Australian Federal Court slaps One Tech Media with $1.8 million fine in binary options case LeapRate

June 18, 2020 BY Steffy Bogdanova

Australian Federal Court slaps One Tech Media with $1.8 million fine in binary options case

Australian company Allianz Metro Pty Ltd, together with Eustace Senese and Yoav Ida provided One Tech Media with services without AFS licence and also breached the Corporations Act. Senese and Ida also failed to issue the requisite PDS for each binary option trade conducted. The court found that One Tech Media’s conduct was “systemic and…

June 09, 2020 BY Steffy Bogdanova

CFTC fines Gain Capital UK nearly $500K for registration and supervision violations

The regulator alleged that Gain UK failed to supervise diligently its US forex customers and missed warning signs of the underlying fraudulent conduct by an unregistered CTA. The company had extensive communication about creating an account with the company with an unregistered CTA with knowledge that the CTA had been rejected from managing accounts with…

June 08, 2020 BY Steffy Bogdanova

Hong Kong regulator fines Potomac Capital Limited $800,000 for Financial Resources Rules violation

The exclusion of the aged fee receivables would have resulted in monthly liquid capital deficits ranging from $335,000 to $449,000 for Potomac from February to May 2017. The SFC found that Potomac had incorrectly included the fees receivables in its liquid capital for more than three years. However, the company has rectified the FRR breach.…

June 01, 2020 BY Steffy Bogdanova

CySEC fines Indication Investments Ltd for €160,000

CySEC also found that the company may have violated European Securities and Market Authority’s decisions regarding the provision of maximum leverage to retail clients, up to 1:30, at specified products and the margin close-out protection, a requirement to market, distribute or sell CFDs to retail clients. Indication Investments and CySEC reached a settlement regarding the…

May 21, 2020 BY Steffy Bogdanova

SFC fines Convoy Asset Management $6.4 million for regulatory breaches over bond recommendation

The SFC found that Convoy Asset Management failed to conduct proper and adequate due diligence on these bonds before making its recommendations. The company did not have effective system in place to ensure that its recommendations was suitable for and reasonable in all the circumstances and failed to maintain proper documentary records of the investment…

February 25, 2020 BY Valentina Kirilova

DFSA fines Enness Limited US$105,000 for engaging in unauthorised activity

The Dubai Financial Services Authority (DFSA) has just announced that it has fined the company Enness Limited (Enness DIFC) USD 105,000 (approximately AED 386,000) for engaging in unauthorised activity outside the scope of its Representative Office DFSA Licence. As a Representative Office, Enness DIFC is only permitted to carry out a narrow set of activities…

January 22, 2020 BY Valentina Kirilova

FCA fines Hall and Hanley Limited £91,000

The UK regulator FCA announced earlier today that it has imposed a financial penalty in the sum of £91,000 to the company Hall and Hanley Limited (HHL). HHL is a claims management company (CMC) whose registered address was formerly 1st Floor, Building 4, Universal Square, Devonshire Street North, Manchester M12 6JH. With effect from 1…

January 14, 2020 BY Valentina Kirilova

CySEC fines Solid Financial Services Limited €10,000

Cyprus regulator CySEC has yesterday announced that it has decided to impose a total fine of €10.000 to the company Solid Financial Services Limited. The company did not ensure that the details regarding derivative contracts concluded were reported to a trade repository. Solid Financial Services Limited has also provided a false statement regarding its reporting…

November 21, 2019 BY Valentina Kirilova

UK FCA fines Henderson Investment Funds Limited £1,867,900

UK Financial Conduct Authority (FCA) has announced yesterday that it has fined Henderson Investment Funds Limited (HIFL) £1,867,900. The company failed to treat fairly more than 4,500 retail investors in two of its funds: Henderson Japan Enhanced Equity Fund and Henderson North American Enhanced Equity Fund (the Japan and North American Funds). Back in 2011,…

July 30, 2019 BY Valentina Kirilova

Principal of binary options trading firm fined $200,000 for illegal off-exchange trading

The U.S. Commodity Futures Trading Commission (CFTC) has informed the public yesterday that it has required Curtis Dalton of Middleton, Massachusetts to pay $200,000 for offering illegal off-exchange retail commodity transactions to U.S. and overseas customers while failing to be registered by the CFTC as required. Dalton offered transactions, which consisted of binary options in…

Category: Fines