The Financial Crimes Enforcement Network (“FinCEN”) unveiled its Global Investigations Division (“GID”), which will be responsible for both domestic and international investigation under the Bank Secrecy Act (“BSA”). GID will utilize FinCEN’s BSA authorities to investigate and target terrorist finance and money laundering threats, and GID will work with foreign counterparts to coordinate actions against
Yesterday, the Commodity Futures Trading Commission (“CFTC”) filed a motion with the court in CFTC v. Kraft and Mondelez (15-2881 N.D. Ill.) to vacate its order setting an evidentiary hearing or, in the alternative, stay the matter pending appellate review. It also requested an enlargement to the briefing page limitations. The motions were filed under
The FDA could begin enforcement actions against companies that manufacture, market, or sell CBD products as soon as this fall. Previously, the FDA indicated that it was “expediting” its efforts to develop a comprehensive approach to CBD, which it hoped to release by fall. Last week, the head of the FDA’s division on CBD policy
A cybersecurity and regulatory attorney, Braden Perry is featured discussing the security concerns over Huawei and other Chinese companies in a Washington Examiner article. A number of U.S. policymakers have raised alarms that Huawei could potentially be growing in surveillance backdoors into it’s equipment, after President Trump issued a warning. to end an export license that
The CFTC action against Kraft and Mondelez for manipulation of the wheat futures markets is over. Yesterday, Kraft and Mondelez agreed to a $16 million civil monetary penalty and an injunction against future manipulative actions. Interestingly, the CFTC cannot comment on the action because it agreed to the following provision in the consent order: “Neither
If you are seeking to raise investment money for your company, remember that one of the best things you can do to protect yourself is disclosing as much information about your company as possible. That way, if things fall apart and your investors threaten to sue you for securities fraud, or the government brings a
On August 1, 2019, Kansas issued Notice 19-04 that requires any remote seller, regardless of physical presence, to register, collect and remit sales taxes on any sales of tangible personal property and/or certain services in Kansas. This notice interpreted K.S.A. 79-3702(h)(1)(F) “to the fullest extent permitted by the law.” As provided in the Notice, “Kansas
Yesterday, the 11th Circuit Court of Appeals issued its decision in the case involving Miami club investor Isaac Feldman’s convictions for conspiracy to commit wire fraud and conspiracy to commit money laundering. Feldman invested in two Miami Beach nightclubs that hired foreign women to pose as tourists, attract patrons, and persuade them to buy overpriced
According to FINRA, Citigroup’s brokerage unit, Citigroup Global Markets, Inc., failed in running background checks on at least 10,400 non-registered associated persons, which led to three individuals who’d been convicted of crimes working for the firm. Federal securities laws require broker-dealers to fingerprint associated persons working in a non-registered capacity before or upon association with
Lawrence Fejokwu and his company, Chazon QTA Quantitative Trading Artists LLC, was banned from National Futures Association (NFA) membership after Fejokwu refused to help with its investigation. The U.S. Commodity Futures Trading Commission (CFTC) agreed with the NFA, and the Third Circuit ruled that the CFTC didn’t abuse its discretion in sustaining the ban. Now,
Today, the U.S. Commodity Futures Trading Commission (CFTC) issued an Order filing and settling charges against Curtis Dalton of Middleton, Massachusetts, requiring him to pay $200,000 for offering illegal off-exchange retail commodity transactions to U.S. and overseas customers while failing to be registered by the CFTC. The transactions offered by Dalton consisted of binary options
As detailed in this IRS news release today, the IRS has begun sending letters to taxpayers with virtual currency transactions that may have resulted in tax liabilities. This notice provides: “Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties,”
