Category: Fines

SEC
December 18, 2020 BY Steffy Bogdanova

Robinhood to pay $65 million to settle charges with SEC for misleading customers

Stephanie Avakian, Director of the SEC’s Enforcement Division, commented: Robinhood provided misleading information to customers about the true costs of choosing to trade with the firm. Brokerage firms cannot mislead customers about order execution quality. Joseph Sansone, Chief of the SEC Enforcement Division’s Market Abuse Unit, added: Robinhood failed to seek to obtain the best…

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CFTC penalty
December 15, 2020 BY Steffy Bogdanova

TFS-ICAP to pay $7 million fine for misleading clients

The CFTC also found that TFS-ICAP, its former CEO Ian Dibb and its former Emerging Markets desks head Jeremy Woolfenden failed to supervise the broker conduct. The enforcement action resolves that the defendants Dibb and Woolfenden are each to pay a fine of $500,000 for their individual supervisory failures. They have both agreed to not…

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fine
December 14, 2020 BY Steffy Bogdanova

CBOT fines StoneX $20K for trade transfer violations

CBOT stated: The transfers were not made to reconcile an error, omission, or outtrade. CBOT also noted that StoneX has self-reported the transfers, however it had neither admitted nor denied the allegations. LeapRate recently reported that StoneX, formerly known as INTL FCStone, registered excellent financials for the fourth quarter of the fiscal year 2020. The…

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Hong Kong SFC
November 09, 2020 BY Steffy Bogdanova

Hong Kong SFC fines Credit Suisse Securities $2.1 million over breaches of electronic trading requirements

The incident was caused by a logic error in the symbol mapping programme used by Credit Suisse generating market making quotes. The SFC determined that Credit Suisse’s internal controls and regular tests in place at the time failed to prevent or promptly detect the errors and these failures constitute breaches of electronic trading requirements. In…

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CFTC penalty
September 30, 2020 BY Valentina Kirilova

CFTC orders Gain Capital to pay $300,000 for supervision violations

According to the regulator's order, from 2014 to 2016, the company failed to supervise accounts by not following its policy regarding trade move requests and having inadequate policies and procedures for reviewing customer accounts, introduced by Foremost Trading LLC and traded by the company’s principal, Mark Miller..  Gain also failed to ensure that its employees…

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CySEC
September 29, 2020 BY Steffy Bogdanova

Depaho Limited settles charges with CySEC with €270K fine

Following CySEC investigation, the regulator discovered that the violations occurred between January 2018 and July 2019. CySEC revealed that that Depaho violated organisational requirement, as well as CIF authorization provisions, order execution requirements, principles and information of clients and had a conflict of interest. Read More: CySEC issues warnings for websites classicfx24trade, safeoptions24 and others…

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