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Regulatory

Federal agency enforcement actions, rulemaking, and regulatory developments. Coverage of the SEC, FTC, CFPB, CFTC, OSHA, FDA, and other agencies shaping compliance and industry standards.

Regulatory
•4 min read

FTC Sues Sendit App for Child Privacy Violations and Fake Messages

The Federal Trade Commission filed a complaint against Sendit's operator Iconic Hearts Holdings and CEO Hunter Rice for violating children's privacy laws by collecting personal data from users under 13 without parental consent and deceiving users with fake messages to drive premium subscription sales.

•FTC alleges Sendit violated COPPA by collecting personal data from over 116,000 children under 13 without parental consent
•Company allegedly sent fake messages to manipulate users into purchasing premium subscriptions
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Regulatory
•4 min read

SEC Seeks Public Input to Overhaul Mortgage-Backed Securities Rules

The Securities and Exchange Commission published a concept release soliciting public comment on potential improvements to rules governing residential mortgage-backed securities and asset-backed securities. The initiative signals the agency's intent to modernize regulations overseeing these critical financial instruments.

•SEC issued concept release seeking public comment on RMBS and ABS rule improvements
•Initiative targets regulatory framework governing mortgage-backed securities markets
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Regulatory
•4 min read

FTC Approves $13.5B Omnicom-IPG Merger With Ban on Political Ad Boycotts

The Federal Trade Commission approved a final consent order allowing Omnicom Group's $13.5 billion acquisition of Interpublic Group to proceed, but with strict conditions preventing the merged entity from denying advertising dollars to media publishers based on political or ideological viewpoints.

•FTC approves $13.5 billion Omnicom-IPG merger with modified consent order after public comment period
•Final order prohibits denying advertising dollars to media publishers based on political or ideological viewpoints
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Regulatory
•4 min read

Tennessee Realtors Ordered to Pay $5.5M in Crypto Pool Fraud

A Tennessee realtor couple must pay over $5.5 million in restitution after defrauding 145 victims through a fake cryptocurrency trading operation called 'Blessings Thru Crypto.' The CFTC secured a consent order against Michael and Amanda Griffis for their $6.5 million commodity pool fraud scheme.

•Tennessee realtors Michael and Amanda Griffis must pay $5.5M restitution plus $1.4M penalty for commodity pool fraud
•The couple defrauded 145 victims of over $6.5 million through fake 'Blessings Thru Crypto' trading operation
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Regulatory
•4 min read

FTC Secures Historic $2.5 Billion Amazon Prime Settlement

The Federal Trade Commission has secured a record-breaking $2.5 billion settlement with Amazon over allegations that the company enrolled millions of consumers in Prime subscriptions without their consent and made cancellation deliberately difficult. Amazon must pay $1 billion in civil penalties and provide $1.5 billion in consumer refunds.

•Amazon will pay $2.5 billion total: $1 billion in civil penalties and $1.5 billion in consumer refunds
•FTC alleged Amazon used deceptive interfaces to trick consumers into Prime enrollment without clear consent
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Regulatory
•4 min read

FTC Stops Cancer Charity Scam That Misused 99.7% of $45M Raised

The Federal Trade Commission and 19 state agencies have shut down a deceptive charity fundraising scheme that raised over $45 million for breast cancer screenings but used only 0.28% for actual medical services. Kars-R-Us.com and its operators face permanent fundraising bans and operational restrictions under a proposed settlement.

•Only 0.28% of $45 million raised actually funded promised breast cancer screenings
•More than 84,000 donors were deceived by false claims about vehicle donations
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Regulatory
•4 min read

Fed Issues Enforcement Actions Against Former Bank Employees

The Federal Reserve Board has issued enforcement actions against former employees of First Horizon Bank and Manufacturers and Traders Trust Company. The regulatory actions represent the latest efforts by banking regulators to hold individual banking personnel accountable for alleged misconduct or regulatory violations.

•Federal Reserve issued enforcement actions against former employees of First Horizon Bank and M&T Trust Company
•Actions represent continued regulatory focus on individual accountability in banking sector
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Regulatory
•4 min read

FTC Sues Live Nation and Ticketmaster Over Illegal Ticket Resale Scheme

The Federal Trade Commission and seven states filed a lawsuit against Live Nation and Ticketmaster, alleging the companies illegally coordinated with ticket brokers to harvest millions of dollars worth of tickets and resell them at substantial markups. The complaint accuses the entertainment giants of deceiving consumers through bait-and-switch pricing tactics and false ticket purchase limits.

•FTC alleges Live Nation/Ticketmaster coordinated with brokers to harvest tickets and resell at inflated prices
•Companies accused of bait-and-switch pricing and false ticket purchase limits
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Regulatory
•4 min read

CFTC Secures $2.8M Settlement from Florida Firm for Commodity Pool Fraud

The Commodity Futures Trading Commission obtained a $2.8 million settlement from Florida-based Systematic Alpha Management LLC and its owner Peter Kambolin for defrauding commodity pool participants. The defendants systematically directed profitable trades to their own accounts while allocating losing trades to investor pools.

•CFTC secured $2.8 million total settlement including $1.2 million in direct restitution to fraud victims
•Defendants operated fraudulent scheme from 2019-2021 involving improper allocation of cryptocurrency and forex trades
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Regulatory
•4 min read

CFTC Fines Shinhan Securities $212,500 for Wash Trading on NYMEX

The Commodity Futures Trading Commission imposed a $212,500 civil penalty on Shinhan Securities Co. Ltd. for conducting wash sales and non-competitive transactions on the New York Mercantile Exchange. The firm engaged in simultaneous buy and sell orders for the same futures contracts through accounts with identical beneficial ownership.

•Shinhan Securities agreed to pay $212,500 penalty and accept cease and desist order
•Firm conducted wash sales through near-simultaneous bids and offers for identical futures contracts
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