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Yahoo
a day ago
- Business
- Yahoo
Ex-Richmond Fed supervisor agrees to $652K penalty
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. A federal court entered a final judgment Friday against Robert Brian Thompson, a former Federal Reserve Bank of Richmond senior supervisor and examiner, concluding the Securities and Exchange Commission's insider trading case against him. Under the final consent judgment issued Friday by the U.S. District Court for the Eastern District of Virginia Thompson agreed to pay $584,873 in disgorgement and $67,750 in prejudgment interest. The payment was satisfied by a forfeiture order in a parallel criminal case, where Thompson pleaded guilty to insider trading and making false statements and was sentenced to two years in prison, according to the SEC. The SEC filed its complaint in November, charging Thompson with violating anti-fraud provisions. In December, the court entered a bifurcated consent judgment enjoining Thompson from violating the provisions. The SEC's lawsuit identified the two banks whose stocks Thompson reportedly traded as New York Community Bank and Capital One. In October 2023, Thompson obtained advance knowledge of a positive earnings announcement from a bank under his supervision – reportedly Capital One – and purchased $678,000 worth of the bank's stock hours before the public announcement, the SEC alleged. In January 2024, Thompson learned that another bank, presumably NYCB, in his portfolio would be disclosing unexpected loan losses worth hundreds of millions of dollars. He used this nonpublic information to purchase thousands of put options on the bank's stock two days before the announcement, the SEC said. The illegal trades resulted in Thompson obtaining $584,873 in illicit profits, according to the SEC complaint. Thompson made roughly $771,678 in personal profits over trades made between October 2020 and February 2024, the Justice Department said in November. The final order restricts Thompson from using any means of interstate commerce, mail services, or national securities exchange facilities to commit securities fraud. Additionally, he is prohibited from employing fraudulent schemes or devices in connection with securities transactions, making false statements or omissions of material facts that would mislead others in such transactions, or engaging in any deceptive practices that would operate as fraud upon any person in securities transactions. Some specific insider trading prohibitions include trading on inside information, such as buying or selling securities based on material nonpublic information while breaching a fiduciary duty or duty of trust. Thompson is also forbidden from tipping, which includes communicating material non-public information about securities or issuers to others for trading purposes while breaching a fiduciary duty or duty of trust. In April, the Richmond Fed barred Thompson from the banking industry. However, the Richmond Fed noted that an exemption might be granted in writing independently by the Federal Deposit Insurance Corp., the Federal Reserve Board, and the National Credit Union Administration board. If Thompson fails to adhere to the requirements of the Fed prohibition order, he could face fines of up to $1 million or a maximum of five years in prison.
CNN
4 days ago
- Climate
- CNN
Typhoon rains batter Hong Kong before Wipha weakens to severe tropical storm in Guangdong
Rains from Typhoon Wipha pounded Hong Kong on Sunday as the storm skirted southwards before making landfall on the coast of China's Guangdong province, leaving fallen trees and scaffolding and sending over 200 people to seek refuge at temporary shelters. Hong Kong's weather authorities downgraded the typhoon warning to a No. 3 strong wind signal at 7:45 p.m. Just after 4 p.m., they had lowered the typhoon signal in the Asian financial hub to 8 from the maximum of 10, which had been hoisted for nearly seven hours. 'Compared to previous typhoons like Mangkhut and Hato, which caused much more astonishing destruction, the impact this time was primarily limited to fallen trees and collapsed scaffolding,' Eastern District councilor Kenny Yuen told Reuters. He was speaking in front of collapsed bamboo scaffolding that had fallen from a residential compound under renovation in North Point near the city's harbor and been swept onto the road. As the storm passed Hong Kong, more than 110 mm (4 inches) of rain fell within three hours and maximum wind gusts had exceeded 167 kph (103 mph) at some points. Much of the rain concentrated on the northern region neighboring the mainland, the city's observatory said. In a statement, the government said 26 people sought treatment in public hospitals during the typhoon, while 253 flocked to its shelters, and 471 fallen trees were reported. Wipha moved westward and made landfall on the coast of Taishan city in Guangdong at around 5:50 p.m., and then weakened to a severe tropical storm, China's state-run CCTV reported. Authorities in neighboring Macau, the world's biggest gambling hub, also downgraded the typhoon signal to 8 from 10, warning of flooding in its inner harbor area and urging residents to stay safe, public broadcaster TDM said. Hong Kong's airport authority said 80,000 travelers were hit by the rescheduling of 400 flights forced by the typhoon. Cathay Pacific Airways canceled all flights with Hong Kong airport between 5 a.m. and 6 p.m. on Sunday. It waived ticket-change fees and arranged for rebooking. Most public transport in Hong Kong was suspended, including ferries amid high sea swells.
CNN
4 days ago
- Climate
- CNN
Typhoon rains batter Hong Kong before Wipha weakens to severe tropical storm in Guangdong
Rains from Typhoon Wipha pounded Hong Kong on Sunday as the storm skirted southwards before making landfall on the coast of China's Guangdong province, leaving fallen trees and scaffolding and sending over 200 people to seek refuge at temporary shelters. Hong Kong's weather authorities downgraded the typhoon warning to a No. 3 strong wind signal at 7:45 p.m. Just after 4 p.m., they had lowered the typhoon signal in the Asian financial hub to 8 from the maximum of 10, which had been hoisted for nearly seven hours. 'Compared to previous typhoons like Mangkhut and Hato, which caused much more astonishing destruction, the impact this time was primarily limited to fallen trees and collapsed scaffolding,' Eastern District councilor Kenny Yuen told Reuters. He was speaking in front of collapsed bamboo scaffolding that had fallen from a residential compound under renovation in North Point near the city's harbor and been swept onto the road. As the storm passed Hong Kong, more than 110 mm (4 inches) of rain fell within three hours and maximum wind gusts had exceeded 167 kph (103 mph) at some points. Much of the rain concentrated on the northern region neighboring the mainland, the city's observatory said. In a statement, the government said 26 people sought treatment in public hospitals during the typhoon, while 253 flocked to its shelters, and 471 fallen trees were reported. Wipha moved westward and made landfall on the coast of Taishan city in Guangdong at around 5:50 p.m., and then weakened to a severe tropical storm, China's state-run CCTV reported. Authorities in neighboring Macau, the world's biggest gambling hub, also downgraded the typhoon signal to 8 from 10, warning of flooding in its inner harbor area and urging residents to stay safe, public broadcaster TDM said. Hong Kong's airport authority said 80,000 travelers were hit by the rescheduling of 400 flights forced by the typhoon. Cathay Pacific Airways canceled all flights with Hong Kong airport between 5 a.m. and 6 p.m. on Sunday. It waived ticket-change fees and arranged for rebooking. Most public transport in Hong Kong was suspended, including ferries amid high sea swells.
Reuters
4 days ago
- Climate
- Reuters
Typhoon rains batter Hong Kong before Wipha weakens to severe tropical storm in Guangdong
HONG KONG, July 20 (Reuters) - Rains from Typhoon Wipha pounded Hong Kong on Sunday as the storm skirted southwards before making landfall on the coast of China's Guangdong province, leaving fallen trees and scaffolding and sending over 200 people to seek refuge at temporary shelters. Hong Kong's weather authorities downgraded the typhoon warning to a No. 3 strong wind signal at 7:45 p.m. Just after 4 p.m., they had lowered the typhoon signal in the Asian financial hub to 8 from the maximum of 10, which had been hoisted for nearly seven hours. "Compared to previous typhoons like Mangkhut and Hato, which caused much more astonishing destruction, the impact this time was primarily limited to fallen trees and collapsed scaffolding," Eastern District councillor Kenny Yuen told Reuters. He was speaking in front of collapsed bamboo scaffolding that had fallen from a residential compound under renovation in North Point near the city's harbour and been swept onto the road. As the storm passed Hong Kong, more than 110 mm (4 inches) of rain fell within three hours and maximum wind gusts had exceeded 167 kph (103 mph) at some points. Much of the rain concentrated on the northern region neighbouring the mainland, the city's observatory said. In a statement, the government said 26 people sought treatment in public hospitals during the typhoon, while 253 flocked to its shelters, and 471 fallen trees were reported. Wipha moved westward and made landfall on the coast of Taishan city in Guangdong at around 5:50 p.m., and then weakened to a severe tropical storm, China's state-run CCTV reported. Authorities in neighbouring Macau, the world's biggest gambling hub, also downgraded the typhoon signal to 8 from 10, warning of flooding in its inner harbour area and urging residents to stay safe, public broadcaster TDM said. Hong Kong's airport authority said 80,000 travellers were hit by the rescheduling of 400 flights forced by the typhoon. Cathay Pacific Airways ( opens new tab cancelled all flights with Hong Kong airport between 5 a.m. and 6 p.m. on Sunday. It waived ticket-change fees and arranged for rebooking. Most public transport in Hong Kong was suspended, including ferries amid high sea swells.
The Independent
7 days ago
- Politics
- The Independent
Attorneys sue to restore deportation protections for abused and neglected migrant children
Attorneys representing migrant children who were abused, neglected or abandoned by a parent asked a federal court on Thursday to restore their deportation protections after the Trump administration ended them. The lawsuit, filed in the Eastern District of New York, was filed on behalf of nine young people and their legal advocates who want a judge to keep the protections for up to nearly 150,000 beneficiaries. 'These young people have survived abuse, abandonment, and neglect only to be retraumatized now by the constant threat of detention and deportation from the same agencies that vowed to keep them safe," said Rachel Davidson, plaintiff attorney with the National Immigration Project. The Department of Homeland Security and U.S. Citizenship and Immigration Services were both named in the lawsuit. USCIS Spokesman Matthew J. Tragesser said, 'As a matter of practice, USCIS does not comment on pending litigation.' DHS did not immediately respond to a request for comment. Migrant children who suffered parental abuse, neglect or abandonment are designated through state courts and the federal government with Special Immigrant Juvenile Status, which was created by Congress in 1990 with bipartisan support. SIJS, as it is known, does not grant legal status. But it lets qualifying young people apply for a visa to become legal permanent residents and obtain a work permit. It can take years for a visa to become available due to annual caps. In 2022, the Biden administration allowed children to be shielded from deportation while waiting for a visa. In June, the Trump administration ended deportation protection for SIJS beneficiaries. Without it, they can still wait in the U.S. for a visa but cannot receive work authorization. And if they are deported while they are waiting, they will no longer be eligible to become legal permanent residents. Though overshadowed by higher-profile moves to end birthright citizenship and halt asylum at the border, the policy shift is part of President Donald Trump 's sweeping immigration system overhaul intended to make it more difficult for people to legally remain in the U.S. A Guatemalan teen who is living in New York and living with her older brother is one of the plaintiffs. She said through attorneys, who omit using the names of minors, that her dreams of becoming an astronaut one day may be cut short if she's unable to continue high school for fear of deportation. 'I felt that I was finally in a safe environment, but if I had to return to (Guatemala), I would be very afraid of the violence and abuse from my mother and father,' she said in a statement shared by the attorneys without her name. The policy shift may shut down a legal pathway to possible citizenship for nearly 150,000 migrants who attorneys estimate have received this classification and are stuck in the visa backlog. It could keep them from obtaining Social Security cards, driver's licenses, medical treatment, health insurance, higher education, bank accounts, and, for older youth, legal and safe employment opportunities.
