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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

The United States (US) Securities and Exchange Commission (SEC) has made available a statement (12 March 2014) by SEC enforcement division director Andrew Ceresney that welcomes the recent Court ruling on sanctions imposed on former Goldman Sachs vice president Fabrice Tourre, who was found liable in 2013 for fraud in relation to the financial crisis (further information).

Published in Financial Integrity

Asahi Holdings (Australia) (Asahi) is expected to accept a A$200 million settlement of its A$500 million claim against Pacific Equity Partners (PEP) and Unitas Capital (Unitas). Asahi reportedly alleges that PEP and Unitas provided it with inflated sales figures of Independent Liquor (NZ) (Independent Liquor), which Asahi acquired from a joint venture company formed by PEP, Unitas and others in 2011 (further information).

Published in Financial Integrity

The United States Securities and Exchange Commission (SEC) has announced that it has obtained a Court order to freeze accounts belonging to Mutual Wealth, which the SEC alleges (25 February 2014) has been "exploiting investors through a website and social media accounts on Facebook and Twitter, falsely promising extraordinary returns of [2-3%] per week for investors who open accounts with the firm".

Published in Consumer Protection

Energy Suppliers Urged to Return Unused Credit

06 Mar 2014
Written by World Watch

The United Kingdom Office of Gas and Electricity Markets (Ofgem) has urged large energy suppliers to return credit left in former customers' accounts or, if it cannot be returned, to "use it to benefit customers more generally and to make clear what to do when closing an account, the remaining sums held and the reasons for this".

Published in Consumer Protection

Goldman Sachs Group Inc (GS) has decided not to proceed with a plan to delay the payment of UK bonuses, which had intended to take advantage of a cut in the top rate of income tax and thereby potentially save bankers tens of millions of pounds in tax. Despite being legal, the plan was met with much public criticism, including from Bank of England governor Sir Mervyn King, UK Treasury minister responsible for the City of London Sajid Javid and British Bankers' Association chief executive Anthony Browne.

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