Each month, the ORX News team publish a list of the five largest operational risk losses reported in the previous month. Read on to discover the operational risk loss events have had the most impact so far in Q3 2024.
September
1. Macquarie Group - $79.8 million
Macquarie pays USD 79.8 million to SEC for overvaluing MBS in funds and cross trade violations
2. Canadian Imperial Bank of Commerce - $42 million
CIBC fined USD 42 million by SEC and CFTC over record-keeping failures
3. Stifel Financial Corporation - $35 million
Stifel fined USD 35 million by SEC for widespread record-keeping failures
4. TD Bank Group - $28.1 million
TD Securities pays USD 28.1 million for spoofing US Treasury market and supervisory failures
5. TD Bank Group - $27.8 million
TD Bank ordered to pay USD 27.8 million by CFPB for misreporting customer credit reports
August
1. Reliance Group - $1.11 billion
Reliance Home Finance defrauded of INR 92.95 billion in commercial loan scheme
2. H2O AM Holding - $273 million
H2O pays EUR 250 million for control failures linked to illiquid Windhorst investments
3. Drive Planning - $217.1 million
Drive Planning charged by SEC with defrauding investors of USD 217.1 million in Ponzi scheme
4. Ripple - $125 million
Ripple Labs fined USD 125 million by SEC for unregistered crypto securities offering
5. TD Bank Group - $124.5 million
TD Bank fined USD 124.5 million by SEC and CFTC for widespread record-keeping failures
July 2024
1. Skytrail Servicing Group - $1.44 billion
Skytrail Servicing Group agrees proposed USD 1.44 billion settlement over payday loans
2. WazirX - $235 million
WazirX crypto exchange suffers USD 235 million hack
3. Bank of America, Citigroup, Jefferies, NatWest, Nomura, UBS - $80 million
Six banks agree to pay USD 80 million settlement over involvement in EGB trading cartel
4. Vitol - $63.9 million
Vitol and SK Energy to pay USD 63.9 million for plotting to artificially inflate gas prices
5. Silvergate Capital Corporation - $63 million
Silvergate fined USD 63 million by DFPI, Fed, and SEC for transaction monitoring failures
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