On Aug. 30, SEC charged IA for associating with barred advisor. Charges against Buffalo advisory firm, Grenda Group, and owner Walter Grenda. Alleged Violations Investment advisor Walter Grenda was expecting negative result in investigation. Grenda sold assets, including clients, to Grenda Group and son, Gregory Grenda. After being barred in 2015, Grenda Snr. continued to…
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SEC NFL Player Insider Trading
On Aug. 29, SEC charged NFL player and banker re insider trading. Mychal Kendricks given illegal tips by Damilare Sonoiki, investment bank analyst. The professional football player began to receive illegal tips, after they met at a party. Alleged Violations Sonoiki had access to confidential, nonpublic information, for upcoming mergers. Trading scheme facilitated with coded…
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Fed Small Holding Company Debt
On Aug. 28, Fed issued rules on small holding company debt. Interim final rule expanded use of small bank holding company policy statement. Per economic growth, regulatory relief and consumer protection act (EGRRCPA). EGRRCPA directed Fed to raise threshold from $1bn to $3bn in 180 days. Follows Fed Apr. 2015 rules, raising threshold for small BHC…
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SEC Legg Mason $34mn re FCPA
On Aug. 27, SEC settled with Legg Mason for bribery in Libya. Legg Mason charged with breaching the FCPA in a scheme to bribe Libyan officials. Violated internal accounting controls provision of Securities Exchange Act of 1934. Alleged Violations 2004-10 firm’s subsidiary, Permal Group, partnered with a French financial service company to solicit investment business…
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UK GC Fine Camelot £1.15mn
On Aug. 23, UK GC fined Camelot for control, governance failing. GC investigation into historic control and governance failings at Camelot completed. Launched due to identified failings regarding governance, risk, control framework. Findings Dec. 21, 2016, failings identified including 5 controls-related matters serious enough to warrant financial penalty, including incomplete lotto results publication on web.…
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UK GC Fine Camelot £1.15 mn
On Aug. 23, UK GC fined Camelot for control, governance failings. GC investigation into historic control and governance failings at Camelot completed. Launched due to identified failings regarding governance, risk, control framework. Findings Dec. 21, 2016, failings identified including 5 controls-related matters serious enough to warrant financial penalty, including incomplete lotto results publication on web.…
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