Daily Archives: November 10, 2023, 3:15 pm

World’s Biggest Bank ICBC Forced to Trade Via USB Stick After Russia-Linked Hack – Bloomberg

Industrial & Commercial Bank of China Ltd.’s US unit had been hit by a cyberattack, rendering it unable to clear swathes of US Treasury trades after entities responsible for settling the transactions swiftly disconnected from the stricken systems. That forced ICBC to send the required settlement details to those parties by a messenger carrying a thumb drive as the state-owned…

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Auditors Decry Plan to Broaden Liability for ‘Innocent Mistakes’

A lone error in judgment could kill auditors’ careers under a proposal that would lower the bar for certain disciplinary actions, audit firms and other stakeholders warned the US accounting oversight board. The proposed rule changes would have a chilling effect on the profession, curbing collaboration among audit leaders and team members while crimping interest in a field that has…

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“Head Of Legal And Compliance” For Multibillion-Dollar Cryptocurrency Pyramid Scheme “OneCoin” Pleads Guilty | DOJ

Damian Williams, the United States Attorney for the Southern District of New York, announced that IRINA DILKINSKA pled guilty today in Manhattan federal court to wire fraud and money laundering charges in connection with her participation in the massive OneCoin fraud scheme.  OneCoin, which began operations in 2014 and was based in Sofia, Bulgaria, marketed and sold a fraudulent cryptocurrency…

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Crypto Exchange FTX’s FTT Token Almost Doubles on Gensler Comments

FTT, the native token of defunct cryptocurrency exchange FTX, has surged by 90% following comments from U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler, who warned that if anybody wants to get involved in crypto, they must “do it within the law” following a series of bids to reboot FTX. Source: Crypto Exchange FTX’s FTT Token Almost Doubles on…

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Top 5 SEC Developments

We summarize below some of the most important SEC enforcement developments from the past month, with links to primary resources. This month we examine: –A string of settled charges for alleged violations of the Whistleblower Protection Rule; –Charges against an electronic trading firm and its broker-dealer subsidiary for allegedly making false and misleading disclosures regarding protecting customer trading data and…

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FBI Director Wray criticizes selection of new headquarters site, citing ‘potential conflict’

In his unusually pointed letter to staffers, Wray said the FBI has “concerns about fairness and transparency in the process and GSA’s failure to adhere to its own site selection plan,” adding that a senior GSA executive overruled a board decision and picked land that is owned by the executive’s previous employer, the Washington Metropolitan Area Transit Authority. A three-member…

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