On 3 May 2024, Ali pled guilty to five charges of fraud amounting to $771,303 AUD, after which the Brisbane District Court imposed the sentence on 27 May 2024. He allegedly misappropriated the trading and investment funds of clients. According to ASIC, DanFX Trade ran an unlicensed foreign exchange. The financial watchdog found that between…
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According to the UK’s financial watchdog, the bank did not “properly consider” the circumstances of people when they missed debt repayments between June 2017 and October 2018. This implies that HSBC did not correctly perform “affordability assessments” when devising plans to reduce or clear arrears. Don’t miss out the latest news, subscribe to LeapRate’s newsletter…
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The details were revealed during Microsoft’s Build conference, which was held in Seattle on Tuesday. Among the highlights of the presentation was the new version of OpenAI’s GPT-4o model created by its Azure AI Studio. This new model promises to accept inputs through video and audio as well as text. Don’t miss out the latest…
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The regulator keeps a register of “banned and disqualified” individuals to inform and warn companies and employees. Individuals on this record have been either disqualified from managing a company, auditing self-managed superannuation funds, or fulfilling a financial role in an organisation. Pereira reportedly managed four companies that were liquidated. ASIC listed these as East Coast…
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These three individuals face several charges, including fraud through deceptive representations and trading, as they convinced people to invest their pension savings in CFDs. In its press statement, the FCA explained that CFDs are “a high-risk investment product used to bet on the price of an asset”. Victims of this alleged fraud reportedly said that…
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Based on CNBC data, the share prices of Pernod Ricard (RI.PA) and Remy Cointreau (RCO.PA) jumped by 2.7% and 7.6% respectively at the midday mark in London. Chinese President Xi Jinping is currently in talks with European leaders to discuss the continued trade conflict. He met with Macron on Monday, 6 May 2024, and received…
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Robinhood pointed out that the SEC warning notice was received on 4 May and is what’s known as a Wells notice. It’s based on the fact that SEC staff have recommended that action be taken due to the company’s alleged violation of registrations, which was done after the agency made a preliminary determination. Don’t miss…
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These fraudsters reportedly zoom in on providers with no digital footprint. According to ASIC, they clone the disclosures, addresses, International Securities Identification Numbers (ISINs) and other official registration information of a targeted financial company. ASIC further indicated that the scams involve mirrored investment maturity dates, coupons and credit ratings. Apart from lesser-known organisations, these confidence…
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The virtual token regained some ground on Monday, 29 April 2024, after a loss of 1.51% on the previous day. Ripple filed a motion to strike the testimony of SEC accountant Andrea Fox. The regulator opposed this motion and categorised Fox as a summary witness. The objection read: Ripple incorrectly claims this declaration constitutes undisclosed…
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According to a press release on Friday, 19 April 2024, the financial watchdog’s board claims that CIF transgressed numerous regulations in the Investment Services and Activities and Regulated Markets Law of 2017. The decision follows an investigation conducted in September 2022. A breakdown of this fine includes €80,000 for not having adequate policies and procedures…
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