Johnny Depp?s ex-business managers face federal probes for fraud
Data de publicação: Thu, 17 Aug 2017 20:15:03 +0000 - Fonte: Compliance X
The ongoing legal battle between Hollywood actor Johnny Depp and his former business managers intensifies as reports reveal that his former business managers are facing investigations from three federal agencies. Management Group founders Joel and Rob Mandel may potentially face fraud and money laundering charges by the Internal Revenue Service and Justice Department, while the Securities and Exchange Commission are probing how the firm managed Depp’s funds, said people familiar with the situation, according to a Wall Street Journal report. The Management Group has not been contacted yet in regards to the probe, according to a person close to the matter. […] The post Johnny Depp’s ex-business managers face federal probes for fraud appeared first on Compliancex.
SEC officials? holdings, legal work, pose potential conflicts
Data de publicação: Thu, 17 Aug 2017 19:54:01 +0000 - Fonte: Compliance X
Two lawyers appointed to senior jobs at the U.S. Securities and Exchange Commission have ties to major companies including financial firms Goldman Sachs Group Inc (GS.N) and Wells Fargo & Co (WFC.N) that could complicate efforts to regulate them, according to government documents viewed by Reuters. Steven Peikin, the new co-head of enforcement at the SEC, held as much as $9 million worth of stock in dozens of blue-chip companies as of Aug. 8, according to a disclosure filing obtained through a public records request. Among them are several large financial firms whose shares Peikin plans to divest, including Goldman, […] The post SEC officials’ holdings, legal work, pose potential conflicts appeared first on Compliancex.
Why Wells Fargo Needs Compliance Expertise on its Board
Data de publicação: Thu, 17 Aug 2017 19:46:20 +0000 - Fonte: Compliance X
In a New York Times (NYT) Dealb%k article, entitled ?Wells Fargo Vice Chairwoman to Succeed Departing Chairman?, Stacy Cowley reported that the Wells Fargo Board of Directors Chairperson, Stephen W. Sanger, will retire at the end of the year and will be succeeded by Elizabeth Duke, a former Federal Reserve Board governor. Also, standing down are Cynthia H. Milligan and Susan G. Swenson, both who joined the Board in the 1990s. In addition to the elevation of Duke to the Chairperson role, retired PricewaterhouseCoopers (PwC) executive Juan A. Pujadas, will join the board next month. These departures leave at least one […] The post Why Wells Fargo Needs Compliance Expertise on its Board appeared first on Compliancex.
IPERS is suing Wall Street banks for collusion
Data de publicação: Thu, 17 Aug 2017 19:40:30 +0000 - Fonte: Compliance X
Iowa’s biggest public employee pension plan is among three plaintiffs suing some of the nation’s largest investment banks, claiming the Wall Street giants have colluded to maintain exclusive control of the $1 trillion stock loan market. Together with the Orange County Employees Retirement System and the Sonoma County Employees Retirement Association, the Iowa Public Employees’ Retirement System filed a federal class-action suit Thursday in the Southern District of New York. Known as IPERS, the Iowa fund has more than 350,000 members, including state, city, county and school district employees, plus former Iowa public employees and retirees. The lawsuit claims that six investment banks ? Bank of America, […] The post IPERS is suing Wall Street banks for collusion appeared first on Compliancex.
Australia proposes stronger money laundering rules, includes bitcoin
Data de publicação: Thu, 17 Aug 2017 14:29:38 +0000 - Fonte: Compliance X
Australia said on Thursday it would strengthen its money laundering laws, including bringing bitcoin providers under the government’s financial intelligence unit, days after a fresh scandal at one of the country’s biggest banks. The government said a coming bill would be the first stage of reforms to strengthen the country’s Anti-Money Laundering And Counter Terrorism Financing Act. “The threat of serious financial crime is constantly evolving, as new technologies emerge and criminals seek to nefariously exploit them. These measures ensure there is nowhere for criminals to hide,” Minister of Justice Michael Keenan said, without specifying when the legislation would be […] The post Australia proposes stronger money laundering rules, includes bitcoin appeared first on Compliancex.
The Whale That Should Not Have Gotten Away
Data de publicação: Thu, 17 Aug 2017 14:17:25 +0000 - Fonte: Compliance X
The editorial board of The Wall Street Journal has asserted that bankers and traders didn?t go to jail for their bad behavior in the years leading up to the financial crisis ?because they haven?t committed any crimes.? ?Politicians and journalists have made careers of lamenting that too few bankers have been convicted of crimes,? the editorial writers said. ?They overlook that, at least in America, to prove a crime you have to have enough evidence and that a mistake is not necessarily criminal.? The Journal could not be more wrong. For reasons that remain mysterious and confounding, the truth is that contrary […] The post The Whale That Should Not Have Gotten Away appeared first on Compliancex.
FCA Publishes its Annual Money Laundering Report
Data de publicação: Thu, 17 Aug 2017 14:13:28 +0000 - Fonte: Compliance X
Last month saw the FCA published its Anti-Money Laundering Annual Report (?AML Report?). The AML Report describes the FCA?s regulatory activities in the last 12 months. It also outlines the FCA?s plans over the next year. Supervisory Visits The FCA reports that during the reporting period, it approached its AML supervisory activities in two ways. The first was the Systematic Anti-Money Laundering Programme (SAMLP). This involves the FCA?s scrutiny of 14 major retail and investment banks operating in the UK, along with some of their overseas operations. To date, it has completed 11 SAMLP assessments. The FCA reports that the […] The post FCA Publishes its Annual Money Laundering Report appeared first on Compliancex.
World?s biggest banks face £264bn bill for poor conduct
Data de publicação: Thu, 17 Aug 2017 14:04:13 +0000 - Fonte: Compliance X
Costs for 20 financial institutions for the five years to 2016 are higher than in the previous period, with RBS and Lloyds in top five Fines, legal bills and the cost of compensating mistreated customers reached £264bn for 20 of the world?s biggest banks over the five years to 2016, according to new research that raises doubts about efforts by the major financial services players to restore trust in the sector. This figure is higher than in the previous five-year period ? when the costs amounted to £252bn ? and is up 32% on the period 2008-12, the first time the data was […] The post World’s biggest banks face £264bn bill for poor conduct appeared first on Compliancex.
Trump?s push to deregulate Wall Street ?may be taking us in a direction that is very dangerous?
Data de publicação: Thu, 17 Aug 2017 14:03:56 +0000 - Fonte: Compliance X
The Federal Reserve’s #2 man isn’t a fan of the Trump administration’s proposed push for deregulation. In an interview with the Financial Times’ Sam Fleming, Vice Chairman of the Federal Reserve Stanley Fischer described moves to unwind the post-crisis system as “mind-boggling” and added that the US political system “may be taking us in a direction that is very dangerous.” “It took almost 80 years after 1930 to have another financial crisis that could have been of that magnitude. And now after 10 years everybody wants to go back to a status quo before the great financial crisis. And I […] The post Trump’s push to deregulate Wall Street ‘may be taking us in a direction that is very dangerous’ appeared first on Compliancex.
JPMorgan launches new algo-driven ?dark pool? for stocks
Data de publicação: Thu, 17 Aug 2017 13:53:32 +0000 - Fonte: Compliance X
NEW YORK (Reuters) – JPMorgan Chase & Co has begun trading on a new private stock trading venue, or “dark pool,” that lets its clients use the bank’s algorithms to buy or sell stocks at a benchmark price reached over a period of time. Trading in the new dark pool, known as JPBX, began the week of July 17, according to data from the Financial Industry Regulatory Authority. The move comes at a time of increased regulatory scrutiny of dark pools that has led to a number of trading venues being shuttered, and highlights JPMorgan’s efforts to expand its equities […] The post JPMorgan launches new algo-driven ‘dark pool’ for stocks appeared first on Compliancex.