Category: Charges

FINMA finds deficiencies in anti-money laundering processes at Credit Suisse
September 17, 2018 BY Valentina Kirilova

FINMA finds deficiencies in anti-money laundering processes at Credit Suisse

The Swiss Financial Market Supervisory Authority FINMA has announced that it has concluded two enforcement procedures against Credit Suisse AG (NYSE:CS). In the first procedure, FINMA identified deficiencies in the bank’s adherence to anti-money laundering due diligence obligations in relation to suspected corruption involving the International Federation of Association Football FIFA, the Brazilian oil corporation…

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Regulation
September 14, 2018 BY Valentina Kirilova

ASIC commences civil penalty proceedings against ANZ

Australian regulator ASIC has today commenced civil penalty proceedings in the Federal Court of Australia against Australia and New Zealand Banking Group Limited (ANZ) for an alleged continuous disclosure breach in relation to a $2.5 billion institutional share placement undertaken by the ANZ in 2015. On 6 August 2015, ANZ issued a release to the…

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SEC uses data analysis to detect cherry-picking by broker
September 13, 2018 BY Valentina Kirilova

SEC uses data analysis to detect cherry-picking by broker

The Securities and Exchange Commission (SEC) has announced that it has charged a New Jersey-based broker with misusing his access to customers’ brokerage accounts to enrich himself and family members at the expense of his customers, many of whom had entrusted him with their retirement accounts. The SEC uncovered the alleged fraud with data analysis…

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ASIC office
September 13, 2018 BY Valentina Kirilova

AAT upholds ASIC banning of former Westpac adviser

The Administrative Appeals Tribunal (AAT) has informed the public that it has upheld the decision of ASIC to ban former Perth financial adviser Mr Jason Sean Atkins from providing financial services for three years. Mr Atkins provided advice to clients to establish a self-managed superannuation fund (SMSF) and use limited recourse borrowing arrangements to fund…

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SFC fines
September 13, 2018 BY Valentina Kirilova

United Technologies to pay $14 million for violating FCPA

The Securities and Exchange Commission (SEC) has announced that Connecticut-based United Technologies Corporation will pay $13.9 million to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA) by making illicit payments in its elevator and aircraft engine businesses. According to the SEC’s order, United Technologies subsidiary Otis Elevator Co. made unlawful payments to…

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SFC fines
September 12, 2018 BY Valentina Kirilova

SEC charges ICO Superstore with operating as unregistered broker-dealer

The Securities and Exchange Commission (SEC) has announced that TokenLot LLC, a self-described “ICO Superstore,” and its owners will settle charges that they acted as unregistered broker-dealers. This is the SEC’s first case charging unregistered broker-dealers for selling digital tokens after the SEC issued The DAO Report in 2017 cautioning that those who offer and…

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SFC fines
September 07, 2018 BY Valentina Kirilova

ING Financial Markets LLC to pay $5 million to settle charges

New York Stock Exchange Regulation (NYSE Regulation) has announced that ING Financial Markets LLC (ING) has agreed to pay $5 million to settle charges for improperly handling “pre-released” American Depository Receipts (ADRs). This settlement stems from NYSE Regulation’s investigation into improper conduct by ING’s securities lending desk from 2007 into 2015. A former employee on…

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UN report says North Korea laundered $2 billion theft via Hong Kong firm
August 30, 2018 BY Valentina Kirilova

SEC charges former cash advance firm CEO with defrauding retail investors

The Securities and Exchange Commission (SEC) has announced charges against 1 Global Capital LLC and its former chief executive officer for allegedly defrauding at least 3,400 retail investors, more than one-third of whom invested their retirement funds. The Florida-based cash advance company and former CEO Carl Ruderman allegedly fraudulently raised more than $287 million since…

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insider trading
August 30, 2018 BY Valentina Kirilova

Professional football player and former investment banker charged with insider trading

The Securities and Exchange Commission (SEC) has announced that it has charged a professional football player and a former investment banker with insider trading in advance of corporate acquisitions facilitated through coded text messages and FaceTime conversations. The SEC alleges that after meeting at a party, Mychal Kendricks began receiving illegal tips from Damilare Sonoiki,…

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