Wells Fargo Agrees to Pay $3 Billion to Resolve Criminal and Civil Investigations into Sales Practices

DEPARTMENT OF JUSTICE

Wells Fargo & Company and its subsidiary, Wells Fargo Bank, N.A., have agreed to pay $3 billion to resolve their potential criminal and civil liability stemming from a practice between 2002 and 2016 of pressuring employees to meet unrealistic sales goals that led thousands of employees to provide millions of accounts or products to customers under false pretenses or without consent, often by creating false records or misusing customers’ identities. read more »

SEC reportedly probing Altria’s Juul investment

CNBC

The Securities and Exchange Commission has launched an investigation into Altria’s investment in e-cigarette start-up Juul Labs, the Wall Street Journal reported on Friday.

Regulators are examining whether the tobacco company sufficiently disclosed to shareholders the risks when it invested $12.8 billion for a 35% stake in Juul in 2018, sources told the Journal. read more »

CFTC Wins Forex Fraud Trial on Damages and Obtains Monetary Judgment of More than $22.6 Million

COMMODITY FUTURES TRADING COMMISSION

The court’s ruling orders the defendants to pay more than $22.6 million in disgorgement and civil monetary penalties in connection with a fraudulent foreign currency (forex) scheme. read more »