According to a Letter of Acceptance, Waiver, and Consent published by FINRA, the failings spanned from December 2019 to the present and involved breaches of FINRA Rules 3110 and 2010. The regulator explained Velocity’s written supervisory procedures did not provide sufficient guidance on how to assess alerts for spoofing, layering, wash trades, cross trades and…
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Del Vecchio, who worked at Freedom Finance Australia from 2016 until 2023, was found guilty in April of 24 counts of obtaining financial advantage by deception. He is said to have misled victims into believing their money was being invested in bonds, shares, and term deposits. On 16 April 2025, the County Court of Victoria…
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Johnson has held the role of COO since 2017, overseeing the SEC’s operational and administrative functions. These include human resources, acquisitions, financial management, information technology, the EDGAR business office, and support operations such as records management and facilities. “Ken has been an integral leader at the SEC for more than two decades,” said SEC Chairman…
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The Federal Court granted the orders, preventing Mr Geddes from leaving or attempting to leave Australia until 16 March 2026. The application, brought by the Australian Securities and Investments Commission (ASIC), was not opposed by Mr Geddes. ASIC said it sought the orders due to concerns that Mr Geddes might attempt to travel abroad and…
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Between July 2016 and June 2023, ANZ inaccurately reported approximately 36,500 transactions to FINRA’s Trade Reporting and Compliance Engine (TRACE) without the required “No Remuneration” indicator, which signals when no commission, mark-up or mark-down is charged. FINRA explained that in about 22,500 of those cases, the firm also omitted the “Non-Member Affiliate-Principal Transaction” indicator, resulting…
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The bank will disgorge $1.96 million and contribute around $3.6 million to a victim compensation fund. The resolution follows a criminal probe into schemes carried out between November 2014 and April 2020, when two traders on BofA’s U.S. Treasuries desk manipulated the secondary market. One trader also entered more than 1,000 “spoof” orders in the…
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The regulator said Duncan Stewart pleaded guilty last year to purchasing more than $130,000 worth of Kidman shares in April 2019 while holding confidential knowledge of Wesfarmers’ bid. He sold the shares after the deal was announced publicly in May 2019, realising a profit of nearly $65,000. He was ordered to pay back the profit…
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According to FINRA’s Letter of Acceptance, Waiver and Consent, the firm conducted securities business on nine occasions between November 2020 and April 2023 while below the capital levels required under U.S. securities law. Net capital deficiencies ranged from around $1,000 to $33,000, FINRA said. During the same period, Madison Global Partners took part in firm…
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ASIC stated that the orders, first imposed on 15 August, have now been continued until further notice. They are said to prevent Mr Cotton and First Mutual from moving money between bank accounts or taking on new liabilities. Mr Cotton has also been directed to file affidavit evidence detailing the assets and liabilities of both…
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According to FINRA, between September 2009 and July 2022 Jefferies inaccurately calculated its customer and proprietary accounts of broker-dealers (PAB) reserve formula. The errors are said to have led to 136 customer reserve deficiencies and three PAB reserve deficiencies, at times amounting to shortfalls of more than $500 million. FINRA said the failures resulted in…
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