The U.S. Securities and Exchange Commission (SEC) has announced that New York-based investment adviser deVere USA, Inc. has agreed to pay an $8 million civil penalty related to its failure to disclose conflicts of interest to its retail clients. The settlement will result in the establishment of a Fair Fund for distribution of the penalty…
Read moreThe U.S. Commodity Futures Trading Commission (CFTC) has announced that it has issued an Order today filing and settling charges against French banking giant Societe Generale SA (EPA:GLE) for attempted manipulation of and false reporting in connection with the London Interbank Offered Rate (LIBOR) for U.S. Dollar, Yen and Euro, and the Euro Interbank Offered Rate…
Read moreFrench financial regulator Autorité des marchés financiers (AMF) has issued a warning about the prevalence of aggressive 'boiler room' direct marketing. The AMF stated that this fraudulent practice encourages investors to purchase financial products on the basis of sales pitches incommensurate with the real value of the assets in question and with the promise of extremely…
Read moreManic trading in the Japanese Yen-Turkish Lira and Yen-British pound pairs has led the Japanese FX market Click 365 to a very strong volumes report for May 2018. The JPY-TRY pair volume actually surpassed USD-JPY trading at Click 365 in May (see table below). Combined trading volume for all TFX products was 3,486,076 (+35.1% MoM…
Read moreThe Nova Scotia Securities Commission (NSSC) has announced that it has approved a settlement agreement with Vestcap Investment Management Inc. Vestcap Investment Management Inc. is a portfolio management firm with its head office in Toronto. In 2006 they opened five investment accounts for a couple living in Alberta. In 2008 the couple relocated to Nova…
Read moreThe U.S. Securities and Exchange Commission (SEC) has announced charges against an employee of prominent investment bank Goldman Sachs (NYSE:GS) with repeatedly using his access to highly confidential information in order to place illicit and profitable trades in advance of deals on which the bank was providing investment banking advisory services. According to the SEC’s complaint,…
Read moreThe UK Financial Conduct Authority (FCA) has put out details of the cloned firm VBM Capital Partners. Fraudsters are using the details of firms, authorised by the FCA, to try to convince people that they work for a genuine, authorised firm. Be aware that the scammers may give out other false details or mix them…
Read moreASX Limited (ASX) has announced that it has partnered with Australian Technology Innovators Pty Limited (ATI), the parent company of InfoTrack, an Australian provider of eConveyancing technology and services, to enter the national electronic property settlement market. Sympli Australia Pty Ltd (Sympli), owned 50:50 by ASX and ATI, has applied to become an Electronic Lodgment…
Read moreThe Commercial Affairs Department (CAD) of the Singapore Police Force and Monetary Authority of Singapore (MAS) have advised the public to exercise extreme caution when dealing with unregulated online trading platforms. CAD and MAS have received an increasing number of complaints from members of the public involving losses from unregulated online trading platforms over the…
Read moreThe Hong Kong Securities and Futures Commission (SFC) has informed that it has reprimanded and fined Hang Seng Investment Management Limited (HSIM) $3 million for its failure to comply with regulatory requirements on cash management involving SFC-authorized funds. The SFC’s disciplinary action followed an independent review jointly agreed by the SFC and HSIM. The review…
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