Compliance & Ethics

The Securities and Exchange Commission (SEC) has announced that it has reached a settlement with D. E. Shaw & Co., L.P., a registered investment adviser based in New York. The charges stem from allegations that D. E. Shaw violated whistleblower protection rules by requiring employees to sign agreements that prohibited the disclosure of confidential corporate information to third parties without exceptions for potential SEC whistleblowers. The firm also required departing employees to sign releases confirming that they had not filed any complaints with government agencies to receive deferred compensation. Under the terms of the settlement, D. E. Shaw has agreed to pay $10 million to resolve the charges.

Boeing has reached an $8.1 million settlement with the U.S. Department of Justice to resolve allegations of non-compliance with contractual obligations in the production of V-22 Osprey aircraft. The settlement, which addresses claims of violations of the False Claims Act, reflects the company's commitment to addressing these issues and ensuring adherence to contractual specifications.

Charlotte-based Albemarle Corporation, a leading global specialty chemicals company, has reached a significant settlement with the Securities and Exchange Commission (SEC), agreeing to pay more than $103.6 million. The settlement comes in response to charges filed by the SEC, alleging violations of the anti-bribery, recordkeeping, and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA).

The Securities and Exchange Commission (SEC) has taken decisive action against a group of firms, announcing charges against ten entities comprising five broker-dealers, three dually registered broker-dealers and investment advisers, and two affiliated investment advisers. These firms have been accused of widespread and long-standing failures to adequately maintain and preserve electronic communications, resulting in violations of recordkeeping provisions under federal securities laws. In response to the charges, the firms have collectively agreed to pay substantial penalties amounting to $79 million. Furthermore, they have initiated comprehensive enhancements to their compliance policies and procedures to address the deficiencies identified.

In a joint effort to combat financial fraud, the Commodity Futures Trading Commission (CFTC) and the California Department of Financial Protection & Innovation (DFPI) have filed a civil enforcement action against precious metals dealer Regal Assets LLC, its CEO Tyler G. Gallagher, and former President Leah Donoso. The charges allege that the defendants were involved in a nationwide fraudulent scheme that misappropriated over $21 million from unsuspecting victims.

The Securities and Exchange Commission (SEC) has announced charges against former Pareteum Corp executives, Chief Financial Officer Edward O’Donnell and Chief Commercial Officer Victor Bozzo, for their involvement in fraudulent revenue recognition practices. The SEC also revealed that Stanley Stefanski, Pareteum's former Controller, has settled charges in connection with the same scheme.

The Securities and Exchange Commission (SEC) has taken enforcement action against six officers, directors, and major shareholders of publicly-traded companies for failing to promptly report information about their holdings and stock transactions. Additionally, five publicly-traded companies are facing charges for either contributing to their insiders' reporting delays or neglecting to report their insiders' filing delinquencies.