[1]
JPMorgan traders engaged in “spoofing,” in which a financial firm will flood the market with trade it doesn’t intend to execute in order to affect the price of a particular commodity. In this case, traders focused on the metals industry. This case has been resolved, but several others are still in litigation.
‘The conduct of the individuals referenced in today’s resolutions is unacceptable and they are no longer with the firm,’ Daniel Pinto, co-president of JPMorgan, said in the statement. ‘We appreciate that the considerable resources we’ve dedicated to internal controls was recognized by the DOJ, including enhancements to compliance policies, surveillance systems and training programs.’
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The Hamburg Data Protection Authority issued their largest fine
[1] ever under the General Data Protection Regulation (GDPR) for employee-related offenses. A fine of more than €35 million was levied against Hennes and Mauritz AB (H&M), a Swedish clothing company.
According to the investigation, H&M recorded and stored gigabytes of recorded one-on-one conversations with employees. The details provided in those conversations were used in decisions regarding the employees. The Hamburg Data Protection Authority found that the personal details revealed, the recording and storage of those details, the fact that multiple managers had access to the data, and that the data were used to make work-related decisions violated the GDPR and infringed on employees’ civil rights.
Beam Suntory Inc. agreed to pay a penalty of $19.6 million for bribery and other violations of the Foreign Corrupt Practices Act (FCPA).
[1] The company had paid bribes to officials in India and then went to great lengths to conceal the bribes and foil investigations into the FCPA violations. The agreement with the U.S. Department of Justice (DOJ) also includes a deferred prosecution agreement that puts the DOJ in an oversight role over changes to the company’s internal ethics and compliance controls.
[2]
The company had cooperated with the Securities and Exchange Commission on a similar investigation, but the DOJ noted no such cooperation with its own investigation:
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