Tag

Regulatory Violations

All articles tagged with #regulatory violations

business1 year ago•4 min saved

"California Billionaire Don Hankey's $175 Million Bond for Trump's Legal Troubles"

Don Hankey, a California financier and chairman of the Hankey Group of Companies, provided Donald Trump's $175 million appeal bond, drawing attention to his subprime auto lending and regulatory violations. Hankey's companies, including Westlake Financial, have faced multiple actions from regulators, such as illegal repossessions and failure to provide service members with benefits. Consumer complaints filed against Westlake include allegations of improper repossessions, unauthorized charges, and inaccurate loan reporting. Hankey's companies have also been subject to regulatory actions by the Consumer Financial Protection Bureau and the California Department of Insurance.

via NBC News|

#appeal-bond #business #don-hankey

automotive2 years ago•4 min saved

Tesla's Deceptive Practices: Blaming Customers for Faulty Parts and Expensive Repairs

Tesla has been accused of routinely blaming customers for the failure of substandard and defective parts, according to documents reviewed by Reuters. The company allegedly gaslit customers who complained about broken and low-quality parts, accusing them of "abusing" their vehicles. Tesla reportedly knew about the chronic flaws and failures for years, but denied them to regulators and the public. The company also charged customers for repairs of parts with high failure rates. These revelations add to the growing concerns about Tesla's corporate culture, including its misleading claims about EV ranges and the safety issues surrounding its "full self-driving" technology.

via Techdirt|

#automotive #customer-service #defective-parts

cryptocurrency2 years ago•3 min saved

Binance fined $2.7 billion for concealing transactions from feds

Binance, the world's largest cryptocurrency exchange, has been ordered to pay a $2.7 billion fine after hiding shady transactions from US regulators. The settlement includes disgorging $1.35 billion in ill-gotten transaction fees and paying a $1.35 billion penalty to the Commodity Futures Trading Commission (CFTC). Binance's founder and CEO, Changpeng Zhao, will personally pay a $150 million civil monetary penalty. The CFTC found that Binance and Zhao knowingly concealed the presence of US customers on the platform and violated US regulatory requirements. As part of the settlement, Binance will implement new compliance measures and a corporate governance structure. Despite the legal challenges, Binance remains a significant player in the cryptocurrency market.

via Ars Technica|

#binance #cryptocurrency #cryptocurrency-exchange

cryptocurrency2 years ago•1 min saved

CFTC takes legal action against Binance and CEO.

The US Commodities Futures and Trading Commission (CFTC) has filed a lawsuit against Binance and its CEO, Changpeng Zhao, for regulatory violations. The CFTC alleges that Binance failed to properly register with the derivatives regulator. Binance has been under investigation by the CFTC since 2021 and had acknowledged in February that it would likely face regulatory action in the US. Meanwhile, Bitcoin's hash rate has spiked to all-time highs, with analysts speculating that miners are turning their rigs back on as Bitcoin's price rises.

via Cointelegraph|

#binance #bitcoin #cftc

regulation2 years ago•2 min saved

CFTC's Lawsuit Against Binance Reveals Compliance Violations and Crypto Exchange Woes

The US Commodity Futures Trading Commission (CFTC) has sued Binance for violating trading and derivatives laws, alleging that the crypto exchange offered its derivatives trading services to US customers without applying for a derivatives license. The CFTC has demanded that Binance and its CEO, Changpeng “CZ” Zhao, should be banned from engaging in any of the conduct described in this case, and pay back the trading profits, revenues, salaries, commissions, loans and fees derived from US persons, and pay civil penalties for the violations. The CFTC lawsuit against Binance is a big deal for the crypto industry, given its general belief that the CFTC doesn’t pursue small crypto players without merit.

via Cointelegraph|

#binance #cftc #crypto-exchange