The Dubai Financial Services Authority (DFSA) has just announced that it has just fined an individual US$52,500 (AED192, 675) and restricted him from performing any function in connection with the provision of Financial Services in or from the DIFC. Mr Andrew John Grimes did not challenge the DFSA’s findings against him back in 2017 and 2018 and did not…
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FINRA, a not-for-profit organization dedicated to investor protection and market integrity, has announced that it has fined Morgan Stanley Smith Barney LLC $10 million for anti-money laundering (AML) program and supervisory failures that spanned a period of more than five years. Susan Schroeder, FINRA Executive Vice President, Department of Enforcement, commented on the news: As…
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The Hong Kong Securities and Futures Commission (SFC) has informed the public that it has fined Ardon Maroon Fund Management (Hong Kong) Limited (Ardon Maroon) (now known as China Silver Asset Management (Hong Kong) Limited) $800,000 for cross-trade related failures in managing the Ardon Maroon Asia Master Fund (AM Fund). The complete announcement can be…
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FINRA has informed the public that it has fined Merrill Lynch, Pierce, Fenner & Smith Inc. for improperly selling shares in initial public offerings (IPOs) to industry insiders. Merrill Lynch will pay a $5.5 million fine, and disgorge $490,530 it earned as revenue from the sales. IPOs included Facebook, Inc. (NASDAQ:FB), General Motors Co. (NYSE:GM),…
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The Commodity Futures Trading Commission (CFTC) has just announced that Phaetra Capital GP LLC, Phaetra Capital Management LP, and Argenta Group LLC have been find more than $23 million for defrauding investors. The complete announcement reads as follows: The Commodity Futures Trading Commission (CFTC) announced today that on December 3, a federal court in New York…
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UBS (NYSE:UBS) has agreed to pay $15 million total fine to FINRA, SEC and FinCEN. The financial services company failed to implement anti-money laundering programs. Susan Schroeder, FINRA’s Executive Vice President, Department of Enforcement, commented on the news: AML systems must be reasonably designed to monitor transactions for potentially suspicious activity. When firms are part of…
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UK financial regulator Financial Conduct Authority (FCA) has just announced that it has fined the UK investment professional Angela Burns £20,000. The regulator has also banned her from acting as a non-executive director. The official and complete FCA announcement can be seen below: The Financial Conduct authority (FCA) has banned Angela Burns from acting as a non-executive director (NED)…
Read moreThree brokers will pay more than $6 million in order to settle Securities and Exchange Commission (SEC) charges. Citadel Securities LLC, Natixis Securities Americas LLC, and MUFG Securities Americas Inc. have provided the SEC with inaccurate securities trading information, when asked for the so called “blue sheet data,” which the SEC uses to carry out regulatory…
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The Cyprus Securities and Exchange Commission (CySEC) has just announced that it has fined the company Cyprint Plc and its former Director due to Insider Dealing. Cyprint Plc has to pay a total administrative fine of €10.000 and Mr Christakis Christodoulou, Executive Director at the time, €5.000. The complete text of the regulator’s decision can…
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The Financial Conduct Authority (FCA) has just announced that it has fined Mohammad Ataur Rahman Prodhan, the former Chief Executive Officer of Sonali Bank (UK) Limited (SBUK), £76,400 for being knowingly concerned in a breach by SBUK of its obligations to maintain effective anti-money laundering (AML) systems. This is not the first time the regulator takes action…
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