Category: Fines

fcstone fine
November 14, 2017 BY LeapRate Staff

INTL FCStone Inc units fined for Unlawful Exchange for Related Position Transactions (EFRPs)

The U.S. Commodity Futures Trading Commission (CFTC) has issued an order filing and settling charges against FCStone Merchant Services LLC (FCStone Merchant) for entering into multiple noncompetitive trades and against INTL FCStone Financial Inc. (FCStone Financial), a registered Futures Commission Merchant based in Chicago, Illinois, for reporting non-bona fide prices to the Chicago Mercantile Exchange (CME) between December 2013…

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CFTC offices
November 03, 2017 BY LeapRate Staff

Morgan Stanley hit with CFTC fine for Futures and Options trade reporting

The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against the Morgan Stanley and Co. Incorporated unit of Morgan Stanley (NYSE:MS), a registered Futures Commission Merchant (FCM), for non-compliance with applicable rules governing Part 17 Large Trader reports to the CFTC spanning a ten-year period and affecting thousands…

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DFSA
October 30, 2017 BY Valentina Kirilova

NSG Services fined $1 million for breach of best interests duty

The Federal Court informed that it has imposed a civil penalty of $1 million against Melbourne-based financial advice firm NSG Services Pty Ltd (currently named Golden Financial Group Pty Ltd) (NSG) for breaches of the best interests duty introduced under the Future of Financial Advice (FOFA) reforms. This is the first civil penalty imposed on…

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DFSA
October 27, 2017 BY Valentina Kirilova

Former NAB adviser fined $1,000 for forging documents

Mr Shane Thompson, of New Gisborne, Victoria, has pleaded guilty in the Melbourne Magistrates' Court to two charges that he forged and submitted financial planning documents for his own personal gain, ASIC informed earlier today. The charges, brought by ASIC, allege that between 27 December 2012 and 1 March 2013, Mr Thompson completed 22 false…

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SFC fines
October 23, 2017 BY Valentina Kirilova

First EMIR derivatives reporting fine handed out to Merrill Lynch - £34.5 million

Merrill Lynch International (MLI) has been fined £34,524,000 by the Financial Conduct Authority (FCA) for failing to report 68.5 million exchange traded derivative transactions between 12 February 2014 and 6 February 2016. This is the first enforcement action against a firm for failing to report details of trading in exchange traded derivatives, under the European…

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DFSA
October 20, 2017 BY Valentina Kirilova

Adairs Limited fined $66,000 by ASIC

ASX-listed company Adairs Limited (Adairs) has paid a penalty of $66,000 after ASIC issued an infringement notice alleging it had not complied with the continuous disclosure obligations. ASIC announced that it has found there are reasonable grounds to believe that Adairs was in breach of its continuous disclosure obligations between 23 September and 2 November…

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SFC fines
October 17, 2017 BY LeapRate Staff

Wells Fargo to pay $3.4 million for recommending volatility-linked ETPs

The U.S. Financial Industry Regulatory Authority (FINRA) has announced that it has ordered units of Wells Fargo & Co (NYSE:WFC) - Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC - to pay more than $3.4 million in restitution to affected customers for unsuitable recommendations of volatility-linked exchange-traded products (ETPs) and related…

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DFSA
October 16, 2017 BY Valentina Kirilova

FINRA fines Wells Fargo broker-dealers $3.4 million in restitution to affected customers

The Financial Industry Regulatory Authority (FINRA) announced today that it has ordered Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC to pay more than $3.4 million in restitution to affected customers for unsuitable recommendations of volatility-linked exchange-traded products (ETPs) and related supervisory failures. FINRA found that between July 1, 2010, and…

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