Enforcement Actions Settlement

News & Analysis as of

Bristol-Myers Squibb Pays $14 Million to SEC to Resolve China FCPA Offenses

On October 5, the SEC announced a settlement with Bristol-Myers Squibb to resolve allegations that the pharmaceutical company’s Chinese joint venture, BMS China, gave cash, jewelry, and other benefits to health care providers...more

SEC Fines Investment Firm $75,000 for Failing to Adopt Written Cybersecurity Policies and Procedures

Investment firm R.T. Jones Capital Equities Management (R.T. Jones) has agreed to settle with the Securities and Exchange Commission (SEC) and pay a $75,000 penalty over charges that it failed to adopt written policies and...more

Hacked Investment Advisor Fined $75,000 for Lack of Cyber-Security Measures

Many in the investment advisory community are following the story of R.T. Jones Capital Equities Management, an investment advisor that, according to the Securities and Exchange Commission (SEC), suffered a hack exposing the...more

Investment Adviser and SEC Agree to Settle Charges Arising out of Failure to Adopt Written Cybersecurity Policies Required by the...

The SEC charged investment adviser R.T. Jones with willfully violating the Safeguards Rule by failing to adopt written policies and procedures designed to protect customer records and information. The Safeguards Rule requires...more

Recent Settlements Signal Increased Political Law Enforcement by Government Officials

The U.S. government reached settlements with two federal lobbyist registrants recently in what appears to signal increased enforcement of political activity laws. On August 28, 2015, the U.S. Attorney’s Office for the...more

SEC’s Hitachi Enforcement Action and Important Compliance Reminders

The SEC continues to plug away at aggressive FCPA enforcement. This year, at least so far, the SEC has had a very successful year. The Hitachi case is a very interesting enforcement action for several major reasons. ...more

SEC Announces First Cybersecurity Enforcement Action Against an Investment Adviser for Failure to Protect Client Data

On September 22, 2015, the Securities and Exchange Commission (SEC) announced its first cybersecurity-related enforcement action against an investment adviser for failure to protect customer records and information. According...more

Five Settle Insider Trading Charges with SEC

The SEC filed a settled insider trading case which names as defendants two attorneys, an accountant and two other individuals. The action is based on information misappropriated from a corporate director by his personal...more

SEC Announces Cybersecurity Enforcement Action

On September 22, 2015, the Securities and Exchange Commission (SEC) announced the settlement of an enforcement action against a St. Louis-based registered investment adviser (Adviser) brought under Rule 30(a) of Regulation...more

SEC Charges Investment Adviser with Failure to Adopt Required Cybersecurity Policies Prior to Breach

On September 22, the Securities and Exchange Commission (SEC) announced that it had entered into a settlement order with R.T. Jones Capital Equities Management, Inc. (R.T. Jones), a St. Louis-based SEC registered investment...more

Adventist to Pay $118.7 Million Settlement in Whistleblower Lawsuit

On Monday, September 21, 2015, the Department of Justice announced a settlement with Florida-based Adventist Healthcare, whereby the company will pay $118.7 million to settle a whistleblower lawsuit. $115 million, the bulk of...more

FTC Continues Enforcing Ad Disclosure Obligations in New Media and Issues a Warning to Advertisers

In December 2014, we noted that the Federal Trade Commission’s (FTC) settlement with advertising firm Deutsch LA, Inc. was a clear signal to companies that advertise through social media that they need to comply with the...more

Three AGs Announce $1 Million Settlement with Internet Marketer

Attorneys General in New York, Pennsylvania, and Washington recently announced a settlement with an online marketing company over its “negative option” marketing plans. Internet Order LLC advertises an offer whereby consumers...more

Three More Swiss Banks Have Secured Non-Prosecution Agreements with the DOJ

Since our last update, three more Swiss banks have reached resolutions with the Justice Department under its Swiss Bank Program –Valiant Bank AG, Schroder & Co. Bank AG, and Hypothekarbank Lenzburg AG. To resolve their...more

AGs Reach $1 Million Settlement With Online Marketer of Pimsleur Language Courses

The Attorney General offices from the states of New York, Pennsylvania and Washington entered into a $1 million settlement with Internet Order LLC, doing business as Pimsleurapproach.com, over its use of ‘negative option’...more

Latest Lobbying Disclosure Act Settlement Underscores the Importance of a Robust Compliance Program

Even if you have nothing to report, you still need to file: that is the lesson from last week's Lobbying Disclosure Act (LDA) settlement. Late last week, DC-based lobbying firm Carmen Group reached an agreement with the...more

SEC Expands its Focus in the Municipal Bond Market, Bringing First-Ever Charges Against an Underwriter for Pricing Violations...

Coming on the heels of the SEC’s first wave of settlements with underwriters as part of its Municipalities Continuing Disclosure Cooperation (“MCDC”) initiative, the agency has brought yet another precedent-setting...more

HIPAA Security Requirements Aren't Cloudy, Especially to Whistleblowers

Earlier this month, the U.S. Department of Health and Human Services Office for Civil Rights (HHS OCR) announced that it had entered into a settlement agreement with St. Elizabeth's Medical Center (SEMC) in Brighton,...more

SEC Settles With Stock Promoters in Medical Marijuana Stock Manipulation Scheme

On July 9, the Securities and Exchange Commission settled with two stock promoters accused of reaping $2.5 million in illicit profits by manipulating stocks of medical marijuana microcap companies. According to the proposed...more

You Can Settle Your Insider Trading Case with a Negligence-based Charge

This is almost certainly not true anymore. But it was true once! Maybe only once. Back in October 1991, the SEC sued Shared Medical Systems, a Pennsylvania health care information services company and three of its officers...more

Hospital Pays $218,400 to OCR for HIPAA Violations

St. Elizabeth’s Medical Center (“SEMC”), a tertiary care hospital in Brighton, Massachusetts, has agreed to pay $218,400 to the Office for Civil Rights (“OCR”) to settle alleged violations of the Health Insurance Portability...more

Despite 1st Administrative Appeal, CFPB Seeks Out Courts

On June 4, 2015, Consumer Financial Protection Bureau Director Richard Cordray issued a decision in the first appeal of a CFPB administrative proceeding. The appeal to Director Cordray followed the CFPB's first administrative...more

Pioneer Hotel to Pay $150,000 to Settle EEOC National Origin / Color Harassment & Discrimination Suit

Hotel Failed to Halt a Barrage of Racial Slurs Endured by a Class of Latino / Brown-Skinned Workers, Federal Agency Charged - LAS VEGAS - Pioneer Hotel, Inc. in Laughlin, Nev., will pay $150,000 and furnish other...more

SEC Files Settled Insider Trading Case As Administrative Proceeding

One question in the wake of the Second Circuit’s decision in Newman regarding the personal benefit test for illegal tipping has been how the SEC would respond to a decision the U.S. Attorney told the Court would significantly...more

FTC Announces First Action Involving Crowdfunding

Last week, the FTC announced its first legal action involving crowdfunding. For those of you who don’t know, crowdfunding is the practice of raising money for a project by seeking contributions from a large number of people,...more

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