The US regulator also discovered that VFA did not disclose conflict of interest concerning millions of dollars of financial benefits that it received directly from advisory client mutual fund investments that were generally more expensive for clients than other mutual fund investment options available to clients. VFA agreed to pay $40 million to settle these…
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The court discovered that in January 2013 BCM presented itself as a finance services company and advised on listing application, by entering into an Advisor Engagement Agreement while being unlicensed. The Hong Kong court also found that Law Sai Hung assisted and counselled in the licensing violations in his capacity as a director. Read More:…
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CFTC found that Southwest Group offered customers forex transactions through a “Premium + Layaway Program” financing option. The “program” was financed by Southwest Group while acting as the counterparty to these retail forex transactions. It took 30 or 45 days for the retail customers to receive their forex instead of the usual two. The US…
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SEC has previously brought similar charges of municipal bond offering “flipping” and retail order period abuses in August 2018, December 2018, September 2019 and in April 2020. UBS did not admit nor deny the findings but agreed to a cease-and-desist order. The order also imposes a $1.75 million penalty, $6.74 million in disgorgement of ill-gotten…
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CFTC Director of Enforcement James McDonald said: This case underscores, once again, that the Commission will continue working with our regulatory partners to ensure the integrity of our markets, including those involving digital assets. Rooting out misconduct is essential to furthering the responsible development of these innovative financial products. The CFTC found that between December…
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The SFC discovered that from July to September 2012, solicited two customers to invest in a WWGL-operated investment scheme with futures contracts and options. Chan guaranteed a 5% monthly return rate in three months’ time. The investors gave a total of $850,000 a d lost approximately $710,000. The Hong Kong regulator found that WWGL dealt…
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The Cyprus watchdog alleged that CPB and Commerzbank acted “in concert to manipulate the market” regarding CPB’s shares in April and May 2011. CySEC imposed a €650,000 fine to Commerzbank AG for the violations. The Cyprus securities regulator decided not to impose a fine on CPB because it is s under special administration since 2013…
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According to ASIC regulation NXXT Trade is not a transaction permitted for an on-market buy-back. The MDP considered that Credit Suisse had failed to act in accordance with its clients’ instructions to conduct an on-market buy-back when it had entered the NXXT trades. The MDP alleges that Credit Suisse was careless as it did not…
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The companies with monetary penalties include: Harvest Capital Management Public Ltd with administrative fine of €13,000 Cyprus Trading Corporation Plc with administrative fine of €12,500 Aias Investment Public Ltd was fined the amount of €12,500 Regallia Holdings & Investments Public Ltd was fined €6,500 Isxis Investment Public Ltd was fined €6,500 Elma Holdings Public Company…
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The CFTC found that Cunningham Commodities’ did not supervise the GIB accounts over a sixteen-month period diligently. Moreover, the company entered into the guarantee with the GIB despite knowing that the GIB offered a “trading program” to customers when it was not registered as a commodity trading advisor and that the majority of customers lost…
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