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Wells Fargo & Co (Wells Fargo) has asked its staff to refrain from lending their own money using peer-to-peer (P2P) loan platforms. Reportedly, the request follows the United States-based bank's ethics administrators conclusion that "for-profit [P2P] lending is a competitive activity that poses a conflict of interest".

Published in Conflicts of Interest

Green Claims for Diapers were Allegedly Off-colour

22 Jan 2014
Written by World Watch

The United States (US) Federal Trade Commission (FTC) has made available Agreement containing consent order (undated), which proposes to impose conditions on the claims that Down to Earth Designs Inc (gDiapers) may make regarding its diaper products.

The United States (US) Department of Justice (DoJ) has announced that contractors RehabCare Group Inc, RehabCare Group East Inc and Rehab Systems of Missouri and management firm Health Systems Inc have agreed to settle DoJ allegations that they "engag[ed] in a kickback scheme related to the referral of nursing home business".

The United States (US) Financial Industry Regulatory Authority (FINRA) has announced that it has barred two brokers "from the securities industry for their roles in an insider trading scheme". FINRA's Complaint (17 May 2013) alleges that JPMorgan Securities conflicts office vice president David Gutman and former Meyers Associates registered representative Christopher Tyndall took part in "a massive, serial insider trading scheme that generated more than [US]$9 million in profits by persons who traded in advance of the public announcements of 15 corporate mergers and acquisitions".

Published in Insider Trading

The United States (US) Environmental Protection Agency (EPA) has announced that a subsidiary of the country's second-largest natural gas producer Chesapeake Energy has agreed to restore numerous polluted sites at a cost estimated to reach US$6.5 million, and to pay a record civil penalty of US$3.2 million for breaches of the Clean Water Act.

The following United States (US) authorities have made available documentation of JPMorgan Chase & Co's (JPMorgan) settlement of criminal and civil charges relating to its dealings with Bernard L Madoff Investment Securities LLC (Madoff Securities), including in connection with a multi-billion-US-dollar ponzi scheme operated by Bernard Madoff (the Madoff fraud) in his former role as Madoff Securities chairperson:

Published in Financial Integrity

Snack Processor Settles Accounting Fraud Charges

16 Jan 2014
Written by World Watch

The United States (US) Securities and Exchange Commission (SEC) has made available Orders (all dated 9 January 2014) against the following food processing company and associated individuals for "their roles in an accounting scheme to falsify walnut costs in order to boost earnings and meet estimates by stock analysts":

Published in Financial Integrity

The United States (US) Department of Justice (DoJ) has announced that two former executives of HealthEssentials Solutions Inc (HealthEssentials) have agreed to pay a total of US$1.02 million to settle allegations relating to HealthEssentials' submission of false claims to the US government's national health insurance scheme Medicare.

Published in Government Contracting

The United States (US) Department of Labor (DoL) has announced that 515 workers have had pension benefits totalling almost US$2 million restored to them following the DoL wage and hour division's identification of the breach of US Postal Service contracts by Lange Trucking Inc.

The United States (US) Commodity Futures Trading Commission (CFTC) has made available a Consent Order (8 January 2014) requiring defendant New World Holdings LLC (NWH) to pay a penalty of US$50,000 for "destroying business records and failing to diligently supervise employees".

Published in Records Management

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