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Biden to name Gary Gensler as U.S. SEC chair REUTERS Gary Gensler will be named chair of the U.S. Securities and Exchange Commission (SEC) by President-elect Joe Biden, said two sources familiar with the matter, an appointment likely to prompt concern among Wall Street firms of tougher regulation.

SEC Charges Real Estate Fund Manager With Misappropriating Over $7 Million From Retail Investors SEC The Securities and Exchange Commission today charged fund manager Eric C. Malley and his company MG Capital Management L.P. with defrauding retail investors in two real estate funds managed by MG Capital.

New law cracks down on shell companies to combat corruption ABC A watershed reform of U.S. money laundering laws could allow investigators to uncover the proceeds of foreign bribery, drug trafficking and terrorism in just a few keystrokes The new legislation quietly passed by Congress last month after a decade-long fight is the most sweeping banking reform of its kind since passage of the Patriot Act, in the aftermath of the Sept. 11, 2001, terrorist attacks.

Boeing agrees to pay $2.5B+ to settle criminal fraud charges over 737 MAX SEATTLE TIMES Boeing has agreed with the U.S. government to pay more than $2.5 billion to defer prosecution and resolve a charge of “criminal misconduct” in its certification of the 737 MAX, the Department of Justice announced Thursday.

SEC Issues Over $1.1 Million to Multiple Whistleblowers SEC The Securities and Exchange Commission today announced awards totaling more than $1.1 million to five whistleblowers who provided high-quality information that led to successful enforcement actions.

California Challenges OCC Rule That Facilitates Predatory Lending Schemes CA AG

Millions of Dollars in False Claims Submitted to HUD’s FHA Mortgage Insurance Program DOJ The United States has filed a civil complaint in federal court in Brooklyn seeking damages and penalties against three individuals and multiple companies alleged to have engaged in a wide-ranging mortgage fraud scheme to defraud the government.

Child labor in palm oil industry tied to Girl Scout cookies AP NEWS Olivia, who earned a badge for selling more than 600 boxes of cookies, had spotted palm oil as an ingredient on the back of one of her packages but was relieved to see a green tree logo next to the words “certified sustainable.” She assumed that meant her Thin Mints and Tagalongs weren’t harming rainforests, orangutans or those harvesting the orange-red palm fruit.

Department of Justice sues Walmart over opioid crisis CBS The Justice Department is suing Walmart, alleging the country's largest retailer unlawfully dispensed controlled substances through its pharmacies and helped fuel the nation's opioid crisis.

Texas Heart Hospital and Wholly-Owned Subsidiary THHBP Management Company LLC to Pay $48 Million to Settle False Claims Act Allegations Related to Alleged Kickbacks DOJ

Luckin Coffee Agrees to Pay $180 Million Penalty to Settle Accounting Fraud Charges SEC

Massachusetts regulators expected to file complaint against Robinhood REUTERS Securities regulators in Massachusetts were expected to file a complaint on Wednesday against Robinhood Financial LLC, according to a document reviewed by the Wall Street Journal, the newspaper said on Wednesday.

Congress passes defense bill with big ramifications for AML, whistleblowers COMPLIANCE WEEK Tucked into the $740 billion defense spending bill Congress approved Friday are several anti-money laundering (AML) provisions that could dramatically improve law enforcement’s ability to identify and prosecute criminals laundering money through the U.S. banking system.

SEC Awards More Than $300,000 to Whistleblower with Audit Responsibilities SEC

Justice Department Announces Additional Distribution of more than $488 Million to Victims of Madoff Ponzi Scheme DOJ

U.S., states file sweeping antitrust lawsuits against Facebook, setting stage for potential breakup WASHINGTON POST

Armed Mexicans Were Smuggled In to Guard Border Wall, Whistle-Blowers Say NY TIMES In a complaint unsealed on Friday, whistle-blowers working on President Trump’s wall said that contractors were illegally bringing in Mexican guards to protect construction sites.

Defense Bill Proposes Anti-Money-Laundering Whistleblower Program WSJ A new whistleblower reward program incentivizing the reporting of potential violations of anti-money-laundering laws would be established as part of an annual defense-spending bill that is poised to clear Congress.

Former U.S. Senator and anti-fraud law co-sponsor Paul Sarbanes dies at 87 REUTERS Paul Sarbanes, a Maryland Democrat who served in the U.S. Congress for more than three decades, helped clean up the Chesapeake Bay and corporate scandals and pressured Richard Nixon to resign as president, died on Sunday at 87. After the crash of Enron and other companies in corporate scandals in 2001 and 2002, Sarbanes, as chairman of the Senate Banking Committee, advocated sweeping regulatory changes.

SEC Charges the Cheesecake Factory for Misleading COVID-19 Disclosures SEC The Securities and Exchange Commission today announced settled charges against The Cheesecake Factory Incorporated for making misleading disclosures about the impact of the COVID-19 pandemic on its business operations and financial condition. The action is the SEC's first charging a public company for misleading investors about the financial effects of the pandemic.