Category: Fines

Securities and Exchange Commission proposes Transaction Fee Pilot for NMS Stocks
April 26, 2017 BY Valentina Kirilova

SEC charges broker with defrauding customers

The Securities and Exchange Commission (SEC) charged a former broker with knowingly or recklessly trading unsuitable investment products in the accounts of five customers and misappropriating more than $170,000 from one of those customers. The SEC’s complaint alleges that Demitrios Hallas repeatedly traded unsuitable investments in his customers’ accounts, exposing customers who were unsophisticated with…

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DFSA
April 24, 2017 BY Valentina Kirilova

SEC fines Telecom executives for FCPA violations

The Securities and Exchange Commission (SEC) announced that two former executives at Hungarian-based telecommunications company Magyar Telekom have agreed to pay financial penalties and accept officer-and-director bars to settle a previously-filed SEC case alleging they violated the Foreign Corrupt Practices Act (FCPA). Magyar Telekom paid a $95 million penalty in December 2011 to settle parallel…

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April 24, 2017 BY Valentina Kirilova

Social forex trading site Tradeo fined €20,000 by CySEC

The Board of the Cyprus Securities and Exchange Commission (CySEC) just informed investors that decided to impose an administrative fine of €20.000 to the CIF UR Trade Fix Ltd (the parent company of Tradeo) for noncompliance with section 6(8) of the Investment Services and Activities and Regulated Markets Law of 2007, as amended from time to…

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April 14, 2017 BY LeapRate Staff

SEC freezes assets of two foreign brokers in Insider Trader sting

The U.S. Securities and Exchange Commission has announced an emergency court order to freeze assets in two brokerage accounts used last week to reap more than $1 million in alleged insider trading profits in connection with a merger announcement by telecommunications companies. According to the SEC’s complaint filed in U.S. District Court for the Southern…

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SFC fines
April 10, 2017 BY Valentina Kirilova

ASIC fines former Chairman of AWB Limited $50,000

Australia regulator ASIC announced that the Supreme Court of Victoria has ordered that Trevor Flugge, the former chairman of AWB Limited, pay a pecuniary penalty of $50,000 and be disqualified from managing corporations for a period of five years following the Court's finding that he contravened s180(1) of the Corporations Act. The orders follow the…

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April 07, 2017 BY Valentina Kirilova

FCA fines two former Worldspreads Limited (WSL) employees for market abuse

The Financial Conduct Authority (FCA) has banned and imposed financial penalties on two former Worldspreads Limited (WSL) employees. WSL, which operated a spread betting business, collapsed in March 2012. The FCA has fined WSL’s former Chief Financial Officer, Niall O’Kelly, £11,900 and former Financial Controller, Lukhvir Thind, £105,000, for engaging in market abuse and permanently…

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