Citigroup settles on $5 million fine with South African authorities on forex collusion case LeapRate

February 20, 2017 BY LeapRate Staff

Citigroup settles on $5 million fine with South African authorities on forex collusion case

South Africa's Competition Commission has filed with the Competition Tribunal a settlement agreement reached with the Citibank N.A. unit of global banking giant Citigroup Inc (NYSE:C) for being part of a forex trading cartel. The Commission found that from at least 2007, Citibank N.A. and its competitors had a general agreement to collude on prices for…

February 20, 2017 BY Valentina Kirilova

Former GRG Investments CEO convicted of unlicensed dealing

The Eastern Magistrates’ Court today convicted Mr Chiang Ching Fung, former chief executive officer of Gold Root Global Investments Limited (GRG Investments), of unlicensed dealing in futures contracts in a prosecution by the Securities and Futures Commission (SFC). This came after the conviction of GRG Investments in October last year of dealing in futures contracts…

February 20, 2017 BY Valentina Kirilova

Share Investing pays $130,000 in infringement notice penalty

Share Investing Limited has paid a penalty of $130,000 to comply with an infringement notice given to it by the Markets Disciplinary Panel (MDP). The MDP had reasonable grounds to believe that Share Investing had contravened subsection 798H(1) of the Corporations Act 2001 (Cth) by failing to comply with Rule 5.7.1(b)(iii) of the ASIC Market…

February 13, 2017 BY LeapRate Staff

FXCM settles on $650,000 CFTC fine for being undercapitalized after the Swiss Franc spike of January 2015

LeapRate Exclusive... LeapRate has learned from court documents that retail forex broker FXCM Inc (NASDAQ:FXCM), recently banned from the US forex market, has agreed to pay a $650,000 fine in settlement of charges that it was undercapitalized, and slow to report its capital position, in the wake of the January 15, 2015 spike in the value…

February 13, 2017 BY Valentina Kirilova

SFC seeks court orders against former chairman of Kong Sun Holdings Ltd and China Sandi Holdings Ltd

The Securities and Futures Commission (SFC) has commenced legal proceedings in the Court of First Instance to seek disqualification and compensation orders against Mr Tse On Kin, former chairman and executive director of Kong Sun Holdings Limited (Kong Sun) and China Sandi Holdings Limited (China Sandi), for devising a scheme to conceal his interests in…

February 13, 2017 BY Valentina Kirilova

SFC bans a former employee of HSBC for life

The Securities and Futures Commission (SFC) has banned Ms Li Lee, a former employee of The Hongkong and Shanghai Banking Corporation Limited (HSBC), from re-entering the industry for life following her criminal convictions. The District Court earlier found that Li, who was responsible for selling and promoting investment and insurance products at HSBC at the…

February 13, 2017 BY Valentina Kirilova

SEC charges Chinese citizens who reaped massive profits from insider trading

The Securities and Exchange Commission (SEC) announced that it obtained an emergency court order freezing brokerage accounts holding more than $29 million in illegal profits from insider trading in advance of the April 2016 acquisition of DreamWorks Animation SKG, Inc. by Comcast Corp. The SEC alleges that in the weeks leading up to the news…

Category: Fines