Category: Fines

SFC fines
February 06, 2018 BY Valentina Kirilova

Wedbush Securities fined $1.5 million for customer fund protection issues

The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Wedbush Securities Inc. $1.5 million for violating the Securities and Exchange Commission’s (SEC) Customer Protection and Net Capital Rules, and for related supervisory and books and records failures. The SEC Customer Protection Rule creates requirements to protect customers' funds and securities. To ensure…

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SFC fines
January 26, 2018 BY Valentina Kirilova

FCA fines One Call Insurance Services Ltd £977,147

The Financial Conduct Authority (FCA) has today published Decision Notices in respect of One Call Insurance Services Limited (One Call) and its Chief Executive and majority shareholder John Lawrence Radford. A connected company to One Call, One Insurance Limited (OIL), has made a reference to the Upper Tribunal (the Tribunal) as a third party in…

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January 25, 2018 BY Valentina Kirilova

FCA fines Interactive Brokers (UK) Ltd £1,049,412 for poor market abuse controls

The Financial Conduct Authority (FCA) informed that it has today imposed a financial penalty on Interactive Brokers (UK) (IBUK) in the amount of £1,049,412 for failings in its post-trade systems and controls for identifying and reporting suspicious transactions in the period February 2014 to February 2015 (“the Relevant Period”). IBUK is an online broker based…

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January 19, 2018 BY Valentina Kirilova

HSBC Holdings agrees to pay more than $100 million to resolve fraud charges

HSBC Holdings plc (NYSE:HSBC) announced that it has entered into a three-year deferred prosecution agreement with the US Department of Justice (DoJ) to resolve the DoJ’s investigation into HSBC’s historical foreign exchange sales and trading activities within its Global Markets business. Under the agreement, HSBC will pay a total of US$101.5m, including a US$63.1m fine…

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SFC fines
January 11, 2018 BY Valentina Kirilova

Hong Kong SFC reprimands and fines EFG Bank AG $2 million

The Securities and Futures Commission (SFC) announced that it has reprimanded and fined EFG Bank AG (EFG Bank) $2 million for dealing in futures contracts without the required registration. The SFC found that between 1 April 2003 and 22 November 2016, EFG Bank executed 139 transactions in offshore listed index options for 11 clients without…

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