The Board of the Cyprus Securities and Exchange Commission (CySEC) has just informed that, at its meeting held on 13 November 2017, decided to impose an administrative fine of €10.000 to Mr. Pavel Krymov. Mr. Krymov is a shareholder of Skopelino Finance Ltd at the time (now Concorde Investments Ltd). His fine is due to…
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The Hong Kong Securities and Futures Commission (SFC) informed that it has reprimanded Mr Wu Hon Cheung, a former account executive of Sun Hung Kai Investment Services Limited (Sun Hung Kai), and fined him $50,000 for failing to keep proper records of a client’s order instructions, in breach of the Code of Conduct. The SFC…
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The Financial Conduct Authority (FCA) announced that it has imposed a financial penalty of £250,000 on former Royal Bank of Scotland (RBS) interest rate derivatives trader, Neil Danziger, and prohibited him from performing any function in relation to any regulated financial activity. Mr Danziger formerly worked at RBS trading products referenced to Japanese Yen (JPY)…
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The Office of the Comptroller of the Currency (OCC) announced that it has recently assessed a $70 million civil money penalty against Citibank, N.A., for failing to comply with the agency’s 2012 consent order related to Bank Secrecy Act (BSA) and anti-money laundering (AML) deficiencies. In its 2012 order, the OCC cited the bank for…
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The Disciplinary Committee of Nasdaq Stockholm informed that it has found that Sandvik AB (“Sandvik” or “the Company”) has breached Nasdaq Stockholm’s Rule Book for Issuers (“the Rule Book”) and, accordingly, has imposed a fine on Sandvik amounting to one annual fee, corresponding to an amount of SEK 3,105,000. The Disciplinary Committee has found that…
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The Financial Industry Regulatory Authority (FINRA) announced it has fined Citigroup Global Markets Inc. (CGMI) $5.5 million and required the firm to pay at least $6 million in compensation to retail customers for displaying inaccurate research ratings for numerous equity securities during a nearly five-year period, and for related supervisory violations. An equity research rating…
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The Financial Industry Regulatory Authority (FINRA) announced today that it has fined J.P. Morgan Securities $2.8 million for violating the Securities and Exchange Commission’s (SEC) Customer Protection Rule and for related supervisory failures. The SEC rule creates requirements to protect customers' funds and securities. To ensure that customers could recover their assets in the event…
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The Commodity Futures Trading Commission (CFTC) announced that it has obtained three related Consent Orders of Permanent Injunction against Defendants Mintco LLC of Delray Beach, Florida, and its owners Stuart Rubin of Fort Lauderdale, Florida, and Richard Q. Zimmerman of Wellington Florida, finding that all Defendants engaged in illegal off-exchange precious metals transactions and further…
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The Cyprus Securities and Exchange Commission (CySEC) has announced that it has imposed an administrative financial penalty on Reliantco Investments Ltd., an investment firm which operates the UFX.com online Retail FX and CFDs brand. A sum of €95,000 has been imposed on the company for multiple compliance failings that breached the policies and procedures CySEC…
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The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Merrill Lynch, Pierce, Fenner & Smith Incorporated $1.4 million for failing to establish a reasonable supervisory system and procedures to identify and evaluate extended settlement transactions, and for related rule violations. Extended settlement transactions have a longer time between trade and settlement than…
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