Category: Fines

April 04, 2018 BY LeapRate Staff

Trade.com parent Leadcapital Markets Ltd fined €30,000 by CySEC for Romania client issues

Cyprus financial regulator CySEC has announced that it has issued a €30,000 fine to Leadcapital Markets Ltd. Leadcapital operates the Retail FX broker brands Trade.com and FINEXO. According to CySEC, the sanction was imposed because Leadcapital did not act honestly, fairly and professionally in accordance with the best interests of its clients in Romania, in a roughly…

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SFC fines
March 29, 2018 BY Valentina Kirilova

FINRA fines Aegis Capital Corp. $550,000

It's a tough day for Aegis Capital Corp. getting fined not once, but twice - this time by the Financial Industry Regulatory Authority (FINRA). The amount was $550,000 and the reason was failing to have adequate supervisory and anti-money laundering (AML) programs tailored to detect "red flags" or suspicious activity connected to its sale of…

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SFC fines
March 22, 2018 BY Valentina Kirilova

Hong Kong SFC fines individual $8,000 for unlicensed dealing

The Eastern Magistrates’ Court today convicted Mr Chan Chi Kit of unlicensed dealing in securities in a prosecution brought by the Hong Kong Securities and Futures Commission (SFC), the regulator announced earlier today. Chan pleaded guilty and was fined $8,000 and ordered to pay the SFC’s investigation costs. The Court heard that Chan carried on…

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March 19, 2018 BY LeapRate Staff

Electronic Transaction Clearing settles charges of misusing client funds

The U.S. Securities and Exchange Commission (SEC) today announced that Electronic Transaction Clearing (ETC), a registered broker-dealer headquartered in Los Angeles, has agreed to settle charges that it illegally placed more than $25 million of customers’ securities at risk in order to fund its own operations. Among other things, the SEC found that ETC violated the…

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SFC fines
March 13, 2018 BY Valentina Kirilova

SFC fines Deutsche Bank AKTIENGESELLSCHAFT and Deutsche Securities Asia Limited $8.3 million

The Hong Kong Securities and Futures Commission (SFC) announced that it has resolved its concerns with Deutsche Bank AKTIENGESELLSCHAFT (DBAG) and its wholly-owned subsidiary Deutsche Securities Asia Limited (DSAL) over regulatory breaches related to short position reporting, unlicensed regulated activities and segregation of client monies. Under the resolution, the SFC publicly reprimanded and fined them…

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SFC fines
March 08, 2018 BY Valentina Kirilova

Merrill Lynch fined $1.25 million for failures in the unregistered sales of securities

The Securities and Exchange Commission (SEC) has announced settled charges against Merrill Lynch, Pierce, Fenner & Smith Inc. company for its failure to perform required gatekeeping functions in the unregistered sales of securities on behalf of a China-based issuer and its affiliates. The SEC’s order found that Merrill Lynch sold almost three million shares of…

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SFC fines
March 05, 2018 BY LeapRate Staff

Deutsche Bank FX trader Guillaume Adolph fined and banned by the FCA

UK financial regulator the Financial Conduct Authority (FCA) has announced that it has fined Guillaume Adolph £180,000, and banned him from performing any function in relation to any regulated financial activity. Mr. Adolph formerly worked at Deutsche Bank AG (FRA:DBK) as a short-term interest rate derivatives trader, trading products referenced to CHF (Swiss Franc) and JPY…

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