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KPMG LLP will pay $50 million to settle Securities and Exchange Commission allegations that it altered past audit work after receiving stolen information from an industry watchdog. / BLOOMBERG NEWS FILE PHOTO/SIMON DAWSON

KPMG to pay $50M fine for using data stolen from watchdog

Economic Activity
NEW YORK – KPMG LLP, one of the big four accounting firms, will pay $50 million to settle Securities and Exchange Commission allegations that...
THE TWIN RIVER WORLDWIDE HOLDINGS board of directors approved a stock repurchase program that could buy back up to $250 million in stock.

Twin River announces approval of $250M stock repurchase program

Economic Activity
LINCOLN – Twin River Worldwide Holdings Inc.’s board of directors approved a capital return program that authorizes repurchasing up to $250 million in stock,...
A JUDGE HAS cleared Peter M. Cannava, Wells Fargo lead banker on the $75 million in bonds for the video game company 38 Studios, of all charges related to an SEC complaint arguing that the R.I. Economic Development Corp. (predecessor to the R.I. Commerce Corp.), EDC officials, Wells Fargo and Cannava defrauded investors in the issuance of the bonds. Cannava was the only defendant not to settle with the SEC.

Judge rules in favor of Wells Fargo banker in 38 Studios...

38 Studios
PROVIDENCE – Peter M. Cannava, the lead banker on the bonds for 38 Studios at Wells Fargo, has had claims alleging that he aided...
THE SEC is seeking public comment on a proposal that would exempt companies with less than $100 million in annual revenue from the so-called auditor attestation requirement. / BLOOMBERG NEWS FILE PHOTO/ZACH GIBSON

Enron-era accounting rules could be eased for small companies

Economic Activity
NEW YORK – A United States regulator proposed freeing small companies from a Sarbanes-Oxley Act requirement that an auditor sign-off on their internal controls...
TWIN RIVER WORLDWIDE Holdings said that if the company and the recently acquired Dover Downs had been one company in 2018, earnings for 2018 would have been $77 million, as opposed to the $71.4 million the company earned in the calendar year. The acquisition closed in late March. / COURTESY TWIN RIVER

Twin River would have posted $77M profit in 2018 if it...

Economic Activity
LINCOLN – Twin River Worldwide Holdings Inc. made a pro-forma filing with the U.S. Securities and Exchange Commission Monday, indicating that had the company...
PANGAEA LOGISTICS SOLUTIONS reported a profit of $24 million in 2018. / COURTESY PANGAEA LOGISTICS SOLUTIONS LTD.

Pangaea Logistics Solutions reports $24M profit in 2018

Economic Activity
NEWPORT – Pangaea Logistics Solutions Ltd. reported an income of $24 million in 2018, an increase from $9.1 million one year prior in a...
WELLS FARGO has agreed to pay $812,500 to the SEC to settle charges related to the financing of 38 Studios.

Wells Fargo agrees to $813K settlement to SEC over 38 Studios...

38 Studios
PROVIDENCE – Wells Fargo Securities LLC has agreed to a $812,500 settlement with the Securities and Exchange Commission over its role in the 38...
THE FEDERAL RESERVE, shown above, has issued a report that anticipates increased commercial lending by credit unions based on the relaxing of rules two years ago. Is that a good thing? / BLOOMBERG FILE PHOTO/ANDREW HARRER

Regulators issue notice of proposed Volcker Rule exemption for small banks

Financial Services
PROVIDENCE – Federal banking agencies have issued a notice of proposed rule-making to exempt banks with less than $10 billion in assets from the...

Better Markets pushes SEC to release investor-testing records

Financial Services
PROVIDENCE – A public interest group is calling for the Securities and Exchange Commission to release all records related to investor testing that the...
THE SEC has adopted amendments that obligates securities dealers to ensure that municipalities report updated financial information and material events to bondholders. The amendments will force the disclosure of loans incurred by municipalities, loan defaults and changes to financial covenants that affect bondholders within 10 business days. /BLOOMBERG NEWS FILE PHOTO/MICHAEL NAGLE

SEC forces cities to reveal Wall Street loans with holdings surging

Government
NEW YORK - The U.S. Securities and Exchange Commission moved to require states and local governments to disclose bank loans and privately placed debt, seeking...
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