On Apr. 30, 2018, CFTC said federal court entered $3.5mn in judgment against Madigan. The court concluded that Ryan Madigan, engaged in various acts of commodities fraud. As well as against Randell Vest of Florida, and Colorado company. R2 Capital Group, LLC. Awarded $2.072mn in restitution to victims; $1,485mn in civil monetary penalties; bans.…
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Fed Fines Goldman $110mn FX
On May 1, Fed, DFS fined Goldman Sachs $110mn in FX trading. Goldman Sachs charged for unsafe, unsound practices, in FX trading business. Traders buy and sell currencies for the firm's own accounts and for customers. Dealing done through indirect subsidiaries, both in US and in overseas offices. Alleged Violations Firm did not detect traders'…
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DoJ Fine Panasonic Bribe $137mn
On Apr. 30, DoJ fined Panasonic Avionics Corp. $137mn for FCPA. PAC distributes in-flight entertainment and communications for airlines, builders. Retain consultants for improper purpose, and conceal payments to a sales agent. DoJ Alleged Violation Penalty due to charges in a scheme to retain consultants for unsuitable purposes. Concealed payments to third-party sales agents, violating…
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FINTRAC C$6mn Fraud Scheme
On 27 April, FINTRAC and RCMP charges for AML securities scam. Ronald Abrams of Toronto ran a C$6mn scam based on securities and options. RCMP was alerted to elaborate scheme using aliases and forged sales receipts. Alleged Violations One hundred Canadian victims lost thousands of dollars to fake futures trade. The defendant lured the victims…
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SFC Fines CN Capital Management Limited for Regulatory Breaches
On 24 Apr. SFC reprimanded and fined CN Capital Management Ltd $1.2million over regulatory breaches. The Securities and Futures Commission (SFC) has reprimanded CN Capital Management Limited (CN Capital) and fined it $1,000,000 for failing to maintain an effective compliance function and satisfactory internal controls concerning employee account dealing. The SFC has also reprimanded its…
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CFPB, OCC Wells Fargo $1bn Fine
On Apr. 20, CFPB, OCC fined Wells Fargo $1bn for unsafe lending. The bank charged certain borrowers for mortgage interest rate-lock extensions. Use of unsafe and unsound practices on collateral protection insurance policies. Both regulators highlighted collaborative approach is now being taken by CFPB. Enforcement $1bn fine for breach of auto-loan administration, and mortgage practices rules.…
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