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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ASIC New Whistleblowing Laws
On Mar. 13, 2019 AST GVT presented response to report on draft whistleblower bill. On Mar. 22, 2018, the Senate Economics Legislation Committee had issued report. Government agreed with the majority of 12 recommendations made in the report.
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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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EC Whistleblower Protection
On Mar. 12, 2019, EU CMSN welcomed provisional agreement by EP and EU MSs. Guarantee high level of protection for whistleblowers who report EU law breach. Provisional agreement now has to be formally approved by both EP and Council. Directive will enter into force 20 days after publication in the EU Official Journal.
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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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