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News >> Financial Integrity

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".

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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".

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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.

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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".

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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).

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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).

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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 made available Settlement Agreement (24 February 2014 - available via the media release below) reached with France-based bank Société Générale (SG) and associated individuals and entities over alleged breaches of federal and state securities laws.

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Syncora Holdings Ltd (Syncora) has made available Annual Statement 2013 (February 2014) for its financial guarantee insurance subsidiary Syncora Guarantee Inc (SGI), which states that SGI has received US$400 million from JPMorgan to settle SGI's residential mortgage-backed securities (RMBS)-related claims against JPMorgan and its affiliates.

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The United States (US) Senate Homeland Security and Governmental Affairs Committee's (HSGAC) Permanent Subcommittee on Investigations has released its majority and minority staff report Offshore Tax Evasion - The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts (26 February 2014).

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The Group of 20 (G20) has released the Communiqué (undated) from its meeting of finance ministers and central bank governors held in Sydney, Australia during 22 - 23 February 2014. The communiqué states that the meeting's outcomes include the endorsement of the Standard for Automatic Exchange of Financial Account Information (undated) (the Standard) as part of a global response to base erosion and profit shifting.

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