The court found Pegasus guilty on charges for claiming to be registered and its director Reps for failing to prevent the company from committing the offence. Pegasus and Reps face significant fines of up to $300K for the company and either a $100K for Reps and/or 12 months’ imprisonment. The FMA will comment further on…
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SCF failed to disclose the conflict of interest to its clients nor did it adopt and implement procedures to prevent violations of federal securities laws regarding its mutual fund and money market sweep fund share class selection practices. In this way, SCF violated its duty to seek best execution. Dabney O’Riordan, Co-Chief of the SEC…
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Kristina Littman, Chief of the SEC Enforcement Division’s Cyber Unit said: Investors are entitled to truthful disclosures from issuers of securities, whether digital or otherwise. Pavithran and Boon.Tech defrauded investors by convincing them to fund this endeavor based on the allure of innovation that simply did not exist. The US watchdog found that Boon.Tech and…
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The CFTC filed charges against Interactive Brokers for failing to supervise its officers’, employees’, and agents’ handling of several commodity trading accounts and not implementing adequate procedures to detect and report suspicious transactions as required under federal anti-money laundering (AML) laws and regulations. Interactive Brokers agreed to be censured, to cease and desist, and to…
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This is the first time the CFTC has charged and exchange with violations of these regulations and disclosure of material non-public information. Director of Enforcement James McDonald commented: Today’s settlement sends a strong message that the CFTC will work tirelessly to protect our market participants against unlawful disclosures of their confidential information to ensure that…
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The US regulator also discovered that VFA did not disclose conflict of interest concerning millions of dollars of financial benefits that it received directly from advisory client mutual fund investments that were generally more expensive for clients than other mutual fund investment options available to clients. VFA agreed to pay $40 million to settle these…
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The court discovered that in January 2013 BCM presented itself as a finance services company and advised on listing application, by entering into an Advisor Engagement Agreement while being unlicensed. The Hong Kong court also found that Law Sai Hung assisted and counselled in the licensing violations in his capacity as a director. Read More:…
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CFTC found that Southwest Group offered customers forex transactions through a “Premium + Layaway Program” financing option. The “program” was financed by Southwest Group while acting as the counterparty to these retail forex transactions. It took 30 or 45 days for the retail customers to receive their forex instead of the usual two. The US…
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SEC has previously brought similar charges of municipal bond offering “flipping” and retail order period abuses in August 2018, December 2018, September 2019 and in April 2020. UBS did not admit nor deny the findings but agreed to a cease-and-desist order. The order also imposes a $1.75 million penalty, $6.74 million in disgorgement of ill-gotten…
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CFTC Director of Enforcement James McDonald said: This case underscores, once again, that the Commission will continue working with our regulatory partners to ensure the integrity of our markets, including those involving digital assets. Rooting out misconduct is essential to furthering the responsible development of these innovative financial products. The CFTC found that between December…
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