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SEC Charges Oil Company CEO, Board Member With Hiding Personal Loans

Reason: UnregulatedContent of Penalty: he Securities and Exchange Commission today charged the former CEO of Energy XXI Ltd. with hiding more than $10 million in personal loans that he obtained from company vendors and a candidate for Energy XXI’s board.  At the time of the alleged misconduct, Energy XXI was NASDAQ-listed and one of the largest oil and gas producers ...

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SEC Charges Attorney and Law Firm Business Manager With Illegal Sales of UBI Blockchain Internet Stock

Reason: Fraudulent, UnregulatedContent of Penalty: The Securities and Exchange Commission today charged two men alleged to have profited from illegal sales of stock of a company claiming to have a blockchain-related business. According to the SEC’s complaint, attorney T.J. Jesky and his law firm’s business affairs manager, Mark F. DeStefano, made approximately $1.4 million by selling shares in UBI Blockchain ...

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CySEC fines SFS Group Public Ltd and Agroton Public Ltd

Reason: Non CompliantContent of Penalty: The Board of the Cyprus Securities and Exchange Commission (‘the CySEC’) would like to inform the public that, at its meetings held on 4 th June 2018, decided to impose the following administrative fines for violations of the Transparency Requirements (Transferable Securities Admitted to Trading on a Regulated Market) Law of 2007, as amended (‘the ...

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Merrill Lynch Admits to Misleading Customers about Trading Venues

Reason: Misleading Comment: Will Pay $42 Million Penalty to Settle Charges Content of Penalty:   The Securities and Exchange Commission today charged Merrill Lynch, Pierce, Fenner & Smith with misleading customers about how it handled their orders.  Merrill Lynch agreed to settle the charges, admit wrongdoing, and pay a $42 million penalty. According to the SEC’s order, Merrill Lynch falsely ...

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SFC fines a former account executive of KGI Asia Limited (KGI)

Reason: MisconductContent of Penalty: The Securities and Futures Commission (SFC) has reprimanded Mr Lau Ki Fung, a former account executive of KGI Asia Limited (KGI), and fined him $80,000 for failing to keep proper records of order instructions from clients (Notes 1 & 2). The SFC found that between 29 July 2015 and 10 August 2015, Lau received 156 order ...

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FCA fines and imposes a restriction on Canara Bank

Reason: Anti-Money Laundering Comment: The Financial Conduct Authority (FCA) has fined Canara Bank £896,100 and has imposed a restriction, preventing it from accepting deposits from new customers for 147 days.Content of Penalty: Financial services firms are required to maintain robust anti-money laundering (AML) systems and controls, since they are at risk from those seeking to launder the proceeds of crime ...

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CFTC Orders X-Change Financial Access LLC to Pay a Civil Monetary Penalty for Supervisory and Recordkeeping Failures

Reason: Non CompliantContent of Penalty:  The Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against X-Change Financial Access LLC (XFA) of Chicago, Illinois, for failure to diligently supervise its employees’ handling of its customer accounts and failure to preserve complete records.  At the time of the conduct charged, XFA was registered with the CFTC as a Futures ...

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SFC reprimands and fines Noah Holdings (Hong Kong) Limited

Reason: MisconductContent of Penalty: The Securities and Futures Commission (SFC) has publicly reprimanded and fined Noah Holdings (Hong Kong) Limited (Noah HK) HK$5 million over Noah HK’s internal system and control failures in its sale and distribution of investment products.   In particular, Noah HK had failed to comply with various regulatory requirements on know-your-client, product due diligence, suitability assessment, information ...

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FINRA Fines ICBCFS $5.3 Million for Anti-Money Laundering Compliance Deficiencies and Other Violations

Reason: Anti-Money Laundering Comment: The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Industrial and Commercial Bank of China Financial Services LLC (ICBCFS) $5.3 million for systemic anti-money laundering (AML) compliance failures, including its failure to have a reasonable AML program in place to monitor and detect suspicious transactions, as well as other violations, including financial, recordkeeping, ...

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