On Dec. 18, SEC charged Panasonic executives with accounting fraud. Paul Margis, CEO of Panasonic Avionics used a third party to pay over $1.76mn to consultants, including government official who was offered a consulting position. This would assist in obtaining and retaining business from a state-owned airline. Company falsely recorded payments, and Margis circumvented company…
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UK FCA MAR Compliance
On Dec. 17, UK FCA issued Market Watch 58 on MAR compliance review. Reviewed industry implementation of MAR, outlined findings, offered clarification. Considered manufactured credit events in the credit default swap (CDS) market. MAR Compliance Expect firms to be fully compliant with obligation to undertake quote surveillance. FCA issued a reminder about suspicious transaction and…
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CFTC $200mn Ponzi Scheme
On Dec. 17, CFTC amended complaint in precious metal fraud. Complaint against Rust Rare Coin and Gaylen Rust charges additional defendants. Alleged Violation Amended complaint alleges Denise Rust and Joshua Rust, participated in a fraud. Defendants signed checks issued to Silver Pool investors knowing that they were Ponzi payments involving repaying money recently contributed by…
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FR AMF Whistleblower Process
On Dec. 14, FR AMF issued procedures to protect whistleblowers. Procedures enabling those who report possible violations of EU reg 596/2014 on AMF financiers to do so in the most efficient and knowledgeable manner possible. Reporting Process Covers receipt of reports under article L. 634-1 of monetary and financial code. Explains different notification channels available…
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UK FCA Angela Burns Fine/Ban
On Dec. 14, UK FCA fined, banned NED £20k for conflict of interest. Angela Burns banned from acting as non-executive director (NED), fined £20,000. Allegations Experienced UK investment professional, chief executive of investment consultancy. She acted as NED at two mutual societies and chair of their investment committees. Participated in discussions about Vanguard Asset Management…
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UK FCA UBS Compliance Insider
On Dec. 12, 2018, UK FCA stated that it sought re-trial for insider dealing case. Jury was discharged, following failure to reach verdict, in a trial brought by FCA.
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