Category: Charges

June 29, 2018 BY Valentina Kirilova

Former CEO of China Forestry charged with insider dealing

The Hong Kong Securities and Futures Commission (SFC) has informed that it has commenced proceedings in the Market Misconduct Tribunal (MMT) against Mr Li Kwok Cheong and Mr Li Han Chun, former chairman and chief executive officer (CEO) of China Forestry Holdings Company Limited (China Forestry), respectively, for suspected disclosure of false or misleading information…

Read more
June 18, 2018 BY Valentina Kirilova

ASIC charges former financial adviser with dishonest conduct

Former financial adviser, Gabriel Nakhl, was convicted in the District Court of New South Wales on 8 June 2018 on 8 charges brought by ASIC of engaging in dishonest conduct with investor funds, the Australian regulator announced earlier today. Mr Nakhl, of Illawong, NSW pleaded guilty to being knowingly engaged in dishonest conduct in relation…

Read more
June 15, 2018 BY Valentina Kirilova

Westpac Banking Corporation charged with poor financial advice

Australian regulator ASIC has announced that it has commenced proceedings in the Federal Court of Australia against Westpac Banking Corporation in relation to alleged poor financial advice provided by one of its former financial planners, Mr Sudhir Sinha. In Court documents filed yesterday, ASIC alleges that, in four sample client files selected by ASIC, Mr…

Read more
June 13, 2018 BY Valentina Kirilova

Merrill Lynch charged for failure to supervise RMBS traders

The Securities and Exchange Commission (SEC) announced that Merrill Lynch, Pierce, Fenner & Smith Inc. will pay more than $15 million to settle charges that its employees misled customers into overpaying for Residential Mortgage Backed Securities (RMBS). Merrill Lynch agreed to repay more than $10.5 million to its customers and to pay penalties of approximately…

Read more
June 07, 2018 BY Valentina Kirilova

SFC imposes a cold-shoulder order against individual

The Hong Kong Securities and Futures Commission (SFC) announced that it has publicly censured and imposed a 24-month cold-shoulder order against Chan Shing for breaching the mandatory general offer obligation of the Takeovers Code. Chan was the chairman and managing director of Burwill Holdings Limited at the time the breach took place. He and his…

Read more
May 31, 2018 BY Valentina Kirilova

SEC charges investment professional in $8 million scam

The Securities and Exchange Commission (SEC) has informed the public that it has charged a former registered representative with defrauding long-standing brokerage customers in an $8 million investment scam. According to the SEC’s complaint, Steven Pagartanis, who was affiliated with a registered broker-dealer, told some investors – including retirees who had been Pagartanis’s customers for…

Read more
May 25, 2018 BY Valentina Kirilova

ASIC charges former Brisbane financial adviser with $5.9 million fraud

Following an ASIC investigation, former financial adviser Ben Jayaweera, of Upper Mt Gravatt, has today appeared in the Brisbane Magistrates Court charged with six counts of fraud involving approximately $5.9 million. ASIC alleges that between September 2013 to October 2015, Mr Jayaweera dishonestly caused a detriment to numerous clients whilst an authorised representative of Growth…

Read more