Category: Charges

SEC fraud
January 26, 2022 BY Steffy Bogdanova

Sec charges former UBS financial adviser with stealing $5.8 million

Eric I. Bustillo, Director of the SEC's Miami Regional Office, commented: As a financial advisor, Nino was entrusted with millions of dollars belonging to his client. As alleged in our complaint, Nino took advantage of that trust by abusing his access to his client’s accounts for personal gain. The financial markets regulator explained that Nino…

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CFTC penalty
December 28, 2021 BY Steffy Bogdanova

Dubai traders ordered to pay $100K to settle charges brought by CFTC

Charges According to the financial markets watchdog, Bansal and Agarwal engaged in the fraudulent activities for accounts held by Aralia and Vintage. Around 14 April 2020, Bansal led Agarwal to enter orders for Vintage to sell 250 gold futures contracts traded on COMEX at a specific time. Agarwal entered those orders and Bansal entered off-setting…

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December 01, 2021 BY Steffy Bogdanova

SEC files charges in a $49 million insider trading schemes

Debih allegedly traded on the tips he received from the investment bankers and recommended to others to trade. SEC has charged seven other people in connection with these schemes. Debih is charged violating the antifraud provisions of the Securities Exchange Act of 1934. He has agreed to the entry of a judgment which, if approved…

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CFTC
July 02, 2021 BY Alan Sayer

CFTC announces six charges in commodities fraud case

The Acting Director of Enforcement, Vincent McGonagle commented: As today’s enforcement action shows, the CFTC will vigorously investigate and seek to hold accountable those who make false promises and misappropriate customer funds. The CTFC is seeking a number of charges to be filed against all six defendants. This includes restitution paid to victims, the return…

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SEC penalty, fine
June 16, 2021 BY Steffy Bogdanova

3 individuals charged with covering up $30 million ICO Fraud by SEC

On top of the concealment charge, authorities have also accused the three new defendants of being well aware of Manor’s background in criminal activities. The latest SEC press release stated: To conceal Manor’s involvement and his history from investors, they used Manor’s chosen alias ‘Shaun MacDonald’ in ICO related-communications and helped create and distribute materially…

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ASIC
June 08, 2021 BY Steffy Bogdanova

ASIC issues a permanent ban on former Sentinel Wealth manager

ASIC also revealed that Fineff provided financial services outside of Sentinel’s license and that he also acted in conflict with the company. Sentinel lodged a breach notification with ASEC on 25 March 2020 in relation to Fineff’s conduct. He was then arrested on 7 May 2021 and charged with 18 counts of dishonesty obtaining financial…

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ASIC
April 02, 2021 BY Steffy Bogdanova

CBA sued by ASIC over misleading conduct

The incorrect fees have been found to be a result of manual errors executed by CBA staff members, as well as improperly configured or inadequate processes and systems which dismissed the fact that a vast number of customers were entitled to waivers on any fees. CBA was also found to have produced misrepresented justifications of…

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