Farhad Nafeiy, a 70-year-old telecommunications consultant from Alamo, California, has entered a guilty plea in the Northern District of California, admitting to violating the International Emergency Economic Powers Act (IEEPA) concerning sanctions on Iran.
The Commodity Futures Trading Commission (CFTC) has taken steps to modernize and refine its regulatory framework by publishing a proposed rule aimed at amending CFTC Regulation 4.7. This regulatory update addresses exemptions from specific compliance requirements for commodity pool operators (CPOs), commodity trading advisors (CTAs), and commodity pools regarding qualified eligible persons (QEPs).
The Federal Trade Commission (FTC) has taken a significant step in the fight against cross-border fraud by signing a cooperation agreement with consumer protection authorities from four Latin American countries: Chile, Colombia, Mexico, and Peru. The Multilateral Memorandum of Understanding (MMOU) aims to strengthen international collaboration in combating fraudulent activities, whether originating within or outside the United States.
The Dutch Authority for Consumers and Markets (ACM) has officially turned down Apple's objections to the fines imposed on the tech giant. The fines, totaling 50 million euros ($53 million), were levied against Apple due to its failure to comply with orders aimed at reducing the dominant position of Apple's App Store.
Cigna Group, a prominent national insurer headquartered in Philadelphia, has reached a settlement agreement to pay $172,294,350 to resolve allegations of violating the civil False Claims Act. The allegations revolve around Cigna's submission and retention of inaccurate and untruthful diagnosis codes for its Medicare Advantage Plan beneficiaries, a practice aimed at increasing Medicare payments. Of this total amount, Cigna will pay $135,294,350 as part of the settlement, stemming from an investigation conducted in the Eastern District of Pennsylvania.
The Financial Conduct Authority (FCA) has imposed a fine of £6,470,600 on ADM Investor Services International Limited (ADMISI) for serious financial crime control deficiencies. The FCA raised concerns regarding ADMISI's anti-money laundering (AML) systems in 2014, particularly noting the absence of a formal customer risk classification process.
The German financial regulator, BaFin, is set to deploy a special monitor to oversee operations at Deutsche Bank (DBKGn.DE), according to sources cited in a report by German daily Handelsblatt. This move comes in response to ongoing issues at Deutsche Bank's subsidiary, Postbank.