Category: Fines

Between April 2020 and August 2023, USBI reportedly did not submit 42 SARs because it applied an incorrect monetary threshold when assessing suspicious transactions.  The firm used the $25,000 reporting threshold applicable to banks instead of the $5,000 threshold required for broker-dealers.  FINRA added that as a result, activity involving account intrusions, identity theft and…

The ban runs from August 16, 2025, to August 15, 2026.  Zhu, a substantial shareholder, director and former manager-in-charge (MIC) of Kylin, was found to have breached her duties between August 2018 and July 2021, when the company acted as investment manager and consultant to sub-funds of a Cayman-incorporated vehicle. At the time, Zhu was…

According to FINRA, between January 2020 and December 2023, Stifel released 16 quarterly reports under Rule 606(a) of Regulation NMS that misstated key information, including payments for order flow, profit-sharing arrangements, transaction fees and rebates.  In some cases, the firm is said to have incorrectly reported these amounts as zero, despite having received or paid…

Between June 2019 and November 2024, FINRA says Wells Fargo did not have a system, including written supervisory procedures, that was reasonably designed to comply with Section 15B(a)(1)(B) of the Securities Exchange Act of 1934.  This provision prohibits broker-dealers from giving investment advice to municipal entities without registering as a municipal adviser. FINRA found that…

He was also fined $60,000. Mapleson, who pleaded guilty, was sentenced on 6 August for one count of insider trading, regarding trades executed in January 2017. ASIC said Mapleson obtained inside information through his role at BM Geological Services Pty Ltd, which was contracted to provide geological services to Beacon Minerals.  He was also engaged…

The Australian Securities and Exchange Commission said Monday that the Federal Court has ordered iSignthis Ltd, now trading as Southern Cross Payments Ltd, to pay a $10 million penalty for breaching disclosure laws, while its former CEO, Nickolas John Karantzis, has been fined $1 million and banned from managing corporations for six years. According to…

According to FINRA, in July 2021, Goldman acted as lead underwriter for an IPO that raised approximately $700 million.  Around 13.5% of the proceeds, $96 million, were used to repay a loan from a Goldman affiliate.  FINRA said this constituted a conflict of interest, requiring the involvement of a qualified independent underwriter (QIU) to oversee…

FINRA claims that from July 2019 onwards, Odeon Capital, a New York-based broker-dealer, failed to establish a supervisory system capable of identifying potentially manipulative prearranged trading, an illegal practice where buyers and sellers collude to execute trades at predetermined prices.  FINRA found that the firm’s daily trade reports were not equipped to detect such patterns…

According to a Letter of Acceptance, Waiver, and Consent published by FINRA, the firm conducted securities business on 96 days without maintaining the minimum required net capital, in violation of the Securities Exchange Act and multiple FINRA rules.  The deficiencies are said to have stemmed from improperly structured underwriting agreements, unauthorised capital withdrawals by firm…

The FCA stated in a release that it decided to fine Mr Woodford £5.89 million and ban him from senior management and fund management roles for retail investors.  WIM faces a proposed fine of £40 million. Both parties have referred the decision notices to the Upper Tribunal and may contest the FCA’s findings. The FCA…