The SEC reports that Citigroup recently agreed to pay $10.5 million in penalties to settle charges involving its books and records, its internal accounting controls, and its trader supervision. Citigroup Inc. and its U.S. broker-dealer subsidiary, Citigroup Global Markets Inc. (CGMI), also will pay a $5.75 million penalty to settle the inaccurate books and records… Read More >>
Legg Mason Settles SEC Bribery Case for $34M
Asset manager Legg Mason Inc. will pay more than $34 million to settle the SEC allegations that the firm engaged in a bribery scheme via government officials in Libya that was in clear violation of the Foreign Corrupt Practices Act (FCPA). Legg Mason is charged with violating “the internal accounting controls provision of the Securities… Read More >>
FINRA Charges Interactive Brokers with Regulation SHO Violations
Electronic execution brokerage firm Interactive Brokers has been fined $5.5 million by FINRA, a self-regulatory organization (SRO), for allegedly violating the rules for short sale practices — covered by the SEC’s Regulation SHO —and for supervisory failures from July 2012 through June 2015. “Regulation SHO established ‘locate’ and ‘close-out’ standards that are primarily aimed at… Read More >>
Citigroup Pays $10.5M to Resolve Rogue Traders Case
The Securities and Exchange Commission (SEC) reports that Citigroup has agreed to pay $10.5 million in penalties to settle two enforcement actions involving its books and records, its internal accounting controls, and its trader supervision. The charges stem from $81 million in losses due to trader mismarking and unauthorized proprietary trading, and $475 million in… Read More >>
Credit Suisse in Hong Kong Settles FCPA Charges
The Hong Kong-based subsidiary of the Credit Suisse Group AG (CSAG), a Swiss-based issuer of publicly traded securities in the United States, has reached an agreement with the U.S. Department of Justice to pay a $47 million criminal penalty for its role in a scheme to “corruptly win banking business” in the Asia-Pacific region by… Read More >>
Deutsche Bank Settles ‘Improper’ FX Conduct Case
Deutsche Bank AG will pay a fine of $205 million to the New York State Department of Financial Services (DFS) for violations of New York banking law that include “efforts to improperly coordinate trading activity through online chat rooms, improperly sharing confidential customer information, trading aggressively to skew prices, and misleading customers.” The fine and… Read More >>
JPMorgan Pays $65M to Settle ISDAFIX Case
The CFTC has settled its benchmark manipulation case against JPMorgan Chase (JPMC) via an order that requires the firm to pay a $65 million civil monetary penalty, and to strengthen its internal controls and procedures to prevent any future attempts to fix interest-rate swaps benchmarks. The order settles charges that JPMC attempted to manipulate the ISDAFIX benchmark “over… Read More >>
Citi Settles Benchmark Manipulation Charges with 42 States
Citibank has settled with 42 states in a major case based on charges of fraudulent conduct via the alleged manipulation of the U.S. Dollar LIBOR benchmark interest rate and will be paying $100 million as part of a recent settlement. The LIBOR benchmark, now overseen by the ICE Benchmark Administration (IBA), helps financial services firms… Read More >>
Merrill Lynch to Repay Clients $10.5M via RMBS Case
Merrill Lynch, Pierce, Fenner & Smith Inc. is settling with the SEC over the regulator’s charges that traders and salespeople of the firm misled customers, causing them to overpay for non-agency, residential mortgage-backed securities (RMBS) from 2009 to 2012. “Without admitting or denying the findings, Merrill Lynch agreed to be censured, pay a penalty of… Read More >>
deVere USA Pays $8M to Settle SEC Case
The SEC reports that deVere USA, Inc., a New York-based registered investment adviser, or RIA, has agreed to pay an $8 million civil penalty related to its alleged failure to disclose conflicts of interest to its retail clients. The settlement will result in the establishment of a so-called fair fund that will distribute the penalty… Read More >>
