On May 30, SEC charged broker with defrauding clients up to $8mn. Charged former registered representative with defrauding long-standing brokerage customers in an $8mn investment scam, including senior citizens, misled investors. Alleged Fraud Steven Pagartanis, affiliated with broker dealer, told customers would invest in public traded or private land development companies, promised safe investment returns,.…
Read more
HK SFC Fine on Sales Controls
On May 29, HK SFC fined Noah Holdings HK$5mn for sales controls. SFC fined Noah Holdings HK$5mn for system and control failure in product sales. Alleged Violations Internal system, control failures, in sale and distribution of investment products. Failure to comply with requirements on know-your-client, product due diligence, suitability assessment, information to clients and sales…
Read more
UK New Data Protection Act
On May 23, UKP data protection act completed legislative process. Data protection act 2018 (DPA 2018) replaces previous data protection act 1998. On May 23, UK's Information Commissioner Denham, welcomed the new statute. Relationship with EU Law The Act sits alongside GDPR, implements the EU Law Enforcement Directive (LED). Extend domestic data protection law to areas…
Read more
FINRA Credit Card for Investing
On May 22, FINRA warned on risk of credit cards for investing. FINRA reported SEC Feb. 2018 alert on risks from using cards to buy investments. Considerations before using a credit card to invest. Most licensed firms do not allow customers to invest using a credit card, therefore pressure to use a credit card to…
Read more
CBOC Development Bank AML
On May 22, CBOC fined Cyprus Development Bank €715k for AML. Findings emanating from on-site examinations conducted between 2014–16. Bank fined €715k for failure to comply with certain provisions of the AML law. If fine is paid within specified time limit, it will be reduced by 15% or €107k.
Read more
UKP Russian Corruption in UK
On May 21, UKP foreign affairs panel issued report on Russian money. UK be serious about confronting full scope of President Putin’s offensive measures. Robust rhetoric from Prime Minister, following attempted murder of Sergei Skripal and his daughter has been undermined by business as usual sign on UK front door. Report says the use of London…
Read more