Everything Compliance-Episode 12
Introduction - Class Plaintiffs in the case of In re Foreign Exchange Benchmark Rates AntiTrust Litigation alleged that Defendant banks conspired to fix prices in the foreign exchange (“FX”) market in violation of Sections 1...more
The U.S. Commodity Futures Trading Commission (CFTC) has charged a man from Colorado with fraud and failing to register with it in respect of a scheme that involved Ponzi-type payments....more
Government Suggests that Unusual Pleas are Just the Tip of an Iceberg - Chinese law generally prohibits its citizens from converting more than $50,000 in Chinese yuan into foreign currency in a year. On Monday, two men...more
The OCC announced yesterday that it’s bringing enforcement actions against five former Wells Fargo bank executives as part of their alleged roles in the bank’s sales practices scandal. The agency further revealed that it’s...more
The Financial Industry Regulatory Authority is not known for its aggressive enforcement record. But that may be changing. FINRA recently fined BNP Paribas for $15 million for anti-money laundering deficiencies in the...more
Man-of-the-people PM Boris Johnson is set to as the Queen to suspend parliament for 5 weeks in an attempt to squeeze the time for opposition to the October 31st Brexit deadline, a move that’s prompting concerns about a...more
The Department of Justice (DOJ) Antitrust Division announced three new investigations and several developments in its other investigations, including new investigations in the commercial flooring industry, online auctions for...more
U.S. Developments - Regulatory Updates - SEC Files Enforcement Action Against Alleged Fraudulent Cryptocurrency Pyramid Scheme - On May 22, the Securities and Exchange Commission (“SEC”) filed a complaint in the U.S....more
Just days after Facebook announced its shift to more private communications, the company’s chief product officer (and longtime Zuck inner-circler) Chris Cox and WhatsApp head Chris Daniels are both heading out the door,...more
Q4 Update: Overview of Cartel Investigations - Although 2018 saw guilty pleas and new indictments in several ongoing Department of Justice (DOJ) investigations, the year finished by continuing a downward trend in antitrust...more
Federal prosecutors have opened a criminal probe into Huawei Technologies’ alleged theft of trade secrets from its US business partners, “including technology used by T-Mobile US Inc. to test smartphones.” The investigation...more
China’s infamous shadow banking industry—an $8.5 trillion marketplace that’s sprung up in reaction to the government’s “campaign against financial leverage”—is back and bigger than ever these days....more
Lynn Tilton’s very public spat with the SEC over the agency’s in-house court system may be heading to the Supreme Court, thanks in part to a recent 10th Circuit opinion last week that created a Circuit split over the...more
During 2014, the number of enforcement actions brought by federal banking agencies1 continued a downward trend that began in 2011. Federal banking agencies issued 661 formal enforcement actions, representing more than a 55...more
In This Issue: - Foreign Currency Manipulation Front and Center in U.S. Trade Talks - United States Challenges Chinese Export Subsidies at the WTO - Executive Branch Launches Plan to Combat Wildlife Trafficking...more
After four years of litigation, Bank of New York Mellon (BNY) recently won dismissal of allegations that it violated the California False Claims Act (CFCA). In this multi-district case titled, In re Bank of N.Y. Mellon Corp....more