Civil Money Penalty


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Civil Money Penalty

A fine assessed by a court on a person or entity that has profited from violations of securities law and regulation. For example, if a broker makes illegal insider trades from information gleaned from a client, he/she may have to pay a civil money penalty. Ordinarily, the civil money penalty is equal to the profit that the violator made from his/her activities.
References in periodicals archive ?
District Court in the Southern District of California, and agreed to pay a forfeiture in the amount of $368,701,259 and a civil money penalty to the OCC in the amount of $50 million, based in part on the violation of 12 USC 481.
The order requires Irwin Union Bank to pay a civil money penalty of $22,300, which will be remitted to the Federal Emergency Management Agency for deposit into the National Flood Mitigation Fund.
Department of Labors Wage and Hour Division (WHD), Cowboy LKN LLC a restaurant based in Cornelius, North Carolina has paid a $12,085 civil money penalty for violating the child labor requirements of the Fair Labor Standards Act (FLSA).
TCF National Bank related to TCF Bank's opt-in practices, and has entered into a Consent Order and a Consent Order For a Civil Money Penalty and related stipulations with the Office of the Comptroller of the Currency to resolve related regulatory issues with the OCC.
Additionally, the Federal Reserve board issued a Civil Money Penalty Assessment Order in conjunction with its April 2011 foreclosure Consent Order.
The largest maximum civil money penalty a credit union could receive for filing its call report late this past quarter is $106,000, the NCUA said.
The proposed settlement would also order the company to cease and desist from committing or causing any such violations in the future and to pay a civil money penalty.
According to HUD, the Mortgagee Review Board found that Golden First Mortgage failed to inform HUD/FHA of an investigation by the Office of Thrift Supervision (OTS) that centered on the business activities of the company's president, including his involvement in a civil money penalty.
[section] 1818(i)(4) in order to require the payment into the court of the sales proceeds necessary to pay the civil money penalty amounts assessed in the Notice in the event the Board's final decision assessed penalties against the Respondents.
The Bureaus complaint seeks an injunction against Forster & Garbus, as well as damages, redress to consumers, disgorgement of ill-gotten gains, and the imposition of a civil money penalty.
The Office of the Comptroller of the Currency assessed a $500M civil money penalty against Wells Fargo Bank, N.A., and ordered the bank to make restitution to customers harmed by its unsafe or unsound practices, and develop and implement an effective enterprise-wide compliance risk management program.