On Mar. 28, CFTC fined trader $1mn for commodity futures fraud. William Powderly fraudulently solicited customers and distributed false statements. Charges Defendant claimed that he and a university professor developed a trading program. Said it generated hypothetical trading results, of gains without a single day of loss. Powderly took $1.2mn from 7 customer, sustained $1mn…
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CFTC Choi Forex Ponzi CTA Fraud
On Mar. 18, 2019, CFTC entered order of final judgment against Choi, Apuro, JCI. Pay $1.12mn restitution to defrauded customers, $1.12mn civil monetary penalty. Had also imposed permanent trading and registration bans against the defendants. CFTC issued several customer protection fraud advisories on fraud warning signs, including Forex fraud advisory, a sharp rise in Forex…
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NYSE Post Trade Review
On Mar. 11, NYSE memo on post-trade review for possible fraud. Under CEA Rule 15c3-5 on market access, members must review trades for potentially manipulative, disruptive, and/or other improper conduct on them. Follows guidance by exchange, new guide is read in conjunction. Risk Management Guide On post-trade reviews, use third-party risk management technology, software. Also…
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UK FCA Fined UBS AG £27.6mn
On Mar. 19, UK FCA fined UBS for transaction reporting failures. FCA fined UBS AG £27.6mn for transaction reporting failure Nov. 2007-May 2017. Allegations Failed to give complete, accurate information, re 86mn reportable transactions. In error, reported 49mn transactions to FCA, which were not, in fact, reportable. Over 9 1/2 years, made 135.8mn errors in…
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OFAC Russia Ukraine Sanctions
On Mar. 15, US Treasury, EU, Canada sanctioned Russia on Ukraine. OFAC sanctioned Russia, designated entities on continued Ukraine aggression. Cooperated with EU and Canada, after several designations, see e.g. Individuals, entities in Russia’s unjustified attacks, on Ukrainian naval vessels in Kerch Strait, annexation of Crimea, backing separatist elections E. Ukraine. US complemented sanctions, also…
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ASIC New Whistleblowing Laws
On Mar. 13, 2019 AST GVT presented response to report on draft whistleblower bill. On Mar. 22, 2018, the Senate Economics Legislation Committee had issued report. Government agreed with the majority of 12 recommendations made in the report.
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