On Feb. 7, CFTC fined precious metals trader $100k for fraud. Andre Flotron, ex-UBS AG precious metals trader engaged in spoofing scheme. Allegations From 2008 through Nov. 2013, Flotron placed large orders in precious metals futures markets with the intent to cancel the orders before they are executed. Flotron intended to send market participants a…
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About: ILG
Recent Posts by ILG
UK FCA Fines IPO Fund Manager
On Feb. 5, UK FCA fined fund manager £32k re IPO and placing. Paul Stephany was charged for his conduct in relation to an IPO and a placing. Allegations Twice submitted orders as part of a book-build for shares on public exchanges. Prior to closing of the new order books he contacted other firm fund…
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UK FCA Investment Fraud
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…
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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…
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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…
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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…
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