Three New Jersey-based financial firms have found themselves in hot water with the Securities and Exchange Commission (SEC). The firms, collectively managing millions in client assets, have been charged with violating whistleblower protection rules - a crucial safeguard in the complex world of financial services.
The US Department of Justice (DOJ) has taken a major step forward in its investigation into potential antitrust violations by Nvidia. According to a Bloomberg report, the DOJ has issued subpoenas to Nvidia and other companies, seeking evidence that Nvidia may be engaging in anticompetitive practices around its dominant position in the AI computing market.
The Securities and Exchange Commission (SEC) announced today that it has charged six major credit rating agencies with significant failures in maintaining and preserving electronic communications. The firms have admitted to wrongdoing and agreed to pay a combined total of over $49 million in penalties to settle the charges.
Navigating the global consulting industry requires deft handling of cultural intricacies and high-stakes negotiations, but even the most seasoned firms aren't immune to the pitfalls of corruption. The challenges of balancing ethical standards with the pressure to close deals can lead to serious missteps, showing that corruption can infiltrate even the most established and respected companies. The recent Foreign Corrupt Practices Act (FCPA) case involving Boston Consulting Group (BCG) serves as a compelling case study for compliance professionals across all sectors, offering both warnings and guidance on how to navigate treacherous waters.
The Commodity Futures Trading Commission (CFTC) has awarded more than $4 million to an insider whistleblower. The award recognizes the whistleblower’s crucial contributions to an investigation that exposed ongoing violations of CFTC rules, ultimately leading to enforcement action against the perpetrators.
Merrill Lynch and its parent company, Bank of America, have agreed to pay a $3 million fine and accept a censure from the Financial Industry Regulatory Authority (FINRA) for failing to properly monitor potentially manipulative trading activities by their customers. The settlement, announced on August 28, addresses violations that occurred from 2015 to present at Merrill Lynch and from 2019 to present at Bank of America Securities, the bank's institutional broker-dealer.
The Commodity Futures Trading Commission (CFTC) has ordered Nasdaq Futures, Inc. to pay a $22 million civil monetary penalty. The penalty stems from the company's failure to adhere to core regulatory principles, its lack of full disclosure regarding incentive programs, and for providing false and misleading information to the CFTC.