The Drug Enforcement Administration (DEA) in the United States (US) Department of Justice has announced that four individuals have been found guilty of conspiracy to launder drug proceeds through an operation involving the purchase, training, breeding and racing of horses. The DEA stated that a jury convicted Jose Trevino Morales, the brother of the leaders of the Los Zetas drug cartel, Mexican businessperson Francisco Colorado Cessa, horse trainer and purchasing agent Fernando Solis Garcia and horse trainer Eusevio Maldonado Huitron.
Reuters reports that it has gained access to a letter addressed to investors from SAC Capital Advisors (SAC) that states the hedge fund will no longer cooperate "unconditionally" with a United States (US) Government investigation into alleged insider trading by current and former SAC employees.
United States vehicle safety regulator the National Highway Traffic Safety Administration (NHTSA) has told a US Senate committee hearing that the interconnected electronics systems increasingly found in new vehicles has presented a new front for the regulator, especially in terms of protecting consumers against "car hacking".
Three agrichemical firms have established initiatives to address the United States' (US) declining bee population in the face of scrutiny from environmental and food activists into the firms' widely distributed pesticides. Government reports indicate that bees' role in pollinating fruit- and vegetable-bearing plants is responsible for approximately 25% of the US population's diet, according to Reuters.
Alcoa’s Board of Directors recently appointed Susan Ringler to the position of Vice President and Chief Ethics and Compliance Officer. Ringler has been Deputy General Counsel of Xylem Inc., a global water technology company spun off from ITT Corporation, since 2011. Prior to that, Ringler created and implemented ITT Corporation’s first global anti-corruption program.
Earlier this week, Judge Richard Sullivan sentenced former hedge fund manager and a founder of Level Global Investors Anthony Chiasson to six and a half years in prison, imposing one of the harshest penalties yet in the U.S. government’s efforts to rid Wall Street of insider trading. Chiasson was also ordered to pay $5 million in fines and must also give back as much as $2 million in illegally obtained proceeds. Chiasson could have received up to ten years in prison which was the recommendation under U.S. federal guidelines based on the profits that Level Global Investors earned on the improper trades.
The United States (US) Financial Industry Regulatory Authority (FINRA) has announced that it has fined three firms a total of US$900,000, and fined and suspended four executives for failures to establish and implement adequate anti-money laundering (AML) programs and systems to detect suspicious transactions.
United States (US) federal prosecutors have stated that they have finalised an agreement to reveal the names of any known co-conspirators in the insider trading case surrounding former SAC Capital Advisors (SAC) trader Mathew Martoma, reports The Wall Street Journal (WSJ). Reportedly, prosecutors will provide the court with all known names by 31 July 2013, and any other names 30 days before Mr Martoma's trial.
A United States (US) federal judge has approved shoe company Skechers USA Inc's (Skechers) US$40 million settlement of a class action which alleged that consumers were misled to believe that celebrity-endorsed Skechers brand "toning shoes" would help them lose weight and gain muscle strength).
The United States (US) Department of Labor (DoL) has announced that the DoL wage and hour division (WHD) will collaborate with "the world's largest restaurant chain" Subway "to increase compliance with [US] federal labor laws at Subway locations nationwide".