Foreign Collusion, Naked Shorting (Counterfeiting) & Money Laundering — All Illicit Wealth
Peter Douglas Monson Suspended by FINRA
An AWC was issued in which Monson was fined $7,500 and suspended from association with any FINRA member in all capacities for six months. This AWC does not include a restitution component because the beneficiary of the account at issue previously entered into a settlement with Monson and his member firm regarding the conduct described here.
Ana Lucia Chavarriaga Barred by FINRA
An AWC was issued in which Chavarriaga was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Chavarriaga consented to the sanction and to the entry of findings that she backdated documents and drafted false written statements that her member firm provided to FINRA in response to its requests for information. The findings stated that as the firm’s designated supervisor, Chavarriaga was responsible for reviewing and initialing the firm’s TRACE Quality of Markets Report Cards. Chavarriaga signed and backdated report cards and supplied them to the firm, which in turn provided them to FINRA.
Paulson Investment Company LLC Fined by FINRA
An AWC was issued in which the firm was censured and fined $50,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it sold private placement offerings claiming exemption from registration under Rule 506 of Regulation D of the Securities Act of 1933, but without having established pre-existing, substantive relationships with the offerees prior to participating in those offerings. T
Wells Fargo Advisors, LLC nka Wells Fargo Clearing Services, LLC Fined by FINRA
An AWC was issued in which the firm was censured and fined $175,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to reasonably supervise a former registered representative who excessively traded equity positions in accounts belonging to an elderly customer. The findings stated that the customer was 88 years old when the trading commenced and that as a result of the excessive trading, she paid at least $300,000 in commissions and other fees.
28 January 2020
Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, is investigating potential claims against Grand Canyon Education, Inc. (NASDAQ:LOPE) on behalf of Grand Canyon Education stockholders. Our investigation concerns whether Grand Canyon Education has violated the federal securities laws and/or engaged in other unlawful business practices.
27 January 2020
Pawar Law Group announces that a class action lawsuit has been filed on behalf of shareholders who purchased shares of Portola Pharmaceuticals, Inc. (PTLA) from November 5, 2019 through January 9, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Portola Pharmaceuticals, Inc. investors under the federal securities laws.
For traders who spoofed market years ago, a new ruling spells trouble
Bloomberg, 25 May 2020
US prosecutors are starting to build cases against traders suspected of manipulating markets as long as a decade ago, after an obscure legal ruling extended the statute of limitations for spoofing cases.
In October, the judge presiding over the impending trial of two former metals traders ruled that the US government can pursue charges of wire fraud as well as spoofing against the pair. The decision addressed a long-running legal debate about whether the placing of electronic market orders with the intention of cancelling them constituted a form of “false representation” and therefore fraud.
James Adam Paquette Barred by FINRA
The NAC dismissed Paquette’s appeal of an OHO decision. Paquette failed to provide the required information and as a result his appeal was considered abandoned, therefore he is barred from association with any FINRA member in all capacities.
Citadel Securities Pays $97m to Settle with China Regulators
Aziz Abdel-Qader
FinanceMagnates, 20 January 2020
Citadel Securities, one of the largest market makers in US stocks and options, has agreed to pay 670 million yuan ($97 million) to resolve a probe by China’s regulator into alleged trading rules violations. The Chinese securities regulator launched the five-year investigation in 2015 following a stock plunge that erased nearly $3.9 billion in the mainland metal market.
Comment: In the USA they are angels. How much did they steal?
Paul William Petrillo Barred by FINRA
An AWC was issued in which Petrillo was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Petrillo consented to the sanction and to the entry of findings that he placed discretionary orders to purchase or sell securities in customers’ outside securities accounts without notifying his member firm of his authority to do so or the executing firm of his association with his firm. The findings stated that Petrillo also opened a family trust securities account over which he had trading authority away from his firm but did not notify it of the account’s existence.
Wedbush Securities Inc. Fined by FINRA
An AWC was issued in which the firm was censured and fined $90,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it misreported its short positions in equity securities that must be reported pursuant to FINRA Rule 4560 by overstating its short positions and the number of accounts with short positions.
Royal Alliance Associates, Inc. fined by FINRA
An AWC was issued in which the firm was censured, fined $400,000 and required to 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.
16 January 2020
Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Opera Limited (NASDAQ: OPRA) resulting from allegations that Opera may have issued materially misleading business information to the investing public.
An Offer of Settlement was issued in which Gil was barred from association with any FINRA member in all capacities. Without admitting or denying the allegations, Gil consented to the sanction and to the entry of findings that he converted approximately $2,500 from an 82-year-old widow and former bank customer to whom he was providing financial advice away from his member firm. The findings stated that Gil used the customer’s credit cards without her authorization to charge personal expenses. These included spa massages, sporting goods, airline baggage fees and foreign currency cash advances, as well as expenses incurred during an overseas trip to Madrid, Spain, including at a hotel, perfume store, museum and flamenco show.
Prudential Investment Management Services LLC Fined by FINRA
An AWC was issued in which the firm was censured, fined $1,000,000 and required to retain one or more qualified independent consultants not unacceptable to FINRA to conduct a comprehensive review of the adequacy of its compliance with FINRA rules in connection with the violations described in the AWC. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it disseminated inaccurate information about group variable annuities expense ratios and inaccurate historical performance information about investment options offered in those annuities.
THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?
