Category: Fines

September 24, 2024 BY Sam Boughedda

NinjaTrader Ordered to Pay Over $980,000 for Supervision Failures

The CFTC found that NinjaTrader, which operates out of Deer Park, Illinois, failed to implement sufficient policies and procedures to manage accounts in emergency situations, particularly in response to a statutory restraining order issued in a previous fraud case. It is also alleged to have not exercised sufficient oversight over its employees' handling of accounts.…

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StoneX
September 20, 2024 BY Sam Boughedda

StoneX Agrees to Pay $20,000 Settlement to ICE Futures

The settlement comes after an investigation into a potential wash trade in the Cocoa Futures market. According to a disciplinary notice released by ICE Futures, a StoneX employee may have placed opposing buy and sell orders for the same principal on April 27, 2023. The firm explained that the orders, which were executed in the…

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eToro's crypto trading platform & wallet now available in 32 US states
September 13, 2024 BY Sam Boughedda

eToro USA to Cease Trading in Nearly All Crypto Assets

The SEC alleged that eToro operated as an unregistered broker and clearing agency by facilitating the buying and selling of certain crypto assets that were deemed securities. In response, eToro has agreed to pay a $1.5 million penalty, while it has also agreed to "cease and desist from violating the applicable federal securities laws and…

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September 02, 2024 BY Sam Boughedda

Nasdaq Futures, Inc. Fined $22 Million for 'Core Principle Violations, Failing to Fully Disclose Incentives'

The CFTC said it found that Nasdaq Futures, Inc. operated a "Designated Market Maker" (DMM) program that included a volume-based component that was not disclosed to the CFTC or the public. They explain that the component provided additional payments to select DMM program participants based on the total volume of contracts they traded. The CFTC…

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Credit Suisse
December 28, 2023 BY Sam Boughedda

Credit Suisse Fined $3.9 Million by Singapore for Relationship Managers Misconduct

According to the MAS, the relationship managers provided clients with inaccurate or incomplete post-trade disclosures, resulting in their clients being charged spreads above the bilaterally agreed rates for 39 over-the-counter (OTC) bond transactions. For the 39 transactions, MAS stated that Credit Suisse's relationship managers made false statements to their clients regarding the executed interbank prices…

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December 07, 2023 BY Simon Mugo

SoFi Technologies Agrees To Pay FINRA Fine, Compensate Clients

From January 2019 to March 2023, SoFi was found lacking in effective supervisory systems. This oversight led to the automatic inclusion of over two million clients in its fully paid securities lending program, conducted without obtaining necessary consent or ensuring full disclosure. Moreover, SoFi was responsible for circulating misleading materials about the rewards customers would…

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October 27, 2023 BY Elizabeth Anderson

£20m funding may give Railsr a new lease on life

Running the report, Sky News Business indicated that Railsr, the trading name of Embedded Finance, will soon announce that it made a deal with investors to raise £19.8m. The money mainly comes from existing investors, including well-knowns such as D Squared Capital and Moneta Venture Capital. Those rooting for the success of the company regard…

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October 16, 2023 BY Elizabeth Anderson

Equifax fined more than £11m by the FCA

This action follows incidents going back to 2017, when, according to the FCA, the company’s parent, Equifax Inc. (EFX), was subject to one of the largest cybersecurity breaches in history. The findings showed that hackers accessed the personal data of approximately 13.8 million people in the UK during this breach. Don’t miss out the latest…

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September 26, 2023 BY Elizabeth Anderson

Deutsche Bank subsidiary forks out $25m for SEC charges

The company will pay a staggering $19m for its ESG misstatements and another $6m for the anti-mutual fund violation. After investigation, the SEC found that DWS issued deceptive statements about how it employs ESG factors when doing research and making recommendations. In view of the charges, the company did not follow sound policies and procedures…

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