Tag Archives: fraud

CFTC $8mn Fine Metals Fraud

On Mar. 4, CFTC fined metals dealer $8mn for fraud investors. Purported metals dealer Carlos Javier Ramirez, and companies Royal Leisure International and Gold Chasers solicited customers to purchase physical gold. Charges Ramirez, GCI and RLI obtained nearly $3mn in connection with the schemes. As in a Ponzi scheme, defendants paid false profits to some…
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UK FCA Investment Fraud

On Feb. 5, 2019, UK FCA announced Virdee sentenced to 2 years imprisonment suspended for 2 years, and ordered to do 300 hours unpaid work in community. FCA has obtained financial restraint order, against Mr Virdee’s remaining assets. Will pursue confiscation proceedings, go some way to compensating the victims.   Alleged Violations Virdee, through Dynamic…
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CFPB $3.2mn Enova Settlement

Allegations Consumers authorized payment from certain bank accounts, but in many instances Enova debited from accounts that consumer had not authorized. Firm found to have failed to honor loan extensions, granted to consumers. Customer Account Details Company purchased loan applications from lead generators, in some cases the applications were from consumers, who already had loans…
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CSA Que Investment Dealer Fraud

On Jan. 11, CSA Que fined and jailed an advisor for fraud scheme. Roger Biduk pleaded guilty to 12 counts: 5 counts of unlawful practice, 5 counts of no prospectus offering, 2 counts of giving investor false or misleading information. Alleged Violations Biduk, while registered with AMF,. as an investment dealer, solicited two investors. False…
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SEC $12mn Mislead Dark Pool

On Nov. 7, SEC fined ITG $12mn for misleading about dark pool. Charged ITG Inc. and its affiliate AlterNet for misleading dark pool subscribers. Did not protect trading information and sometimes used in an attempt to grow. Alleged Violations Firm made misstatements and omissions, about operation of their pool, POSIT. ITG improperly disclosed confidential dark pool…
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HK SFC Public Fraud Reporting

On Oct. 18, HK SFC issued web page to report corporate fraud. New features on SFC website to encourage public reporting of offences, suspects. Fraud, Misconduct Form located on new reporting corporate fraud and market misconduct webpage. To make easier for public to report suspected corporate fraud, market misconduct. Webpage gives non-exhaustive list of activities to report…
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