12/20/2018
Details of Staley Allegations Are Revealed, Then Deleted, by DFS
About three hours later, the DFS changed its online statement, removing the purported circumstances of Staley’s departure from JPMorgan.
Legal, Regulation & Compliance
12/20/2018
Barclays fined $15m over whistleblowing scandal
DFS Investigation Found Shortcomings in Barclays’ Governance, Controls and Corporate Culture Relating to the Bank’s Whistleblowing Function After CEO Personally Sought to Identify Whistleblowers
12/19/2018
Goldman Sachs Ignored 1MDB Warning Signs in Pursuit of Asian Business
Firm blames rogue bankers for dealings with scandal-plagued Malaysian investment fund, but engaged in lax oversight of partners
12/19/2018
Two more Wilmington Trust officials get prison time
The sentences were handed down two days after Andrews sentenced the bank's former President Robert Harra Jr. and former Chief Financial Officer David Gibson to six years imprisonment.
12/13/2018
Treasury, USTR Finalize Bilateral Agreement With the UK on Prudential Measures Regarding Insurance and Reinsurance
The U.S.-UK Covered Agreement is an important step in providing regulatory certainty and market continuity as the United Kingdom prepares to leave the European Union in March 2019
12/13/2018
Prosecutors seek prison time for former bank execs
The four former Wilmington Trust officials face sentencing next week for fraud and conspiracy.
12/13/2018
Manx link to Panama Papers prosecution
Now, their international tax scheme is over, and these defendants face years in prison for their crimes.’
12/13/2018
Americans Spent $100 Million on Tropical Real Estate. They Were Scammed, FTC Says.
Developers sold lots in a jungle area that they said would become a luxury resort but little was built
12/12/2018
US anti-money-laundering bill could reappear early next year
Critics say the proposed law, which stalled following the US mid-term elections, would place an unnecessary burden on dealers
12/12/2018
New IRS offshore amnesty regime imposes bigger penalties for secret accounts
The OVDP was initiated in 2009 and was designed to bring taxpayers with undisclosed foreign income, accounts and assets into US tax compliance.
12/12/2018
Defunct Greenwich investment firm reaches seven-figure SEC settlement
The SEC alleges that “business development clients” of Fifth Street overvalued portfolio companies by several million dollars, making the clients’ own reported numbers inaccurate.
12/12/2018
US, UK to sign re/insurance agreement as Brexit looms
The agreement between the EU and the US eliminated collateral and local presence requirements for qualified reinsurers and facilitated the exchange of information between EU and US supervisors. It also included prudential benefits.
12/11/2018
‘Excessive disclosure’: how an incoming SEC rule could overwhelm US offshore
As a legal specialist with over 25 years’ experience in cross-border regulation, one of the key things that struck me about the regulation was how difficult it might be to apply it to cross-border investments.
12/11/2018
How Madoff's Multi-Billion Fraud Changed the Hedge Fund Industry
The impact of that has been staggering: Investors have pulled their money from funds of funds for 10 straight years.
12/11/2018
Law firms position themselves at the heart of business deals
Lawyers step out of traditional roles to attract clients
12/11/2018
Artex and Arthur J Gallagher accused of selling and managing illegal tax-shelter captives
The plaintiffs were represented by David R. Deary, Ralph Canada, and Jim Flegle of Loewinsohn Flegle Deary Simon .
12/10/2018
Investors managing $32 trillion in assets call for action on climate change
"The global shift to clean energy is underway, but much more needs to be done by governments to accelerate the low carbon transition and to improve the resilience of our economy, society and the financial system to climate risks," the statement
12/06/2018
Edward Jones Settles Lawsuit Against Fired Advisor
The compliance staff members’ actions were “brutal” and “inappropriate
12/05/2018
Panama Papers: Four charged in US with fraud and tax evasion
Prosecutors allege Mr Owens and Mr Brauer created and ran sham foundations and shell companies to conceal assets.
12/02/2018
Boardroom Diversity Push Gains Steam
SB826 is the newest development in the rising trend of promoting increased gender equality and diversity representation in corporate boardrooms.