Category: Fines

SFC fines
June 22, 2017 BY LeapRate Staff

SEC adds additional charges and fines in ITG foreign shares ADRs case

The U.S. Securities and Exchange Commission today announced additional charges in an enforcement investigation involving the improper handling of American Depositary Receipts (ADRs) by a Wall Street firm’s securities lending desk. The SEC’s order finds supervisory failures by Anthony Portelli, a former managing director and head of operations at broker-dealer ITG Inc., a unit of…

Read more
Charles McVean cattle futures CFTC fine manipulative
June 21, 2017 BY LeapRate Staff

McVean Trading charged with deceptive conduct in cattle futures market, $5 million in fines handed out

The U.S. Commodity Futures Trading Commission (CFTC) today entered an Order filing and simultaneously settling charges against Respondents McVean Trading & Investments, LLC (MTI), a Memphis-based Futures Commission Merchant (FCM), its Chairman and CEO, Charles Dow McVean, Sr. (McVean, pictured above), and President, Michael J. Wharton (Wharton), and long-time MTI consultant Samuel C. Gilmore (Gilmore).…

Read more
SFC fines
June 14, 2017 BY LeapRate Staff

North American Asset Management LLC and owners Alexi Bethel and Steven Labadie banned and fined for illegal transactions

The U.S. Commodity Futures Trading Commission (CFTC) has announced that Judge Jose E. Martinez of the U.S. District Court for the Southern District of Florida entered a Consent Order against North American Asset Management, LLC (NAAM) of Fort Lauderdale, Florida, its owner and president Alexi Bethel of Miami, Florida, and its owner and managing director…

Read more
June 13, 2017 BY Valentina Kirilova

Malta MFSA fines retail forex broker BTFX €15,000

The Malta Financial Services Authority (MFSA) announced that has decided to impose an administrative penalty of €15,000 on BTFX Brokersclub Limited in terms of the powers granted to the Authority under Article 16A of the Investment Services Act. Brokersclub Limited was found in breach of: SLC 7.45 of Part BI of the Investment Services Rules…

Read more
CFTC offices
June 09, 2017 BY Valentina Kirilova

CFTC charges Pishon Holding LLC with fraudulently soliciting more than $11 million from customers in connection with trading futures

The U.S. Commodity Futures Trading Commission (CFTC) announced that on June 1, 2017, Judge James Robart of the U.S. District Court for the Western District of Washington entered a Statutory Restraining Order (SRO) against Sung Hong a/k/a Lawrence or Laurence Hong of Bellevue, Washington (Laurence Hong), Hyun Joo Hong a/k/a Grace Hong of either Bellevue…

Read more
SFC fines
June 08, 2017 BY Valentina Kirilova

CySEC issues series of fines against former executives of CommexFX

The Board of the Cyprus Securities Exchange Commission (CySEC) just announced that has issued series of fines against former executives of CommexFX with a total amount of €400.000. CySEC has previously fined the company CommexFX, and after numerous suspensions of its license, has finally decided to wholly withdraw the authorisation with number CIF 153/11 of CommexFx Ltd,…

Read more