187 Enforcement Actions in the U.S. over past 30 days

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FTC enforcements increased 4% over the past 30 days

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SEC issued enforcements: $45,971,340.93 over the past 30 days

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62 Final Rules go into effect in the next 30 days

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26 Mortgage Lending docs published in the last 7 days

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427 docs with 4647 extracted obligations from the last 7 days

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67 new Proposed and Final Rules were published in the past 7 days

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1427 new docs in pro.compliance.ai within the last 7 days

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Introducing new content from WesPay

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Enforcement Report Oct 24 - 30 (2)

FTC

5 Enforcement Documents

$0.00 in Fines

Penalties: N/A
Respondent: PFIZER INC; UPJOHN INC; VIATRIS INC; MYLAN N.V; UTAH ACQUISITION SUB INC
Violation: The Federal Trade Commission (“Commission”) has initiated an investigation of Proposed Respondent Pfizer Inc.’s (“Pfizer”) proposal to spin off its Upjohn division and combine it with the assets of Proposed Respondent Mylan N.V… Read More

Penalties: N/A
Respondent: David J. Jeansonne II; Traffic Jam Events, LLC
Violation: The FTC’s Complaint against Respondents alleges three counts of violating the FTC Act. Count I alleges deceptive advertising regarding COVID-19 government stimulus benefits… Read More

FINRA

9 Enforcement Documents

$175,000.00 in Fines

Penalties: N/A
Respondent: Paramveer Singh
Violation: Singh committed conversion in violation of FINRA Rule 2010; By misusing his corporate credit card, in violation offirm policies, Singh made improper use of BofA’s funds… Read More

Penalties: $5,000.00
Respondent: Timothy Aaron Engelmann
Violation: Respondent borrowed a total of $115,000 from two firm customers through an LLC he partly owned, without the firm’s knowledge or approval, in violation of FINRA Rules 3240 and 2010… Read More

Penalties: $5,000.00
Respondent: Lewis N. Lester
Violation: FINRA Rule 3280 requires that prior to participating in a private securities transaction, a person associated with a member firm shall provide written notice to his or her firm “describing in detail the proposed transaction and the person’s proposed role therein… Read More

Penalties: $5,000.00
Respondent: David Allen Walters
Violation: FINRA Rule 3280 requires that prior to “participat[ing] in any manner” in a private securities transaction, a person associated with a member fu-m shall provide written notice to his or her firm “describing in detail the proposed transaction and the person’s proposed role therein… Read More

Penalties: $125,000.00
Respondent: National Securities Corporation
Violation: National Securities filed four late Form U4 amendments, filed eight late Form U5 amendments, and failed to file five Form U4 amendments. During this period, National Securities also failed to report or reported late statistical and summary information for 19 written customer complaints, reported late a $30,000 settlement of a customer’s claim against one of its associated persons for sales practice violations, and submitted 34 inaccurate or incomplete filings required by FINRA Rule 4530(d)… Read More

Penalties: $5,000.00
Respondent: William T. Burke
Violation: FINRA Rule 3270 states that “[n]o registered person may be an employee, independent contractor, sole proprietor, officer, director or partner of another person, or be compensated, or have the reasonable expectation of compensation, from any other person as a result of any business activity outside the scope of the relationship with his or her member firm, unless he or she has provided prior written notice to the member, in such form as specified by the member… Read More

Penalties: N/A
Respondent: Vonna Kay Husby
Violation: In connection with FINRA’s investigation into whether Husby served as a Power of Attorney (POA) and opened an undisclosed bank account that she allegedly co-owned with one of her elderly customers, FINRA staff issued Husby a request for information and documents pursuant to FINRA Rule 8210… Read More

Penalties: $10,000.00
Respondent: Douglas William Stopkey
Violation: Stopkey exercised discretion without written authorization with respect to approximately 300 trades in seven accounts maintained by four separate customers… Read More

Penalties: $20,000.00
Respondent: Andrew J. LeBlanc II
Violation: NASD Rule 3040 prohibits any person associated with a member from “participat[ing] in any manner in a private securities transaction” without first providing written notice to his member firm… Read More

SEC

10 Enforcement Documents

$240,000.00 in Fines

Penalties: N/A
Respondent: Eric D. Wanger
Violation: Mr. Wanger and Wanger Investment Management, his then SEC-registered investment adviser, consented to entry of the Bar Order, in which the Commission found that the respondents had (1) engaged in scienter-based fraud by artificially inflating reported performance of a private fund they advised by marking the close in transactions executed on the fund’s behalf… Read More

Penalties: N/A
Respondent: Alan D. Seidel
Violation: In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement (the “Offer”) which the Commission has determined to accept. Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission… Read More

Penalties: $240,000.00
Respondent: Mohammed Ali Rashid
Violation: A final judgment was entered against Rashid, permanently enjoining him from future violations of Section 206(2) of the Advisers Act, in the civil action entitled Securities and Exchange Commission v. Mohammed Ali Rashid, Civil Action Number 17-cv-8223 (PKC) in the United States District Court for the Southern District of New York… Read More

Penalties: N/A
Respondent: John A. Paulsen
Violation: The court further found that although Kang told Paulsen and Kelley that the Fund had very strict rules that prohibited him from accepting anything from Paulsen, Paulsen and Kelley spent thousands of dollars entertaining Kang and his girlfriend… Read More

Penalties: N/A
Respondent: Steven L. Henning, CPA
Violation: The Securities and Exchange Commission (“Commission”) deems it appropriate to issue an order of forthwith suspension of Steven L. Henning (“Henning”) pursuant to Rule 102(e)(2) of the Commission’s Rules of Practice [17 C.F.R. § 201.102(e)(2)]… Read More

Penalties: N/A
Respondent: Alex Forester, Michael Hicks, Yarden Krampf, Christopher Lee, Sean O’Neal, Michael Raynor, and Lee Sobel
Violation: The SEC’s complaint, filed in the federal district court for the Central District of California, charges all of the defendants with violating the broker-dealer registration provision of Section 15(a)(1) of the Securities Exchange Act of 1934. Forester, Hicks, and Krampf have consented, on a neither-admitnor-deny basis, to the entry of judgments that impose permanent injunctions, conduct-based injunctions from soliciting purchases or sales of securities, and that reserve the issue of a civil penalty for determination by the court. The settlements are subject to court approval… Read More

CME

3 Enforcement Documents

$347,500.00 in Fines

Penalties: $107,500.00
Respondent: Peter Ormandi
Violation: The CME Group Chief Regulatory Officer (“CRO”) charged non-member Peter Ormandi (“Ormandi”) with violating NYMEX Rules 432.B.1., 432.B.2., 432.G. and 432.L.1. based on allegations that on numerous occasions between September 27, 2018 and March 21, 2019, Ormandi prearranged the execution of transactions in various Weekly Crude Oil Options for the purpose of transferring equity from Laszlo Polszter’s client accounts to Polszter’s personal account… Read More

Penalties: $107,500.00
Respondent: Laszlo Balogh
Violation: The CME Group Chief Regulatory Officer (“CRO”) charged non-member Laszlo Balogh (“Balogh”) with violating NYMEX Rules 432.B.1., 432.B.2., 432.G. and 432.L.1. based on allegations that on numerous occasions between September 27, 2018 and March 21, 2019, Balogh prearranged the execution of transactions in various Weekly Crude Oil Options for the purpose of transferring equity from Laszlo Polszter’s client accounts to Polszter’s personal account… Read More

Penalties: $132,500.00
Respondent: Laszlo Polszter
Violation: The CME Group Chief Regulatory Officer (“CRO”) charged non-member Laszlo Polszter (“Polszter”) with violating NYMEX Rules 432.B.1., 432.B.2., 432.G. and 432.L.1. based on allegations that on numerous occasions between September 27, 2018 and March 21, 2019, Polszter prearranged the execution of transactions in various Weekly Crude Oil Options for the purpose of transferring equity from Polszter’s client accounts to his personal account… Read More

CFPB

4 Enforcement Documents

$2,000,000.00 in Fines

Penalties: $200,000.00
Respondent: Washington Federal, N.A.
Violation: The Consumer Financial Protection Bureau (Bureau) settled with Washington Federal Bank, N.A., a federally insured, for-profit national bank headquartered in Seattle, Washington… Read More

Penalties: $1,800,000.00
Respondent: Low VA Rates, LLC
Violation: The Consumer Financial Protection Bureau (Bureau) issued a consent order against Low VA Rates, LLC (Low VA Rates), a Utah-based mortgage lender and broker incorporated in Colorado and licensed in 48 states and the District of Columbia… Read More

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