (FCPA). The charges stem from a bribery scheme involving the company's Thai subsidiary, Wirtgen Thailand.