On December 6, SEC issued penalty on brokers for unsuitable churning. Zachary Berkey and Daniel Fischer, were brokers at Five Points Capital Partners. Defendants churned accounts, and hid material information from the customers. Unsuitable recommendations and siphoning money by high commissions, costs. Alleged Violations Defendants made lucrative trades for themselves, at expense of their customers.…
Read more
U.K. FCA Illegal Lending
On November 29, FCA issued report on illegal customer money lending. Covers lending to people without regard to rules and requirements of regulation. It can take different forms and affect a range of different consumer groups in UK. FCA found unauthorized lending had existed in UK communities for generations. Happens across the UK and is…
Read more
Cyprus – CBOC Fines RCB Bank re AML
On December 1, CBOC fined RCB Bank Ltd €800k under AML prevention law. Bank failed to comply with provisions under Prevention and Suppression AML laws. Decision of November 29, 2017, imposes sanctions in form of fine, amounting to €800k. If the fine is paid within a specified time limit, it will be reduced by 15%…
Read more
U.S. SEC Florida Penny Stock Fraud
On November 30, SEC charged penny stock operators of defrauding elderly. Charged two individuals with defrauding elderly investors in a penny stock scheme. Involving Florida entertainment companies and "Spongebuddy" product, recidivists. Alleged Violations Charged Joseph Rubbo, Angela Beckcom Rubbo Monaco with fraud in federal court. Repeat offenders, whose prior schemes resulted in criminal convictions, injunctions.…
Read more
U.K. SFO Unaoil Iraq Bribery
On November 30, 2017, UK SFO charged two further individuals in Unaoil investigation. Paul Bond, Stephen Whiteley charged with conspiracy to make corrupt payments. Contrary to Criminal Law Act 1977, and to the Prevention of Corruption Act 1906.
Read more
- 1
- 2