Tag Archives: SEC

Former SEC commissioner named to CFPB landing team by Trump transition team

An article in MarketWatch by Robert Schroeder states:

The teams work with the outgoing Obama administration at various federal agencies to smooth the transfer of power. They won’t necessarily be hired for full-time jobs, Trump transition officials have said. But members do give an indication Trump is sticking to certain past statements and campaign pledges.

Paul Atkins, a former Republican member of the Securities and Exchange Commission and a critic of heavy regulation, has been tapped for the Consumer Financial Protection Bureau team — a creation of the Dodd-Frank law Trump says he’ll dismantle.

JPMorgan to pay $264 million to resolve China hiring probe: SEC, DoJ

JPMorgan Chase & Co (>> JPMorgan Chase & Co.) has agreed to pay U.S. authorities $264 million to resolve allegations it hired the relatives of Chinese officials in order to win banking deals, the U.S. Securities and Exchange Commission and the Justice Department said in statements Thursday.

The SEC and Justice Department had been investigating over several years whether some of JPMorgan’s hiring efforts involved bribes, in violation of the U.S. Foreign Corrupt Practices Act.

The SEC will receive $130 million of the settlement, with $72 million going to Justice and $61.9 million to the U.S. Federal Reserve, which penalized the bank “for unsafe and unsound practices.”

JPMorgan did not admit or deny the charges. As part of its settlement with the Justice Department, a Hong Kong unit of the bank admitted to making quid pro quo hiring agreements with Chinese officials to win investment business.

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JPMorgan Chase : to settle U.S. government probe of China hiring

The bank will pay roughly $200 million combined to the Securities and Exchange Commission and the Justice Department and more than $50 million to the Federal Reserve, the source said.

There will not be any individual prosecution at this time, the source said.

The SEC opened an investigation into JPMorgan in 2013 over the hiring. The Justice Department opened a parallel investigation around the same time.

Investment banks have a long history of employing the children of China’s politically connected. While close ties to top government officials are a boon to any banking franchise across the world, they are especially beneficial in China, where relationships and personal connections play a critical role in business decisions.

The SEC, JPMorgan and the Justice Department all declined to comment.

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SEC’s White deflects questions about Wells Fargo

It took a little while for them to trickle in Tuesday morning, but the Democratic members of the House Financial Services had plenty of questions for outgoing Securities and Exchange Commission chief Mary Jo White about what’s next for Wells Fargo Inc. WFC, -1.18%

Democrats who sought reassurance the SEC was strongly on Wells Fargo’s case, ready to fairly but aggressively go after the bank over its unauthorized account opening scandal, were left wanting. One after another asked White for some insight regarding previous and current investigations of the bank by the SEC. In each case White reminded the committee members of the SEC’s policy not to mention investigations or discuss progress on them until all results were in.

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SEC Chair Mary Jo White stepping down at end of Obama administration

It’s about time… But, then again,she was going to be replaced by Trump…

President-elect Donald Trump and his transition team are currently working to fill theroughly 4,000 jobs that will become available when the Trump administration takes over in January, but there’s now one more government job that unexpectedly became available Monday – chair of the Securities and Exchange Commission.

Mary Jo White, the current chair of the SEC, who has served in that role since 2013, announced Monday that she plans to leave the SEC at the end of the Obama administration.

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SEC Probing Wells Fargo Around Sales-Practice Disclosures

The Securities and Exchange Commission is probing whether Wells Fargo & Co. violated rules around investor disclosures and other matters relating to its recent sales tactics scandal, people familiar with the matter said.

The SEC sent requests for information to the bank asking for documents in recent weeks, following three Democratic senators’ calls in late September for the SEC to investigate whether Wells Fargo misled investors and violated whistleblower protections while allegedly engaged in illegal sales practices, one of these people said. The probes are in an “early stage,” this person added.

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SEC accuses Wall Street exec of $200 million fraud

NEW YORK – A government lawyer said prominent Wall Street executive Lynn Tilton cheated investors in failing companies of over $200 million and should be banned from the industry.

But her lawyer said the Securities and Exchange Commission has created a laughable fraud case built on revisionist history. The dispute is being aired before an administrative law judge in New York federal court.

SEC senior trial counsel Dugan Bliss said the SEC wants Tilton banned from the securities industry and forced to give up over $200 million.

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