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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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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CFPB $3.2mn Enova Settlement
Allegations Consumers authorized payment from certain bank accounts, but in many instances Enova debited from accounts that consumer had not authorized. Firm found to have failed to honor loan extensions, granted to consumers. Customer Account Details Company purchased loan applications from lead generators, in some cases the applications were from consumers, who already had loans…
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UK FCA, SFO Tesco Accounts Market Abuse
On Jan. 23, 2019, UK SFO issued the deferred prosecution agreement with Tesco. Via DPA Tesco Stores Limited accepted responsibility for false accounting practices. Feb. to Sep. 2014, instead of working to safeguard financial interests of company and shareholders, culture encouraged illegal practices to meet accounting targets. This included improperly pulling forward income from subsequent…
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CFPB, NYAG Jeweler $14mn Card
On Jan. 16, CFPB, NYAG fined jewelers $14mn for card violation. Settled claims against Sterling Jewelers Inc, operates 1,500 US jewelry stores. Trades by various names, including Kay Jewelers, Jared, Galleria, JB Robinson. Subsidiary of Signet Jewelers Ltd, retailer in US, Canada, and United Kingdom. Alleged Violations Sterling Jewelers opened store credit-card accounts without customer…
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CSA Que Investment Dealer Fraud
On Jan. 11, CSA Que fined and jailed an advisor for fraud scheme. Roger Biduk pleaded guilty to 12 counts: 5 counts of unlawful practice, 5 counts of no prospectus offering, 2 counts of giving investor false or misleading information. Alleged Violations Biduk, while registered with AMF,. as an investment dealer, solicited two investors. False…
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