Category: Fines

SFC fines
July 10, 2018 BY Valentina Kirilova

Citigroup Global Markets Asia Ltd fined $4 million for alternative liquidity pool failures

The Hong Kong Securities and Futures Commission (SFC) has just announced that it has reprimanded and fined Citigroup Global Markets Asia Limited (CGMAL) $4 million over CGMAL’s regulatory breaches in relation to the operations of its alternative liquidity pool (ALP). The disciplinary action followed an SFC investigation on CGMAL, which found that the operations of…

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SFC fines
July 05, 2018 BY LeapRate Staff

Credit Suisse hit with $77 million in fines for FCPA violations

The U.S. Securities and Exchange Commission today announced that Credit Suisse Group AG will pay approximately $30 million to resolve SEC charges that it obtained investment banking business in the Asia-Pacific region by corruptly influencing foreign officials in violation of Foreign Corrupt Practices Act (FCPA). Credit Suisse also agreed to pay a $47 million criminal…

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June 29, 2018 BY LeapRate Staff

Trading software provider TradeMasters and owner Mick Schacke hit with fraud fine

The U.S. Commodity Futures Trading Commission (CFTC) has announced that the Honorable Gloria M. Navarro of the U.S. District Court for the District of Nevada (Las Vegas) entered an Order of Summary Judgment against Defendant Mirko (Mick) Schacke of Brentwood, California (formerly Antioch, California), and a Default Judgment against Schacke’s company, TradeMasters USA, LLC of Las Vegas, Nevada. The…

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June 28, 2018 BY Valentina Kirilova

DBA Telecommunication (Asia) Holdings Limited fined $20,000 by SFC

The Eastern Magistrates’ Court has announced that it has today convicted DBA Telecommunication (Asia) Holdings Limited (DBA) after it pleaded guilty to making a false or misleading statement in a prosecution brought by the Hong Kong Securities and Futures Commission (SFC). DBA was fined $20,000 and ordered to pay the SFC’s investigation costs. On 28…

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June 27, 2018 BY Valentina Kirilova

CySEC fines SFS Group Public Ltd and Agroton Public Ltd

The Board of the Cyprus Securities and Exchange Commission (CySEC) has just informed the public that, at its meetings held on 4th June 2018, decided to impose the following administrative fines for violations of the Transparency Requirements (Transferable Securities Admitted to Trading on a Regulated Market) Law of 2007, as amended (‘the Law’), in regard…

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June 26, 2018 BY Valentina Kirilova

Nasdaq Stockholm fines Wifog Holding AB

The Disciplinary Committee of Nasdaq Stockholm has found that Wifog Holding AB has breached Nasdaq First North’s regulations (the Rulebook) and, accordingly, ordered Wifog to pay a fine amounting to four annual fees, corresponding to an amount of SEK 293,394 (33,100 US dollars). The Disciplinary Committee has concluded that Wifog has acted in breach of…

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June 19, 2018 BY LeapRate Staff

Merrill Lynch fined $42 million over trade order masking

The U.S. Securities and Exchange Commission (SEC) has announced that it has charged Merrill Lynch, Pierce, Fenner & Smith with misleading customers about how it handled their orders. Merrill Lynch agreed to settle the charges, admit wrongdoing, and pay a $42 million penalty. According to the SEC’s order, Merrill Lynch falsely informed customers that it…

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June 12, 2018 BY Valentina Kirilova

Hong Kong SFC fines individual $80,000

The Hong Kong Securities and Futures Commission (SFC) announced that it has reprimanded Mr Lau Ki Fung, a former account executive of KGI Asia Limited (KGI), and fined him $80,000 for failing to keep proper records of order instructions from clients. The SFC found that between 29 July 2015 and 10 August 2015, Lau received…

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