Additionally, Seibert told the investors that he would find the lending opportunities, conduct due diligence to confirm that the borrower was qualified, and handle the closing and servicing of the loan. Instead using the funds for loans, Seibert pooled and used most of the money to trade commodity interests in his personal trading account and…
Read more
Forex trading on Euronext for the three months between April and June reached nearly $1.54 trillion, registering a 27% rise compared to the second quarter of the previous year. The ADV for the quarter was $23.64 billion. Derivatives markets on Euronext also strengthened with a 4.8% MoM increase last month with 16 million traded contracts.…
Read more
CySEC stated: Α settlement has been reached with the CIF BCM Begin Capital Markets CY Ltd («the Company») for possible violations of the Investment Services and Activities and Regulated Markets Law of 2017 – L.87(I)/2017. The settlement follows an investigation into the company's operations from January 2021 to April 2022. Earlier in June, CySEC announced…
Read more
Out of the total number, investment scams accounted for the highest loss with $701 million in 2021, followed by payment redirection scams and romance scams which with losses of $227 million and $142 million, respectively. The increasing popularity of cryptocurrency has contributed to the growing amount of investment scams, according to the report. The ACCC…
Read more
Equities on Deutsche Börse generated €119.8 billion in June 2022 and trading in ETFs/ETCs/ETNs accounted for €22.6 billion of the turnover. Bonds accounted for €0.4 billion, certificates €1.1 billion and funds brought in €0.2 billion. Linde plc was the DAX stock with the highest turnover on Xetra last month with €5.3 billion. Commerzbank AG led…
Read more
The official CFTC announcement stated that Interactive Brokers charged customers the higher fee, but it ended up paying the exchange the lower fee applicable to spread trades. The company overcharged its customers a total of $710,828.14. According to Interactive Brokers, where the firm confirmed that a current customer was overcharged, it refunded the amount. The…
Read more
Osman Nawaz, Chief of the Division of Enforcement’s Complex Financial Instruments Unit Advisory firms are obligated to implement appropriate policies and procedures to ensure all parties involved in the sale of complex financial products and strategies have a clear understanding of the risks those products present. As fiduciaries, advisers also must make suitable recommendations to…
Read more
Further, EY admits that during the Enforcement Division’s investigation into the firm, it stated that the firm had no current issues with cheating when, in fact, it had been informed of possible cheating on a CPA ethics exam. Moreover, EY did not correct its stance after it conducted an internal investigation and confirmed that cheating…
Read more
The SFC noted that in practice CESHK failed to manage and invest the funds' assets and investments on a discretionary basis as required by the regulator. Instead, the decision when to invest was up to the fund’s directors. The firm considered that its main investment objective was for making sure that the funds’ assets were…
Read more
ASIC discovered that Arandez obtained $2.5 million from Australian investors based on false and misleading statements. He claimed the funds would be invested in property and cryptocurrency and used the fund in part for personal benefit and to pay returns to other investors. The regulator acted quickly in order to personal benefit and to pay…
Read more