Credit Suisse Fined $3.9 Million by Singapore for Relationship Managers Misconduct LeapRate

December 28, 2023 BY Sam Boughedda

Credit Suisse Fined $3.9 Million by Singapore for Relationship Managers Misconduct

According to the MAS, the relationship managers provided clients with inaccurate or incomplete post-trade disclosures, resulting in their clients being charged spreads above the bilaterally agreed rates for 39 over-the-counter (OTC) bond transactions. For the 39 transactions, MAS stated that Credit Suisse's relationship managers made false statements to their clients regarding the executed interbank prices…

December 07, 2023 BY Simon Mugo

SoFi Technologies Agrees To Pay FINRA Fine, Compensate Clients

From January 2019 to March 2023, SoFi was found lacking in effective supervisory systems. This oversight led to the automatic inclusion of over two million clients in its fully paid securities lending program, conducted without obtaining necessary consent or ensuring full disclosure. Moreover, SoFi was responsible for circulating misleading materials about the rewards customers would…

October 31, 2023 BY Elizabeth Anderson

Exxon alters top structure following executive sexual assault charges

Since successfully closing the $59.9bn merger with Pioneer Natural Gas, Exxon had its feelers out for a new shale top dog. Cahir, who was at the helm of this segment from July 2020 to April 2022, now steps back into this position from 1 November. Experts believe this side of Exxon’s business will expand in…

October 27, 2023 BY Elizabeth Anderson

£20m funding may give Railsr a new lease on life

Running the report, Sky News Business indicated that Railsr, the trading name of Embedded Finance, will soon announce that it made a deal with investors to raise £19.8m. The money mainly comes from existing investors, including well-knowns such as D Squared Capital and Moneta Venture Capital. Those rooting for the success of the company regard…

October 16, 2023 BY Elizabeth Anderson

Equifax fined more than £11m by the FCA

This action follows incidents going back to 2017, when, according to the FCA, the company’s parent, Equifax Inc. (EFX), was subject to one of the largest cybersecurity breaches in history. The findings showed that hackers accessed the personal data of approximately 13.8 million people in the UK during this breach. Don’t miss out the latest…

September 26, 2023 BY Elizabeth Anderson

Deutsche Bank subsidiary forks out $25m for SEC charges

The company will pay a staggering $19m for its ESG misstatements and another $6m for the anti-mutual fund violation. After investigation, the SEC found that DWS issued deceptive statements about how it employs ESG factors when doing research and making recommendations. In view of the charges, the company did not follow sound policies and procedures…

July 27, 2023 BY Steffy Bogdanova

CySEC imposes a €100K fine on BDSwiss

The company operates forex and contracts for differences (CFDs) broker BDSwiss and holds a Cyprus Investment Firm (CIF) license granted by CySEC. The regulator detailed that in 2021, BDSwiss allowed offshore companies associated with it to promote its CIF status, enticing clients with investment services in CFDs without the requiring customers to pay an initial…

July 06, 2023 BY Steffy Bogdanova

Australian broker Openmarkets pays $4.5 million penalty

On 2,011 instances, this Openmarkets client executed bid-and-ask orders simultaneously for the same security at the same price. The ASIC stated that the broker should possess a suitable system to detect the possibility of these orders being placed with the intention of manipulating trading prices or creating a deceptive impression of active trading. Curiously, the…

June 26, 2023 BY Steffy Bogdanova

FINRA imposes a $900k fine on Credit Suisse's US business arm

FINRA stated: The firm’s late and inaccurate TRACE reports violated FINRA Rules 6730 and 2010. In addition, the company failed to provide notifications for approximately 190 new issue offerings in TRACE-reportable securities. Moreover, Credit Suisse's supervisory system, designed to ensure the accuracy and timeliness of TRACE reporting, was found to be unreasonable by the self-regulatory…

June 20, 2023 BY Steffy Bogdanova

CySEC fines 101investing.com operator €50K

The regulator said: The Company did not apply adequate and appropriate policies, controls, and procedures, so as to mitigate and manage the risks of money laundering and terrorist financing effectively, in relation to the detailed examination of each transaction which by its nature may be considered to be particularly vulnerable to be associated with money…

Category: Fines