Business case or incident in which a financial or consumer breach/crime occurred



The financial industry is highly regulated. Banks, lending institutions, and financial investment firms or advisors must adhere to stringent legal requirements to transact business. All these requirements are intended to protect the customers or investors from fraudulent schemes and provide them with all the relevant information to be able to make informed decisions.

Two of the main laws that still regulate securities are the Securities Act of 1933 and the Securities Exchange Act of 1934.

The Securities Act of 1933 is often referred to as the “truth in securities” law, and it has two basic objectives:

require that investors receive financial and other significant information concerning securities being offered for public sale; and
prohibit deceit, misrepresentations, and other fraud in the sale of securities.
The Securities Exchange Act of 1934 allowed Congress to create the Securities and Exchange Commission. The Act empowers the SEC with broad authority over all aspects of the securities industry. This includes the power to register, regulate, and oversee brokerage firms, transfer agents, and clearing agencies as well as the nation’s securities self-regulatory organizations (SROs). The Act also identifies and prohibits certain types of conduct in the markets and provides the Commission with disciplinary powers over regulated entities and persons associated with them. It also empowers the SEC to require periodic reporting of information by companies with publicly traded securities.

There have been enhancements to these Act that have been enacted since then Trust Indenture Act of 1939 or Investment Company Act and Invest Advisor Act, both enacted in 1940.

In addition to the regulation of the financial side of the business, there is heightened regulation relating to consumer privacy. Consumer privacy involves the handling and protection of the sensitive personal information provided by customers during everyday transactions. The internet has evolved into a medium of commerce, making consumer data privacy a growing concern.

This form of information privacy surrounds the privacy and protection of a consumers personal data when collected by businesses. Businesses must implement standards for consumer privacy to conform to local laws and to increase consumer trust, as many consumers care about the privacy of their personal information.

Some of the more common concerns in reason years would include the Do Not Call list, access to medical information, opt out options for personal information to be sold to business partners, and breaches in technology. Regulations enacted in recent years attempt to address these issues and many more facing consumers.

Watch these short videos for an introduction to financial and consumer regulations.

Financial Regulations


Consumer Regulations and Community Development


Research a recent business case or incident in which a financial or consumer breach/crime occurred; you might look on the Internet or daily news. You might even find a case on the television news! Please be sure to cite your source in APA format.

In your original post, answer the following:

Describe the financial or consumer breach/crime that occurred.
Confirm and explain the breach/crime that was committed.
What could the company have done to minimize their exposure to such a crime?
Confirm the outcome of the case.
If the case has not been decided, tell us what you think will happen and why.
What sort of punishment or compensation is there or should there be?



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