Fine

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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SFC fines Citigroup Global Markets Asia Limited for sponsor failures

Content of Penalty:   Citigroup was fined 57 million Hong Kong dollars (€6.16 million) by Hong Kong’s Securities and Futures Commission (SFC) for the bank’s actions around the listing application of an initial public offering (IPO). The US bank was also reprimanded for its failure to discharge its duties as a sponsor for Real Gold Mining’s 2009 IPO. Citigroup’s due diligence on Real ...

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SEC charged Hedge Fund Firm Charged for Asset Mismarking and Insider Trading

Reason: MisconductContent of Penalty: The Securities and Exchange Commission today announced the hedge fund advisory firm Visium Asset Management LP has agreed to settle charges related to asset mismarking and insider trading by its privately managed hedge funds and portfolio managers.  Separately, the firm’s CFO agreed to settle charges that he failed to respond appropriately to red flags that should ...

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FINRA Fines Aegis Capital Corp. for Anti-Money Laundering and Supervision Rule Violations

Reason: Non CompliantContent of Penalty: The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Aegis Capital Corp. $550,000 for failing to have adequate supervisory and anti-money laundering (AML) programs tailored to detect "red flags" or suspicious activity connected to its sale of low-priced securities. FINRA found that Aegis’ supervisory system for trading in delivery versus payment (DVP) ...

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SEC: Broker-Dealer Admits It Failed to File SARs

Reason: MisconductComment: Aegis Capital Corporation, a New York-based brokerage firm, has admitted that it failed to file Suspicious Activity Reports (SARs) on numerous suspicious transactions.Content of Penalty: Broker-dealers are required to file SARs for certain transactions suspected to involve fraudulent activity or have no business or apparent lawful purpose.  The SEC’s order found that Aegis failed to file SARs on suspicious ...

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The Securities and Exchange Commission today charged Silicon Valley-based private company Theranos Inc.

Reason: FraudulentContent of Penalty: The Securities and Exchange Commission today charged Silicon Valley-based private company Theranos Inc., its founder and CEO Elizabeth Holmes, and its former President Ramesh “Sunny” Balwani with raising more than $700 million from investors through an elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business, and financial performance.  Theranos ...

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Securities and Exchange CommissionSEC today announced settled charges against an Austin, Texas-based investment adviser

Reason: FraudulentContent of Penalty: The Securities and Exchange Commission today announced settled charges against an Austin, Texas-based investment adviser for defrauding his clients through a “cherry-picking” scheme.  The adviser, Robert Mark Magee, who is the principal, sole owner, and sole employee of Valor Capital Asset Management LLC, has agreed to be banned from the securities industry and pay more than ...

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