On 31 October, SEC fined Millennium $300k for short sales pre-offerings. Millennium Management LLC agreed to pay over $630,000 to settle SEC charges. Alleged Violations Company violated the anti-manipulation provisions of the federal securities laws. Firm shorted US stocks in companies which were planning for follow-on offerings. After shorting, the firm then illegally bought the…
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About: ILG
Recent Posts by ILG
Argentina ACNV AML for Capital Markets
On 27 October, ACNV, FIU issued new rules on AML in capital market. Amended provisions which regulate AML and CTF as applicable to capital markets. Regulations were jointly presented by experts from each agency of ACNV and UIF. At an event with participants including representatives of markets, securities fund, agents registered with ACNV, managing companies…
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U.S. DoJ Arrests HSBC FX Heads – Front-Running
On Oct. 23, 2017 DoJ announced guilty verdict for Johnson in E.D.N.Y jury trial conviction. One count conspiracy to commit wire fraud, eight of wire fraud, sentencing not scheduled. For his role in fraudulent FX front-running scheme benefiting bank, defrauding its clients. On Oct. 23, 2017, FDIC OIG also announced a guilty verdict for Johnson,…
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AUS Government Enforcement
On 23 October, AUS Government proposed rules on penalties for misconduct. ASIC can pursue range of regulatory, enforcement sanctions, remedies for misconduct. Concerns emerged in a number of forums that the penalties in the legislation may not be effective and do not reflect community perceptions as to seriousness of misconduct. Effect of key positions put…
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U.S. MA SD IA Conflict Disclosures
On 19 October, MA SD charged advisor for failure to disclose conflicts. Charged N. Moser and Moser Capital Management on fraud, dishonest conduct. Violated MA law, fiduciary duty, providing misleading information, and omission. Sought to cease and desist, withdraw IA registration, prohibit advisory services. Allegations From 2015, Moser and his company have induced investors by false…
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Hong Kong SFC Moody’s China Action
On 17 October 2017, court dismissed Moody’s leave to appeal to the final court of appeal. As Moody’s misconduct can be established on basis that preparation and publication of the Report, formed part and parcel of the carrying on of the business of credit ratings. Background: On 5 April, HK SFC fined Moody's $11mn for…
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