Compliance & Ethics

The Commodity Futures Trading Commission (CFTC) has taken legal action against precious metals dealers in Dallas and Los Angeles, filing a complaint in the U.S. District Court for the Northern District of Texas. The defendants, including Damien Moran, Crown Bullion, Inc., and Bright Future Financial LLC (also known as Oakhurst Metals), are accused of orchestrating a fraudulent scheme that garnered over $7 million from retirement accounts.

JPMorgan Chase has reached a settlement with the US Virgin Islands, resolving a lawsuit that alleged the bank's involvement in enabling Jeffrey Epstein's sex-trafficking crimes. The settlement not only includes a substantial financial payment but also involves substantial commitments aimed at combatting human trafficking.

The Securities and Exchange Commission (SEC) has taken action against New York-based Bruderman Asset Management LLC (BAM) and its principal, Matthew J. Bruderman, for their failure to disclose the misuse of client investment funds. The SEC's enforcement underscores the importance of full and transparent disclosure to safeguard investor interests.

Amid growing global concerns about the rapid advancement of artificial intelligence (AI), Sam Altman, the CEO of OpenAI, the creator of ChatGPT, has highlighted the significance of AI regulation. Altman stressed that while it is possible to mishandle AI regulation, it should not be feared but embraced as a necessary safeguard.

The Securities and Exchange Commission (SEC) has brought charges against GTT Communications, Inc. for its failure to disclose material information concerning unsupported adjustments made in several Commission filings. These adjustments significantly increased GTT's reported operating income by at least 15 percent during three quarters spanning from 2019 through 2020. However, despite the violations, the SEC's order acknowledges GTT's prompt self-reporting, active remedial measures, and substantial cooperation during the investigation, leading to the omission of civil penalties.

The Securities and Exchange Commission (SEC) has taken action against registered investment adviser DWS Investment Management Americas Inc. (DIMA or DWS), a subsidiary of Deutsche Bank AG, for multiple violations related to Anti-Money Laundering (AML) programs and misrepresentations regarding Environmental, Social, and Governance (ESG) investments. As part of the settlement, DWS will pay a total of $25 million in penalties.

The Securities and Exchange Commission (SEC) has announced that American Infrastructure Funds LLC (AIM), a registered investment adviser to private funds based in Foster City, California, has agreed to pay over $1.6 million to settle charges related to breaches of its fiduciary duties.