The CFTC has fined London, U.K.-based Barclays Bank PLC $650,000 for “failing to submit accurate large trader reports (LTRs) for physical commodity swap positions,” a violation of the Commodity Exchange Act and CFTC regulations. Barclays has been provisionally registered with the CFTC as a swap dealer since December 12, 2012, and the commission requires dealers… Read More >>
Deutsche Bank Securities Fined $6M for ‘Blue Sheet’ Woes
The Financial Industry Regulatory Authority (FINRA) reports that Deutsche Bank Securities Inc., a subsidiary of Deutsche Bank, has been fined $6 million for “failing to provide complete and accurate trade data in an automated format in a timely manner when requested by FINRA and the Securities and Exchange Commission (SEC).” “Blue sheets” is the informal… Read More >>
SEC Fines Merrill Lynch $415M for Misusing Customer Cash
The SEC reports that Merrill Lynch has admitted to illegally using billions of dollars of its customers’ money, on a weekly basis from 2009 until last year, to finance its own trades. The well-known brokerage, owned by Bank of America Corp., will pay a $415 million penalty and admits wrongdoing to settle charges that it… Read More >>
Oppenheimer & Co. Fined $2M for Noncompliant ETF Sales
The Financial Industry Regulatory Authority (FINRA) has fined investment bank Oppenheimer & Co. $2.25 million and has ordered the firm to pay restitution of more than $716,000 to affected customers for recommending non-traditional exchange-traded funds (ETFs) that the regulator says “were not suitable” for certain retail investors and were sold “without reasonable supervision.” FINRA’s actions… Read More >>
CFTC Penalizes Bitfinex $75K for Illegal Transactions
The CFTC has ordered online bitcoin exchange Bitfinex to pay $75,000, settling charges that it offered illegal off-exchange financed retail commodity transactions in bitcoin and other cryptocurrencies, and that it failed to register as a futures commission merchant (FCM). The bitcoin exchange says in its own statement that it “proactively contacted the CFTC in September… Read More >>
Citi to Pay $425M to Settle Benchmark Abuse Cases
Banking giant Citi and some of its key affiliates have agreements with the CFTC to settle the regulator’s investigations into alleged abuses of the London Interbank Offered Rate (Libor), the Euroyen Tokyo Interbank Offered Rate (Euroyen Tibor) and the International Swaps and Derivatives Association Fix (Isdafix) interest rates swaps benchmarks. “Separately, Citi is charged with… Read More >>
FINRA Charges Lawson Financial with Securities Fraud
The Financial Industry Regulatory Authority (FINRA) has filed a disciplinary complaint against Phoenix-based Lawson Financial Corp. Inc. (LFC) and Robert Lawson, LFC’s president and CEO, charging them with securities fraud in connection with the sale of “millions of dollars of municipal revenue bonds” to customers. FINRA further alleges in a statement that Robert Lawson and… Read More >>
Raymond James Fined $17M for AML Deficiencies
The Financial Industry Regulatory Authority (FINRA) has fined the financial advisory firm Raymond James a total of $17 million, citing deficiencies in its ant-money laundering (AML) staffing and systems, which the firm says has been rectified via “significant resource, process and technology enhancements.” FINRA officials fined Raymond James & Associates, Inc. (RJA) $8 million, and… Read More >>
Markit, ISDA Move to Settle EU Probe
Markit, the U.K. data provider, and the International Swaps & Derivatives Association (ISDA), an industry trade group, have offered concessions in an effort to settle a European Union antitrust investigation into possible collusion in the credit default swaps (CDS) market, according to the European Commission. The Commission is seeking feedback from interested parties on the… Read More >>
SEC Alleges Accounting Firm Botched Exams
The SEC has clamped down on Santos, Postal & Co. (SPC), an accounting firm responsible for conducting SEC-related exams, charging it and one of its partners, Joseph A. Scolaro, a 25-percent SPC owner, with inadequate performance in their conduct of surprise examinations of an investment advisor, SFX Financial Advisory Management Enterprises, whose president allegedly “secretly… Read More >>
