ASX-listed company Adairs Limited (Adairs) has paid a penalty of $66,000 after ASIC issued an infringement notice alleging it had not complied with the continuous disclosure obligations. ASIC announced that it has found there are reasonable grounds to believe that Adairs was in breach of its continuous disclosure obligations between 23 September and 2 November…
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The U.S. Financial Industry Regulatory Authority (FINRA) has announced that it has ordered units of Wells Fargo & Co (NYSE:WFC) - Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC - to pay more than $3.4 million in restitution to affected customers for unsuitable recommendations of volatility-linked exchange-traded products (ETPs) and related…
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The Financial Industry Regulatory Authority (FINRA) announced today that it has ordered Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC to pay more than $3.4 million in restitution to affected customers for unsuitable recommendations of volatility-linked exchange-traded products (ETPs) and related supervisory failures. FINRA found that between July 1, 2010, and…
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The UK Financial Conduct Authority (FCA) announced that it has banned Mrs Colette Chiesa and Mr John Chiesa from working in financial services for integrity failings. Additionally, Mrs Chiesa has been fined £50,000 for attempting to mislead the FCA during an FCA interview. Mr and Mrs Chiesa were founding partners of Westwood Independent Financial Planners…
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ASX-listed company Bellamy's Australia Limited (Bellamy's) has paid a penalty of $66,000 after ASIC issued an infringement notice for an alleged failure by Bellamy's to comply with its continuous disclosure obligations. The infringement notice was issued following an investigation into matters arising from an announcement on 2 December 2016 by Bellamy's to the ASX stating…
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The U.S. Commodity Futures Trading Commission (CFTC) has issued an Order filing and settling charges against Arab Global Commodities DMCC (AGC), a proprietary trading firm headquartered in Dubai with several trading offices in India, for engaging in the disruptive trading practice of “spoofing” in the copper futures contract traded on the Commodity Exchange, Inc. (COMEX) between March…
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The U.S. Commodity Futures Trading Commission (CFTC) has announced that the Honorable Joan B. Gottschall of the U.S. District Court for the Northern District of Illinois entered a Final Judgment and Order against Grace Elizabeth Reisinger of Grand Island, Nebraska and her company ROF Consulting, LLC (ROF) for operating a fraudulent commodity pool scheme. The Order, entered on October…
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The U.S. Commodity Futures Trading Commission (CFTC) has issued an Order filing and simultaneously settling charges against Logista Advisors LLC, a crude-oil-trading firm based in Houston, Texas. The Order finds that, from approximately September 2013 through October 2014, Logista failed to diligently supervise the handling by its employees and officers of commodity interest accounts and other…
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The High Court yesterday declared that Securities Commission Malaysia (SC) had successfully proven an insider trading case against Lim Chiew, a former independent director of Magnum Corporation Bhd. In the suit which was filed in 2005, SC claimed that Lim Chiew had breached section 89E (2) of the Securities Industry Act 1983 when he acquired…
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The Commodity Futures Trading Commission (CFTC) has issued an Order filing and simultaneously settling charges against Morgan Stanley & Co. LLC (MSCO) (NYSE:MS), a Delaware limited liability company headquartered in New York City, for failing to diligently supervise the reconciliation of exchange and clearing fees with the amounts it ultimately charged customers for certain transactions…
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