Category: Compliance Regulation

A federal grand jury in the District of Columbia returned an indictment yesterday charging a Maryland man with major fraud against the United States and making false statements to the U.S. Securities and Exchange Commission (SEC) for his alleged participation in a scheme to deceive the SEC into thinking his company’s data center was certified at the highest rating level for reliability, availability, and security, when it was not. According to the indictment, Deepak Jain, 49, of Potomac, was the…

Evolving client needs and industry challenges The financial advice sector is adapting to profound shifts: an ageing adviser and client population, a massive transfer of wealth, the rise of defined contribution (DC) pensions over defined benefit (DB). In addition to a younger generation that engages with financial advice very differently from their parents, often through apps and social media. We’re also facing geopolitical and climate uncertainties, changing interest rates, and industry consolidation, not to mention the growing impact of artificial…

According to a report from the Financial Crimes Enforcement Network (FinCEN) on Oct. 10th, TD Bank’s U.S. wing agreed to pay over $3 billion in penalties. The fine was for failing to properly monitor money laundering activities. The bank has also accepted limits on its future growth in the U.S. FinCEN found that TD Bank facilitated over $1 billion in transfers linked to two crypto exchanges — one based in the United Kingdom and the other in Colombia. TD Bank…

TORONTO — The more than US$3-billion settlement TD Bank Group has reached with U.S. regulators for its failures to oversee money laundering risks has underlined what some say are relatively weak enforcement options in Canada. Denis Meunier, president of DMeunier Consulting Inc. and a former deputy director of Fintrac, said fines in Canada have to increase significantly to provide adequate deterrence and not become just a cost of doing business. He says the federal government should add substantial fines for…

View All Environmental Crimes Bulletins In This Issue: Cases by District/Circuit District/Circuit Case Name Statute(s) 8th Circuit Court of Appeals United States v. Harvey Allen Hugs BGEPA 11th Circuit Court of Appeals United States v. John R. Moore, Jr., et al. Maritime Jurisdiction Theft Southern District of California United States v. Michael Hart Greenhouse Gas Imports/ Conspiracy, American Innovation and Manufacturing Act of 2020 United States v. Amy Lupercio District of Columbia United States v. Rudy’s Performance Parts, Inc., et…

BRUSSELS (Reuters) – The EU Court of Justice upheld on Wednesday its ban on the provision of legal advice to Russian entities and individuals. The measure was first introduced in 2022 by the European Union as part of sweeping sanctions on Russia in response to its invasion of Ukraine. The ruling came after the Dutch bar association of Brussels, the Paris bar and others had asked for the measure to be annulled. “The prohibition thus applies only to legal advice…

In August 2024, a former employee who left the FCA some years ago made an allegation publicly that, in the course of whistleblowing, their identity was not kept confidential by the chair of the FCA, Ashley Alder. Following the first public allegation, a second former employee of the FCA, who also left some years ago, came forward with a similar allegation as to the handling of their whistleblowing communication to the chair. In line with the corporate governance of the…

Amazon is responsible under federal safety law for hazardous products sold on its platform by third-party sellers and shipped by the company, a U.S. government agency ordered Tuesday. In a unanimous vote, the Consumer Product Safety Commission said it determined that the e-commerce company was a “distributor” of faulty items sold on its site and packed and shipped through its fulfillment service. That means the company is on the hook, legally, for the recalls of more than 400,000 products, including…

On July 9, Turkish aviation authorities banned a Boeing 777F cargo plane of Ethiopian Airlines from flying through its airspace en route to Armenia, reports Armenian publication Hetq. The publication states that the plane had departed from Liège, Belgium, and, after flying through the airspace of several European countries, was supposed to enter Turkish airspace from Bulgaria. However, without receiving permission from the Turkish side, the plane made an intermediate landing in Vienna and returned to Liège. The Civil Aviation…

(Reuters) – Similac baby formula maker Abbott is expected to face a trial on Monday over claims that its formula for preterm infants used in neonatal intensive care units causes a potentially deadly bowel disease, the second trial out of hundreds of similar lawsuits in the United States. Lawyers for the company and for Illinois resident Margo Gill will make their opening statements to jurors in St. Louis, Missouri, and the trial is expected to last most of the rest…

WASHINGTON (AP) — The Transportation Department said Thursday that it fined Middle Eastern airline Emirates $1.8 million for flights in regions off-limits to U.S. airlines while it allowed JetBlue Airways to sell seats on the planes. The fine involves a “significant number” of flights from December 2021 to August 2022 that passed over Iraq on their way between the United States and the United Arab Emirates. UAE-based Emirates was fined $400,000 in 2020 for similar flights and agreed not to…

Johnson & Johnson has agreed to pay $700m to settle lawsuits in the United States that accused the pharmaceutical giant of deceiving customers about the safety of its talcum-based powder products. J&J’s payout resolves an investigation by more than 40 US states into the marketing of baby powder and other talc-based products that contained traces of cancer-causing asbestos. “Targeting communities with cosmetic products that contain dangerous substances is not just illegal, it is very cruel,” New York Attorney General Letitia…

WASHINGTON (AP) — U.S. health officials warned parents to avoid powdered infant formula sold by a Texas dairy producer, because a dangerous bacteria was found in one of the company’s products. The Food and Drug Administration issued the alert Friday on Crecelac Infant Powdered Goat Milk Infant Formula, after a sample collected from a Texas store tested positive for cronobacter, which can cause deadly infections in babies. The same bacteria sparked recalls and shortages of infant formula in 2022 after…

BOSTON – Magellan Diagnostics, Inc., a medical device company headquartered in Billerica, Mass., has agreed to resolve criminal charges relating to its concealment of a device malfunction that produced inaccurately low lead test results for potentially tens of thousands of children and other patients.  As part of the criminal resolution, Magellan will plead guilty to violations of the federal Food, Drug and Cosmetics Act and pay a $21.8 million fine, $10.9 million in forfeiture and a minimum of $9.3 million to compensate patient victims….

Dr. Campbell’s Notes and References Confirmed horrifying scandal https://www.telegraph.co.uk/news/2024/05/20/infected-blood-scandal-inquiry-live-latest/ Rishi Sunak “a day of shame for the British state” Worst treatment sandal in HNS history “Today’s report shows a decades-long moral failure at the heart of our national life – from the National Health Service to the Civil Service, to ministers in successive governments, at every level the people and institutions in which we place our trust failed in the most harrowing and devastating way. “They failed the victims and…

EU regulators have opened an investigation of 20 airlines over their potentially “misleading greenwashing practices”, including the claimed benefits of offsetting emissions from flying. The European Commission said on Tuesday that it had written to the airlines and to national consumer protection authorities “identifying several types of potentially misleading green claims”. The airlines were not named, but the national regulators involved are Belgian, Dutch, Norwegian and Spanish. The regulators’ concerns centre on claims that the carbon emissions from flying can…