Former officer of Wonderful Wealth Group convicted and fined $20K for unlicensed activities LeapRate

July 13, 2020 BY Steffy Bogdanova

Former officer of Wonderful Wealth Group convicted and fined $20K for unlicensed activities

The SFC discovered that from July to September 2012, solicited two customers to invest in a WWGL-operated investment scheme with futures contracts and options. Chan guaranteed a 5% monthly return rate in three months’ time. The investors gave a total of $850,000 a d lost approximately $710,000. The Hong Kong regulator found that WWGL dealt…

July 06, 2020 BY Steffy Bogdanova

Cyprus watchdog imposes a €650K fine on Commerzbank for market manipulation

The Cyprus watchdog alleged that CPB and Commerzbank acted “in concert to manipulate the market” regarding CPB’s shares in April and May 2011. CySEC imposed a €650,000 fine to Commerzbank AG for the violations. The Cyprus securities regulator decided not to impose a fine on CPB because it is s under special administration since 2013…

July 03, 2020 BY Steffy Bogdanova

Credit Suisse pays $75K infringement fine

According to ASIC regulation NXXT Trade is not a transaction permitted for an on-market buy-back. The MDP considered that Credit Suisse had failed to act in accordance with its clients’ instructions to conduct an on-market buy-back when it had entered the NXXT trades. The MDP alleges that Credit Suisse was careless as it did not…

July 01, 2020 BY Steffy Bogdanova

CySEC fines Harvest Capital Management and others

The companies with monetary penalties include: Harvest Capital Management Public Ltd with administrative fine of €13,000 Cyprus Trading Corporation Plc with administrative fine of €12,500 Aias Investment Public Ltd was fined the amount of €12,500 Regallia Holdings & Investments Public Ltd was fined €6,500 Isxis Investment Public Ltd was fined €6,500 Elma Holdings Public Company…

June 30, 2020 BY Steffy Bogdanova

Cunningham Commodities agrees to pay $250K for supervision violations

The CFTC found that Cunningham Commodities’ did not supervise the GIB accounts over a sixteen-month period diligently. Moreover, the company entered into the guarantee with the GIB despite knowing that the GIB offered a “trading program” to customers when it was not registered as a commodity trading advisor and that the majority of customers lost…

June 18, 2020 BY Steffy Bogdanova

Australian Federal Court slaps One Tech Media with $1.8 million fine in binary options case

Australian company Allianz Metro Pty Ltd, together with Eustace Senese and Yoav Ida provided One Tech Media with services without AFS licence and also breached the Corporations Act. Senese and Ida also failed to issue the requisite PDS for each binary option trade conducted. The court found that One Tech Media’s conduct was “systemic and…

June 09, 2020 BY Steffy Bogdanova

CFTC fines Gain Capital UK nearly $500K for registration and supervision violations

The regulator alleged that Gain UK failed to supervise diligently its US forex customers and missed warning signs of the underlying fraudulent conduct by an unregistered CTA. The company had extensive communication about creating an account with the company with an unregistered CTA with knowledge that the CTA had been rejected from managing accounts with…

June 08, 2020 BY Steffy Bogdanova

Hong Kong regulator fines Potomac Capital Limited $800,000 for Financial Resources Rules violation

The exclusion of the aged fee receivables would have resulted in monthly liquid capital deficits ranging from $335,000 to $449,000 for Potomac from February to May 2017. The SFC found that Potomac had incorrectly included the fees receivables in its liquid capital for more than three years. However, the company has rectified the FRR breach.…

June 01, 2020 BY Steffy Bogdanova

CySEC fines Indication Investments Ltd for €160,000

CySEC also found that the company may have violated European Securities and Market Authority’s decisions regarding the provision of maximum leverage to retail clients, up to 1:30, at specified products and the margin close-out protection, a requirement to market, distribute or sell CFDs to retail clients. Indication Investments and CySEC reached a settlement regarding the…

May 21, 2020 BY Steffy Bogdanova

SFC fines Convoy Asset Management $6.4 million for regulatory breaches over bond recommendation

The SFC found that Convoy Asset Management failed to conduct proper and adequate due diligence on these bonds before making its recommendations. The company did not have effective system in place to ensure that its recommendations was suitable for and reasonable in all the circumstances and failed to maintain proper documentary records of the investment…

Category: Fines