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…
Read more
DenFSA Danske AML Penalties
On Jan. 31, 2019, EST FSA issued response to DenFSA comment on responsibility. English summary of report contains a number of allegations or positions that the Financial Supervision Authority does not accept based on the legal circumstances. Danske Bank's organization and management didn't work, task of Danish financial supervision was and is to oversee organization…
Read more
TAI FSC Products for Elderly
On Jan. 31, TAI FSC promoted products to support the elderly. Promotes relevant financial policies for the elderly and disadvantaged, and guides financial institutions to actively develop the needs of the elderly and disadvantaged. Measures In order to ensure the economic security of the elderly and the disabled, will list the end-of-life insurance premium income…
Read more
CFTC Soybean Futures Spoof
On Jan. 31, CFTC fined trader $120k re spoofing soybeans. Charged, Kevin Crepeau a trader at a proprietary trading firm trading on CME. Allegations In 2013-16, Crepeau placed orders to buy/sell futures contracts on soybeans, soybean meal, and soybean oil, with intent to cancel orders before execution. Used automated tool for small bid/offer on one…
Read more