SAI Global GRC Community

GRC COMMUNITY
Building Organizational Integrity.
Blogs >> Financial Integrity

The United States Department of Justice (DoJ) has announced that SunTrust Mortgage (SunTrust) has agreed to make payments to resolve a criminal investigation of the company's administration of its services provided under the Home Affordable Modification Program (HAMP), a US federal loan modification program for homeowners facing possible foreclosure.

Published in Consumer Protection

The United States Securities and Exchange Commission (SEC) has announced that Regions Bank has agreed to pay US$51 million to resolve parallel investigations by the SEC, the Board of Governors of the Federal Reserve System and the Alabama State Banking Department into three of its former senior managers. According to the SEC, Jeffrey Kuehr and Michael Willoughby have been fined US$70,000 each and legal action against Thomas Neely is continuing in relation to the three individuals' alleged intentional misclassification of loans, which then led Regions Bank's publicly-traded holding company to "[overstate] its income and earnings per share in its financial reporting".

Published in Financial Integrity

A jury in the South Carolina Circuit Court civil division has awarded a total of US$8.1 million in damages to plaintiff and former adviser Francis Maybank, who alleges that BB&T mismanaged what were his retirement funds.

Published in Consumer Protection

Commonwealth Bank of Australia Group (CBA) has made available a statement (3 July 2014) by its chief executive officer Ian Narev announcing a program to provide remediation for customers who suffered financial loss as a result of "[p]oor advice provided by some of [CBA's financial advisers] between 2003 [and] 2012".

Published in Consumer Protection

The United States Financial Regulatory Authority (FINRA) has announced that it has accepted (30 June 2014) Goldman Sachs Execution & Clearing's (GS) consent to the entry of findings by FINRA.

Published in Financial Integrity

Company Breached Continuous Disclosure Laws

26 Jun 2014
Written by World Watch

The Australian Securities and Investments Commission (ASIC) has announced that Newcrest Mining (Newcrest) has admitted contraventions of the Corporations Act 2001 No. 50 (Cth) involving the selective disclosure of market-sensitive information to analysts and failing to disclose this information to the relevant bourse.

Published in Financial Integrity

The United Kingdom Financial Conduct Authority (FCA) has announced that it has issued final notices to the following entities (both dated 16 June 2014), fining them for "failing to ensure [that] financial promotions for [Credit Suisse International's (Credit Suisse)] Cliquet Product were clear, fair and not misleading":

Published in Consumer Protection

The United States Federal Trade Commission (FTC) has made available an order (11 June 2014) settling allegations (4 December 2013) that Lin Miao and seven companies "pitched text message services offering alerts [for celebrity news and trivia], but placed charges for these services - typically [US]$9.99 a month - on consumers' bills without their permission" in a practice known as mobile cramming; and "used deceptive websites designed to collect consumers' mobile phone numbers that would then be billed for the services".

Published in Consumer Protection

The Full Federal Court of Australia has handed down its decision in ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65 (6 June 2014). The court has dismissed an appeal by ABN Amro Bank, Standard & Poor's (S&P) and Local Government Financial Services, ruling that local councils are entitled to compensation after they were sold financial products with the safest AAA credit rating, which turned out to be highly risky investments.

Published in Financial Integrity

The United States Department of Justice (DoJ) has announced that former Rabobank derivatives trader Takayuki Yagami has pleaded guilty for "his role in a conspiracy to commit wire and bank fraud by manipulating Rabobank's Yen London InterBank Offered Rate (LIBOR) submissions to benefit his trading positions".

Published in Financial Integrity

© 2015 SAI Global Limited ABN 67 050 611 642

Login

LOG IN

Register

User Registration
or Cancel