Tag: SEC fine

October 19, 2016 BY Valentina Kirilova

Ernst & Young to pay $11.8 Million for audit failures

The Securities and Exchange Commission (SEC) has announced that Ernst & Young LLP has agreed to pay more than $11.8 million to settle charges related to failed audits of an oil services company that used deceptive income tax accounting to inflate earnings. Ernst & Young’s payment will be combined with the $140 million penalty agreed…

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October 13, 2016 BY LeapRate Staff

Deutsche Bank hit with $9.5 million SEC fine for not safeguarding material non-public information

Adding to its recent woes, German banking giant Deutsche Bank AG (FRA:DBK) unit Deutsche Bank Securities has agreed with the U.S. Securities and Exchange Commission (SEC) to pay a $9.5 million penalty for failing to properly safeguard material nonpublic information generated by its research analysts. Deutsche Bank also published an improper research report and failed to…

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September 27, 2016 BY Valentina Kirilova

Merrill Lynch charged with trading controls failures that led to mini-flash crashes

The Securities and Exchange Commission (SEC) has announced that banking company Merrill Lynch has agreed to pay a $12.5 million penalty for maintaining ineffective trading controls that failed to prevent erroneous orders from being sent to the markets and causing mini-flash crashes. An SEC investigation found that Merrill Lynch caused market disruptions on at least 15 occasions…

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August 11, 2016 BY LeapRate Staff

SEC protecting whistleblowers by issuing $265,000 fine to company pressuring employees

The U.S. Securities and Exchange Commission today announced that an Atlanta-based building products distributor is settling charges that it violated securities laws by using severance agreements that required outgoing employees to waive their rights to monetary recovery should they file a charge or complaint with the SEC or other federal agencies. BlueLinx Holdings Inc. has…

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July 27, 2016 BY Valentina Kirilova

State Street fined $382 million for applying hidden markups to FX trades in mutual funds

The Securities and Exchange Commission (SEC) has announced that State Street Bank and Trust Company has agreed to pay $382.4 million in a global settlement for misleading mutual funds and other custody clients by applying hidden markups to foreign currency exchange trades. As part of its custody bank line of business, State Street safeguards clients’ financial assets…

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June 23, 2016 BY LeapRate Staff

Bad day for Merrill Lynch - assessed $430 million in fines for misusing customer cash and misleading investors

Investment giant Merrill Lynch, a unit Bank of America Corp (NYSE:BAC), has been assessed a total of $430 million in fines by the U.S. Securities and Exchange Commission and The Financial Industry Regulatory Authority (FINRA). The fines relate to a misuse of client funds by Merrill Lynch, as well as misleading investors in the sale of structured…

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June 14, 2016 BY LeapRate Staff

BNY Mellon pays (another) $30 million fine for mispricing FX transactions in its Standing Instruction service

After settling a series of lawsuits for $714 million regarding allegations that it overcharged pension funds and other clients for FX services, Bank of New York Mellon Corp (NYSE:BK) will pay an additional $30 million penalty after US regulator the Securities and Exchange Commission (SEC) found more than a decade of violations in its foreign exchange business. According…

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