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SEC issues whistleblower awards totaling $11.5 million
On September 17, the SEC announced whistleblower awards totaling approximately $11.5 million to two whistleblowers who provided information and assistance leading to a successful SEC enforcement action. According to the redacted order , the SEC paid one of the whistleblowers nearly $7 million for...
InfoBytesNew Jersey, Texas flag company for crypto practices
On September 17, the New Jersey Bureau of Securities (Bureau) announced a cease and desist order against a blockchain-based marketplace company for allegedly selling unregistered securities in the form of interest-earning crypto-asset accounts that raised approximately $14 billion. According to the...
InfoBytesFTC reaches $6.4 million settlement with remaining defendants in robocalling suit
On September 20, the FTC announced a proposed settlement order resolving charges against the remaining participants in a cruise line telemarketing operation allegedly aimed at marketing free cruise packages to consumers. The FTC alleged the defendants participated in unfair acts or practices in...
InfoBytesCFPB sues software company for encouraging TSR violations
On September 20, the CFPB filed a complaint against a California-based software company and its owner (collectively, “defendants”) for allegedly violating the Telemarketing Sales Rule (TSR) and the Consumer Financial Protection Act by substantially assisting or supporting credit-repair businesses...
InfoBytesSEC’s Gensler supports SOFR
On September 20, SEC Chair Gary Gensler issued remarks before the Alternative Reference Rates Committee (ARRC) regarding the transition from the London Interbank Offered Rate (LIBOR) to a “preferable” Secured Overnight Financing Rate (SOFR). Gensler expressed his concerns for the Bloomberg Short-...
InfoBytesDOJ settles SCRA violations with New Jersey student lending authority
On September 20, the DOJ announced a settlement with a New Jersey’s student lending authority, resolving allegations that the authority obtained unlawful court judgments in violation of the Servicemembers Civil Relief Act (SCRA) against two military servicemembers who co-signed student loans ...
InfoBytesNYDFS issues pre-proposed regulation to implement Commercial Finance Disclosure Law
On September 21, NYDFS Acting Superintendent Adrienne A. Harris announced a pre-proposed regulation to implement New York’s Commercial Finance Disclosure Law (CFDL) (covered by InfoBytes here ), which was enacted at the end of December 2020, and amended in February to expand coverage and delay the...
InfoBytesFinCEN releases notice regarding online child sexual exploitation crimes
On September 16, FinCEN issued a notice regarding an increase in online child sexual exploitation (OCSE) and provided financial institutions with specific suspicious activity report (SAR) filing instructions, noting some financial trends related to OCSE. According to FinCEN, there was a “147...
InfoBytesOFAC sanctions entities connected to international terrorism
On September 17, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224 against members of Lebanon- and Kuwait-based financial conduits that fund Hizballah. In addition, OFAC designated members of an international network of...
InfoBytesOFAC sanctions individuals in Turkey
On September 16, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224, as amended, against five individuals for allegedly providing “a range of financial and travel facilitation services” for a terrorist organization in Turkey...
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