On Jul. 18, SEC charged two in fraud scheme targeting elderly. SEC charged Garrett M. O'Rourke of FL, and Michael J. Black of MD in microcap pump and dump scheme targeting elderly retail investors, SEC also obtained asset freezes. Fraud Scheme From 2016 to 2018, defendants used high pressure promotional campaigns to sell the stock…
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LAT FCMC Fined Rigensis Bank
On 15 July 2019 , LAT FCMC fined Rigensis Bank €1mn, issued warning. FCMC fined Rigensis Bank AS €1mn, imposed legal obligations, warned board member. Rigensis infringed AML/CFT rules for internal controls and customer risk-related issues. Violations Key controls related to customer due diligence, transaction monitoring found deficient. Identifying beneficial owner, customers' source of funds…
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UK GC Casino 36 Penalty Package
On Jul. 11, UK GC issued penalty for AML, social responsibility failures. Relates to money laundering / social responsibility failures by operator Casino 36. UK GC investigation revealed the operator had failed to ensure adequate customer enhanced due diligence, source of funds, source of wealth checks for 33 customers. During the relevant period, from Nov.…
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SEC Charges Advisor With Fraud
On Jul. 1, SEC charged advisor with defrauding retail customers. Fieldstone Financial Management Group and principal Kristofor Behn, defrauded retail clients by failing to disclose conflicts of interest on their recommendations. Charges 2014-2016, approximately 40 retail clients of Behn and Fieldstone invested over $7mn in Aequitas securities, who were subject of a previous enforcement action.…
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DoJ Fine Technip $296mn FCPA
On June 26, DoJ announced settlement of foreign bribery case. TechnipFMC and subsidiary Technip USA agreed to pay over $296mn in FCPA fine. Company is a global provider of oil and gas services, and product of 2017 merger between two predecessor companies, Technip S.A. and FMC Technologies (FMC). Charged 2 separate bribery schemes: Technip Brazil…
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DoJ, SEC Walmart $282mn FCPA
On June 20, DoJ, SEC settled with Walmart for FCPA charges. Walmart agreed to pay SEC about $144mn, and $138mn to DoJ, total of $282mn. Failed to maintain adequate anti-corruption compliance program for about decade. Subsidiaries in Brazil, China, India, Mexico used third-party intermediaries (TPIs) who made payment to foreign government officials without compliance assurance.…
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