Compliance and Regulatory News

Michael Avenatti is sued for allegedly siphoning paraplegic’s $4 million settlement

The Compliance Exchange compliancex June 14, 2019

(Reuters) – Michael Avenatti, the lawyer who represented porn star Stormy Daniels in lawsuits against U.S. President Donald Trump, has been sued by a paraplegic former client who accused him of siphoning away a $4 million settlement he had won. Geoffrey Johnson is seeking ...Read More

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Trump loses loyalist Sarah Sanders in another White House departure

The Compliance Exchange compliancex June 14, 2019

WASHINGTON (Reuters) – White House spokeswoman Sarah Sanders, a fierce loyalist of President Donald Trump who channeled his combativeness toward the news media, will leave her job at month’s end for a possible political future in her home state of Arkansas, Trump said on ...Read More

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Goldman Sachs offering to pay for Marcus bank’s customers’ silence

The Compliance Exchange compliancex June 14, 2019

Goldman Sachs really, really, really doesn’t want you to sue the company. The Wall Street investment bank quietly offered this week to pay all the fees for customers who bring legal claims against its new consumer bank — including double the lawyer’s fees, in ...Read More

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Rep. Duncan Hunter’s wife admits couple misused campaign funds. She may have to testify against him.

The Compliance Exchange compliancex June 14, 2019

Margaret Hunter, wife of Rep. Duncan D. Hunter (R-Calif.), pleaded guilty to charges in the campaign finance case she and her husband were indicted in last summer, saying that she — and the congressman — used campaign funds for personal use, including a $10,000 ...Read More

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Aiding ‘organized crime’: India alleges 22 audit violations by Deloitte, KPMG arm in fraud case

The Compliance Exchange compliancex June 14, 2019

NEW DELHI (Reuters) – India detected at least 22 violations of auditing standards by Deloitte Haskins & Sells and a KPMG affiliate while investigating a fraud at a financial company, leading it to seek a five-year ban on the auditors, according to government legal ...Read More

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Britain’s PwC fined $5.8 million over audit of Redcentric

The Compliance Exchange compliancex June 14, 2019

LONDON (Reuters) – Britain’s accounting watchdog said on Thursday it had fined PwC 4.55 million pounds ($5.8 million) for failing to challenge management at IT services company Redcentric where a 20 million pound hole was later found in the books. The Financial Reporting Council ...Read More

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Bank exec was improperly tipped off to damning memo: suit

The Compliance Exchange compliancex June 14, 2019

The chief executive of an embattled California bank was improperly tipped off to an internal memo about allegedly questionable money transfers into his personal checking account — by the head of the company’s compliance department, according to explosive new documents filed in a whistleblower ...Read More

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KPMG to Pay as Much as $50 Million to Settle SEC Probe

The Compliance Exchange compliancex June 14, 2019

WASHINGTON — KPMG LLP is preparing to pay as much as $50 million to settle civil claims related to the conduct of former partners who learned which of their audits would be subject to surprise regulatory examinations, according to people familiar with the matter. ...Read More

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Amazon Alexa is illegally recording kids, lawsuits claim

The Compliance Exchange compliancex June 14, 2019

So charge a pair of lawsuits filed against Amazon AMZN, -0.23% this week, as first reported by the Seattle Times, which allege that the devices are breaking the law in at least eight states by recording children who use the smart speakers without consent. “Alexa routinely records and voiceprints millions ...Read More

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How an Obama Fed appointee is scuttling Wall Street’s bid to ease rules

The Compliance Exchange compliancex June 14, 2019

As a U.S. Federal Reserve governor, Lael Brainard gets only one vote on proposals that come before the central bank’s board. Over the past year, she has used it to combat the Trump administration’s efforts to ease rules for Wall Street. Brainard has broken ...Read More

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