Tag: fines


CFTC Collects $1.3 Billion from Enforcement Actions

The Commodity Futures Trading Commission (CFTC) says in financial year 2016 it filed 68 enforcement actions, which addressed a sweeping range of misconduct and market harm, and obtained orders totaling approximately $1.29 billion in restitution, disgorgement, and penalties.
Along with new enforcement actions, the CFTC says it aggressively pursued litigation in over 100 cases, including significant and complex cases charging manipulation, spoofing, and unlawful use of customer funds, and won liability verdicts in both jury and bench trials in US District Courts.

Performance Bonds for Bankers?

A new post by Liberty Street Economics, which operates under the auspices of the Federal Reserve Bank of New York, argues the case for performance bonds for bankers to help combat misconduct.
The post, which does not necessarily reflect the view of the New York Fed or wider Federal Reserve System, argues, “Given the long list of problems that have emerged in banks over the past several years, it is time to consider performance bonds for bankers.”
The authors, Hamid Mehran and Joseph Tracy, suggest the bonds, “could provide more incentive for bankers to take better care of our financial system”.

State Street to Pay $530m to Settle FX Fraud Allegations

It was announced today that State Street expects to pay a total of $530 million to resolve FX fraud allegations levelled against the bank. The US Department of Justice (DoJ) issued a statement today saying that State Street has agreed to pay a total of at least $382.4 million to settle allegations that it deceived […]