FCA slaps The TJM Partnership with a £2 million fine for financial crime control failings LeapRate

July 15, 2022 BY Steffy Bogdanova

FCA slaps The TJM Partnership with a £2 million fine for financial crime control failings

TJM executed trading in the value of about £59 billion in Danish equities and £20 billion in Belgian equities. The firm received commission of £1.4 million. In other instances, TMJ also executed transactions with no apparent purpose than to transfer substantial windfall profits of €4.3 million amongst its clients. Thefirm also accepted payment from a…

July 06, 2022 BY Steffy Bogdanova

Operator of CapitalPanda and ProfitLevel pays €170K to settle charges with CySEC

CySEC stated: Α settlement has been reached with the CIF BCM Begin Capital Markets CY Ltd («the Company») for possible violations of the Investment Services and Activities and Regulated Markets Law of 2017 – L.87(I)/2017. The settlement follows an investigation into the company's operations from January 2021 to April 2022. Earlier in June, CySEC announced…

July 01, 2022 BY Steffy Bogdanova

Interactive Brokers to pay $1 million to CFTC for supervision failures

The official CFTC announcement stated that Interactive Brokers charged customers the higher fee, but it ended up paying the exchange the lower fee applicable to spread trades. The company overcharged its customers a total of $710,828.14. According to Interactive Brokers, where the firm confirmed that a current customer was overcharged, it refunded the amount. The…

June 30, 2022 BY Steffy Bogdanova

UBS agrees to pay $25 million penalty to settle fraud charges with SEC

Osman Nawaz, Chief of the Division of Enforcement’s Complex Financial Instruments Unit Advisory firms are obligated to implement appropriate policies and procedures to ensure all parties involved in the sale of complex financial products and strategies have a clear understanding of the risks those products present. As fiduciaries, advisers also must make suitable recommendations to…

BNY Mellon Investment Adviser charged with omissions in ESG by SEC

June 29, 2022 BY Steffy Bogdanova

SEC slaps Ernst & Young with a $100 million fine

Further, EY admits that during the Enforcement Division’s investigation into the firm, it stated that the firm had no current issues with cheating when, in fact, it had been informed of possible cheating on a CPA ethics exam. Moreover, EY did not correct its stance after it conducted an internal investigation and confirmed that cheating…

June 28, 2022 BY Steffy Bogdanova

HK SFC issues a HK$3.2 million fine on CES Capital International

The SFC noted that in practice CESHK failed to manage and invest the funds' assets and investments on a discretionary basis as required by the regulator. Instead, the decision when to invest was up to the fund’s directors. The firm considered that its main investment objective was for making sure that the funds’ assets were…

June 20, 2022 BY Steffy Bogdanova

Financial adviser convicted and fined $1.5K for breaching ASIC ban

The Aussie watchdog discovered that despite the ban which is in force until 5 September 2024, Toledo continued to provide financial advice and deal in financial products. Moreover, according to the regulator, he provided financial advice to a SMSF to invest in Premier Realty Group Pty Ltd and arrange a sale of 70,000 shares in…

June 20, 2022 BY Steffy Bogdanova

CySEC fines Maxigrid and issues bans on four directors

CySEC’s decision follows an investigation into Maxigrid’s non-compliance. The official announcement stated: Maxigrid's Board of Directors was found to have acted in violation of this article over its failure to define and take responsibility for the implementation of arrangements that ensure the effective and prudent management of the Company, in a way that promoted the…

June 13, 2022 BY Steffy Bogdanova

Credit Suisse agrees to pay $200K fine to FINRA for reporting deficiencies

Credit Suisse fixed the issue with an update of its trade reporting systems in November 2019. In addition, form February 2015 to April 2022, the firm failed to establish and maintain a supervisory system to help it comply with its trade reporting obligations for short sales. During this period, Credit Suisse conducted supervisory reviews aiming…

May 26, 2022 BY Steffy Bogdanova

FINRA fines Cboe’s BIDS Trading $200K for overstating trade volume

The first change was implemented in July 2018 and caused the BIDS to overstate its advertised trading volume in 151 instances, which resulted in the overstating of 12,298,256 shares for 92 securities. The second change came in May 2019 when BIDS reconfigured its servers, causing the platform to overstate trade volume in 1,890 instances, which…

Category: Fines