Category: Fines

SFC fines
November 21, 2018 BY Valentina Kirilova

ASIC fines Dampier Finance Australia Limited $240,000

Sydney-based company Dampier Finance Australia Limited, who holds an Australian Financial Services license (AFSL), has been fined $240,000 for failing to lodge its company annual reports and financial statements with ASIC. On 13 November 2018, Dampier Finance Australia was found guilty in the Downing Centre Local Court of failing to submit annual financial reports with…

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SFC fines
November 20, 2018 BY Valentina Kirilova

UBS Securities Australia Limited fined $120,000

Australian regulator ASIC has announced earlier today that UBS Securities Australia Limited (UBS) has paid a penalty totalling $120,000 to comply with an infringement notice given by the Markets Disciplinary Panel (the MDP). The MDP had reasonable grounds to believe that UBS contravened Rule 3.3.1(b) of the ASIC Market Integrity Rules (ASX Market) 2010. The…

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SFC fines
November 15, 2018 BY LeapRate Staff

Hedge fund Algointeractive and founders hit with $1 million fine

A federal court in New York has entered orders against Kevin P. Whylie of Ozone Park, New York, Matthew James Zecchini of East Islip, New York, and the New York hedge fund they co-founded, Algointeractive Inc(together, Defendants), to pay more than $1 million in civil monetary penalties and restitution.  The Court’s Orders resolve the Commodity Futures Trading Commission’s (CFTC) enforcement…

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DFSA
November 09, 2018 BY LeapRate Staff

Westpac pays AUD $3.3M fine for Bank Bill Swap Rate conduct

The Federal Court of Australia today has ordered Westpac Banking Corporation (Westpac) to pay a pecuniary penalty of $3.3 million for contravening s12CC of the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act) through its involvement in setting BBSW in 2010. In reasons for making the pecuniary penalty order, Justice Beach noted the legislative constraint…

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Commerzbank office
November 09, 2018 BY LeapRate Staff

Commerzbank pays $12 million fine for Swap Dealing Violations

The U.S. Commodity Futures Trading Commission (CFTC) has issued an Order filing and simultaneously settling charges against Commerzbank AG (Commerzbank) for numerous violations of the Commodity Exchange Act (CEA) and CFTC Regulations, including failing to supervise its Swap Dealer’s activities for more than 5 years and making misleading statements and material omissions to the CFTC concerning its…

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SFC fines
November 05, 2018 BY Valentina Kirilova

Financial Circle fined $9 million for multiple breaches of obligations

Australian regulator ASIC has just informed that a Melbourne-based financial services and credit business has been ordered by the Federal Court to pay penalties of $8,980,000 in total after it engaged in numerous contraventions of financial services, credit and consumer protection laws. Financial Circle offered personal loans to consumers of up to $5,000 that could…

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DFSA
October 23, 2018 BY Valentina Kirilova

Wells Fargo pays $65 million settlement for misleading investors

Attorney General Barbara D. Underwood has announced that Wells Fargo & Company will pay a $65 million penalty following the Attorney General’s investigation into the bank’s fraudulent statements to investors in connection with its “cross-sell” business model, related sales practices, and the bank’s publicly reported cross-sell metrics. The misconduct at Wells Fargo was widespread across…

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CySEC fine
October 19, 2018 BY Valentina Kirilova

CySEC fines individual €10.000 for fraud

The Cyprus Securities and Exchange Commission (CySEC) has just informed the public that it decided the imposition of an administrative fine of €10.000 to Mrs Milena Valentinova Christofide. The complete text of the regulator’s decision can be seen below: Announcement date: 19.10.2018 Board decision date: 03.09.2018 Regarding: Mrs Milena Valentinova Christofide Legislation: The Investment Services…

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