Tag: fine

CFTC penalty
July 01, 2022 BY Steffy Bogdanova

Interactive Brokers to pay $1 million to CFTC for supervision failures

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…

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BNY Mellon Investment Adviser charged with omissions in ESG by SEC
June 29, 2022 BY Steffy Bogdanova

SEC slaps Ernst & Young with a $100 million fine

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…

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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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BNY Mellon Investment Adviser charged with omissions in ESG by SEC
May 24, 2022 BY Steffy Bogdanova

SEC slaps BNY Mellon Investment Adviser with $1.5 million penalty

Sanjay Wadhwa, Deputy Director of the SEC’s Division of Enforcement and head of its Climate and ESG Task Force, said: Registered investment advisers and funds are increasingly offering and evaluating investments that employ ESG strategies or incorporate certain ESG criteria, in part to meet investor demand for such strategies and investments. Here, we allege that…

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May 06, 2022 BY Steffy Bogdanova

BitMEX co-founders to pay $30 million fine

The crypto exchange offered services to US residents without approval from CFTC to operate as a Designated Contract Market (DCM) or a Swap Execution Facility (SEF). The company also operated as a Futures Commission Merchant (FCM) without registration. Moreover, it failed to implement customer information program (CIP) and know-your-customer (KYC ) procedures, as well as…

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FINRA
March 14, 2022 BY Steffy Bogdanova

Crown Capital Securities to pay $75K fine imposed by FINRA

FINRA stated: Between January 2017 and January 2021, Crown Capital paid approximately $19.3 million in commissions earned by 18 of its registered representatives to 18 unregistered entities. The unregistered entities were corporations and limited liability companies created by the registered representatives to serve as doing business as names for their securities businesses and were disclosed…

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