The Office of the Comptroller of the Currency (OCC) has turned up the heat on banks and individuals flouting regulatory expectations, unveiling a slate of enforcement actions for November 2024. These measures not only aim to rectify serious lapses in compliance but also signal the OCC’s unrelenting commitment to upholding the integrity of the national banking system.
The Federal Financial Supervisory Authority (BaFin) imposed an administrative fine of €300,000 on Pearl Gold AG. The sanction stems from the company’s failure to meet critical financial reporting obligations under the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG), a key piece of legislation governing financial transparency for companies listed in Germany.
The Securities and Exchange Commission (SEC) has dropped the hammer on three senior executives at Adani Green Energy Ltd. and Azure Power Global Ltd. for allegedly orchestrating a sprawling bribery scheme. The charges, which involve shady dealings to secure a lucrative solar energy project, are as much a cautionary tale as they are a stark reminder of the stakes in global business.
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.