The legislation updates the Children’s Online Privacy Protection Act (COPPA) by prohibiting internet companies from collecting personal information from anyone 13- to 15-years old.
On May 12, 2021, the Securities and Exchange Commission (“SEC”) settled charges against GWFS Equities, Inc. (“GWFS”), a Colorado-based registered broker-dealer and affiliate of Great.
Action Highlights that Even Sophisticated Companies Serious about Compliance are not Immune from AML Enforcement – and the Importance of Cooperation When Cutting a Deal.
GWFS Equities allegedly neglected to report three years of suspicious activities by ‘bad actors.’
GWFS Equities Inc., a Colorado-based broker/dealer (B/D) and affiliate of Great-West Life & Annuity Insurance, has settled charges from the Securities and Exchange Commission (SEC) that it failed to report attempts by external bad actors to gain access to plan participants’ retirement accounts. GWFS provides services to employer-sponsored retirement plans.
According to the SEC’s cease-and-desist order, GWFS was allegedly aware over the span of more than three years of increasing attempts by external bad actors to hack into the retirement accounts, but failed to file more than 100 suspicious activity reports (SARs) as required by law. The order alleges the firm was also aware that the hackers attempted or gained access by using improperly obtained personal information of the plan participants, and that they were often in possession of electronic login information, including u
SEC settled charges against GWFS Equities for failing to file Suspicious Activity Reports. SEC alleged that from September 2015 through October 2018, GWFS knew that unauthorized entities attempted to gain access to the retirement accounts of retirement plan participants.