According to the regulator, Moore breached a contractual agreement between BGC and a referring broker by: charging unpermitted spreads on transactions entered on behalf of a number of accounts of clients referred to BGC by the referring broker; and trading at prices other than the agreed independent valuation on transactions entered on behalf of a…
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T.I’s social media manager, William Sparks, Jr. allegedly offered and sold FLiK tokens on T.I.’s social media accounts and two other people based in Atlanta, Chance White and Owen Smith, promoted SPARK tokens without disclosing they were promised compensation in return. Carolyn M. Welshhans, Associate Director in the Division of Enforcement commented: The federal securities…
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Throughout the course of the investigation, Ho co-operated with ASIC, participated in voluntary interviews and provided documents. Ho also formally admitted to the offences and the facts regarding them. In recognition of this co-operation, Ho’s sentence was reduced by half. ASIC Deputy Chair Daniel Crennan QC commented: ASIC will take strong action against market misconduct…
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Michael Tecku, investor who lost a substantial amount of money in YieldStreet, said: The dream of YieldStreet was beautiful, but the reality is a nightmare. These investments were marketed as low risk asset-backed institutional investments run by experts with reasonable returns, but the truth is, there are no experts and there is no institution. It’s…
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Without approval from the settlor, Lo attached a signature from the settlor she obtained from a scanned version of a previous signed letter. She submitted it to the trustee as a normal valid document. The Hong Kong watchdog considers Lo’s conduct dishonest, however it takes into account she has a clean disciplinary record so far.…
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TS’O gave the customers false receipts and the additional amount they paid went into his pocket. Subsequently, TS’O was convicted of seven counts of fraud on 7 January 2019. On 21 January 2019, he was sentenced to six months imprisonment, he was also suspended for two years and was ordered to make restitution to the…
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Three other former executives of Wirecard have been arrested including former chief executive officer Markus Braun. The prosecutors suspect that the company has known about the losses since 2015. The Braun, Marsalek and the two other executives allegedly conspired to about €3.2 billion euros ($3.7 billion) in fraudulent loans. Allegedly, they intended to inflate the…
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Sit, Lam and Tam already appeared in court. No plea was taken and the court bail for each of them was set to $10,000. The SFC’s Executive Director of Enforcement, Thomas Atkinson, said: The SFC is committed to combating market misconduct and has zero tolerance of market manipulation in any shape or form. We will…
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Since the Wirecard scandal blew up six weeks ago, CEO Markus Braun and other executives have been arrested. The company’s second in command and believed to be the mastermind behind the scandal Jan Marsalek, however, is still missing. He was thought to be hiding in the Philippines until recently but was discovered that immigration data…
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ASIC Deputy Chair Daniel Crennan QC said: As a financial adviser Mr Miller ought to have protected the interests of his clients. His sentencing should send a strong message that such conduct will lead to individuals involved being brought before the court to face criminal charges. Miller was a financial adviser of CFS between 2013…
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