On 21 September, SFC convicts ETRADE Securities (HK) for marketing unlicensed US brokerage services in Hong Kong. First criminal conviction secured by the SFC against an entity for the offence of actively marketing in Hong Kong. ETrade HK pleaded guilty to aiding and abetting ETrade US in holding itself out as a SFC licensee when…
Read more
U.S. CFPB Loan Broker Deception
On 19 September, CFPB acted against loan brokers for deceptive practices. Top Notch Funding, two individuals, lied to consumers awaiting legal settlements. Marketed to those entitled to payment from lawsuit or victim-compensation fund. Firm owner Rory Donadio marketed loans with John Cavalli his business associate. Consumers included ex-National Football League players suffering re neurological disorders,…
Read more
U.S. FINRA Death Put, AML CCO
On 12 September, FINRA fined BD and CCO death put investment, AML. C.L. King & Associates, fined $750k for negligent misrepresentations, omissions. AML compliance officer, Gregg Miller, suspended six months in principal capacity. Fined $20,000, for failing to establish and implement a reasonable AML program. Decision resolves FINRA April 2016 charges brought by enforcement department.…
Read more
U.S. SEC State Street $35mn Fine
On 7 September, SEC fined State Street $35mn for overcharges and disclosure. State Street to pay over $35mn for fraudulently charging clients secret markups. Bank and Trust Company to pay $3mn fine; and Global Markets, Global Advisors Funds Distributors, and Bank and Trust Company agreed to pay in $32.3mn fines. Transition Services Scheme to overcharge…
Read more
Hong Kong – SFC Commences Insider Dealing Case
The Securities and Futures Commission (SFC) commenced criminal proceedings in the Eastern Magistrates’ Court today against Mr Au-Yeung Siu Pang over alleged insider dealing in the shares of China CBM Group Company Limited (China CBM) (Note 1). The SFC alleges that between 28 and 29 March 2012, Au-Yeung, at the time an employee of China…
Read more
U.S. OFAC, Iraq ISIS Finance EMIR
On 29 August, Treasury OFAC collaborated with Iraq on ISIS financier. Action taken targeting Salim Mustafa Muhammad al-Mansur an ISIS finance emir. The designation highlighted the US commitment to work with Government of Iraq. Named Financier Iraq barred Mansur from its financial system, and froze assets under its authority. Mansur's involvement with ISIS and predecessor, AQI,…
Read more