Category: Fines

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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DFSA
October 11, 2017 BY Valentina Kirilova

Bellamy's pays penalty for alleged continuous disclosure breach

ASX-listed company Bellamy's Australia Limited (Bellamy's) has paid a penalty of $66,000 after ASIC issued an infringement notice for an alleged failure by Bellamy's to comply with its continuous disclosure obligations. The infringement notice was issued following an investigation into matters arising from an announcement on 2 December 2016 by Bellamy's to the ASX stating…

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SFC fines
October 10, 2017 BY LeapRate Staff

Arab Global Commodities DMCC fined in the US for copper futures Spoofing

The U.S. Commodity Futures Trading Commission (CFTC) has issued an Order filing and settling charges against Arab Global Commodities DMCC (AGC), a proprietary trading firm headquartered in Dubai with several trading offices in India, for engaging in the disruptive trading practice of “spoofing” in the copper futures contract traded on the Commodity Exchange, Inc. (COMEX) between March…

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DFSA
October 10, 2017 BY LeapRate Staff

Grace Reisinger and ROF Consulting hit with $2 million judgment for Commodities Fraud

The U.S. Commodity Futures Trading Commission (CFTC) has announced that the Honorable Joan B. Gottschall of the U.S. District Court for the Northern District of Illinois entered a Final Judgment and Order against Grace Elizabeth Reisinger of Grand Island, Nebraska and her company ROF Consulting, LLC (ROF) for operating a fraudulent commodity pool scheme. The Order, entered on October…

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SFC fines
October 02, 2017 BY LeapRate Staff

Logista Advisors LLC to pay $250,000 fine for Spoofing on a foreign futures exchange

The U.S. Commodity Futures Trading Commission (CFTC) has issued an Order filing and simultaneously settling charges against Logista Advisors LLC, a crude-oil-trading firm based in Houston, Texas. The Order finds that, from approximately September 2013 through October 2014, Logista failed to diligently supervise the handling by its employees and officers of commodity interest accounts and other…

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Morgan Stanley fine
September 29, 2017 BY Valentina Kirilova

CFTC fines Morgan Stanley & Co. LLC. $500,000 for supervision failures

The Commodity Futures Trading Commission (CFTC) has issued an Order filing and simultaneously settling charges against Morgan Stanley & Co. LLC (MSCO) (NYSE:MS), a Delaware limited liability company headquartered in New York City, for failing to diligently supervise the reconciliation of exchange and clearing fees with the amounts it ultimately charged customers for certain transactions…

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DFSA
September 29, 2017 BY Valentina Kirilova

SEC charges Alexander Capital L.P. brokers defrauding customers

The Securities and Exchange Commission (SEC) announced that has charged three New York-based brokers with making unsuitable recommendations that resulted in substantial losses to customers and hefty commissions for the brokers. One of the brokers agreed to pay more than $400,000 to settle the charges. Brokers must make recommendations that are compatible with their customers’…

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SFC fines
September 28, 2017 BY LeapRate Staff

Tillage Commodities LLC hit with $150,000 fine for supervision failures

The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Connecticut-based Tillage Commodities, LLC, a Commodity Pool Operator (CPO), for failure to supervise its fund administrator’s operation of the commodity pool’s bank account containing pool participants’ funds. Tillage has been registered as a CPO with the CFTC since 2013,…

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