Société Générale officials report that they are working with seven major American authorities to resolve a U.S. sanctions investigation, and that an ultimate settlement may cost the French banking giant $1.27 billion (€1.1 billion), which adds to the bank’s list of sanctions and regulatory compliance woes. “ … Société Générale has entered into a phase… Read More >>
BNP Paribas Securities Penalized $90M via Benchmark Case
The CFTC reports that BNP Paribas Securities Corp. will pay a $90 million civil monetary penalty to settle charges that it attempted to manipulate the ISDAFIX benchmark. New York-based BNP Paribas Securities is a wholly-owned subsidiary of the BNP Paribas Group, a French international banking group. BNP Paribas Securities Corp.’s USD ISDAFIX manipulations “involved multiple… Read More >>
SEC Slams NYSE with Multiple Regulatory Violations
The SEC reports that it has charged the New York Stock Exchange (NYSE) and two affiliated exchanges (NYSE American and NYSE Arca) with “regulatory failures in connection with multiple episodes, including several disruptive market events.” The violations alleged by NYSE officials include “erroneously implementing a market-wide regulatory halt, negligently misrepresenting stock prices as ‘automated’ despite… Read More >>
CFTC Penalizes Morgan Stanley for Large Trader Omissions
The CFTC has ordered Morgan Stanley and Co. to pay a $350,000 penalty for omitting futures and options data from its required part 17 large trader reports. Morgan Stanley’s omissions spanned a 10-year period, from 2007 to 2017, and affected “thousands of line items of information,” according to the CFTC’s order, which simultaneously filed and… Read More >>
RBS Securities Pays $35M Penalty via Fraud Case
RBS Securities Inc., a securities firm facing charges that it perpetrated a long-running securities fraud scheme — primarily from its Stamford, Conn. office — will pay a monetary penalty of $35 million, plus more than $9 million in restitution to its customers, including firms affiliated with recipients of federal bailout funds through the Troubled Asset… Read More >>
Morgan Stanley’s FCM Subsidiary Penalized $500,000
The CFTC has settled charges against Morgan Stanley & Co. LLC, for “failing to diligently supervise the reconciliation of exchange and clearing fees with the amounts it ultimately charged customers for certain transactions on the CME Group, ICE Futures US, and other exchanges.” Headquartered in New York City, Morgan Stanley & Co., or MSCO, is… Read More >>
SunTrust Investment Services Hit by Charges of ‘Avoidable Fees’
SunTrust Investment Services (STIS), the investment services subsidiary of SunTrust Banks, an American bank holding company, has agreed to pay a penalty of more than $1.1 million to settle the SEC’s charges that it “collected more than $1.1 million in avoidable fees from clients by improperly recommending more expensive share classes of various mutual funds… Read More >>
Banca IMI Securities Settles ADR Case with SEC
The SEC reports that broker-dealer Banca IMI Securities Corp. (BISC), a wholly owned subsidiary of IMI Capital Markets USA Corp., which in turn is a wholly owned subsidiary of Intesa Sanpaol, an Italian banking group, has agreed to pay more than $35 million to settle charges that it violated federal securities laws when it received… Read More >>
CFTC Settles Spoofing Charges Against Japan’s Largest Bank
The CFTC has settled its charges against the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) with a relatively small $600,000 penalty. Those charges accused the bank of “engaging in multiple acts of spoofing in a variety of futures contracts on the Chicago Mercantile Exchange and the Chicago Board of Trade, including futures contracts based on United… Read More >>
Fed Penalizes Deutsche Bank $41M and Demands Ops Overhaul
The Federal Reserve Board has hit the U.S. operations of Deutsche Bank AG with a $41 million penalty and a cease and desist order, alleging anti-money laundering (AML) deficiencies that bank officials are pledging to fix. Specifically, the Fed is focusing its efforts on the German bank’s holding company, DB USA Corp. (DB USA), which… Read More >>
