The U.S. Securities and Exchange Commission said that it has awarded a whistleblower over $900K for a tip that allowed the regulator to bring multiple enforcement actions. The regulator announced the award just a days after it awarded another whistleblower $3.5M, also for coming forward with information resulting in an…
The Financial Industry Regulatory Authority is ordering 12 firms to pay a collective total of $14.4M in fines over deficiencies involving the way they preserved customer and brokerage firm records. The firms who are subject to these sanctions include: · RBS Securities (RBS) for $2M · LPL Financial (LPLA) for…
Two US regulators have fined Morgan Stanley (MS) for margin account violations that purportedly resulted in the firm using customer funds and securities for its benefit. The US Securities and Exchange Commission fined the firm $7.5M, while the Financial Industry Regulatory Authority imposed a $2.75M fine. According to the SEC,…
The US Securities and Exchange Commission has filed securities fraud charges against Naris Chamroonrat of Thailand and American Adam L Plumer. The regulator contends that the two men ran a fake day-trading that collectively defrauded hundreds of investors in over 30 nations of over $1.4M. At least 180 of the…
Ex-Financial Adviser Who Worked for Texas-Based Firm is Barred by SEC After Defrauding Pro Athletes Ash Narayan, an ex-California financial adviser, has been barred by the US Securities and Exchange Commission. Narayan, who is accused of secretly receiving almost $2M from companies that he invested in on behalf of his…
This week, the authorities arrested hedge fund founder Mark Nordlicht and several others over allegations that his Platinum Funds was involved in a $1B ponzi scam that defrauded over 600 investors. They also are facing civil charges brought by the US Securities and Exchange Commission. This is the largest Ponzi scam since…
Goldman Sachs Group and Goldman, Sachs & Co. (GS) will pay a $120M penalty to settle Commodity Futures Trading Commission Charges accusing the firm of trying to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix, as well as of falsifying related reports to enhance its derivatives positions. The…
A Financial Industry Regulatory Authority Panel is ordering Mid Atlantic Capital Corp. to pay David Wellman and Beverly Bien $922K. The married couple sued the independent brokerage firm for losses they sustained after they invested in Sonoma Ridge Partners (a real estate private placement), KBS-sponsored nontraded REITs, silver and gold exchange-traded…
Deutsche Bank AG (DB) has agreed to pay $37M to conclude the US government probes into its handling of trades in dark pool trading venues. The German bank also admitted that between 1/2012 and 2/2014 traders were misled about the way the it ranked its SuperX dark pool and other…
The Financial Industry Regulatory Authority has barred ex-JP Turner & Co. broker Anthony Mastroianni Jr. for allegedly churning an account belonging to an older customer. Mastroianni has not denied or admitted to the regulator’s findings and he did not appear in front of FINRA to provide testimony in this case.…