Category: Financial Services

fma warns against unregulated company
September 20, 2018 BY Valentina Kirilova

FINRA warns investors of stock fraud following hurricane Florence

FINRA has issued an Investor Alert warning investors to beware of potential investment scams touting stocks and other investments promising huge financial gains in the wake of Hurricane Florence. The Investor Alert, Beware of Stock Fraud in the Wake of Hurricane Florence, explains how investors can spot and protect themselves from investment scams associated with…

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sfc bans
September 20, 2018 BY Valentina Kirilova

SFC bans a former relationship manager of HSBC for 12 months

The Hong Kong Securities and Futures Commission (SFC) has informed the public that it has banned Mr Ngo Wing Chun, a former relationship manager of Hongkong and Shanghai Banking Corporation Limited (HSBC), from re-entering the industry for 12 months from 20 September 2018 to 19 September 2019 for unauthorized transfer of customer data. The SFC…

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Regulation
September 20, 2018 BY Valentina Kirilova

Financial firms must join AFCA now

Australian regulator ASIC has warned all Australian financial services licensees, Australian credit licensees, authorised credit representatives and superannuation trustees that they must join the Australian Financial Complaints Authority (AFCA) now if they have not already done so. The Minister for Financial Services set a membership deadline for joining AFCA of 21 September 2018. This can…

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Woodbridge Group of Companies LLC and former owner Robert H. Shapiro fined $1 billion
September 20, 2018 BY Valentina Kirilova

SEC shuts down $345 million ponzi scheme

The Securities and Exchange Commission (SEC) has announced it has obtained a court order halting an ongoing Ponzi-like scheme that raised more than $345 million from over 230 investors across the U.S. The SEC also obtained an emergency asset freeze and the appointment of a receiver. A SEC complaint unsealed yesterday alleges that Kevin B.…

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fma warning
September 20, 2018 BY Valentina Kirilova

ASIC stops misleading ICOs and crypto-asset funds targeted at retail investors

Australian regulator ASIC has announced that it has taken action to stop several proposed initial coin offerings or token-generation events (together, ICOs), targeting retail investors. ASIC has recently stopped the issue of a Product Disclosure Statement for a crypto-asset managed investment scheme. Consistent problems identified by ASIC are: the use of misleading or deceptive statements…

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Malaysian SC announces relief measures for capital market licensed entities
September 19, 2018 BY Valentina Kirilova

Bursa Malaysia Securities reprimands HB Global Limited

Bursa Malaysia Securities Berhad (635998-W) (Bursa Malaysia Securities) has publicly reprimanded HB Global Limited (HBGLOB) in respect of the company’s fourth quarterly report for the financial year ended 31 December 2016 (QR Dec 2016) announced on 28 February 2017 which was in contravention of paragraph 9.16(1)(a) of the Bursa Malaysia Securities Main Market Listing Requirements…

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sec charges
September 19, 2018 BY Valentina Kirilova

SeaWorld to pay more than $5 million to settle fraud charges

The Securities and Exchange Commission (SEC) has announced that SeaWorld Entertainment Inc. and its former CEO have agreed to pay more than $5 million to settle fraud charges for misleading investors about the impact the documentary film Blackfish had on the company’s reputation and business. SeaWorld’s former vice president of communications also agreed to settle…

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fca warning
September 19, 2018 BY Valentina Kirilova

FCA warns against The All Star Index firm

UK financial regulator Financial Conduct Authority (FCA) has issued its latest warning against an unregulated financial services provider targeting UK consumers. The FCA’s latest warning is against the company The All Star Index. The All Star Index is not authorised by the FCA but has been targeting people in the UK and is also carrying…

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