Furthermore, Manuela Mazzacco, who is a member of the Board of Directors received a €100,000 fine and a 5 year ban from exercising management functions in any CIFs. Andreas Lianos, who is also on the board, got a €50,000 fine and a 3 year ban. The other board members, including Costas Georgiades, Elena Economides Demetriou…
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In addition, the UK regulator also requires BCMUK to pay redress to clients who have suffered loss as a result of its failings. BlueCrest has challenged the FCA’s decision and has referred the case to the Upper Tribunal, which will determine the appropriate action. The FCA added: The findings in the Decision Notice are provisional…
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Some of NatWest’s employees who handled these cash deposits shared their suspicions with the bank’s investigative staff but no action was taken. The warning signs included large amounts of Scottish bank notes deposited throughout England, as well as deposits of notes carrying a noticeable musty smell and individuals acting suspiciously when depositing the cash. Moreover,…
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According to the regulator, before June 2019, UBS implemented multiple software systems to comply with its recordkeeping obligations. These systems operate its trader turret communication devices and recorded and stored voice recordings of calls occurring on these trader turrets. The recording systems had a know flaw causing them to fail to synchronize certain call data.…
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On 20 April 2020, customers of the brokers held long positions in the May E-mini crude oil (QM) and sweet crude oil (WTI) and suffered trading losses on those positions as a result of the firm’s systems issues. The US regulator stated that Interactive Brokers was aware of the possibility of negative oil futures prices…
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As a result, the company failed to report certain swap creation data for hundreds of thousands of trades. The missing swap creation data included the financial entity status and the US person indicator for each counterparty. The CFTC determined that Refinitiv had to know or had reasons to suspect there were reporting omissions. The Commission…
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CySEC stated: The Board of the Cyprus Securities and Exchange Commission (CySEC) wishes to inform the public that, at its meeting held on the 5th April 2021, decided to impose an administrative fine of €40.000 to CIF London Capital Group (Cyprus) Ltd (the ‘Company’) for non-compliance with article 16(2) of Regulation (EU) 596/2014 on market…
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One tragic impact of Robinhood’s failures was the suicide of a 20-year-old trader. FINRA noted that the trader had turned margin off on his Robinhood account, so was shocked to find margins had been used. On top of this, the Robinhood app showed a negative balance on his account, which wasn’t accurate. Robinhood’s behaviour directly…
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The SFC reported that in July 2018, Deutsche Securities’ prime brokerage clients replied to the incorrect statements and oversold bonus shares issued by three Hong Kong-listed firms. The regulator revealed that Deutsche Securities discovered the issue within the same month of issuing the incorrect statements and in the following month tracked the problem to a…
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The firm was also found to have employed high-pressure tactics when it came to making sales, recommended trading sales which were found to be inappropriate for its clients, made deceptive representations to clients, failed to comply with several financial services laws, and finally implemented remuneration schemes and a trading floor culture based on maximum trade…
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