Category: Fines

DFSA
September 29, 2017 BY Valentina Kirilova

SEC charges Alexander Capital L.P. brokers defrauding customers

The Securities and Exchange Commission (SEC) announced that has charged three New York-based brokers with making unsuitable recommendations that resulted in substantial losses to customers and hefty commissions for the brokers. One of the brokers agreed to pay more than $400,000 to settle the charges. Brokers must make recommendations that are compatible with their customers’…

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SFC fines
September 28, 2017 BY LeapRate Staff

Tillage Commodities LLC hit with $150,000 fine for supervision failures

The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Connecticut-based Tillage Commodities, LLC, a Commodity Pool Operator (CPO), for failure to supervise its fund administrator’s operation of the commodity pool’s bank account containing pool participants’ funds. Tillage has been registered as a CPO with the CFTC since 2013,…

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OpenMarkets ASIC license conditions
September 28, 2017 BY Valentina Kirilova

OpenMarkets Australia pays $200,000 infringement notice penalty

Australia financial regulator ASIC just announced that OpenMarkets Australia Limited has paid a penalty of $200,000 to comply with an infringement notice given to it by the Markets Disciplinary Panel (MDP). The MDP had reasonable grounds to believe that OpenMarkets, throughout various periods in 2015 and 2016, breached the market integrity rules in relation to…

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SFC fines
September 25, 2017 BY LeapRate Staff

Citi units fined for Legal Entity Identifier (LEI number) failures

The U.S. Commodity Futures Trading Commission (CFTC) has issued an Order filing and simultaneously settling charges against Citibank, N.A. (CBNA) and Citigroup Global Markets Limited (CGML) - all units of global banking giant Citigroup Inc. (NYSE: C) - for failing to report Legal Entity Identifier (LEI) information for swap transactions properly to a Swap Data Repository (SDR), failing to…

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Morgan Stanley fine
September 25, 2017 BY LeapRate Staff

Morgan Stanley hit with $13 million FINRA fine for short term sales of UITs

The U.S. Financial Industry Regulatory Authority (FINRA) has announced that it has fined the Morgan Stanley Smith Barney LLC unit of global investment bank Morgan Stanley (NYSE:MS) $3.25 million and required the firm to pay approximately $9.78 million in restitution to more than 3,000 affected customers for failing to supervise its representatives’ short-term trades of…

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SFC fines
September 25, 2017 BY LeapRate Staff

Merrill Lynch gets $2.5 million CFTC fine for failures related to a CME Group investigation

The U.S. Commodity Futures Trading Commission (CFTC) has issued an Order filing and simultaneously settling charges against Merrill, Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch), a registered Futures Commission Merchant and a unit of Bank of America Corp (NYSE:BAC), for failing to supervise its employees’ and agents’ handling of the firm’s response to a CME Group…

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September 22, 2017 BY Valentina Kirilova

Nasdaq Stockholm fines the Marketing Group PLC SEK 595,546

The Disciplinary Committee of Nasdaq Stockholm has found that The Marketing Group PLC has breached the regulations of Nasdaq First North (“the Rule Book”) in several respects and, accordingly, has imposed a fine on The Marketing Group amounting to two annual fees, corresponding to an amount of SEK 595,546. The Disciplinary Committee finds that The…

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SFC fines
September 12, 2017 BY LeapRate Staff

C.L. King & Associates fined $750,000 around AML failures related to 'Death Put' investments

The U.S.  Financial Industry Regulatory Authority (FINRA) announced today that a FINRA extended hearing panel censured Albany, NY-based broker-dealer C.L. King & Associates, Inc. and fined the firm $750,000 for negligently making material misrepresentations and omissions to issuers in connection with the firm’s redemptions of debt securities on behalf of a hedge fund customer. The…

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