Civil Monetary Penalty

News & Analysis as of

CFTC Penalizes Energy Company for Failing to Register as a CTA

The Commodity Futures Trading Commission (“CFTC”) recently ordered Summit Energy Services, Inc. (“Summit Energy”) to pay a $140,000 civil penalty to resolve allegations that it violated the Commodity Exchange Act (“CEA”). In...more

Update on Significant DOT, FAA and Other Federal Agencies’ Aviation-Related Regulatory Actions

Highlights of this edition of the Cozen O’Connor Aviation Regulatory Update include the FAA’s recent rulemakings involving New York area airport slots and safety management systems for U.S. Part 121 air carriers, developments...more

The SEC Does Not Care about Its Injunctions

It won’t surprise you to learn that the U.S. Code includes this provision: “A court of the United States shall have power to punish by fine or imprisonment, or both, at its discretion, such contempt of its authority . . . as...more

FinCEN Fines Former CCO For Maintaining Ineffective AML Program

Recently, FinCEN announced a $1 million civil money penalty against the former Chief Compliance Officer (CCO) of a large financial services company for allegedly violating the Bank Secrecy Act (BSA) and its implementing...more

Health Care Enforcement in 2015: A Look Back on 2014 and Forecasting the Year Ahead

In testimony before the House Oversight and Government Reform Subcommittee on Health Care in April 2011, the now-pending nominee for U.S. Attorney General, Loretta E. Lynch, stated in no uncertain terms that “fighting health...more

New Year Brings CPSC Civil Penalty for Axe Manufacturer

On January 5, 2015, the U.S. Consumer Product Safety Commission (CPSC) announced that Gerber Legendary Blades, a division of Fiskars Brands Inc., has agreed to pay a $2.6 million civil penalty to resolve charges that it...more

Connecticut Banking Regulator Fines Tribal Payday Lenders

On January 6, the Connecticut Department of Banking issued a cease and desist order against the head of an American Indian tribe and two payday loan companies owned by the tribe for allegedly violating a state cap on interest...more

FERC Approves Four MISO Market Manipulation Settlements

On December 30, 2014, the Federal Energy Regulatory Commission (FERC) issued an Order Approving Stipulation and Consent Agreements (Order) approving four Stipulation and Consent Agreements (Settlement Agreements) between...more

Illegal Premerger Coordination Leads to DOJ “Gun Jumping” Enforcement Action and $5 Million Settlement—Key Lessons Affecting...

On November 7, 2014, the Antitrust Division of the U.S. Department of Justice (“DOJ”) reached a $5 million settlement with Flakeboard America Limited (“Flakeboard”), its foreign parents, and SierraPine to settle allegations...more

FERC Issues Order to Show Cause and Notice of Proposed Penalties to Powhatan Energy Fund, LLC and Related Parties

On December 17, 2014, as amended December 18, 2014, the Federal Energy Regulatory Commission (FERC) issued an Order to Show Cause and Notice of Proposed Penalty (Show Cause Order)1 directing Houlian (Alan) Chen, HEEP Fund,...more

Study Shows Companies Face Larger Penalties When Whistleblowers Involved

A recently published study indicates that companies face much larger monetary penalties whenever a whistleblower is involved in enforcement actions against the company. In an average case, those companies paid penalties that...more

NY regulator settles lawsuit filed using Dodd-Frank authority

A settlement has been announced in the lawsuit filed by Benjamin Lawsky, the Superintendent of the New York Department of Financial Services, using his Dodd-Frank Section 1042 authority. Section 1042 allows state attorneys...more

FINRA Fines Financial Firms for Anti-Money Laundering Failures

On December 18, FINRA announced a joint $1.5 million penalty against two broker-dealers for anti-money laundering failures. According to anti-money laundering compliance program requirements, broker-dealers opening new...more

U.S. v. Flakeboard and SierraPine: HSR “Gun-Jumping” Results in $5 Million Penalty

On November 7, 2014, the U.S. Department of Justice (DOJ) filed a complaint and consent decree in the U.S. District Court for the Northern District of California requiring Flakeboard America Limited, Flakeboard’s parent...more

Illegal “Wash Sales” in Futures Contracts Result in $35 Million Fine

On December 18, the U.S. District Court for the Southern District of New York entered a Consent Order against a foreign bank (the “Bank”), imposing a civil monetary penalty of $35 million and enjoining future violations by...more

CFPB Fines Debt-Settlement Firm

On December 4, the CFPB fined a New Jersey-based debt-settlement service provider $69,075 in civil monetary penalties for alleged violations of the FTC’s Telemarketing Sales Rule (TSR). The CFPB alleged that the firm charged...more

FinCEN Fines Small Credit Union for BSA Violations

On November 25, FinCEN fined a small Florida-based credit union $300,000 in civil monetary penalties for violating the Bank Secrecy Act (BSA). From 2009 through 2014, FinCEN charged that, among other deficiencies within its...more

CFPB announces consent order relating to alleged debt relief scam

The CFPB has announced that it has entered into a proposed consent order with Premier Consulting Group LLC and a related law firm to settle claims that the defendants charged consumers upfront fees in violation of the...more

Antitrust-Related Recent Developments: DOJ settles gun-jumping case, FTC issues fines for failure to submit HSR filing and FTC...

DOJ fines particleboard manufacturers $4.95 million for gun-jumping violations - On Friday, November 7, 2014, two companies agreed to pay $4.95 million to settle U.S. Department of Justice (DOJ) allegations that the...more

FinCrimes Update - November 2014 Summary, Volume 1, Issue 9

IN THIS ISSUE: BSA/AML & OFAC | Virtual Currency & Payment Systems | FCPA & Anti-Corruption | Criminal Enforcement. ...more

Maxim Healthcare Services Will Pay $75,000 to Settle EEOC Disability Discrimination Suit

Staffing Agency Refused to Hire Qualified Applicant because He Is HIV-Positive, Federal Agency Said - PITTSBURGH -- Maxim Healthcare Services, Inc., a nationwide staffing service for nurses and other health care...more

2015 Labor & Employment Law Update for California Employers

The California Legislature enacted a number of new bills that become effective in 2015. Among the most significant are the following...more

“Buying Your Peace” in a Class Action Settlement

For defense attorneys negotiating class action settlements, a major consideration is ensuring that their client has indeed “bought its peace”—and won’t be facing follow-on litigation from plaintiffs who may not be bound by...more

"DOJ Antitrust Action Condemns Pre-Merger Coordination Requiring Target Company to Sell Factory"

On November 7, 2014, the United States Department of Justice, Antitrust Division (DOJ) announced a $5 million agreement to settle charges that Flakeboard and SierraPine had engaged in unlawful pre-merger coordination. The...more

Financial Services Weekly News Roundup - November 2014 #3

FINRA Requests Comment on Proposed “Pay-to-Play” Rule - FINRA issued Regulatory Notice 14-50 requesting comment on proposed “pay-to-play” and related rules that would regulate in a manner similar to Rule 206(4)-5 under...more

212 Results
|
View per page
Page: of 9