Category: Charges

asic afs license
September 04, 2019 BY Valentina Kirilova

ASIC cancels Platinum Perpetual Global Private Wealth's AFS licence

Australian regulator ASIC announced earlier today that it has cancelled the Australian financial services (AFS) licence of the company Platinum Perpetual Global Private Wealth Pty Ltd, based in Perth (AFSL 508415). The AFS licence was cancelled at the request of the company, following a separate action brought by Western Australian Police Force (WAPF), which has…

Read more
UN report says North Korea laundered $2 billion theft via Hong Kong firm
August 30, 2019 BY Valentina Kirilova

ANI Development LLC charged with defrauding approximately 50 retail investors

The Securities and Exchange Commission today announced that it has shut down $300 million fraud perpetrated by San Diego company ANI Development LLC and Its Principal, Gina Champion-Cain. According to the regulator, the company has defrauded approximately 50 retail investors. Back in 2012, ANI Development LLC fraudulently raised hundreds of millions of dollars from investors…

Read more
asic bans
August 15, 2019 BY Valentina Kirilova

ASIC bans NSW financial adviser for three years

ASIC announced that it has banned a Sydney-based financial adviser, Tarandeep Aujla, because he failed to act in his clients’ best interests. Aujla was an authorised representative of Australian financial services (AFS) licensees Infocus Securities Australia and Chaucer Group. ASIC has found that Aujla did not obtain adequate information from clients about their personal circumstances…

Read more
insider trading
August 13, 2019 BY Valentina Kirilova

Investment banking analyst charged with insider trading

The Securities and Exchange Commission (SEC) has yesterday charged an analyst at an international investment bank with insider trading. According to the SEC, Bill Tsai, a junior investment broker, had a confidential information about Siris Capital Group's plans to acquire Electronics for Imaging, Inc. (EFII). Tsai was working from the bank's New York office. Knowing…

Read more
Facebook pays $100m for misleading investors
July 24, 2019 BY Valentina Kirilova

Facebook charged with misleading investors, pays $100 million

The Securities and Exchange Commission (SEC) has announced that it has charged social media giant Facebook Inc. (NASDAQ:FB) for making misleading disclosures regarding the risk of misuse of Facebook user data. According to the Commission report, in 2014 and 2015, the now-defunct advertising and data analytics company, Cambridge Analytica, paid an academic researcher, through a…

Read more
DFSA
July 02, 2019 BY Valentina Kirilova

Fieldstone Financial Management Group charged with fraud

The U.S. Securities and Exchange Commission (SEC) announced yesterday that it has charged Fieldstone Financial Management Group LLC and its principal Kristofor R. Behn with defrauding retail investment advisory clients. Behn also fraudulently misused approximately $500,000 of one investor’s funds to pay personal expenses. According to the SEC approximately 40 retail clients of Behn and…

Read more
asic bans
May 16, 2019 BY Valentina Kirilova

Former Kaz Capital financial adviser banned for 6 years

Australian regulator ASIC informed the public today of its decision to ban Mr David Stephen Cornford of Centennial Park, New South Wales, from providing financial services for a period of 6 years. Cornford was employed as an adviser at Kaz Capital Pty Ltd between 2014 and 2017. According to the regulator, Cornford was: buying and…

Read more