Standard Bank Pays $36.9m to Settle SEC and UK Fraud Charges

Standard Bank Plc agreed to pay $36.9 million to settle charges with the Securities and Exchange Commission and United Kingdom’s Serious Fraud Office under its Bribery Act for failing to disclose certain payments to entities for no substantive work in connection with a $600 million debt issued by the Government of Tanzania in 2013. The SEC did not have jurisdiction to bring charges under the Foreign Corrupt Practices Act (FCPA) because Standard was not an “issuer” as defined by that Act. Click here to read more.

Happy Thanksgiving from Andersen Sleater

Andersen Sleater wishes you, your family and friends a Happy Thanksgiving. We are thankful for everyone, who supports us and our clients. Remember to be thankful for all you have and give back to help others.

FTC Busts Yellow Pages Scam

A federal court at the FTC's request banned Robert Ray Law and his company, CPU Service Incorporated (CPU) from sending unsolicited direct mail to advertise or promote goods or services, imposed a judgment of almost $400,000. The FTC previously charged Law and Your Yellow Book Inc. (YYB) for a similar scam of sending fake invoices to trick small businesses, doctors’ offices, retirement homes, and religious schools into paying for unordered online business directory listings. Click here to read more.

54 Starwood Hotels Involved in Data Breach

Starwood found malware in the payment system at restaurants, gift shops, bars and other retail areas within 54 of its hotels, including some Sheraton, Westin and W locations. The malware allowed hackers to see debit and credit card information, including card numbers, security cards, expiration dates and names. Click here to read more.

Home Depot Exposed for Selling Recalled Products

Tthe Consumer Product Safety Commission (CPSC) uncovered that Home Depot has continued to sell 28 different products recalled or about 2,300 products between 2012 and 2015 for various fire hazards and the potential to cause injury. Click here to read more.

Regulators Crack Down on Over 100 Supplement Companies

Federal agencies, led by the U.S. Department of Justice, filed criminal and civil cases against more than 100 makers and marketers of potentially dangerous dietary supplements in 18 states. One official stated that these supplements were a modern-day versions of “snake oil salesman and medical quacks” with misleading labeling such as "natural extracts." Click here to read more.

SEC Brings Fraud Charges Involving Marley Coffee Stock

The Securities and Exchange Commission filed fraud charges against individuals involved in a $78 million pump-and-dump scheme of the stock of Jammin’ Java, a company that operates as Marley Coffee and uses trademarks of late reggae artist Bob Marley to sell coffee products. British twin brothers Alexander Hunter and Thomas Hunter were also previously charged in a separate SEC case for touting multiple penny stocks, including Jammin' Java, using a fake stock picking robot. Click here to read more.

SpaghettiOs Recalled for Potential Choking Hazard

Campbell Soup Company is voluntarily recalling 355,000 cans of SpaghettiOs after receiving consumer complaints about a potential choking hazard from pieces of red plastic found in the cans. The affected 14.2 ounce SpaghettiOs Original product has a date of February 22, 2017 stamped on the base of the can, and a UPC code of 51000 22432 printed under the bar code. Click here to read more.

Heating Oil Scam Leads to Arrest of Dozens of Executives and Truck Drivers

After uncovering a years-long scam, involving the rigging of fuel trucks to shortchange customers on the amount of heating oil delivered to homes and other buildings, more 40 owners, executives and truck drivers from some of the city's largest fuel oil companies were arrested yesterday. Those defrauded of the estimated hundreds of millions of dollars, included city agencies, NYPD, FDNY and some of Manhattan's most prominent developers. Click here to read more.

FTC Requires Company to Ensure Wipes Can Be Flushed Down the Drain

The Federal Trade Commission requires wipes-maker, Nice-Pak, to prove its products, which include plastic-based material, are "flushable" and safe for sewer and septic systems. The FTC filed a complaint against Nice-Pak in May alleging that its claims that its cloth products were flushable were unsubstantiated. Such products have wrecked havoc on city sewer systems and caused costly repairs, including in NYC and London. Click here to read more.

VW Attempts $1k Goodwill Gesture to Vehicle Owners

After suffering from allegations that Volkswagen rigged their “clean diesel” vehicles to cheat emissions tests, it is attempting to extend an offer an olive branch by offering its vehicle owners $1,000 in cash and credits. VW sent an email offering the payments in two ways: a $500 Visa prepaid car, and $500 in credits toward a VW purchase and three years of free roadside assistance. Click here to read more.

SEC Charges Traders for False Tweets

The Securities and Exchange Commission charged two traders with securities fraud for making false tweets about companies from Twitter accounts created to look like well-known securities research firms. These tweets caused sharp drops in the companies' stock prices and even halted trading in one of them. Click here to read more.

SEC Awards Whistleblower $325k

The Securities and Exchange Commission awarded a whistleblower, who was a former investment firm employee, more than $325,000 for providing information that uncovered fraudulent activity. The SEC indicated that the whistleblower would have received even more if the person had come forward immediately instead of waiting until they left their employer. Click here to read more.

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