Monthly Archives: September 2017

CFTC Charges California Residents Hasan Sarwar a/k/a Alexander Sarwar, and Rachida Elfrimi With Operating a $1.19 Million Dollar Ponzi Scheme and Registration Violations

The Commodity Futures Trading Commission (CFTC) on September 28, 2017, filed a civil enforcement action in the U.S. District Court for the Southern District of New York against Defendants Hasan Sarwar a/k/a Alexander Sarwar (d/b/a Profit Management Int) of Rancho Cucamonga, California, and his spouse Rachida Elfrimi (d/b/a Profit Management). The CFTC Complaint charges the Defendants with defrauding commodity pool participants, making Ponzi-style payments ...

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FCA warns against Loan Choice / Loan Watch clone firm

The UK Financial Conduct Authority (FCA) has put out details of the cloned firm Loan Choice / Loan Watch. Fraudsters are using the details of firms, authorised by the FCA, to try to convince people that they work for a genuine, authorised firm. See the article here: Loan Choice / Loan Watch​ Posted on: 29/09/2017

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FCA warns against Lucky Travel Money

UK Financial regulator Financial Conduct Authority (FCA) has issued its latest warning against an unregulated financial services provider targeting UK consumers. The FCA’s latest warning is against the firm Lucky Travel Money. Lucky Travel Money is not authorised by the FCA but has been targeting people in the UK and carrying on regulated activities which require authorisation. See the article here: ...

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Hong Kong SFC announces launch of SFC Regulatory Sandbox

The Securities and Futures Commission (SFC) today issued a circular announcing the launch of the SFC Regulatory Sandbox to provide a confined regulatory environment for qualified firms (Note 1) to conduct regulated activities utilising financial technologies (Fintech). The sandbox aims to enable qualified firms, through close dialogue with and supervision by the SFC, to identify and address any risks or concerns associated ...

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Former Victorian financial adviser banned for forgery

Reason: Koresh Daniel Houghton banned for providing financial services because he had engaged in misleading, deceptive and dishonest conduct and failed to act in his clients’ best interests when providing advice.Content of Penalty: ASIC's surveillance of Mr Houghton found that he: -had created false documents by cutting and pasting customer signatures onto a letter nominating Mr Houghton as their adviser; ...

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CFTC fines Morgan Stanley & Co. LLC for supervision failures

Reason: For failing to diligently supervise the reconciliation of exchange and clearing fees with the amounts it ultimately charged customers for certain transactions on the CME Group, ICE Futures US, and other exchanges. Comment: The Order explains that customer transactions executed on exchanges are subject to payment of exchange and clearing fees that are applied to each transaction in the ...

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CFTC fines Morgan Stanley & Co. LLC for supervision failures

Reason: For failing to diligently supervise the reconciliation of exchange and clearing fees with the amounts it ultimately charged customers for certain transactions on the CME Group, ICE Futures US, and other exchanges. Comment: The Order explains that customer transactions executed on exchanges are subject to payment of exchange and clearing fees that are applied to each transaction in the ...

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FCA warns against Myfinance

UK Financial regulator Financial Conduct Authority (FCA) has issued its latest warning against an unregulated financial services provider targeting UK consumers. The FCA’s latest warning is against the firm Myfinance . Myfinance is not authorised by the FCA but has been targeting people in the UK and carrying on regulated activities which require authorisation. See the article here: Myfinance​ Posted on: 29/09/2017

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Two new Bitcoin ETFs Submitted for SEC Approval

bitcoin etfs

Two new Bitcoin ETFs have been submitted to the SEC for approval by ProShares Capital Management. According to Form S-1 dated September 27, ProShares Capital Management wants to create two bitcoin funds: the ProShares Bitcoin ETF and the ProShaers Short Bitcoin ETF. However, ProShares’ intent is not the actual purchase of Bitcoins, but its intent is to purchase derivated contracts for exposure. According ...

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Medical Manufacturer Settles Accounting Fraud Charges

Reason: To settle charges that it committed accounting fraud through its subsidiaries to meet revenue targets and made improper payments to foreign officials to increase sales in certain countries. Content of Penalty: The Securities and Exchange Commission issued an order finding that the South Korean subsidiary of Alere Inc., which produces and sells diagnostic testing equipment, improperly inflated revenues by ...

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