Good morning. Federal prosecutors charged dozens of wealthy parents, including prominent figures in law and business and two Hollywood actresses, with using bribes, bogus entrance-exam scores and faked athletic achievements to get their children admitted to elite colleges.

Actresses Felicity Huffman of “Desperate Housewives” and Lori Loughlin from “Full House” were among those charged in the alleged scheme that authorities say funneled at least $25 million through a fraudulent college-counseling service to gain spots at colleges including Georgetown University, Yale University, Stanford University and University of California Los Angeles.

[Continued below…]

Prosecutors said the operation involved paying admissions-test administrators to help the students raise their test scores, by either having someone else take the test, or correcting their answers before they were submitted. Prosecutors also said some of the people conspired to bribe varsity coaches and administrators to admit their children as recruited athletes, and that it appeared the universities themselves weren’t involved in the scheme.

A representative for Ms. Loughlin declined to comment. Ms. Huffman couldn’t immediately be reached for comment.

The chief compliance officer, once responsible for simply making sure companies stayed within legal bounds, is now responsible for a broader range of priorities. Among them: guarding a company’s reputation, ensuring investors and government agencies have the information they need, and strengthening internal culture around compliance efforts, executives from Volkswagen AG and Novartis AG said during a panel discussion hosted by Dow Jones Risk & Compliance and The Wall Street Journal.

A U.S. Justice Department program that incentivizes companies to self-report foreign corruption is making headway as prosecutors look for ways to hold individuals accountable for wrongdoing, according to an official in the department’s Foreign Corrupt Practices Act unit. “Individual prosecutions remain our chief goal,” Ephraim Wernick, assistant chief of the Justice Department’s FCPA unit, said Tuesday at a New York event hosted by The Wall Street Journal and Dow Jones Risk & Compliance. “We do recognize that is the primary deterrent of misconduct, and we want to ensure that those who are actually committing the crimes are going be held accountable.”

• Wells Fargo & Co. received a rare rebuke from a top regulator, minutes after its chief executive finished testifying before a combative House panel. The bank is already under extreme pressure from its regulators. The Wall Street Journal reported Monday that officials at the OCC are debating whether to force out top executives or directors. Asked about the Journal’s reporting at the hearing, Wells Fargo CEO Timothy Sloan repeatedly said he hadn’t discussed the issue with OCC officials.
   
• The Federal Reserve Board of Governors has barred former Goldman Sachs Group Inc. investment bankers Tim Leissner and Roger Ng from working in the banking industry because of their alleged involvement in illegally diverting funds from Malaysian state investment fund 1Malaysia Development Bhd.

• A three-paragraph section buried in Lyft Inc.’s nearly-800-page public offering document sums up the challenges of insuring unfamiliar risks born from newer business models. The ride-hailing company has established an elaborate system through a subsidiary effectively allowing it to insure its own risk, thereby lowering its costs, according to the stock-listing prospectus that Lyft filed March 1 with the U.S. Securities and Exchange Commission. 
   
• For businesses, British lawmakers’ rejection of a proposed deal on the terms of the U.K.’s exit from the European Union prolongs uncertainty that has exasperated executives for months. Companies have girded for a messy divorce for much of the past year, spending millions of dollars stockpiling goods and adjusting for different regulations. Parliament’s rejection of proposed divorce terms Tuesday keeps alive the prospect of a no-deal British exit and makes it more likely that the scheduled March 29 exit will be delayed.
   
• The European Union moved Tuesday to recalibrate ties with China, promising to address growing threats to trade, economic growth and security posed by Beijing’s global assertiveness. In a sharp shift from attitudes just two years ago, when China was seen as a potential partner in maintaining global rules and institutions following President Trump’s election, the EU’s executive arm labeled Beijing an “economic competitor” in critical fields such as the development of 5G networks and a “systemic rival” politically.

The Navy and its industry partners are “under cyber siege” by Chinese hackers and others who have stolen tranches of national security secrets in recent years, exploiting critical weaknesses that threaten the U.S.’s standing as the world’s top military power, an internal Navy review has concluded.

The assessment, delivered to Navy Secretary Richard Spencer last week and reviewed by The Wall Street Journal, depicts a branch of the armed forces under relentless cyberattack by foreign adversaries and struggling in its response to the scale and sophistication of the problem.

• European aviation regulators broke ranks with their U.S. counterparts and grounded Boeing Co.’s 737 MAX jet, joining Asian and Latin American authorities and airlines that have parked the jet after two deadly crashes of the aircraft in the past five months. Several more regulators grounded the jet​ on Wednesday, putting most of the global fleet out of action. The flurry of groundings deepens a reputational crisis at Boeing, which has maintained the jet is safe to fly after Sunday’s deadly crash in Ethiopia and a crash of another 737 MAX 8 in Indonesia in October. It also threatens to disrupt air travel around the world. 
   
• Dick’s Sporting Goods Inc. said it will stop selling firearms at 125 of its stores, further pulling back from the business after the retailer decided last year to tighten its policies around gun sales. Dick’s has struggled with declining sales since its CEO Ed Stack made a public decision to stop selling guns to buyers under 21 and take assault-style weapons out of all stores after a fatal school shooting in Parkland, Fla. Dick’s is also working to stem sluggish sales as more shoppers buy sporting goods online.

• Several real estate startups, including the co-working firms WeWork Cos. and Bond Collective, are raising money to launch real-estate investment funds. The startups tend to rely primarily—or even entirely—on outside investors to put up the cash for the funds. But the property firms usually follow a private-equity model of collecting a management fee or getting a stake in the buildings they acquire.
   
• Jumia, Africa’s largest e-commerce platform, filed paperwork with the Securities and Exchange Commission for an initial public offering on the New York Stock Exchange. The Lagos, Nigeria-based Jumia said it would be the first African technology company to list on the exchange. Its most recent funding round in 2016, when Goldman Sachs Group Inc. bought a stake, valued Jumia at about $1.2 billion, with that amount qualifying the company as the continent’s first technology “unicorn” in the lexicon of Silicon Valley.
   
• A Goldman Sachs profit machine that has invested the bank’s own money in Asian property, African startups and troubled U.S. retailers, among other ventures, is opening up to outside investors. Goldman plans to raise outside money for its special-situations group, according to people familiar with the matter. 

The heads of Renault SA, Nissan Motor Co. and Mitsubishi Motors Corp. on Tuesday overhauled the leadership structure of their auto-making alliance, looking for a fresh start in the wake of the arrest and dismissal of Carlos Ghosn.

The companies said the old structure—which Mr. Ghosn created as alliance chairman—was unwieldy and will set up an operating board to replace it.

The new board will meet every month in Paris or Tokyo and its chairman will be Renault’s new chairman, Jean-Dominique Senard. Its other members will be the chief executives of the three auto makers. The body replaces two Netherlands-based subsidiaries, one of which linked Nissan and Renault, and the other Nissan and Mitsubishi.

Subscribe to The Morning Risk Report here.

Follow us on Twitter at @WSJRisk, @kcbroughton and @_MengqiSun.

Send comments to the Risk & Compliance editor, Jack Hagel, at jack.hagel@wsj.com.