Tag: SEC

June 02, 2016 BY LeapRate Staff

SEC fines brokerage firm Albert Fried & Co $300,000 for anti-money laundering failures

Continuing its crackdown on money laundering issues at brokerage firms, the U.S. Securities and Exchange Commission (SEC) charged a Wall Street-based brokerage firm with failing to sufficiently evaluate or monitor customers’ trading for suspicious activity as required under the federal securities laws. An SEC investigation found that Albert Fried & Company failed to file Suspicious Activity…

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June 01, 2016 BY Mike Fox

SEC ban fallout: Phillip Capital halts US Retail Forex offering

LeapRate Exclusive... LeapRate has learned that Phillip Capital Inc. (PCI), the Chicago-based member of the PhillipCapital Group of Companies (PhillipCapital Group), will cease to offer retail forex trading to customers beginning immediately, i.e. June 1, 2016. This news comes in response to a Securities and Exchange Commission (SEC) release from May 20, 2016 as reported exclusively…

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April 21, 2016 BY LeapRate Staff

SEC extends Limit-Up-Limit-Down market volatility pilot by one year

The U.S. Securities and Exchange Commission (SEC) today issued an order to extend for one year the pilot period of the National Market System Plan to address extraordinary market volatility, commonly known as the limit up-limit down (LULD) plan. The SEC also approved a modification to the manner in which the LULD plan establishes the…

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March 09, 2016 BY LeapRate Staff

SEC impersonators scam fees from ex Banc de Binary clients due an $11 million settlement

The US Securities and Exchange Commission (SEC) today confirmed LeapRate's earlier report (from February 26) that it had reached an $11 million settlement with unregistered binary options broker Banc de Binary. However the SEC noted that some impersonators claiming to be affiliated with the SEC or other government agencies have recently been contacting harmed investors…

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February 23, 2016 BY Mike Fox

Bats receives SEC approval for client suspension rule to prohibit manipulative behavior

Bats Global Markets (Bats) received Securities and Exchange Commission approval of the Bats Client Suspension Rule, assisting the company in taking swifter action to prohibit manipulative behavior, such as spoofing and layering, on the Bats Exchanges. The Rule, which was approved February 18th, distinguishes itself by specifically addressing disruptive quoting and trading practices, such as…

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January 25, 2016 BY Mike Fox

Palm Beach man sentenced to prison following forex trading investment scams

Last Thursday it was decided that a Palm Beach County, Florida man was sentenced to 27 months in federal prison, following his wire fraud and criminal contempt convictions. David Lee Ortiz, 39, of Palm Beach County, was sentenced by United States District Judge Robin L. Rosenberg in Fort Pierce, following his prior plea of guilty to telemarketing…

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January 19, 2016 BY Mike Fox

SEC: Denver-based alternative fund manager settles charges from overcharged fees, misleading investors

The Securities and Exchange Commission today announced that a Denver-based alternative fund manager has agreed to settle charges that the firm overcharged management fees and misled investors about how it valued certain assets. An SEC investigation found that Equinox Fund Management LLC calculated management fees contrary to the method described in registration statements for a…

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December 23, 2015 BY Maria Nikolova

Importance of Trade Reporting systems: Macquarie fined $3 million

The Financial Industry Regulatory Authority (FINRA) today announced it has imposed a fine of $2.95 million on Macquarie Capital (USA) Inc. over the firm's failure to file comprehensive and accurate trade data in an automated format when requested by the Securities and Exchange Commission (SEC) and FINRA. In addition, Macquarie was ordered to carry out…

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