OFAC Outlines Guidance for Compliance Programs

OFAC Outlines Guidance for Compliance Programs

On May 2, 2019, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) published A Framework for OFAC Compliance Commitments, which identifies five essential components of an effective Risk-Based Sanctions Compliance Program. While companies are not legally required to implement a program, a failure to follow these principles increases the risks of sanctions violations

Investment Advisor Sued by SEC for Fraud by Overcharging Advisory Fees

Investment Advisor Sued by SEC for Fraud by Overcharging Advisory Fees

The Securities and Exchange Commission (“SEC”) charged Stephen Brandon Anderson and his company, River Source Wealth Management, an RIA located in North Carolina alleging the firm systematically overcharging his clients. The SEC alleges that the Anderson charged approximately 40% more than the agreed-upon maximum customer advisory fees.  The SEC said that Anderson also misled his

Payment Processor Settles FTC Case Alleging It Assisted in Fraudulent Schemes

Payment Processor Settles FTC Case Alleging It Assisted in Fraudulent Schemes

Allied Wallet, described as a provider of e-commerce merchant services and online payment processing services, settled claims by the Federal Trade Commission (FTC) that it assisted numerous scams by knowingly processing fraudulent transactions to consumers’ accounts. According to the complaint, Allied Wallet assisted companies that were the subject to law enforcement action by the FTC

NCAA To Examine Allowing College Athletes To Receive Compensation For Use of Name, Image and Likeness

NCAA To Examine Allowing College Athletes To Receive Compensation For Use of Name, Image and Likeness

The NCAA announced yesterday that it has formed a working group to examine issues related to college athletes receiving benefits for the use of their name, image and likeness (“NIL”).  The formation of the working group was prompted by recent federal and state legislative proposals that would allow college athletes to receive payment for their

We’re Hiring!!! Paralegal & Accountant

We’re Hiring!!! Paralegal & Accountant

The law firm of Kennyhertz Perry has two immediate and full-time job openings for a Litigation Paralegal and an Accountant/Controller. Please see the information below regarding job duties and requirements for these positions. Litigation Paralegal – Job Duties include, but are not limited to: • Draft correspondence and legal documents and contracts; • Manage multiple

Binary Options Firm Fined $22 Million by the CFTC

Binary Options Firm Fined $22 Million by the CFTC

Yesterday, the Middle District of Florida entered a Consent Order for Permanent Injunction, Civil Monetary Penalty, and Other Equitable Relief against Dr. Michael Shahand and Zilmil, Inc., who allegedly engaged in a large-scale internet fraud scheme from at least June 2013 through July 10, 2017, involving off-exchange binary options. A binary option is a type of

Braden Perry Discusses Blockchain in the Cannabis Industry with Disruptor Daily.

Braden Perry Discusses Blockchain in the Cannabis Industry with Disruptor Daily.

Kennyhertz Perry Attorney Braden Perry was recently featured in a Disruptor Daily article discussing benefits of Blockchain in the cannabis industry. Mr. Perry was one of six experts to discuss the emerging technology. “Most marijuana companies would benefit from some aspect of blockchain technology, from the supply of products, fair pricing, efficient supply and improved product

FTC Approves Consent Orders Against 2 Companies for False “Made in the USA” Claims

FTC Approves Consent Orders Against 2 Companies for False “Made in the USA” Claims

Recently, the Federal Trade Commission has approved final consent orders against Patriot Puck and Sandpiper/PiperGear  in which the agency alleged that companies falsely claimed their products were made in the United States. In both cases, much of the products finished goods were imported or had imported components. Marketers and manufacturers that promote their products as

FBI Cyber Division PIN Focuses on Insiders Inflicting Significant Losses to Businesses

FBI Cyber Division PIN Focuses on Insiders Inflicting Significant Losses to Businesses

Today, the Federal Bureau of Investigation, Cyber Division released Private Industry Notification (PIN) 20190423-001 regarding continued observation of U.S. businesses’ reporting significant losses caused by cyber insider threat actors, including former or disgruntled employees exploiting their enhanced privileges—such as unfettered access to company networks and software, remote login credentials, and administrative permissions—to harm companies. Kennyhertz