Tag: charges

February 08, 2022 BY Steffy Bogdanova

Credit Suisse faced with money laundering charges

This customer had started placing suitcases full of cash in a safe deposit box at Credit Suisse. He was later shot dead in 2005. The prosecutors believe that Banev and his associates used a practice called smurfing. This entails breaking down a large sum of money into smaller amounts, which are below the AML alert…

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CFTC
February 08, 2022 BY Steffy Bogdanova

CFTC files charges in a multi-million dollar futures and forex fraud

Details of the fraudulent scheme The CFTC alleges that W Trade Group and Ramos have misappropriated over $19 million from 220 customers. To maintain the scheme, W Trade Group and Ramos sent customers false account statements showing them purported profits and trading activity, when in fact there was none. The other defendant, Carvajales, conjunction with…

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CFTC
February 01, 2022 BY Steffy Bogdanova

CFTC announces charges in a $9.8 million commodity futures and options fraud case

Details of the fraud The US regulator alleges that defendants misappropriated funds from the pool participants and used them to pay personal expenses and to trade commodity futures and options in personal trading accounts. The trading was unprofitable and resulted the pool participants ended up losing money. However, the defendants falsely informed them their investments…

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CFTC
October 21, 2021 BY Steffy Bogdanova

CFTC brings charges in a $3.9 million forex and crypto fraud scheme

According to the CFTC, since September 2020, the defendants solicited through different channels, including Kikit’s website, over $3.9 million from 61 clients. The clients gave their money to the defendants to manage them in customized client portfolios for forex and crypto trading. The regulator stated that the defendants did not trade with their clients funds…

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sec charges
January 03, 2020 BY Valentina Kirilova

Six companies charged with international microcap fraud schemes

The Securities and Exchange Commission (SEC) has announced yesterday that it has charged six individuals and their companies with participating in international microcap fraud schemes. The above-mentioned schemes generated more than $35 million of illegal sales of stock in at least 45 microcap companies. According to the regulator, Steve M. Bajic and Rajesh Taneja helped shareholders…

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asic afs license
September 04, 2019 BY Valentina Kirilova

ASIC cancels Platinum Perpetual Global Private Wealth's AFS licence

Australian regulator ASIC announced earlier today that it has cancelled the Australian financial services (AFS) licence of the company Platinum Perpetual Global Private Wealth Pty Ltd, based in Perth (AFSL 508415). The AFS licence was cancelled at the request of the company, following a separate action brought by Western Australian Police Force (WAPF), which has…

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insider trading
August 13, 2019 BY Valentina Kirilova

Investment banking analyst charged with insider trading

The Securities and Exchange Commission (SEC) has yesterday charged an analyst at an international investment bank with insider trading. According to the SEC, Bill Tsai, a junior investment broker, had a confidential information about Siris Capital Group's plans to acquire Electronics for Imaging, Inc. (EFII). Tsai was working from the bank's New York office. Knowing…

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