Without approval from the settlor, Lo attached a signature from the settlor she obtained from a scanned version of a previous signed letter. She submitted it to the trustee as a normal valid document. The Hong Kong watchdog considers Lo’s conduct dishonest, however it takes into account she has a clean disciplinary record so far.…
Read more
TS’O gave the customers false receipts and the additional amount they paid went into his pocket. Subsequently, TS’O was convicted of seven counts of fraud on 7 January 2019. On 21 January 2019, he was sentenced to six months imprisonment, he was also suspended for two years and was ordered to make restitution to the…
Read more
Three other former executives of Wirecard have been arrested including former chief executive officer Markus Braun. The prosecutors suspect that the company has known about the losses since 2015. The Braun, Marsalek and the two other executives allegedly conspired to about €3.2 billion euros ($3.7 billion) in fraudulent loans. Allegedly, they intended to inflate the…
Read more
Sit, Lam and Tam already appeared in court. No plea was taken and the court bail for each of them was set to $10,000. The SFC’s Executive Director of Enforcement, Thomas Atkinson, said: The SFC is committed to combating market misconduct and has zero tolerance of market manipulation in any shape or form. We will…
Read more
Since the Wirecard scandal blew up six weeks ago, CEO Markus Braun and other executives have been arrested. The company’s second in command and believed to be the mastermind behind the scandal Jan Marsalek, however, is still missing. He was thought to be hiding in the Philippines until recently but was discovered that immigration data…
Read more
ASIC Deputy Chair Daniel Crennan QC said: As a financial adviser Mr Miller ought to have protected the interests of his clients. His sentencing should send a strong message that such conduct will lead to individuals involved being brought before the court to face criminal charges. Miller was a financial adviser of CFS between 2013…
Read more
Kelly L. Gibson, Director of the SEC’s Philadelphia Regional Office commented: As alleged in our complaint, Boice and Trustify lied to investors about their failing business to give the appearance of a thriving technology startup, while misappropriating investor funds to support an extravagant lifestyle. The scheme resulted in millions of dollars in investors losses, and…
Read more
AFP Commander Investigations, Eastern Command, Kirsty Schofield commented: Transnational and serious organised crime groups are evolving. No longer do they target any specific crime type or commodity, they adapt to their environments by recruiting professional enablers to provide experience in the financial, legal or any other field they feel can earn them money. This investigation…
Read more
Sanjay Wadhwa, Senior Associate Director of the SEC's New York Regional Office said: As alleged, Hu's deception caused substantial losses to a retail mutual fund, and other funds IIG advised. The SEC remains committed to holding accountable individual wrongdoers who seek to take advantage of investors for personal gain, including when they employ elaborate means…
Read more
The US watchdog charged the defendants in February this year with fraud and misappropriation of funds in a Forex trading scheme. The defendants misappropriated around 440,000 from 12 customers. PPR mislead customers to believe that McDonald was profitably trading Forex and promised them their accounts would grow in value 10 to 50% per month. In…
Read more