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Regulatory Enforcement

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24 articles

Regulatory
•4 min read

FTC Orders Nomad to Return $186M After Massive Security Breach

The Federal Trade Commission reached a settlement with Illusory Systems Inc., operating as Nomad, requiring the company to return recovered funds and implement comprehensive security measures after hackers exploited coding vulnerabilities to steal $186 million from consumers in July 2022.

•FTC settlement requires Nomad to return recovered funds to consumers and implement mandatory information security program following $186 million hack
•Company's inadequate coding practices and failure to test software led to preventable security breach in July 2022 that cost consumers $100 million
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Regulatory
•4 min read

Connecticut Contractor Faces $1.2M OSHA Fine for Repeat Safety Violations

The US Department of Labor has proposed a $1.2 million fine against Sound Construction Inc., a Connecticut earthwork contractor, following a follow-up inspection that revealed continued workplace safety violations. The substantial penalty reflects OSHA's enforcement action against repeat offenders.

•Sound Construction Inc. faces $1.2 million OSHA fine for continued safety violations
•Follow-up inspection revealed company failed to address previously cited hazards
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Regulatory
•4 min read

FDA Seizes $1M Worth of 7-OH Opioid Products from Missouri Firms

The U.S. Food and Drug Administration, working with the Department of Justice, announced the seizure of approximately 73,000 units of 7-hydroxymitragynine products valued at roughly $1 million from three Missouri companies in a coordinated federal enforcement action.

•73,000 units of 7-hydroxymitragynine products seized with estimated value of $1 million
•Three Missouri firms targeted in coordinated FDA-DOJ enforcement operation
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Regulatory
•4 min read

FTC Secures $24M Settlement Against Greystar for Hidden Rental Fees

Greystar, the nation's largest apartment property manager, agreed to pay $24 million to settle federal and state charges over deceptive advertising practices that misled consumers about true rental costs by hiding mandatory fees.

•Greystar will pay $23 million to FTC and $1 million to Colorado for misleading rental advertising
•Company must display total monthly costs including all mandatory fees in advertisements
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Regulatory
•4 min read

FTC Orders EdTech Firm to Overhaul Security After 10M Student Data Breach

The Federal Trade Commission reached a settlement with Illuminate Education requiring comprehensive data security measures and deletion of unnecessary student information following a 2021 breach that exposed personal data of 10.1 million students. The breach occurred when hackers used credentials from a former employee who had left the company three and a half years earlier.

•FTC settlement requires Illuminate Education to implement data security program and delete unnecessary student information after breach affecting 10.1 million students
•Hackers accessed student databases using credentials from former employee who had left company three and a half years earlier
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Legislation
•4 min read

FTC Orders Pet Cremation Company to Drop Nationwide Noncompete Agreements

The Federal Trade Commission finalized a consent order requiring Gateway Services, Inc. to stop enforcing noncompete agreements that prevented nearly 1,800 employees from working in the pet cremation industry for one year after leaving the company. The unanimous FTC decision represents continued enforcement against restrictive employment practices that suppress worker mobility.

•Gateway Services must immediately stop enforcing existing noncompete agreements affecting nearly 1,800 employees
•The company is permanently banned from creating new noncompete agreements
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Regulatory
•4 min read

CFTC Charges Two Men with $1M Futures Fraud, Registration Violations

The Commodity Futures Trading Commission filed federal charges against Brian Mitchell, Kevin Mack Jr., and their Michigan company Young Pros Investment Group LLC for allegedly defrauding approximately 33 investors out of $1 million through a commodity trading scheme that operated as a Ponzi-style fraud from December 2020 through May 2022.

•CFTC filed fraud charges against Brian Mitchell, Kevin Mack Jr., and Young Pros Investment Group LLC for allegedly defrauding 33 investors of approximately $1 million
•Defendants allegedly operated Ponzi-style scheme using new investor funds to pay earlier participants while concealing trading losses through false statements
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Regulatory
•4 min read

CFTC Secures $51 Million Judgment Against Precious Metals Fraud Operation

The CFTC and 30 state regulators secured a $51 million federal court judgment against Safeguard Metals LLC and its principal Jeffrey Ikahn for operating a nationwide precious metals fraud scheme. The judgment includes $25.6 million in victim restitution and an equal amount in civil penalties.

•Federal court entered final judgment for $51 million total against Safeguard Metals LLC and Jeffrey Ikahn
•Scheme involved nationwide precious metals fraud targeting investors
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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

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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