Enforcement | Jotup

Hearing Notice - CIRO to Hold a Settlement Hearing for Gravitas Securities and Blayne Creed

Retrieved on:

月曜日, 10月 2, 2023

Interim, The central science, Dealer, IIROC, Investment, Hearing, Ultimate, Enforcement, CIRO, Financial adviser

TORONTO, Oct. 2, 2023 /CNW/ - A hearing has been scheduled before a hearing panel of the Investment Dealer Division of the Canadian Investment Regulatory Organization (CIRO) to consider whether the panel should accept a settlement agreement entered into between Enforcement Staff and Gravitas Securities Inc. and Blayne Creed.

Key Points:

TORONTO, Oct. 2, 2023 /CNW/ - A hearing has been scheduled before a hearing panel of the Investment Dealer Division of the Canadian Investment Regulatory Organization (CIRO) to consider whether the panel should accept a settlement agreement entered into between Enforcement Staff and Gravitas Securities Inc. and Blayne Creed.
The hearing is not open to the public, but will become open in the event that the hearing panel accepts the settlement agreement.
If the agreement is accepted, the panel's decision and the settlement agreement will be made available at www.iiroc.ca .
The Notice of Application announcing the settlement hearing is available at:
The alleged violations occurred while Blayne Creed was a Registered Representative, Ultimate Designated Person, Interim President and Chief Executive Officer of Gravitas Securities Inc. Gravitas Securities Inc. has been a Dealer Member since 2008.

CPSC: BJ's Wholesale Club Agrees to Pay $9 Million Civil Penalty for Failure to Immediately Report Portable Air Conditioners Posing Burn and Fire Hazards; One Person Died in Fire Involving the Air Conditioners

Retrieved on:

金曜日, 9月 29, 2023

CPSC, BJ, Lawsuit, Loblaw Companies, Commission, Consumer Product Safety Act, CPSA, Royal, U.S. Consumer Product Safety Commission, Division, Risk, Royal Sovereign, Death, Enforcement, Injury

BJ's sold 1,778 of the portable air conditioners between 2011 and 2012; 509 of those units were returned to BJ's.

Key Points:

BJ's sold 1,778 of the portable air conditioners between 2011 and 2012; 509 of those units were returned to BJ's.
In August 2016, one of the Royal Sovereign portable air conditioners sold by BJ's was involved in a house fire in Smithtown, New York.
Royal Sovereign and the Commission jointly announced a recall of the portable air conditioners on December 22, 2021.
Mark Raffman, a Senior Trial Attorney in the Division of Enforcement and Litigation, represented the Commission in this enforcement action.

SEC Charges Newell Brands and Former CEO for Misleading Investors About Sales Performance

Retrieved on:

金曜日, 9月 29, 2023

Regulate... G Funk Era, Part II, Newell, Disclosure, GAAP, Associate, Trust, Generally Accepted Accounting Principles (United States), Risk, Newell Brands, Growth, Security (finance), Melissa, Polk, Regulation, Enforcement

Washington, D.C.--(Newsfile Corp. - September 29, 2023) - The Securities and Exchange Commission today charged Newell Brands Inc., a Georgia-based consumer products company and its former CEO, Michael Polk, with misleading investors about Newell’s core sales growth, a non-GAAP (Generally Accepted Accounting Principles) financial measure the company used to explain its underlying sales trends.

Key Points:

Washington, D.C.--(Newsfile Corp. - September 29, 2023) - The Securities and Exchange Commission today charged Newell Brands Inc., a Georgia-based consumer products company and its former CEO, Michael Polk, with misleading investors about Newell’s core sales growth, a non-GAAP (Generally Accepted Accounting Principles) financial measure the company used to explain its underlying sales trends.
Both parties agreed to settle the SEC charges.
According to the order, Newell pulled sales forward into earlier quarters without adequate disclosure and engaged in accounting practices that were inconsistent with GAAP, while overriding its internal accounting controls.
Collectively, these measures gave the misleading appearance that Newell had achieved core sales growth in line with its targets and deprived investors of information relevant to an accurate and complete understanding of Newell’s actual sales trends.

welcomes reforms critical to Australia’s privacy future

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金曜日, 9月 29, 2023

Exercise, Review, Small business, Office of the Australian Information Commissioner, Australian Government, AGD, Privacy Act, Privacy, Record, Privacy Act 1988, Government, Parliament, OAIC, Compliance, Digital, Enforcement, Legislation, Online shopping

“This is a vital set of proposals that will deliver significant gains for the Australian community,” Australian Information Commissioner and Privacy Commissioner Angelene Falk said.

Key Points:

“This is a vital set of proposals that will deliver significant gains for the Australian community,” Australian Information Commissioner and Privacy Commissioner Angelene Falk said.
“As the privacy regulator, it is pleasing to see support for the positive obligation that personal information handling is fair and reasonable, as a new keystone of the Australian privacy framework,” Commissioner Falk said.
“Key developments include enabling individuals to exercise new privacy rights and take direct action in the courts if their privacy is breached.
The proposed privacy reforms follow the passing in November 2022 of the Privacy Legislation Amendment (Enforcement and Other Measures) Bill 2022, which introduced significantly increased penalties for serious and repeated privacy breaches and greater powers for the OAIC to resolve breaches.

SEC Charges Former Pareteum Executives with Accounting and Disclosure Fraud

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木曜日, 9月 28, 2023

Stefański, SIM, Controller, Bank statement, Disclosure, Associate, Bozzo, Complaint, Trust, District court, FBI, Security (finance), Enforcement, Douglas v. U.S. District Court ex rel Talk America, Bankruptcy, Cryptocurrency

The SEC also announced settled charges against Pareteum’s former Controller, Stanley Stefanski, for his role in the scheme.

Key Points:

The SEC also announced settled charges against Pareteum’s former Controller, Stanley Stefanski, for his role in the scheme.
Pareteum previously settled to accounting and disclosure fraud charges filed by the SEC in 2021 and filed for bankruptcy in 2022.
The SEC’s complaint also alleges that, because of these executives’ misconduct, Pareteum improperly recognized revenue for the purchase orders before the SIM cards were shipped to the customers.
The SEC appreciates the assistance of the U.S. Attorney’s Office for the Southern District of New York and the FBI.

“This needs to be dealt with.” - ICO issues Enforcement Notice to City of York Council over FOI backlog

Retrieved on:

水曜日, 9月 27, 2023

- Information Commissioner issues Enforcement Notice relating to backlog of 261 FOI requests

Key Points:

- Information Commissioner issues Enforcement Notice relating to backlog of 261 FOI requests
- Council must provide action plan on improving response times
- Council can be found in contempt for failure to meet terms of Enforcement Notice
The Information Commissioner’s Office (ICO) has issued an Enforcement Notice to City of York Council to clear its backlog of 261 unanswered Freedom of Information requests.
Whilst by the date of the Enforcement Notice significant progress had been made by City of York Council in clearing this backlog, the notice formalises the requirement for it to be cleared fully.
What we are saying to City of York Council is – this needs to be dealt with.
- To report a concern to the ICO telephone our helpline 0303 123 1113 or go to ico.org.uk/concerns.

Deutsche Bank Subsidiary DWS to Pay $25 Million for Anti-Money Laundering Violations and Misstatements Regarding ESG Investments

Retrieved on:

月曜日, 9月 25, 2023

To settle the charges, DIMA agreed to pay a total of $25 million in penalties.

Key Points:

To settle the charges, DIMA agreed to pay a total of $25 million in penalties.
“Importantly, those AML obligations require mutual funds to establish and implement individualized programs to detect and prevent money laundering and terrorism financing.
In the ESG misstatements action, the SEC’s order finds that DIMA violated Sections 206(2) and 206(4) of the Investment Advisers Act and Rules 206(4)-7 and 206(4)-8 thereunder.
The ESG misstatements investigation was conducted by HelenAnne Listerman and Jessica Neiterman, with assistance from AMU Industry Expert John Farinacci, and supervised by Brianna Ripa, Robert Baker, Mr. Schuster, and Mr. Dean.

SEC Charges Private Equity Fund Adviser American Infrastructure Funds for Breaching Its Duties

Retrieved on:

金曜日, 9月 22, 2023

Acceleration, Investment Advisers Act of 1940, Security (finance), AIM, Enforcement, Division, Financial adviser

Washington, D.C.--(Newsfile Corp. - September 22, 2023) - The Securities and Exchange Commission today announced that American Infrastructure Funds LLC (AIM), a Foster City, California-based registered investment adviser to private funds, agreed to pay more than $1.6 million to settle charges resulting from its acceleration of portfolio company monitoring fees, for transferring a private fund asset from funds nearing the end of their term to a new fund, and for loaning money from one private fund to another private fund advised by an affiliate.

Key Points:

Washington, D.C.--(Newsfile Corp. - September 22, 2023) - The Securities and Exchange Commission today announced that American Infrastructure Funds LLC (AIM), a Foster City, California-based registered investment adviser to private funds, agreed to pay more than $1.6 million to settle charges resulting from its acceleration of portfolio company monitoring fees, for transferring a private fund asset from funds nearing the end of their term to a new fund, and for loaning money from one private fund to another private fund advised by an affiliate.
The SEC’s order also finds that AIM violated its duty of care by failing to consider whether the fee acceleration was in its clients’ best interest.
“Among other breaches, AIM failed to disclose its conflicts of interest when it transferred a client’s asset to a new fund."
The SEC’s order finds that AIM violated antifraud and compliance provisions of the Advisers Act.

SEC Charges Citadel Securities for Violating Order Marking Requirements of Short Sale Regulations

Retrieved on:

金曜日, 9月 22, 2023

Naked short selling, Commission, Record, Citadel LLC, Citadel Securities, Associate, Sale, Market, Logic, Security (finance), Melissa, Regulation, Financial adviser, Citadel, Enforcement

Washington, D.C.--(Newsfile Corp. - September 22, 2023) - The Securities and Exchange Commission today announced settled charges against broker-dealer Citadel Securities LLC for violating a provision of Regulation SHO, the regulatory framework designed to address abusive short selling practices, which requires broker-dealers to mark sale orders as long, short, or short exempt.

Key Points:

Washington, D.C.--(Newsfile Corp. - September 22, 2023) - The Securities and Exchange Commission today announced settled charges against broker-dealer Citadel Securities LLC for violating a provision of Regulation SHO, the regulatory framework designed to address abusive short selling practices, which requires broker-dealers to mark sale orders as long, short, or short exempt.
To settle the SEC’s charges, Miami-based Citadel Securities agreed to pay a $7 million penalty.
According to the SEC’s order, for a five-year period, it is estimated that Citadel Securities incorrectly marked millions of orders, inaccurately denoting that certain short sales were long sales and vice versa.
“Compliance with the order marking requirements of Reg SHO is a key component of regulatory efforts to curtail abusive market practices, including ‘naked’ short selling,” said Mark Cave, Associate Director of the SEC’s Division of Enforcement.

Hearing Notice - CIRO Sanctions Louis Desprès

Retrieved on:

金曜日, 9月 22, 2023

The central science, Coup d'État: A Practical Handbook, IIROC, Indian Residential Schools Settlement Agreement, CIRO, Conduct, Settlement, Investment, Enforcement, Respondent, Financial adviser, Security (finance)

MONTRÉAL, Sept. 22, 2023 /CNW/ - On September 12, 2023, a hearing panel of the Investment Dealer Division of the Canadian Investment Regulatory Organization (CIRO) accepted a settlement agreement, with sanctions, between Enforcement Staff and Louis Desprès.

Key Points:

MONTRÉAL, Sept. 22, 2023 /CNW/ - On September 12, 2023, a hearing panel of the Investment Dealer Division of the Canadian Investment Regulatory Organization (CIRO) accepted a settlement agreement, with sanctions, between Enforcement Staff and Louis Desprès.
Mr. Desprès admitted that between March 2017 and December 2019, he failed to ensure that the recommendations he made for the accounts of one of his clients were suitable for that client.
Mr. Desprès also agreed to pay costs in the amount of $2,000.
CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments.