Foreign Collusion, Naked Shorting (Counterfeiting) & Money Laundering — All Illicit Wealth
J.P. Morgan Securities LLC Fined by FINRA
21 December 2018
An AWC was issued in which the firm was censured and fined $560,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that its supervisory system, including its WSPs, did not provide for supervision reasonably designed to achieve compliance with Rules 605 and 606 of Regulation NMS, and Securities Exchange Act of 1934 Rule 10b-10, and FINRA Rule 7450.
UBS agrees to pay $68M in multistate settlement over Libor manipulation claims
Declan Harty, 21 December 2018
UBS AG agreed to pay $68 million as part of settlement with 39 U.S. states and the District of Columbia related to the Swiss banking giant’s alleged manipulation of the London interbank offered rate.
Led by New York Attorney General Barbara Underwood, the UBS settlement is the latest in a string of agreements state regulators have recently reached with banks that were allegedly altering Libor submissions for their own benefit leading up to and around the financial crisis of 2008.
UBS was accused of misrepresenting its U.S. dollar-tied Libor submissions to protect its reputation, according to a press release from Underwood’s office. The 40 attorneys general who were part of the settlement also claimed UBS manipulated Yen Libor submissions to favor its derivative trading positions. Continue reading “Article: UBS agrees to pay $68M in multistate settlement over Libor manipulation claims”
Chardan Capital Markets LLC Fined by FINRA
20 December 2018
An AWC was issued in which the firm was censured, fined $75,000 and required to provide written reports to FINRA concerning its implementation and the effectiveness of its policies, systems, and procedures (written and otherwise) and training, to ensure the firm is in compliance with Rule 101 of Securities and Exchange Commission (SEC) Regulation M, and FINRA Rule 5190(c)(1)(A) and (B).
Major Banks Suspected of Collusion in Bond-Rigging Probe
Patricia Kowsmann and Margot Patrick, 20 December 2018
The European Commission suspects Deutsche Bank AG , Credit Suisse Group AG, Crédit Agricole SA and another global bank of colluding to manipulate a multi-trillion-dollar government-backed bond market, escalating a long running probe.
The European Union’s executive arm, which opened the investigation almost three years ago, said in a statement Thursday that banks will now lay out their defenses. If found guilty, they could face a fine of up to 10% of their annual world-wide revenue. Continue reading “Article: Major Banks Suspected of Collusion in Bond-Rigging Probe”
Cetera Advisor Networks LLC Fined by FINRA
19 December 2018
An AWC was issued in which the firm was censured, fined $700,000 and ordered to pay $691,755.27, plus interest, in restitution to customers. The firm shall also certify to FINRA that it has established and implemented policies, procedures and internal controls reasonably designed to address and remediate the issues identified in the AWC.
Citron Says the “Bidding Is On” for This Cannabis Company
DANIEL LIBERTO, 19 December 2018
Famous short seller Andrew Left has high hopes for Aphria Inc. (APHA). In a research note, Left’s firm Citron Research claimed that the heavily shorted marijuana stock could hit $8 within the next two weeks because it has emerged as a prime acquisition target for either a major consumer packaged goods company or another marijuana producer.
“Expect an $APHA major partnership or total buyout SOON,” Citron tweeted on Tuesday after publishing its report. Citron’s bullish note, on top of news that Aphria expanded on an existing licensing agreement with Rapid Dose Therapeutics to offer its QuickStrip oral drug delivery system to customers in fast-growing marijuana market Germany, lifted the Canadian company’s shares 7.79% during Tuesday’s trading session.
Continue reading “Article: Citron Says the “Bidding Is On” for This Cannabis Company”
Tradition Securities and Derivatives Inc. Fined by FINRA
18 December 2018
An AWC was issued in which the firm was censured, fined $100,000 and required to submit a certification that the firm’s policies and procedures were reasonably designed with respect to the firm’s compliance with FINRA Rule 3310, the requirements of the Bank Secrecy Act and the regulations promulgated thereunder. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to establish or implement an anti-money laundering (AML) compliance program reasonably designed to detect and cause the reporting of suspicious transactions.
Windsor Street Capital, LP fka Meyers Associates, L.P. Fined by FINRA
17 December 2018
An Office of Hearing Officers (OHO) decision became final in which the firm was censured and fined $500,000. The sanctions were based on findings that the firm failed to establish and maintain a reasonable supervisory system and failed to reasonably supervise two registered representatives and their unsuitable trading in connection with trading in an account owned, through a trust, by an elderly couple.
UBS Fined $15 Million Over Anti-Money-Laundering Systems
Maria Armental and Samuel Rubenfeld, 17 December, 2018
UBS Group AG agreed to pay a combined $15 million fine over regulatory deficiencies in its anti-money-laundering program, U.S. regulators said Monday.
The U.S. Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, said broker-dealer unit UBS Financial Services Inc. violated the Bank Secrecy Act, which requires financial firms to report suspicious activities, over a roughly 13-year period through 2017. Continue reading “Article: UBS Fined $15 Million Over Anti-Money-Laundering Systems”
Aegis Capital Corp. Fined by FINRA
14 December 2018
An AWC was issued in which the firm was censured and fined $64,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to report to the Trade Reporting and Compliance Engine® (TRACE®) transactions in TRACE-eligible corporate debt securities and transactions in TRACE-eligible securitized products within the time required by FINRA Rule 6730(a).
State Street CEO Hooley to retire at end of 2018
Michael Dabaie, 14 December 2018
State Street said on Friday that Joseph L. Hooley will retire as chief executive on December 31. In late 2017, State Street said Ronald P. O’Hanley would succeed Hooley as CEO. O’Hanley, who has been State Street’s president and chief operating officer since November 2017, will start his new role on January 1. Continue reading “Article: State Street CEO Hooley to retire at end of 2018”
Merrill Lynch, Pierce, Fenner & Smith Incorporated Fined by FINRA
13 December 2018
An AWC was issued in which the firm was censured and fined $300,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to reasonably supervise an associated person who, together with a third-party individual, engaged in a scheme to defraud a customer of the firm. The findings stated that the associated person introduced the customer to the third party using a fictitious name, falsely representing that the third party was a wealthy and successful businessman who could help the customer with his various, existing business and other financial needs.
E*Trade Futures LLC fka Aperture, LLC dba OptionsHouse Fined by FINRA
12 December 2018
An AWC was issued in which the firm was censured and fined $75,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it routed for execution multiple options orders to other member firms that were marked with an inaccurate origin code of “Customer,” instead of “Professional Customer.” The findings stated that the firm failed to identify customer accounts under common ownership that met the Professional Customer threshold and failed to configure the Financial Information eXchange messaging code for Professional Customer with one of its executing brokers.
Wall Street Allows Giants Like Morgan Stanley Special Trading Hours
C. Edward Kelso
CoinSpice, 11 December 2018
“At the New York Stock Exchange, some traders are more equal than others,” Post reporter Kevin Dugan began. “That’s the bitter takeaway from stock brokers, who say the Big Board, in an unusual move last week, gave special treatment to a broker at Morgan Stanley who asked to trade large blocks of stocks for several minutes after the markets closed.”
Munich prosecutors seek fine against publisher of Zatarra report
Reuters, 10 December 2018
MUNICH, Dec 10 (Reuters) – Munich prosecutors have issued a penalty order seeking to fine British short seller Fraser Perring for suspected manipulation of German payment processor Wirecard AG’s share price, a spokeswoman for the prosecution said on Monday.
Comment: Fraser Perring operates Viceroy Research.
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