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Friday Express: Amazon's cloud underwent Fed scrutiny; SEC charges RIA

* The Federal Reserve formally examined Amazon's Virginia facility in April, The Wall Street Journal reports, citing people familiar with the matter. The examination was conducted to test the company's resiliency and backup systems. The Fed's visit to the facility was the first of what seems to be added scrutiny on cloud providers that host sensitive banking information.

* Bennett Group Financial Services founder Dawn Bennett was sentenced to 20 years in federal prison, InvestmentNews reports. The former financial adviser was convicted on 17 charges related to a $20 million ponzi scheme.

* Citigroup started to slash jobs in its trading division with 50 cuts in the New York office and 25 from its London office, Bloomberg News reports, citing people with knowledge of the matter. The New York and London cuts are part of the bank's plan to cull approximately 400 of the division's staff.

* San Francisco-based on-demand food delivery startup DoorDash agreed to acquire payment processor Square's food delivery platform, Caviar, in a $410 million deal.

* The Securities and Exchange Commission charged Waltham, Mass.-based registered investment adviser and broker/dealer Commonwealth Equity Services d/b/a Commonwealth Financial Network for allegedly violating the antifraud and compliance provision of the Investment Advisers Act. According to the complaint filed Aug.1, the company failed to disclose conflicts of interest arising from revenue sharing received for certain client investments.

* Investor trade groups expressed their support for the SEC's "Transaction Fee Pilot," the regulator's plan to look closer at how certain incentives and fees impact brokers' trading habits, Reuters reports.

* Fintech startup FinancialApps filed a lawsuit against Chicago-based Envestnet over an alleged scheme to steal proprietary technology and trade secrets, InvestmentNews reports. FinancialApps founder Bob Sullivan is seeking $100 million in damages from Envestnet.

* Prudential Financial will consider a "range of reinsurance" options and other tactics in an effort to improve returns in its individual life business over the next few years.

* Managed care insurance provider Blue Cross Blue Shield of Michigan was sued over allegations of underpaying and wrongfully denying claims connected to treatment for substance abuse and other behavioral health disorders of more than 4,000 patients.

* National General Holdings is facing a class-action lawsuit over its alleged role in a "fraudulent" collateral protection insurance scheme with Wells Fargo.

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