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Federal Probes

All articles tagged with #federal probes

Banks pause Delaware Life sales as federal probes into Mark Walter's empire intensify
business1 month ago

Banks pause Delaware Life sales as federal probes into Mark Walter's empire intensify

Truist Financial and Fifth Third Bancorp paused selling products from Mark Walter’s Delaware Life amid U.S. probes into how the insurer’s parent TWG Global reported about roughly $20 billion of assets affiliated with related entities. Delaware Life says there is no fraud, and it continues meetings with banks while working to reduce affiliated-party assets. Investigations by the Manhattan U.S. Attorney’s Office and the SEC follow subpoenas and prior FBI activity related to Walter’s businesses.

Regulators Investigate Morgan Stanley's Wealth Arm
finance2 years ago

Regulators Investigate Morgan Stanley's Wealth Arm

Morgan Stanley's stock plunged after reports of federal probes into its wealth arm's client-vetting practices and potential money laundering risks. Regulators including the SEC, the Office of the Comptroller of the Currency, and the Treasury Department are investigating whether the bank properly vetted potential clients and monitored their financial activity, particularly with international clients. Despite investing in compliance and technology, the bank faces potential supervisory action from the Federal Reserve.