The former Syndey financial advisor pleaded guilty to a charge that, between June 2011 and April 2012, he used his position as a director dishonestly, with the intention of gaining advantage for either himself or Flowers Financial Management, by causing the transfer/withdrawal of $179,500 of seed capital. Flowers also pleaded guilty to a charge that,…
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ASIC stated that EuropeFX and TradeFred: provided personal advice to clients without licence to do so; made false or misleading representations to clients including about the level of risk to which clients’ funds were exposed and the profits which clients could expect; failing to adequately explain or disclose to clients the risks involved in investing…
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Each of the offences carries a maximum penalty of approximately $45,000. These offences are regarded as serious misconduct. The legislation has been put in place to protect investors and enhance the confidence and integrity in Australia’s financial markets. The need for the additional license condition which ASIC placed on SocGen’s Australian branch follows the company’s…
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In October 2016 Wong having inside information on Sirtex’s sales sold 74,968 Sirtex shares and gained more than $2 million. Later in 2016, Sirtex released a Trading Update on the ASX devaluing the growth forecasts for the 2017 financial year. The opening price of Sirtex shares fell to $13.01 after the announcement, a decrease of…
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The Securities and Exchange Commission (SEC) announced on Thursday settled charges against Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network for improperly recommending risky investments to some of its clients, including senior citizens and retirees. SEC ordered Wells Fargo to pay $35 million penalty. SEC accused Wells Fargo for failing to supervise investment…
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The Federal Court has found that the over-the-counter (OTC) derivative providers AGM Markets Pty Ltd, OT Markets Pty Ltd and Ozifin Tech Pty Ltd were engaged in systemic unconscionable conduct. It was reported that Australian investors lost over $30 million. Account managers located offshore were used to engage retail investors in Australia. They provided unlicensed…
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Dutch Authority for the Financial Markets (AFM) imposed an administrative fine on biotech company Esperite N.V in the amount of €312,500, on 14 February 2020. Esperite failed to make its finances of 2017 and 2018 publicly available on time. Esperite’s deadline for its annual revenue of 2017 was on 30 April 2018 but the report…
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California-based firm Wells Fargo & Co. was charged for misleading investors about the success of its core business strategy, the Securities and Exchange Commission (SEC) announced last week. According to the regulator, the company has agreed to pay $500 million to settle the charges, which will be returned to investors. The payment is part of a…
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The Securities and Exchange Commission (SEC) has announced yesterday that it has charged six individuals and their companies with participating in international microcap fraud schemes. The above-mentioned schemes generated more than $35 million of illegal sales of stock in at least 45 microcap companies. According to the regulator, Steve M. Bajic and Rajesh Taneja helped shareholders…
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Australian watchdog ASIC announced earlier today on its official website that it has banned Kyle Marshall from providing financial services for 3 years. According to the regulator, Marshall had not complied with financial services laws and lacked fundamental knowledge and competency relevant to providing financial services. Marshall was an authorised representative of Sentinel Private Wealth…
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