Foreign Collusion, Naked Shorting (Counterfeiting) & Money Laundering — All Illicit Wealth
28 February 2020
Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the District of Kansas on behalf of investors that purchased MGP Ingredients, Inc. (NASDAQ: MGPI) securities between February 27, 2019 and February 25, 2020 (the “Class Period”). Investors have until April 28, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
27 February 2020
The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Carvana Co. (“Carvana” or “the Company”) (NYSE: CVNA) for violations of securities laws.
Russia’s money laundering risks – what does the latest FATF report mean in practice?
Kateryna Boguslavska, 26 February 2020
Russia’s risk level in the Basel AML Index has hit a record low following a December 2019 Financial Action Task Force (FATF) assessment that rated the country’s anti-money laundering and counter terrorist financing (AML/CFT) systems as reasonably effective.
The Basel AML Index is the only independent, data-based index of the risk of money laundering and terrorist financing (ML/TF) around the world. Russia’s overall risk score has fallen from 5.75 to 5.60 out of 10, where 10 equals the highest assessed risk of ML/TF. It remains in the medium/high-risk category, reflecting in particular its vulnerabilities to a high level of corruption and to political and legal risks. Continue reading “Article: Russia’s money laundering risks – what does the latest FATF report mean in practice?”
Paul Anthony Falcon Suspended by FINRA
An AWC was issued in which Falcon was fined $5,000 and suspended from association with any FINRA member in all capacities for 30 days. Without admitting or denying the findings, Falcon consented to the sanctions and to the entry of findings that he used an unapproved third-party communication application to conduct securities-related business with customers of his member firm.
Terrence Edward Bonk Suspended by FINRA
An AWC was issued in which Bonk was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in all capacities for nine months. Without admitting or denying the findings, Bonk consented to the sanctions and to the entry of findings that he borrowed $8,000 from a customer of his member firm without notifying or obtaining prior written approval from the firm.
Joseph Morris Thurnherr Barred by FINRA
An AWC was issued in which Thurnherr was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Thurnherr consented to the sanction and to the entry of findings that he refused to provide documents and information requested by FINRA in connection with an investigation into allegations set forth in a customer-initiated arbitration against him.
Boris Skorodumov Barred by FINRA
An AWC was issued in which Skorodumov was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Skorodumov consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony or otherwise cooperate with FINRA’s investigation into Form U5 disclosures made by his member firms.
John Clifford Park Barred by FINRA
An AWC was issued in which Park was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Park consented to the sanction and to the entry of findings that he refused to provide documents and information requested by FINRA in connection with an investigation it began after it received his member firm’s Form U5.
Pedro Perez-Riu Suspended by FINRA
An AWC was issued in which Perez-Riu was fined $5,000 and suspended from association with any FINRA member in all capacities for 10 business days. Without admitting or denying the findings, Perez-Riu consented to the sanctions and to the entry of findings that he caused traders under his supervision at his member firm to execute non-bona fide fixed income transactions.
Beyond Deutsche: U.S. Banks Also Implicated in Dubious Partnerships Abroad
CRISTINA MAZA, 24 February 2020
Evgeny, a retiree from the Russian city of Vladimir, always believed that the U.S. financial system had integrity. In particular Citibank, to him, was no Deutsche Bank, a bank known for getting in bed with dubious investors. And that belief, Evgeny says, may have led to his financial ruin.
The 63-year-old worked for years as a manager in the construction industry, and eventually he became a member of Russia’s minuscule middle class. He planned to retire in 2018 with roughly $100,000 in savings, the product of a lifetime of toil. For almost a decade he deposited his savings in one of Russia’s largest and most reputable financial institutions: Promsvyazbank. Evgeny was one of the bank’s top-tier clients, and he believed that he was on a path to financial stability for himself and his family. Continue reading “Article: Beyond Deutsche: U.S. Banks Also Implicated in Dubious Partnerships Abroad”
Bank of America Eroded U.S. Spoof Case, Laying Path for JPMorgan
Tom Schoenberg
Bloomberg, 20 February 2020
Bank of America Corp.’s lawyers came through big for their client last year when they whittled down a U.S. case over precious metals spoofing.
Justice Department prosecutors wanted to bring criminal charges, but bank lawyers asked for none and prevailed. Prosecutors named Bank of America throughout the draft settlement document but not in the final version.
Paolo Assumpcao Monaco Barred by FINRA
An AWC was issued in which Monaco was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Monaco consented to the sanction and to the entry of findings that he refused to appear for onthe-record testimony or otherwise cooperate with FINRA’s investigation into a disclosure reported on a Uniform Termination Notice for Securities Industry Registration (Form U5) submitted by his member firm.
19 February 2020
Pawar Law Group announces that a class action lawsuit has been filed on behalf of shareholders who purchased shares of Six Flags Entertainment Corporation (NYSE: SIX) from April 25, 2018 through January 9, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Six Flags Entertainment Corporation investors under the federal securities laws.
Wedbush Securities Inc. Fined by FINRA
An AWC was issued in which the firm was censured and fined $30,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to transmit Reportable Order Events (ROEs) to OATS due to system issues that arose during its transition between third-party order management systems. The findings stated that due to the same system issues, the firm transmitted ROEs containing inaccurate, incomplete, or improperly formatted data to OATS.
Morgan Stanley & Co. LLC Fined by FINRA
An AWC was issued in which the firm was censured and fined $20,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it permitted individuals who were employed by a foreign affiliate of the firm to effect transactions in a firm proprietary account without requiring the individuals to pass the Series 57 examination and become qualified and registered as Securities Traders.
THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?
