Category: Fines

SEC
September 29, 2020 BY Steffy Bogdanova

Former Amazon finance manager charged with insider trading

Erin Schneider, Director of the SEC's San Francisco Regional Office commented: We allege that the Bohras repeatedly and systematically used Amazon's confidential information for their own gain. Employees with access to confidential, potentially market-moving corporate information may not use that information to enrich themselves, their friends, or their families. The US regulator’s complaint charges all…

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SEC acts against 11 firms neglecting electronic communications
September 28, 2020 BY Steffy Bogdanova

SoluTech settles fraud charges with SEC, former exec to pay $25K fine

The SEC alleges that SoluTech and Pitruzzello misrepresented the investors’ interest in investing in SoluTech regarding SoluTech's and Pitruzzello's attempt to raise funds through a Series A stock offering. The US regulator found that SoluTech and Pitruzzello violated the Securities Act and without admitting or denying these findings, SoluTech and Pitruzzello consented to the requirements…

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CFTC penalty
September 25, 2020 BY Steffy Bogdanova

Marex to pay $370K to settle charges with the CFTC

The CFTC requires Marex and Marex Spectron to pay a fine in the amounts of $250,000 and $120,000, respectively. Both entities would also cease and desists form any further violations of the regulations. Division of Enforcement Director James McDonald commented: The Division of Enforcement will remain vigilant in enforcing minimum capital requirements for registered entities…

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fine
September 24, 2020 BY Steffy Bogdanova

Westpac to pay $1.3 billion fine to settle money laundering charges with AUSTRAC

Rose continued: Westpac’s failure to implement effective transaction monitoring programs, and its failure to submit IFTI reports to AUSTRAC and apply enhanced customer due diligence in relation to suspicious transactions, meant AUSTRAC and law enforcement were missing critical intelligence to support police investigations. In the original statements against Westpac, the Australian watchdog AUSTRAC identified a…

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SEC
September 16, 2020 BY Steffy Bogdanova

ICO issuer Unikrn to pay $6.1 million to settle charges with SEC

Kristina Littman, Chief of the SEC Enforcement Division's Cyber Unit said: The securities registration and exemption framework is designed to ensure investor protection and access to material information, while also facilitating capital formation. Failure to follow this framework harms investors and our markets. This resolution allows us to return substantially all of Unikrn's assets to…

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SEC
August 14, 2020 BY Steffy Bogdanova

SEC raises charges against Boon.Tech and CEO for $5 million ICO

Kristina Littman, Chief of the SEC Enforcement Division’s Cyber Unit said: Investors are entitled to truthful disclosures from issuers of securities, whether digital or otherwise.  Pavithran and Boon.Tech defrauded investors by convincing them to fund this endeavor based on the allure of innovation that simply did not exist. The US watchdog found that Boon.Tech and…

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Interactive Brokers to pay over $38 million penalty to settle charges with SEC, CFTC and FINRA
August 11, 2020 BY Steffy Bogdanova

Interactive Brokers to pay over $38 million penalty to settle charges with regulators

The CFTC filed charges against Interactive Brokers for failing to supervise its officers’, employees’, and agents’ handling of several commodity trading accounts and not implementing adequate procedures to detect and report suspicious transactions as required under federal anti-money laundering (AML) laws and regulations. Interactive Brokers agreed to be censured, to cease and desist, and to…

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CFTC penalty
August 05, 2020 BY Steffy Bogdanova

NYMEX and two former employees to pay $4 million for disclosing trading information

This is the first time the CFTC has charged and exchange with violations of these regulations and disclosure of material non-public information. Director of Enforcement James McDonald commented: Today’s settlement sends a strong message that the CFTC will work tirelessly to protect our market participants against unlawful disclosures of their confidential information to ensure that…

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