Category: Fines

CFTC penalty
September 30, 2020 BY Valentina Kirilova

CFTC orders Gain Capital to pay $300,000 for supervision violations

According to the regulator's order, from 2014 to 2016, the company failed to supervise accounts by not following its policy regarding trade move requests and having inadequate policies and procedures for reviewing customer accounts, introduced by Foremost Trading LLC and traded by the company’s principal, Mark Miller..  Gain also failed to ensure that its employees…

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CySEC
September 29, 2020 BY Steffy Bogdanova

Depaho Limited settles charges with CySEC with €270K fine

Following CySEC investigation, the regulator discovered that the violations occurred between January 2018 and July 2019. CySEC revealed that that Depaho violated organisational requirement, as well as CIF authorization provisions, order execution requirements, principles and information of clients and had a conflict of interest. Read More: CySEC issues warnings for websites classicfx24trade, safeoptions24 and others…

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SEC
September 29, 2020 BY Steffy Bogdanova

Former Amazon finance manager charged with insider trading

Erin Schneider, Director of the SEC's San Francisco Regional Office commented: We allege that the Bohras repeatedly and systematically used Amazon's confidential information for their own gain. Employees with access to confidential, potentially market-moving corporate information may not use that information to enrich themselves, their friends, or their families. The US regulator’s complaint charges all…

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SEC acts against 11 firms neglecting electronic communications
September 28, 2020 BY Steffy Bogdanova

SoluTech settles fraud charges with SEC, former exec to pay $25K fine

The SEC alleges that SoluTech and Pitruzzello misrepresented the investors’ interest in investing in SoluTech regarding SoluTech's and Pitruzzello's attempt to raise funds through a Series A stock offering. The US regulator found that SoluTech and Pitruzzello violated the Securities Act and without admitting or denying these findings, SoluTech and Pitruzzello consented to the requirements…

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CFTC penalty
September 25, 2020 BY Steffy Bogdanova

Marex to pay $370K to settle charges with the CFTC

The CFTC requires Marex and Marex Spectron to pay a fine in the amounts of $250,000 and $120,000, respectively. Both entities would also cease and desists form any further violations of the regulations. Division of Enforcement Director James McDonald commented: The Division of Enforcement will remain vigilant in enforcing minimum capital requirements for registered entities…

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fine
September 24, 2020 BY Steffy Bogdanova

Westpac to pay $1.3 billion fine to settle money laundering charges with AUSTRAC

Rose continued: Westpac’s failure to implement effective transaction monitoring programs, and its failure to submit IFTI reports to AUSTRAC and apply enhanced customer due diligence in relation to suspicious transactions, meant AUSTRAC and law enforcement were missing critical intelligence to support police investigations. In the original statements against Westpac, the Australian watchdog AUSTRAC identified a…

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SEC
September 16, 2020 BY Steffy Bogdanova

ICO issuer Unikrn to pay $6.1 million to settle charges with SEC

Kristina Littman, Chief of the SEC Enforcement Division's Cyber Unit said: The securities registration and exemption framework is designed to ensure investor protection and access to material information, while also facilitating capital formation. Failure to follow this framework harms investors and our markets. This resolution allows us to return substantially all of Unikrn's assets to…

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