Basic Search  |  Summaries  |  Advanced Search

Violation Tracker Individual Record

Company: Canadian Imperial Bank of Commerce
Current Parent Company: Canadian Imperial Bank of Commerce
Penalty: $125,000,000
Year: 2005
Date: July 20, 2005
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: securities issuance or trading violation
Mega-Scandal: Market Timing Abuses
Violation Description: The New York Attorney General announced a $125 million settlement -- $100 million in restitution $25 million in penalties -- with CIBC to resolve allegations of unlawful trading of mutual funds through market timing. The settlement was negotiated together with the SEC, which issued its own announcement; see the Violation Tracker entry at (click here)
Level of Government: state
Action Type: agency action
Agency: New York Attorney General
Civil or Criminal Case: civil
Facility State: New York
HQ Country of Current Parent: Canada
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.