Category: Fines

May 17, 2018 BY Valentina Kirilova

FINRA fines ICBCFS $5.3M for anti-money laundering compliance deficiencies

The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Industrial and Commercial Bank of China Financial Services LLC (ICBCFS) $5.3 million for systemic anti-money laundering (AML) compliance failures, including its failure to have a reasonable AML program in place to monitor and detect suspicious transactions, as well as other violations, including financial,…

Read more
April 24, 2018 BY LeapRate Staff

Yahoo! Russia hack results in $35 million fine for parent Altaba

The U.S. Securities and Exchange Commission (SEC) has announced that the entity formerly known as Yahoo! Inc. has agreed to pay a $35 million penalty to settle charges that it misled investors by failing to disclose one of the world’s largest data breaches in which hackers stole personal data relating to hundreds of millions of…

Read more
April 24, 2018 BY Valentina Kirilova

SFC fines CN Capital Management Limited $1.2 million over regulatory breaches

The Hong Kong Securities and Futures Commission (SFC) announced that it has reprimanded CN Capital Management Limited (CN Capital) and fined it $1,000,000 for failing to maintain an effective compliance function and satisfactory internal controls concerning employee account dealing. The SFC has also reprimanded its responsible officers, Mr George Chan Yee Lee and Mr Stephen…

Read more
April 13, 2018 BY Valentina Kirilova

SFC fines Instinet Pacific Limited $17.3 million

The Hong Kong Securities and Futures Commission (SFC) has announced that it has reprimanded and fined Instinet Pacific Limited (IPL) $17.3 million after resolving concerns over IPL’s breaches of the Code of Conduct in relation to its electronic and algorithmic trading systems and alternative liquidity pool (ALP). In November 2016, the SFC and IPL jointly…

Read more
April 10, 2018 BY Valentina Kirilova

Spaceship and Tidswell fined for false and misleading conduct

Spaceship Financial Services Pty Ltd (Spaceship) and Tidswell Financial Services Pty Ltd (Tidswell) have each paid a $12,600 penalty for Infringement Notices issued by ASIC. ASIC's concerns related to misleading claims about the 'fundamental investment philosophy' of the Spaceship Super Fund’s "GrowthX" portfolio (Spaceship Fund), made on the fund’s website (www.spaceship.com.au) during 2017. In June…

Read more
April 04, 2018 BY LeapRate Staff

Trade.com parent Leadcapital Markets Ltd fined €30,000 by CySEC for Romania client issues

Cyprus financial regulator CySEC has announced that it has issued a €30,000 fine to Leadcapital Markets Ltd. Leadcapital operates the Retail FX broker brands Trade.com and FINEXO. According to CySEC, the sanction was imposed because Leadcapital did not act honestly, fairly and professionally in accordance with the best interests of its clients in Romania, in a roughly…

Read more
SFC fines
March 29, 2018 BY Valentina Kirilova

FINRA fines Aegis Capital Corp. $550,000

It's a tough day for Aegis Capital Corp. getting fined not once, but twice - this time by the Financial Industry Regulatory Authority (FINRA). The amount was $550,000 and the reason was failing to have adequate supervisory and anti-money laundering (AML) programs tailored to detect "red flags" or suspicious activity connected to its sale of…

Read more
SFC fines
March 22, 2018 BY Valentina Kirilova

Hong Kong SFC fines individual $8,000 for unlicensed dealing

The Eastern Magistrates’ Court today convicted Mr Chan Chi Kit of unlicensed dealing in securities in a prosecution brought by the Hong Kong Securities and Futures Commission (SFC), the regulator announced earlier today. Chan pleaded guilty and was fined $8,000 and ordered to pay the SFC’s investigation costs. The Court heard that Chan carried on…

Read more