Category: Financial Services

Whistleblower
July 18, 2022 BY Steffy Bogdanova

Two whistleblowers receive over $6 million from SEC

Another whistleblower received over $3 million for providing the regulator information which started an investigation. The individual was an insider who initially reported their concerns internally. Later they submitted a detailed tip and met with the SEC’s Enforcement staff a few times to provide additional information in the course of the investigation. Creola Kelly, Chief…

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July 13, 2022 BY Steffy Bogdanova

Illuminate Financial announces investment from Citi

Sandeep Arora, Head of Digital and Chief Investment Officer of Citi's Institutional Clients Group, said: Citi has a strong track-record of partnering with FinTechs to build digital solutions for our clients and believe this strategic investment will provide earlier visibility into new technologies and complement our direct investing program. Mark Beeston, Founder and Managing Partner…

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Cornerstone revenue
July 11, 2022 BY Steffy Bogdanova

Cornerstone FS sees strong revenue growth in H1 2022

Much of the gains were attributed to the Group’s Asia team that was brought on board in the second half of 2021. This change to majority direct revenue has had a positive impact on the Group’s gross margin. This is expected to rise 61% for the first half of 2022 from 38.1% for the same…

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CFTC fraud
July 08, 2022 BY Steffy Bogdanova

Commodity pool fraud operator to pay $13 million in a CFTC case

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…

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Euronext
July 07, 2022 BY Steffy Bogdanova

Euronext sees marginal increase in June FX volumes

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.…

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Australia
July 04, 2022 BY Steffy Bogdanova

Australians lost over $2 billion to scams last year

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…

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