November 24, 2024/Ecobank Nigeria The House of Representatives Committee on Public Petitions has absolved Ecobank of any liability toward the 167 members of staff of the bank laid off in 2023. Chairman of the committee, Rep. Mike Etaba (APC-Cross River), who ruled on a petition by the claimants on Thursday […]
Frauds & Scandals
Portfolio Manager Ordered to Pay $11.2 Million and Prohibited From Managing Others’ Money
November 22, 2024/US SEC On November 19, 2024, the United States District Court for the Western District of Wisconsin entered a final judgment against Edward S. Walczak, a former mutual fund portfolio manager, for fraudulently misrepresenting to investors how he managed risk in the Catalyst Hedged Futures Strategy Fund. The […]
UPS to Pay $45 Million Penalty for Improperly Valuing Business Unit
November 22, 2024/US SEC The Securities and Exchange Commission today announced settled charges against United Parcel Service Inc. for materially misrepresenting its earnings because it failed to follow generally accepted accounting principles (GAAP) in valuing one of its worst performing businesses. According to the SEC’s order, UPS determined in […]
