On Oct. 18, 2018, CFTC said court ordered CEO and firm pay $2.5mn for the Ponzi. Gelfman was liable as controlling person for company, which was itself liable as the principal for the violation of Gelfman and company officers, agents, and employees. Gelfman and GBI to pay $554k and $492k to customers,1.8mn and $177k civil…
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SEC IA Family Friends Fraud
On Oct. 17, SEC charged IA with stealing from family and friends. Bruce Fixelle solicited investments from friends met at a community organization. Investment adviser history of defrauding, of close friends and community members. Alleged Violations Claimed to friends, he would invest their money in initial and secondary offerings. After investing in offerings, would then…
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FINRA Fine World Equity VA Sales
On Oct. 15, FINRA settled with World Equity for $480k re VA sales. Firm was fined $100k and ordered to pay $380k restitution for customers. Did not ensure representatives, principals complied with FINRA Rule 2330. Review of VA Sales While firm had registered principals responsible for review and approval of variable annuity purchase and exchange,…
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Poland FSA KNF Fined ING Fund Value
On Oct. 12, PFSA fined ING Slaski for investment fund valuation. FSA imposed a fine of PLN 500,000 on ING Bank Slaski SA, for violation re funds. Under act on investment funds and management of alternative investment funds. Alleged Violations Violation of act regarding investment fund, during period Jun. 23 to Oct. 3, 2014. Did not…
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NYDFS Mashreqbank $40mn AML
On Oct. 10, NYDFS fined Mashreqbank of UAE, $40mn for AML. UAE-based Mashreqbank and NY branch, violated AML and recordkeeping laws. Multiple deficiencies in bank's compliance with AML laws and OFAC regulations. Alleged Violations Violations occurred in US dollar clearing operation about the New York branch. Follows examinations by DFS and Federal Reserve Bank of New…
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TX INS Fine Humana Client Risk
On Oct. 8, TX INS fined Humana $700k for consumers at risk. Customers risked higher bills because of inadequate number of anesthesiologists. This led to there being no in-network anesthesia services, with over 20 hospitals. The districts affected were three of largest metro areas, Harris, Bexar, and Travis. Humana was contacted in Aug. 2018 after…
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