The Cyprus regulator said that such cases occur often and may be part of a sophisticated online scheme to defraud investors. Typically, such scams may have the following characteristics: Individuals claim to be CySEC officers, appointed representatives of CySEC, other Cypriot supervisory authorities or bank representatives appointed by CySEC. These scammers contact investors that are…
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The CFTC complaint alleges that Mikkelsen engaged in fraudulent scheme to obtain at least $1.5 million from over 100 individuals and entities by getting them to invest with a supposed company called GNTFX to trade retail leveraged or margined forex. The scheme has been running at least since 2015. The complains claims that Mikkelsen misappropriated…
Read moreCarolyn Welshhans, Associate Director in the Division of Enforcement stated: The privilege of being a dealer in our securities market comes with important responsibilities and regulatory obligations, including submitting to regulatory inspections and oversight of operations. By failing to register with the Commission, Mr. Keener evaded important safeguards that help protect the integrity of our…
Read morePreviously, the court gave partial summary judgement Westport Capital and McClue were in violation of the Investment Advisers Act by aiding and abetting unauthorized principal transactions. The trail examined whether the defendants acted intentionally or not. On Monday, jurors returned a verdict in the SEC's favor on these counts. Adam Aderton, Co-Chief of the SEC's…
Read moreSecurities and Exchange Commission acquired an asset frieze against Kinetic Investment Group LLC, Florida-based investment adviser, and Michael Scott Williams, its managing member on suspicion of fraudulent, unregistered securities offering. The offering reached raised approximately $39 million from at least 30 investors located mostly in Florida and Puerto Rico. The complaint filed with SEC alleges…
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Channel New Asia reported yesterday that Pareto SG Pte Ltd, Pareto International Holdings Limited and Veritas Global Exchange are under investigation by the Commercial Affairs Department of the Singapore Police for involvement in an investment scheme. The companies are investigated for possible breaches and offences under the Penal Code and the Securities and Futures Act,…
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The Securities and Exchange Commission (SEC) filed charges against an Ohio-based businessman who set up a digital asset scam defrauding around 150 investors, among which many physicians. Michael W. Ackerman allegedly, along with two other businessmen, raised at least $33 million from investors, claiming he developed a proprietary algorithm that traded in cryptocurrencies and generated…
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The Cyprus Securities and Exchange Commission (CySEC) issued a warning yesterday of fraudulent messages sent by City Group Italy Banking Group. The company uses the logo of CySEC and claims to have been authorized by the Italian supervisory authority (CONSOB) to recover investments lost in online trading under “Investor Compensation Fund” act. The content of…
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Commodity Futures Trading Commission (CFTC) issued an order for $1 million against Propex Derivatives Pty Ltd (Propex), Australia-based proprietary trading firm, implicated in a spoofing scheme. The company was involved in unlawful trading activities on the U.S. commodities market through former trader in the period of July 2012 to March 2017. Propex agreed to pay…
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Financial institutions and anyone providing online financial services – take note – your next wave of potential customers, labeled “Generation Z” for anyone born in 1995 and beyond, is very sensitive to the risks of cyber fraud, especially to electronic apps on their smart phones or tablets or even PCs. By 2020, this grouping of…
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