On Oct. 4, OSC CSA issued policy amendment to the whistleblower program policy.
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CFTC Precious Metals Fraud
On Oct. 3, CFTC charged firm $1.3mn precious metals scheme. Aaron Scott conducted his scheme through BMC Worldwide, (Blue Moon Coins). Alleged Violations Firm defrauded 130 customers with contracts of sale specifically gold and silver. Defendants lied to customers, and stole their funds, resulting in $1.3mn losses. Blue Moon did not keep an inventory of precious…
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ESMA Market Abuse FAQs 2018
On Oct. 1, 2018, EU ESMA issued its updated FAQs on the implementation of MAR. New questions on delayed disclosure of inside information under art. 17(5) of MAR. Q5.3 on the elements credit/financial institution should consider in the assessment of the relevant conditions when they plan to delay disclosure of inside information. Answer: it must…
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SEC Fine Suspicious Trading
On Sep. 28, SEC charged BD for reporting suspicious trading. Brokerage COR Clearing to exit penny stock deposit business, and pay a fine. Alleged Violations From 2015- 2016, COR cleared a large amount of penny stock for customers. 193 client accounts deposited large blocks of low-priced securities, with firm. The clients then quickly sold the same…
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SEC Fine Repeat FCPA Breach
On Sep. 28, SEC fined Stryker medical $7.8mn FCPA violations. For second time Stryker medical device has been charged with FCPA failures. Alleged Violations Company violated books, records and internal accounting controls provisions. Internal accounting controls did not detect risk of improper payment in sales in India, Chin, and Kuwait, and Indian subsidiary did not…
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