On November 13, 2017, DoJ begun redress process to provide recovery to WU fraud victims. Victims of fraud who sent a money transfer through WU may be eligible compensation. DoJ will send petition remission to over 500,000 potential victims about making claim. FTrC also alerted consumers that were victims of WU, that they could…
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U.S. DoJ Pay-to-Play NYS Pension
On 8 November 2017, DoJ said that Kang pleaded guilty in pay-for-play bribery scheme. Background: Deborah Kelley, was ex-MD of institutional fixed income sales at a broker dealer. Bribery Kelley participated in scheme involving the NY State Common Retirement Fund. Bribed official with control over investment of $50bn State pension fund assets. Directing business…
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U.S. MSRB Streamline Series 52 Exam
On 8 November, MSRB revised series 52 into a specialized knowledge exam. In advance of FINRA 1 October 2018 issue of Securities Industry Essentials (SIE) exam. Aims of Exam MSRB worked with FINRA in developing SIE exams, to streamline duplicative testing. General knowledge test is traditionally covered in several representative-level exams. MSRB supported goal to…
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U.S. FINRA Capital Acquisition BD
On 6 November 2017, FINRA issued rules on pay-to-play and capital acquisition brokers (cabs). Rules become effective on 6 December 2017, the text of the rules is set forth in Attachment A. Background: Scope of Activity Applies to firms that are solely corporate financing firms that advise companies on M&A. Advise issuer on raising debt…
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U.S. SEC Millennium Short Sales
On 31 October, SEC fined Millennium $300k for short sales pre-offerings. Millennium Management LLC agreed to pay over $630,000 to settle SEC charges. Alleged Violations Company violated the anti-manipulation provisions of the federal securities laws. Firm shorted US stocks in companies which were planning for follow-on offerings. After shorting, the firm then illegally bought the…
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