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SEC affirms FINRA decision to fine CCO $5K.

Late last year the Securities and Exchange Commission (SEC) released an opinion affirming a FINRA decision to fine a CCO for “failure to enforce WSP” (written supervisory procedures). The firm, Ocean Cross had approximately 15 associated persons and two principals in two offices between September 8, 2011 and April 30, 2012—the relevant period in this … Read more

FinCen accesses a civil penalty of $450,000 against a former risk officer

Overview On March 4, 2020 issued a settlement agreement with U.S. Bank’s former Chief Operational Risk Officer Michael LaFontaine whereby FinCen fined Mr. LaFontaine $450,000 and banned him from a compliance role for six years. The settlement agreements state the reason for the actions is due to “his failure to prevent violations of the Bank … Read more