On November 30, SEC charged penny stock operators of defrauding elderly. Charged two individuals with defrauding elderly investors in a penny stock scheme. Involving Florida entertainment companies and "Spongebuddy" product, recidivists. Alleged Violations Charged Joseph Rubbo, Angela Beckcom Rubbo Monaco with fraud in federal court. Repeat offenders, whose prior schemes resulted in criminal convictions, injunctions.…
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U.K. SFO Unaoil Iraq Bribery
On November 30, 2017, UK SFO charged two further individuals in Unaoil investigation. Paul Bond, Stephen Whiteley charged with conspiracy to make corrupt payments. Contrary to Criminal Law Act 1977, and to the Prevention of Corruption Act 1906.
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U.S. FINRA Market Making Payments
On November 28, FINRA consulted on rules for market making payments. Retrospective review of rule on payment for market making to assess if effective. Outlined retrospective rule review process, and sought responses from questions. Restriction from Rule Review working of FINRA Rule 5250, which restricted payment for market making. Ban firm or associate accepting payment…
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U.S. DoL Delay of Fiduciary Rule
On November 24, DoL extended fiduciary rule exemptions by 18 months. Provided 18-month delay of applicability date of three exemption provisions in rule. Followed August 31, 2017 extension proposal when rule wasn't delayed. After a review of comments received, DoL adopted proposed delay without change. Exemptions Delay Extend transition period, delay applicability date from January…
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U.S. SEC Delay – FINRA CAT Replacement OATS
On 21 November, SEC designated longer period to take action, ending 27 January 2018. Background: On 15 May, FINRA proposed rules for retiring OATS due to CAT system. To eliminate order audit trail system (OATS) in FINRA Rule 7400, for CAT reporting. Amend FINRA electronic blue sheet (EBS) Rules 8211, 8213 to meet CAT…
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U.S. OFAC Sanctions Rules for Iran
On 20 November 2017, Treasury OFAC designated large-scale IRGC-QF counterfeit ring. Network of individuals and entities to help Iran's Revolutionary Guard Corps-Qods. Provided IRGC-QF) with counterfeit currency, in support of destabilizing activities. Used deception to circumvent EU export control restrictions, procured equipment. Printed counterfeit Yemeni bank notes of hundreds millions of dollars for IRGC-QF. IRGC-QF…
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