Barclays will pay $97 million to settle SEC claims including allegations that the firm falsely charged clients for services that weren’t being performed.
The London-based bank overbilled customers by nearly $50 million through violations including imposing fees for due diligence that wasn’t being performed and collecting excess mutual fund fees by steering clients into more expensive share classes, the SEC said in a statement Wednesday.
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Venkat is a senior manager in the Tax Technology and Transformation practice of Ernst & Young LLP (EY US), where she helps to define the digital strategy for the US firm's indirect tax platform and wider innovation agenda. Drawing on deep experience in AI, data engineering and cloud architecture, she leads cross-functional teams that translate complex tax requirements into agile, client-ready solutions, keeping EY US at the vanguard of tax modernization. Venkat works with tax executives to build enterprise-scale data lakes and embed agentic automation for real-time insight, reinforcing trusted delivery to businesses worldwide. She holds an MS in Information Management from Syracuse University and a B.Tech in Information Technology from Anna University.
Barclays agreed to settle the claims without admitting or denying the agency’s findings, and agreed to set a fair fund to return money to affected clients.
“Barclays failed to ensure that clients were receiving the services they were paying for,” said C. Dabney O’Riordan, co-head of the SEC’s enforcement division’s enforcement unit. “Each set of clients who were harmed are being refunded through the settlement.”
The bank will pay a $30 million penalty and more than $60 million in disgorgement and prejudgment interest.
Andrew Smith, a Barclays spokesman, declined to comment.
