On Aug. 13, 2018, DoJ announced sentencing for CEO, of 36-months in prison. As well as 36-month sentence Johnson received a two-year supervised release. Johnson Jnr. and Reich, pled guilty to participation in scheme to commit fraud. Others are scheduled to be sentenced on Sep. 17 and 21, 2018, respectively.
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UK ICO Emma’s Diary £140k Fine
On Aug. 9, ICO fine for selling of personal data to a political party. ICO fine Lifecycle Marketing (Mother and Baby) ltd, aka Emma's Diary, £140,000. Followed interim report on data analytics for political campaigning, see #45157. ICO Findings Illegally collected, sold personal information belonging to more than 1mn people. Data broking company, which provides advice…
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SEC Fine Broker AML Reports
On Aug. 8, 2018, SEC issued no-action relief under S.206(4) and Rule 206(4)-3). Allows investment adviser to pay Schwab cash for solicitation of advisory clients. SEC enforcement would otherwise stop IAs making payment directly or indirectly. Background: On Jul. 9, SEC fined Schwab for not reporting IA suspicious trades. Charles Schwab settled charges it failed…
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SEC Sonos False Revenue Fine
On Aug. 7, SEC fined Sonus Networks for false revenue projections. Sonus Networks and executives agreed to pay over $1.9mn to settle charges. Alleged Violations Former Sonus CFO, Mark Greenquist, was found to be aware of red flags which undermined the company’s first quarter 2015 announced estimates of revenue. Warnings included Sonus pulling forward deals…
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OFAC Reimposed Iran Sanctions
On Aug. 6, OFAC revised existing Iran-FAQs for reimposed sanctions. Follows White House Aug. 2018 executive order re-imposing sanctions re Iran. OFAC Statement and FAQ OFAC has revised statement and updated FAQ on implementation of May 2018 decision to end US participation in joint comprehensive plan of action (JCPOA). Implements Treasury May 2018 notice reimposing…
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CSEC €6.5 mn Insider Deal Fine
On Jul. 25, CSEC fine for insider dealing, market manipulation. Fines of almost €6.4mn for share acquisition in Sea Star Capital Plc, for violating laws regarding insider dealing, confidential information and market manipulation. Imposed on Ioannis, Amalia Vardinoyianis, Christodoulos Ellinas, Philippos Larkos. Allegations Possessing confidential information re: change in company activities re: shipping. Ioannis Vardinoyannis…
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