Fine

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 ...

Read More »

OpenMarkets Australia Limited pays infringement notice penalty

Reason: OpenMarkets, breached the market integrity rules in relation to both the ASX Market and Chi-X Australia Market that require market participants to have appropriate filters in place for use of their automated order processing (AOP) system.Comment: The MDP found that OpenMarkets did not have appropriate filters to: 1. prevent trades that involved no change of beneficial ownership 2. reject ...

Read More »

Stock Market Analyst Barred for Illegally Cashing In On His Research Reports

Reason: The Securities and Exchange Commission today charged a stock market analyst with insider trading prior to the publication of research reports and articles he authored with the false disclaimer that he wasn’t trading in the companies being covered.Comment: In addition to a permanent penny stock bar, Napodano agreed to pay full disgorgement of his insider trading profits totaling $143,865.48 ...

Read More »

CFTC issued an order filing and simultaneously settling charges against Citibank

Reason: For swap data reporting violations involving Legal Entity Identifier information and related supervision failuresContent of Penalty:  The U.S. Commodity Futures Trading Commission (CFTC) issued an Order filing and simultaneously settling charges against Citibank, N.A. (CBNA) and Citigroup Global Markets Limited (CGML) (collectively, Citi), for failing to report Legal Entity Identifier (LEI) information for swap transactions properly to a Swap Data Repository (SDR), failing ...

Read More »

FINRA Sanctions Morgan Stanley in Fines and Restitution

Reason: Fail to supervise its representatives’ short term trades of unit investments trusts (UITs)Comment: Firm is required to pay approximately $9.78 million in restitution to more than 3,000 affected customers for failing to supervise its representatives’ short-term trades of unit investment trusts (UITs).Date: 25/09/2017Amount: 3,250,000Link: https://www.finra.org/newsroom/2017/finra-sanctions-morgan-stanley-13-million-failing-related-uits

Read More »

CFTC issued a penalty against Merrill Lynch

Reason: To Settle Charges of Supervision Failures and Recordkeeping ViolationsContent of Penalty: The Order requires Merrill Lynch to pay a $2.5 million civil monetary penalty and comply with undertakings to improve its procedures and controls to ensure that it prepares and maintains accurate and complete records of futures block trades executed by its affiliates. Date: 22/09/2017Amount: 2500000Link: http://www.cftc.gov/PressRoom/PressReleases/pr7615-17#PrRoWMBL

Read More »

Pharmaceutical Company Paying Penalty for Misleading Investors About Sales Metric

Reason: To settle the charges that it misled investors on multiple occasions in 2013Content of Penalty: Aegerion Pharmaceuticals, now a subsidiary of Novelion Therapeutics, has agreed to pay a $4.1 million penalty to settle the charges that it misled investors on multiple occasions in 2013.  The SEC’s complaint alleges that Aegerion told investors that the number of unfilled prescriptions for ...

Read More »

Telia agreed to pay penalties to U.S. and international authorities

Reason: Telia was charged with conspiracy to violate the anti-bribery provisions of the FCPA.Date: 21/09/2017Amount: 965000000Link: https://www.justice.gov/opa/pr/telia-company-ab-and-its-uzbek-subsidiary-enter-global-foreign-bribery-resolution-more-965

Read More »

Sirtex pays penalty for alleged continuous disclosure breach

Reason: ASIC issued an infringement notice for an alleged failure by Sirtex to comply with its continuous disclosure obligations.Date: 20/09/2017Amount: 100000.00Link: http://asic.gov.au/about-asic/media-centre/find-a-media-release/2017-releases/17-320mr-sirtex-pays-penalty-for-alleged-continuous-disclosure-breach/

Read More »