“Regulators, compliance officers and the investing public would all benefit from the adoption of a framework for evaluating potential cases against chief compliance officers (CCOs) in the financial sector.” So says the New York City Bar Association, which has offered a proposal for doing just that. The proposal, a follow-up to the committee’s February 2020… Read More >>
Bitcoin-Based Futures Are Risky Business: Regulators
An investor bulletin from the SEC and the CFTC is warning investors to be fully aware of the risks that come with Bitcoin-based futures given the many pitfalls that come with cryptocurrency trading. The “Funds Trading in Bitcoin Futures” bulletin from earlier this month targets “investors considering a fund with exposure to the Bitcoin futures… Read More >>
Stopping the Financial Exploitation of the Elderly
Among the most troubling issues that FTF News reports upon via our enforcement stories is the sad truth that a lot of very bad people prey upon the elderly to steal their life savings via securities trading scams. To help combat this problem, three key organizations for the securities industry — FINRA, the SEC, and… Read More >>
Gensler Launches PCAOB Shake-up by Ousting Chairman
SEC Chair Gary Gensler startled the U.S. securities industry last week when he ousted William D. Duhnke III from his chairmanship of the Public Company Accounting Oversight Board (PCAOB), and then began a board overhaul. The overhaul may have been in response to concerns raised by former members of the PCAOB’s Investor Advisory Group (IAG)…. Read More >>
Gresham Will Globalize Clareti & Electra: Q&A
(Editor’s Note: Late last month, Gresham Technologies announced that it was acquiring Electra Information Systems for $38.6 million. The acquisition is slated to become official on June 22, and both vendors say it will help transform the market landscape for reconciliation and cloud-based data control. FTF News got time with Ian Manocha, CEO at Gresham, and… Read More >>
LJM Disputes Fraud Charges from SEC & CFTC
The Securities & Exchange Commission has filed a civil action against two related investment advisories and two portfolio managers. The commission alleges that LJM Funds Management Ltd. and LJM Partners Ltd. “fraudulently misled investors and the board of directors of a fund they advised about LJM’s risk management practices and the level of risk in… Read More >>
Firm Fined for Alleged Regulation SHO Violations
FINRA, the financial industry’s self-regulatory authority, has charged Wolverine Execution Services with “inaccurately marking sell orders as long rather than short in 18,756 instances.” The firm, based in Chicago, also failed to “document compliance with the locate requirement in 556,388 instances during February 2018,” according to FINRA. Wolverine Execution Services, a subsidiary of Wolverine Trading,… Read More >>
Should the SEC Become a Crypto Cop?
The Securities and Exchange Commission (SEC) may be taking on more oversight of the cryptocurrency trading world as there are many troubling regulatory gaps, says SEC Chair Gary Gensler in testimony May 26 before the subcommittee on financial services and general government, which is part of the U.S. House Appropriations Committee. In testimony that covered… Read More >>
SEC & Colorado Firm Settle SARs Filing Case
The Securities and Exchange Commission has charged GWFS Equities Inc., a Colorado-based registered broker-dealer that is an affiliate of Great-West Life & Annuity Insurance Co., with violating federal securities laws governing the filing of Suspicious Activity Reports. Those charges have been settled in the familiar manner: a censure, a $1.5 million penalty, and the firm’s… Read More >>
Abel Noser to Acquire Competitor Trade Informatics
Abel Noser Bolsters Wares via Acquisition Brokerage Abel Noser Holdings is hoping to offer a comprehensive suite of trade analysis, compliance products, and agency-only brokerage technology services by acquiring competitor Trade Informatics LLC, officials say. Like Abel Noser, Trade Informatics provides equities trade cost analysis (TCA), officials say. Trade Informatics also offers the START systematic… Read More >>
