The Securities and Exchange Commission (SEC) has filed charges against well-known activist short seller Andrew Left and his firm, Citron Capital LLC, for allegedly orchestrating a $20 million fraud scheme. The charges, announced on July 26, 2024, accuse Left of using deceptive tactics to mislead investors through his Citron Research website and social media platforms.
The U.S. Department of Justice has obtained default judgments totaling over $26 million against Patrick Britton-Harr and several laboratory companies he owned. The judgments, entered on July 18 by the U.S. District Court for the District of Maryland, come after Britton-Harr and his companies failed to defend against allegations of violating the False Claims Act.
In the rapidly evolving world of cryptocurrency, navigating the compliance landscape has become increasingly complex and critical. As digital currencies gain mainstream acceptance and their market capitalization soars, regulators worldwide are intensifying their scrutiny.
The Securities and Exchange Commission (SEC) has charged Babu Ramaraj, a Virginia-based engineer, with orchestrating a $30 million fraud scheme through his company, DAB Inspection and Consulting Services LLC. This case highlights significant lapses in governance, risk management, and compliance (GRC) that can lead to severe financial and legal repercussions.
The Consumer Financial Protection Bureau (CFPB) has issued a new directive highlighting potential legal violations by companies that enforce overly broad nondisclosure agreements (NDAs). These agreements could discourage employees from whistleblowing, thereby obstructing the exposure of misconduct and violating federal protections for whistleblowers.
BNP Paribas S.A. has been hit with an administrative fine of €830,000 by Germany's Federal Financial Supervisory Authority (BaFin). The penalty follows the institution’s German branch's failure to meet crucial regulatory requirements set forth by the German Securities Trading Act and Delegated Regulation (EU) 2017/565. These regulations establish the organizational requirements for investment firms, including transparency and suitability assessments.
The Australian Prudential Regulation Authority (APRA) has taken action against OnePath Custodians Pty Limited (OPC), a major player in Australia's superannuation industry, for alleged breaches of the Superannuation Industry (Supervision) Act 1993 (SIS Act).