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The New Zealand Commerce Commission (NZCC) has announced that MAC Warranties Ltd (MAC) has agreed to provide NZ$182,000 in customer compensation after the Auckland District Court found that the finance company misled customers in explaining its sale of 79 repossessed vehicles that had been tendered as security for their loans from MAC.

Published in Consumer Protection

Bloomberg reports that Hewlett-Packard Company (HP) has agreed to pay US$57 million to settle a suit that alleges the company's management defrauded shareholders in its handling of company strategy in 2011.

Published in Consumer Protection

The United States (US) Federal Housing Finance Agency (FHFA), as conservator of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), has announced a US$9.3 billion settlement with Bank of America Corporation (BofA) over alleged breaches of securities laws relating to private-label, residential mortgage-backed securities purchased by Fannie Mae and Freddie Mac between 2005 and 2007, as well as a number of allegations of common law fraud.

The United States (US) Attorney's Office for the Southern District of New York (the Office) has announced that a US federal court jury has found four individuals guilty of "all 31 counts in connection with their long-time employment at Bernard L Madoff Investment Securities".

Published in Financial Integrity

The Australian Securities and Investments Commission (ASIC) has released Report 387 - Penalties for corporate wrongdoing (March 2014). The report "reviews penalties in Australia for corporate wrongdoing to assess whether they are proportionate and consistent", both in comparison with certain overseas jurisdictions and within the Australian context, and will inform ASIC's submission to the federal government's Financial System Inquiry (further information). The report considers market misconduct and financial services misconduct, but does not include statutory directors' and officers' duties in its analysis.

The United States Department of Justice (DoJ) has announced that Swiss national Andreas Bachmann has "pleaded guilty today to conspiring to defraud the [US] Internal Revenue Service (IRS) in connection with his work as a banking and investment adviser for US customers".

Published in Financial Integrity

The United States (US) Commodity Futures Trading Commission (CFTC) has made available an Order (18 March 2014) settling the disclosure-related charges against former Barclay Metals Inc (Barclay) principal Sean Stropp by requiring him to pay a US$250,000 civil monetary penalty and permanently banning him from trading on or under any registered entity.

Published in Financial Integrity

The United States (US) Securities and Exchange Commission (SEC) has announced that one firm and six individuals have agreed to pay a total of more than US$4.5 million to settle charges relating to a variable annuities scheme that allegedly sought to "profit from the imminent deaths of terminally ill patients".

The United States (US) Securities and Exchange Commission (SEC) has announced that motion picture company Lions Gate Entertainment Corp (Lions Gate) has agreed to pay US$7.5 million and admit to wrongdoing to settle charges of "failing to fully and accurately disclose to investors a key aspect of its effort to thwart a hostile takeover bid".

Published in Financial Integrity

The United Kingdom Ministry of Justice (MoJ) has accepted a payment of approximately £109 million from security firm G4S to settle charges that it overcharged the MoJ for electronic monitoring services.

Published in Government Contracting
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