The Board of the Cyprus Securities and Exchange Commission (CySEC) just informed investors that decided to impose an administrative fine of €20.000 to the CIF UR Trade Fix Ltd (the parent company of Tradeo) for noncompliance with section 6(8) of the Investment Services and Activities and Regulated Markets Law of 2007, as amended from time to…
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The U.S. Securities and Exchange Commission has announced an emergency court order to freeze assets in two brokerage accounts used last week to reap more than $1 million in alleged insider trading profits in connection with a merger announcement by telecommunications companies. According to the SEC’s complaint filed in U.S. District Court for the Southern…
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Australia regulator ASIC announced that the Supreme Court of Victoria has ordered that Trevor Flugge, the former chairman of AWB Limited, pay a pecuniary penalty of $50,000 and be disqualified from managing corporations for a period of five years following the Court's finding that he contravened s180(1) of the Corporations Act. The orders follow the…
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The Financial Conduct Authority (FCA) has banned and imposed financial penalties on two former Worldspreads Limited (WSL) employees. WSL, which operated a spread betting business, collapsed in March 2012. The FCA has fined WSL’s former Chief Financial Officer, Niall O’Kelly, £11,900 and former Financial Controller, Lukhvir Thind, £105,000, for engaging in market abuse and permanently…
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The Market Misconduct Tribunal (MMT) today fined Mayer Holdings Limited and nine of its current and former senior executives a total of $10.2 million after they were found to have failed to disclose inside information as soon as reasonably practicable as required under the Securities and Futures Ordinance (SFO). The MMT also imposed disqualification orders…
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The Securities and Futures Commission (SFC) just announced that has reprimanded Guoyuan Securities Brokerage (Hong Kong) Limited and fined it $4.5 million for its failure to conduct proper enquiries and scrutiny to mitigate the risks of money laundering and terrorist financing when processing third party fund transfers for clients between September 2010 and July 2012.…
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The U.S. Securities and Exchange Commission (SEC) today announced fraud charges and an emergency asset freeze obtained against a Michigan-based pastor accused of exploiting church members, retirees, and laid-off auto workers who were misled to believe they were investing in a successful real estate business. The SEC alleges that Larry Holley, the pastor of Abundant…
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The Financial Conduct Authority (FCA) announced that has today fined Christopher Niehaus, a former investment banker, £37,198 for sharing client confidential information over WhatsApp. The FCA found that Mr Niehaus failed to act with due skill, care and diligence. The FCA found that Mr Niehaus, who was a managing director in the Investment Banking division…
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The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Davisco Foods International, Inc., based in Le Sueur, Minnesota, for failure to register with the CFTC as a Futures Commission Merchant (FCM). The CFTC Order finds that for a number of years, from at least May 2011 and continuing…
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The Securities and Futures Commission (SFC) has resolved its concerns with Merrill Lynch Far East Limited (MLFE) and Merrill Lynch (Asia Pacific) Limited (MLAP) over internal control failures. Under the resolution, the SFC reprimanded and fined them a total of $15 million for breaches of the Code of Conduct and the Internal Control Guidelines. In…
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