Fine

CFTC Orders Cargill, Inc. to Pay a Civil Monetary Penalty for Providing Inaccurate Mid-Market Marks on Swaps

Reason: MisconductContent of Penalty: The CFTC Order finds that Cargill provided counterparties and the SDR inaccurate marks which had the effect of concealing up to ninety percent of Cargill’s mark-up. Cargill also failed to diligently supervise its employees in connection with these inaccurate marks, and in connection with inaccurate statements made to swap counterparties. In particular, the CFTC Order finds ...

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CFTC Orders Morgan Stanley and Co. Incorporated to Pay a Penalty for Omitting Futures and Options Data

Reason: AbuseContent of Penalty: The CFTC Order requires Morgan Stanley to pay a $350,000 civil monetary penalty, cease and desist from further violations of the Commodity Exchange Act (CEA) and applicable Regulations, and comply with certain undertakings, including continuing cooperation with the CFTC's Division of Enforcement in any investigation, civil litigation, or administrative matter related to the subject matter of ...

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SEC Charges Biotech Company, Executives With Accounting Fraud

Reason: FraudulentContent of Penalty: The Securities and Exchange Commission today charged a Maryland-based biotech company and four former top executives with prioritizing revenue growth over lawful accounting and misleading investors in the process. The SEC alleges that Osiris Therapeutics routinely overstated company performance and issued fraudulent financial statements for a period of nearly two years.  According to the SEC’s complaint, ...

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MAS obtains higher civil penalties against two individuals for unauthorised share trading

Reason: FraudulentContent of Penalty: Singapore, 1 November 2017… The Monetary Authority of Singapore (MAS) has successfully obtained higher civil penalties against Mr Wang Boon Heng (Wang) and Ms Foo Jee Chin (Foo) for contravening section 201(b) of the Securities and Futures Act (SFA), which prohibits any conduct that operates as a fraud or deception in connection with the subscription, purchase ...

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Millennium Settles Charges of Illegal Short Selling in Advance of Stock Offerings

Reason: AbuseComment: Investment advisory firm Millennium Management LLC has agreed to pay more than $630,000 to settle charges that it shorted U.S. stocks in companies planning follow-on offerings and then illegally bought shares in the follow-on offeringsDate: 01/11/2017Amount: 630,000Link: https://www.sec.gov/news/press-release/2017-203

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Financial advice firm to pay $1 million penalty for breach of best interests duty

Reason: AbuseContent of Penalty: The Federal Court has imposed a civil penalty of $1 million against Melbourne-based financial advice firm NSG Services Pty Ltd (currently named Golden Financial Group Pty Ltd) (NSG) for breaches of the best interests duty introduced under the Future of Financial Advice (FOFA) reforms. Date: 30/10/2017Amount: 1,000,000Link: http://asic.gov.au/about-asic/media-centre/find-a-media-release/2017-releases/17-365mr-financial-advice-firm-to-pay-1-million-penalty-for-breach-of-best-interests-duty/

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FCA bans debt management couple for misappropriating client money

Reason: AbuseContent of Penalty: The Financial Conduct Authority (FCA) has today banned Adrian and Christine Whitehurst, former directors of debt management firm First Step Finance Limited (now dissolved), for dishonestly misappropriating client money. Over 4000 customers lost a total in excess of £6m as a result of their actions.   Date: 24/10/2017Link: https://www.fca.org.uk/news/press-releases/fca-bans-debt-management-couple-misappropriating-client-money

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FCA fines Merrill Lynch

Reason: MisconductComment: This is the first enforcement action against a firm for failing to report details of trading in exchange traded derivatives, under the European Markets Infrastructure Regulation (EMIR), and reflects the importance the FCA puts on this type of reporting. Date: 23/10/2017Amount: 34,524,000 Link: https://www.fca.org.uk/news/press-releases/fca-fines-merrill-lynch-failing-report-transactions

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Adairs pays penalty for alleged continuous disclosure breach

Reason: Non CompliantContent of Penalty: ASIC has found there are reasonable grounds to believe that Adairs was in breach of its continuous disclosure obligations between 23 September and 2 November 2016 by failing to inform the ASX that its forecast figures for the 2017 full financial year would be materially lower than the market consensus. Date: 20/10/2017Amount: 66000.00Link: http://asic.gov.au/about-asic/media-centre/find-a-media-release/2017-releases/17-352mr-adairs-pays-penalty-for-alleged-continuous-disclosure-breach/

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CySEC fined Pegase Capital Officers and Bans Owner for 5 Years

Reason: Non CompliantComment: An administrative fine of: 1. €150,000 on Mr. Michel Pierre Salomon Teman, executive director and shareholder with a qualifying holding in the Company during the relevant period; 2. €25,000 on Mr. Pantelis Ioakim, executive director of the Company until 17 March 2016; 3. €25,000 on Mr. Giorgos Miltiadous, executive director of the Company until 17 March 2016.Content ...

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