Category: Charges

CFTC offices
January 15, 2018 BY Valentina Kirilova

CFTC charges Blue Guru Trading LLC with commodity pool fraud

The Commodity Futures Trading Commission (CFTC) announced the filing of a civil enforcement action on January 12, 2018, in the U.S. District Court for the Northern District of Illinois, charging Defendants Richard D. Carter of Mundelein, Illinois, Mark R. Slobodnik of Libertyville, Illinois, and their company Blue Guru Trading, LLC (Blue Guru), a Delaware limited…

Read more
UN report says North Korea laundered $2 billion theft via Hong Kong firm
December 08, 2017 BY Valentina Kirilova

SEC charges broker with defrauding investors

The Securities and Exchange Commission (SEC) informed that it has charged a registered representative in Pennsylvania with operating a long-running offering and investment advisory fraud. The SEC’s complaint, filed in federal court in Philadelphia, alleges that Paul W. Smith raised approximately $2.35 million from approximately 30 investors – many of whom were his brokerage customers…

Read more
Securities and Exchange Commission proposes Transaction Fee Pilot for NMS Stocks
December 05, 2017 BY Valentina Kirilova

SEC charges audit firm with fraud relating to auditing of penny stock companies

A California-based audit firm is being charged with conducting flawed audits and reviews of financial statements, which are critical sources of information for investors, SEC announced earlier today. The SEC’s Enforcement Division alleges that Anton & Chia LLP and its accountants ignored numerous indications of fraudulent financial reporting by three of the firm’s audit clients…

Read more
sec building
December 05, 2017 BY Valentina Kirilova

Digital display advertising firm executives charged with bilking investors

The Securities and Exchange Commission (SEC) informed that it has today charged a Seattle-area outdoor digital signage advertising company and two of its senior executives with stealing more than $2 million from retail investors. According to the SEC’s complaint filed in U.S. District Court in Seattle, Digi Outdoor Media Inc.’s former chief executive officer, Donald…

Read more
Foster Stockbroking IPO conflict
November 24, 2017 BY LeapRate Staff

Foster Stockbroking called out by ASIC for IPO conflict of interest

Australia financial regulator ASIC has announced that it has accepted an enforceable undertaking from Foster Stockbroking Pty Limited (FSB) over the stockbroker's capital markets and research businesses, following an ASIC investigation into conflicts of interest. FSB is an Australian financial services licensee based in Sydney that provides investment banking and traditional stockbroking (including research) services…

Read more
sfc bans
November 23, 2017 BY Valentina Kirilova

Hong Kong SFC fines a former account executive of Fulbright Securities Ltd and bans him for life

The Securities and Futures Commission (SFC) has banned Mr Danny Fung Kwong Shing, a former account executive of Fulbright Securities Limited (Fulbright Securities), from re-entering the industry for life and fined him $542,071. The disciplinary action follows an SFC investigation which found that between January 2013 and May 2014, Fung had: conducted 772 unauthorized transactions…

Read more
Regulation
November 22, 2017 BY Valentina Kirilova

ASIC obtains orders against DanFX Trade Pty Ltd

On 14 November 2017, the Supreme Court appointed Anthony Castley of William Buck as receiver and manager over the assets of DanFX Trade Pty Ltd, Daniel Farook Ali and associated entities. Freezing orders were also made restraining the disposal of any property (including money and securities) by Mr Ali, DanFX Trade, DanFX Investments Holdings Pty…

Read more