J.P. Morgan Securities LLC (JPMS) has reached a settlement with the Financial Industry Regulatory Authority (FINRA) over a series of short interest reporting violations spanning more than 16 years. The firm will pay a $3 million fine and accept a censure as part of the settlement, which addresses a range of inaccuracies in its short interest reporting from 2008 to 20
In a series of year-end enforcement actions, FINRA has ordered three prominent financial firms to pay significant fines for submitting inaccurate trading data, highlighting the industry's ongoing struggles with regulatory reporting accuracy.
When an investor puts their trust and money in the hands of a financial firm, they expect every dollar to be handled with care. Yet three major brokerage firms - Edward Jones, Osaic, and Cambridge Investment Research - recently learned an expensive lesson about the importance of watching those dollars more closely.
The Office of the Comptroller of the Currency (OCC) has unveiled its 2024 annual report, offering a candid look at the federal banking system's challenges and triumphs over the past year. The OCC highlighted vigilance, fairness, and adaptability as essential to maintaining trust and resilience in a sector that’s constantly evolving.
The Office of the Comptroller of the Currency (OCC) has issued a cease-and-desist order against Bank of America, marking a significant step in the ongoing battle to ensure financial institutions are doing their part to combat money laundering and uphold sanctions regulations. The move comes after the bank was found to be lacking in several areas of its compliance with the Bank Secrecy Act (BSA) and anti-money laundering (AML) requirements.
Healthcare providers across the U.S. have just learned a hard lesson about accountability, with two high-profile cases settling for a combined $25.9 million. The Department of Justice’s latest actions spotlight fraudulent billing practices that took advantage of Medicare, the government program designed to help the nation’s elderly and vulnerable. In one case, a pharmacy found itself caught up in the scam of submitting false claims for COVID-19 tests it never shipped. In the other, a network of cardiology practices saw a significant financial hit after overbilling Medicare for diagnostic drugs, some for over a decade.
It was billed as the future of finance: a stablecoin so steady it could weather any storm. Yet, when Terra USD (UST) lost its $1 peg in May 2021, the cracks in that promise were glaringly exposed. Now, Tai Mo Shan Limited, a key player in propping up UST’s illusory stability, is facing a $123 million reckoning from the Securities and Exchange Commission (SEC).