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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SEC $125mn Fund Class Initiative
On Mar. 11, SEC announced $125mn in redress on IA fee conflicts. Charged 79 investment advisors, who directly or indirectly received 12b-1 fees on investments for clients, with disclosure that was inadequate or inconsistent. Most of the advisory clients harmed by disclosure practice were retail investors. Firms charged include BB&T, DB, Janney Montgomery, LPL Financial,…
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DoJ Elder Fraud Sweep
On Mar. 7, DoJ coordinated largest-ever elder fraud sweep. AG Barr of Justice Department said it coordinated largest US elder fraud sweep. Coverage Cases during this sweep involved more than 260 defendants from around globe Defendants victimized more than two million Americans, most of them elderly. DoJ took action in every federal district across country…
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CFTC $8mn Fine Metals Fraud
On Mar. 4, CFTC fined metals dealer $8mn for fraud investors. Purported metals dealer Carlos Javier Ramirez, and companies Royal Leisure International and Gold Chasers solicited customers to purchase physical gold. Charges Ramirez, GCI and RLI obtained nearly $3mn in connection with the schemes. As in a Ponzi scheme, defendants paid false profits to some…
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OSC Pay Whistleblowers C$7mn
On Feb. 27, OSC awarded first C$7.5mn to 3 whistleblowers. These whistle-blower awards are the first ever by a Canadian securities regulator. Recipients gave high quality, credible and timely information on 3 separate cases. The information allowed for enforcement action resulting in payments to the OSC.
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UK Treasury, OFSI Raphaels Fine
On Feb. 25, UK Treasury, OFSI issued penalty for sanctions breach. On Monday Jan. 21, 2019 the Office of Financial Sanctions Implementation issued penalty of £5,000.00, in accordance with s 146 of the policing and crime act 2017. Against Raphaels Bank for contravening of Egypt (asset-freezing) regulations 2011. The value of the transaction was £200.00…
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