Dell Technologies and Iron Bow Technologies have agreed to pay a combined total of $4.3 million to resolve allegations of submitting non-competitive bids under a U.S. Army contract. The settlement addresses claims that the two companies overcharged the Army through a scheme that undermined the integrity of the Army’s procurement process.
Drexel Hamilton, a well-known broker-dealer, is facing serious penalties from the Financial Industry Regulatory Authority (FINRA) after it was found to have misrepresented retail orders during new issue municipal bond offerings. The firm has been censured, fined $300,000, and ordered to return over $837,000 in profits from its improper practices, which were conducted between 2016 and 2018.
What happens when a company bets big on bribery but loses the house? For BIT Mining Ltd., the answer is a bruising encounter with U.S. regulators. Formerly known as 500.com, the Chinese company has found itself at the heart of a sprawling corruption scandal, accused of paying nearly $2 million in bribes to Japanese officials to win a coveted casino contract. But the deal didn’t pan out, and now BIT Mining is paying the price— both financially and in terms of its reputation.
The Consumer Financial Protection Bureau (CFPB) has hit Global Tel Link Corporation (GTL), now operating as ViaPath Technologies, with a $3 million fine for exploiting incarcerated individuals and their families. The company was found to have systematically frozen and drained payment accounts, leaving those behind bars without access to the money they rely on for basic essentials like food, medicine, and clothing.
Pharmaceutical company QOL Medical LLC (QOL) and its CEO, Frederick E. Cooper, have agreed to pay $47 million to resolve allegations of orchestrating an elaborate kickback scheme. The allegations, brought under the False Claims Act (FCA), paint a picture of aggressive marketing tactics that veered dangerously into unethical territory, all in the name of driving prescriptions for the company’s flagship drug, Sucraid.
Meta, the parent company of Facebook, is back in the regulatory hot seat—this time, for crossing the line in Europe. The European Commission has fined the tech giant a staggering €797.72 million for abusing its dominance to boost Facebook Marketplace at the expense of competitors. The penalty serves as a sharp reminder to Big Tech that the EU won’t tolerate market manipulation under its watch.
Archer-Daniels-Midland Co. (ADM.N), a global leader in agricultural and nutrition markets, has announced that its Chief Compliance Officer, Ben Bard, will step down early next year, citing personal reasons. The news arrives at a precarious moment for ADM, as the company struggles with escalating scrutiny over accounting issues that have forced it to delay regulatory filings and overhaul financial practices.