Previously, the court gave partial summary judgement Westport Capital and McClue were in violation of the Investment Advisers Act by aiding and abetting unauthorized principal transactions. The trail examined whether the defendants acted intentionally or not. On Monday, jurors returned a verdict in the SEC's favor on these counts. Adam Aderton, Co-Chief of the SEC's…
Read moreSecurities and Exchange Commission acquired an asset frieze against Kinetic Investment Group LLC, Florida-based investment adviser, and Michael Scott Williams, its managing member on suspicion of fraudulent, unregistered securities offering. The offering reached raised approximately $39 million from at least 30 investors located mostly in Florida and Puerto Rico. The complaint filed with SEC alleges…
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Channel New Asia reported yesterday that Pareto SG Pte Ltd, Pareto International Holdings Limited and Veritas Global Exchange are under investigation by the Commercial Affairs Department of the Singapore Police for involvement in an investment scheme. The companies are investigated for possible breaches and offences under the Penal Code and the Securities and Futures Act,…
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The Securities and Exchange Commission (SEC) filed charges against an Ohio-based businessman who set up a digital asset scam defrauding around 150 investors, among which many physicians. Michael W. Ackerman allegedly, along with two other businessmen, raised at least $33 million from investors, claiming he developed a proprietary algorithm that traded in cryptocurrencies and generated…
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The Cyprus Securities and Exchange Commission (CySEC) issued a warning yesterday of fraudulent messages sent by City Group Italy Banking Group. The company uses the logo of CySEC and claims to have been authorized by the Italian supervisory authority (CONSOB) to recover investments lost in online trading under “Investor Compensation Fund” act. The content of…
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Commodity Futures Trading Commission (CFTC) issued an order for $1 million against Propex Derivatives Pty Ltd (Propex), Australia-based proprietary trading firm, implicated in a spoofing scheme. The company was involved in unlawful trading activities on the U.S. commodities market through former trader in the period of July 2012 to March 2017. Propex agreed to pay…
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Financial institutions and anyone providing online financial services – take note – your next wave of potential customers, labeled “Generation Z” for anyone born in 1995 and beyond, is very sensitive to the risks of cyber fraud, especially to electronic apps on their smart phones or tablets or even PCs. By 2020, this grouping of…
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Geneva based Retail FX broker and bank Dukascopy today issued a warning to its clients against a company known as GCG Asia, which is illegally using its name and logo to attract clients. Dukascopy clarified that it does not have any association or being in cooperation with GCG Asia and warned its clients against engaging…
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Cyprus financial regulator CySEC has warned the public that emails are being sent by unidentified sources, illegally using the logo or the name of CySEC. These impersonators emails seek payment of so-called outstanding sums to or from the Commission. This is not the first time CySEC issues an impersonators scam warning. The regulator has already issued…
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Mr John Lindsay Merity, of North Nowra, New South Wales, has pleaded guilty before the District Court of New South Wales to charges of giving false or misleading information to Australian regulator ASIC about shareholding. The charges were brought following ASIC enquiries in 2009 and 2010 to identify those parties who had a relevant interest…
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