The civil monetary fine that Spence will have to pay amounts to $33 million according to the latest CFTC order, with restitution penalties totalling just over $11 million to be paid to Coin Signal customers who fell victim to the fraudulent scheme. The initial complaint stated that Spence eventually conceded to Ponzi victims that he…
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The US watchdog also found that Butler would gather between $500 and $5,000 of customer deposits into a single trading account at Nadex. As the trader for NCI, he would use that money to trade binary options on the customers’ behalf. Butler would leave clients to think that each customer payment would be placed into…
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The consent order finds that between April 2017 and February 2019, Pyatt accepted $276,850 from pool participants to trade commodity futures and forex. The US watchdog also discovered that Pyatt misappropriated most of pool participants’ funds for business expenses and personal use, and to make Ponzi-like payments to other pool participants, while using only a…
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Nick Kynoch, FMA General Counsel, said the FMA recognised many victims of Robertson and McCall had suffered significant losses and distress. The New Zealand regulator was pleased these investors would soon start to receive some of their money back. Kynoch commented: Victims of Robertson and McCall had their trust abused and many were plunged into…
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He was also charged with six counts of making a statement that was a maximum penalty of two years’ imprisonment and/or a fine of $21,000 for each of them. He also received five counts of to fraud with maximum penalties varying between 14 and 20 years’ imprisonment. Read more: ASIC investigation leads to eight years’…
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The US watchdog found that between January 2017 and March 2018 Salerno and his Pennsylvania-based companies solicited individuals on websites such as LinkedIn and Indeed.com and their own websites to become forex traders. The defendants required prospective traders to pay risk deposits and falsely promised to match it with some multiple of company funds in…
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Dick has provided financial advice on behalf of Jigsaw Support Services Limited, GWM Adviser Services Limited and most recently, Synchronised Business Services Pty Ltd, who ceased authorisation of Dick in April 2018 and reported the matter to ASIC. ASIC Deputy Chair Daniel Crennan QC commenred: Mr Dick has been found to have breached the trust…
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According to the regulator, Moore breached a contractual agreement between BGC and a referring broker by: charging unpermitted spreads on transactions entered on behalf of a number of accounts of clients referred to BGC by the referring broker; and trading at prices other than the agreed independent valuation on transactions entered on behalf of a…
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T.I’s social media manager, William Sparks, Jr. allegedly offered and sold FLiK tokens on T.I.’s social media accounts and two other people based in Atlanta, Chance White and Owen Smith, promoted SPARK tokens without disclosing they were promised compensation in return. Carolyn M. Welshhans, Associate Director in the Division of Enforcement commented: The federal securities…
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Throughout the course of the investigation, Ho co-operated with ASIC, participated in voluntary interviews and provided documents. Ho also formally admitted to the offences and the facts regarding them. In recognition of this co-operation, Ho’s sentence was reduced by half. ASIC Deputy Chair Daniel Crennan QC commented: ASIC will take strong action against market misconduct…
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