On Apr. 30, 2018, CFTC said federal court entered $3.5mn in judgment against Madigan. The court concluded that Ryan Madigan, engaged in various acts of commodities fraud. As well as against Randell Vest of Florida, and Colorado company. R2 Capital Group, LLC. Awarded $2.072mn in restitution to victims; $1,485mn in civil monetary penalties; bans.…
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Recent Posts by ILG
Fed Fines Goldman $110mn FX
On May 1, Fed, DFS fined Goldman Sachs $110mn in FX trading. Goldman Sachs charged for unsafe, unsound practices, in FX trading business. Traders buy and sell currencies for the firm's own accounts and for customers. Dealing done through indirect subsidiaries, both in US and in overseas offices. Alleged Violations Firm did not detect traders'…
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DoJ Fine Panasonic Bribe $137mn
On Apr. 30, DoJ fined Panasonic Avionics Corp. $137mn for FCPA. PAC distributes in-flight entertainment and communications for airlines, builders. Retain consultants for improper purpose, and conceal payments to a sales agent. DoJ Alleged Violation Penalty due to charges in a scheme to retain consultants for unsuitable purposes. Concealed payments to third-party sales agents, violating…
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FINTRAC C$6mn Fraud Scheme
On 27 April, FINTRAC and RCMP charges for AML securities scam. Ronald Abrams of Toronto ran a C$6mn scam based on securities and options. RCMP was alerted to elaborate scheme using aliases and forged sales receipts. Alleged Violations One hundred Canadian victims lost thousands of dollars to fake futures trade. The defendant lured the victims…
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MAS Manager Accountability
On Apr. 26, MAS proposed rule on senior manager accountability. Guidelines would be applicable to senior managers, within financial institutions. Objective to strengthen individual accountability and raise standard of conduct. Supervisory Expectations Expectations of boards, senior management re individual conduct and behavior. Institution responsible to promote individual accountability of senior managers. Responsibilities to strengthen oversight of…
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NASAA Fiduciary Rule Progress
On Apr. 24, NASAA reported progress to meet DOL fiduciary rule. NASAA report confirmed industry progress to comply with DOL fiduciary rule. In the multi-billion-dollar individual retirement account (IRA) rollover market. Main Findings Demonstrates that broker-dealers were making progress in revising policies, and procedures to inform investors in retirement plan for DOL fiduciary rule. Rule would have…
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