Category: Fines

DFSA
May 22, 2017 BY Valentina Kirilova

Securities Commission Malaysia charges former Managing Director of Maxbiz for insider trading

Securities Commission Malaysia (SC) today charged Dato’ Vincent Leong Jee Wai for insider trading of shares of Maxbiz Corporation Berhad (Maxbiz). Dato’ Vincent Leong, 58, was charged at the Kuala Lumpur Sessions Court this morning with two counts of communicating material non-public information between November 2010 and January 2011 to one Leong Wye Keong when…

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May 11, 2017 BY Valentina Kirilova

Barclays to pay $97 million for overcharging clients

The Securities and Exchange Commission (SEC) announced an enforcement action requiring Barclays Capital to refund advisory fees or mutual fund sales charges to clients who were overcharged. In a settlement of more than $97 million, Barclays agreed to settle three sets of violations that resulted in clients being overbilled by nearly $50 million. The SEC’s…

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DFSA
May 10, 2017 BY Valentina Kirilova

SFC reprimands and fines Promising Securities Company Limited $3.5 million

The Hong Kong Securities and Futures Commission (SFC) has reprimanded and fined Promising Securities Company Limited $3.5 million for breach of the Code of Conduct and the Management, Supervision and Internal Controls Guidelines. The SFC’s disciplinary action arose from a self-report by Promising in 2014 that a settlement staff had misappropriated client assets following an…

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SFC fines
May 03, 2017 BY Valentina Kirilova

CFTC charges Pennsylvania resident with fraudulently soliciting commodity futures customers

The U.S. Commodity Futures Trading Commission (CFTC) filed an enforcement action in the U.S. District Court, Northern District of Illinois, charging Defendant, William H. Powderly IV (Powderly) of New Hope, Pennsylvania, with fraudulently soliciting at least $825,000 from at least four customers for purposes of trading commodity futures on their behalf in an account in…

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Securities and Exchange Commission proposes Transaction Fee Pilot for NMS Stocks
April 26, 2017 BY Valentina Kirilova

SEC charges broker with defrauding customers

The Securities and Exchange Commission (SEC) charged a former broker with knowingly or recklessly trading unsuitable investment products in the accounts of five customers and misappropriating more than $170,000 from one of those customers. The SEC’s complaint alleges that Demitrios Hallas repeatedly traded unsuitable investments in his customers’ accounts, exposing customers who were unsophisticated with…

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DFSA
April 24, 2017 BY Valentina Kirilova

SEC fines Telecom executives for FCPA violations

The Securities and Exchange Commission (SEC) announced that two former executives at Hungarian-based telecommunications company Magyar Telekom have agreed to pay financial penalties and accept officer-and-director bars to settle a previously-filed SEC case alleging they violated the Foreign Corrupt Practices Act (FCPA). Magyar Telekom paid a $95 million penalty in December 2011 to settle parallel…

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