Compliance & Ethics

The Financial Industry Regulatory Authority (FINRA) has levied over $12.52 million in penalties against four firms—Cambridge International Securities, Merrill Lynch, Oak Ridge Financial Services Group, and First Southern. These enforcement actions underscore the heightened scrutiny FINRA is applying to firms that neglect their supervisory responsibilities, exposing clients to potential financial harm through a range of infractions, including inadequate supervisory systems, improper email usage, and unfair pricing practices.

TD Securities (USA) LLC has been sanctioned with more than $27 million in fines and penalties following coordinated enforcement actions by the U.S. Department of Justice (DOJ), the Securities and Exchange Commission (SEC), and the Financial Industry Regulatory Authority (FINRA). These actions stem from TD Securities’ involvement in a spoofing scheme that manipulated U.S. Treasury securities markets.

The U.S. Securities and Exchange Commission (SEC) has taken decisive action against an accountant and his firm for their alleged role in a significant securities fraud case. Olayinka Oyebola and his PCAOB-registered accounting firm, Olayinka Oyebola & Co. (Chartered Accountants), face charges of aiding and abetting a massive fraud scheme orchestrated by businessman Mmobuosi Odogwu Banye, also known as Dozy Mmobuosi, and three U.S. companies under his control.

The U.S. Securities and Exchange Commission (SEC) has charged Cassava Sciences, Inc., along with its founder and former CEO Remi Barbier and former Senior Vice President of Neuroscience Dr. Lindsay Burns, for misleading investors about the efficacy of a Phase 2 clinical trial for their Alzheimer’s disease therapeutic. The charges stem from misleading statements made in September 2020, resulting in over $40 million in penalties to settle the allegations.

The Financial Industry Regulatory Authority (FINRA) has intensified its enforcement efforts by bringing actions against four prominent firms, underscoring significant failures in compliance, supervision, and disclosure. These actions reflect FINRA's ongoing commitment to holding firms accountable for regulatory noncompliance, particularly regarding investor protection and financial transparency.

The Commodity Futures Trading Commission (CFTC) has levied a $3.25 million civil monetary penalty against Olam Group Ltd., a Singapore-based global supply chain manager. The enforcement action, announced on September 27, 2024, addresses significant violations in the reporting of U.S. cotton sales, highlighting the regulatory body's commitment to maintaining market integrity and transparency.

The U.S. Securities and Exchange Commission (SEC) has doubled down on its commitment to market fairness and transparency, announcing two enforcement actions that hit both DraftKings Inc. and GQG Partners LLC with hefty penalties.