Tag: Ban

Hong Kong regulator SFC
March 06, 2023 BY Steffy Bogdanova

SFC bans former Citigroup Global Markets Asia officer for 10 years

When a trader told a client that CGMAL advertised facilitation flow using "Natural" IOIs, Shaw instructed the trader to deceive clients about the source of liquidity behind such IOIs. Furthermore, he misrepresented the client to maintain the falsehood created by the mislabeled IOI. Since at least 2015, Shaw has provided inaccurate information to clients or…

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ASIC ban
January 30, 2023 BY Steffy Bogdanova

ASIC bans Bradford AI for four years for providing unlicensed FX trading services

CFDs are leveraged derivative contracts and are regarded as a high-risk product. ASIC takes the regulation of offering such instruments very seriously and imposes heavy penalties on unlicensed CFD traders. Additionally, the Australian regulator found that Finerty mislead and deceived his clients about the performance of Robot 1 and “directed or assisted” clients to mislead…

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December 07, 2022 BY Steffy Bogdanova

FCA bans three former Mizuho bond traders for market abuse

According to the official announcement, Urra, Gonzalez and Sheth placed small orders which they did planned to execute on the opposite side of the order book around the same time. The FCA stated: The FCA considers that the individuals repeated this pattern of deliberate and intentional market manipulation on a number of occasions and were…

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ASIC ban
November 15, 2022 BY Steffy Bogdanova

ASIC slaps a 10-year ban on unlicensed CFD trader

In its investigation, ASIC found that Suncoast Trading, Equity Trade, nor Jennings hold the necessary Australian Financial Services licence to provide financial services. Furthermore, it was discovered that Jennings had some clients put their deposits into his personal trading account and traded CFDs without consulting them. He made false or misleading statements to his clients…

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ASIC ban
November 02, 2022 BY Steffy Bogdanova

ASIC issues an 8 year ban on former Trade360 manager

Regarding Bringans, the regulator stated: In banning Mr Bringans, ASIC found that he is not adequately trained and competent, that he is not a fit and proper person to provide financial services, and that he ignored one of his key duties as a responsible manager, which was to ensure that Sirius Financial complied with the…

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CySEC fine
June 20, 2022 BY Steffy Bogdanova

CySEC fines Maxigrid and issues bans on four directors

CySEC’s decision follows an investigation into Maxigrid’s non-compliance. The official announcement stated: Maxigrid's Board of Directors was found to have acted in violation of this article over its failure to define and take responsibility for the implementation of arrangements that ensure the effective and prudent management of the Company, in a way that promoted the…

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