Last week the NFA sent a notice regarding the Department of Treasury’s Office of Foreign Assets Control (OFAC) as it applies to Virtual Currency such as Bitcoin. The NFA urges its Futures Commission Merchants (FCM) and Introducing Brokers (IB’s) to review the OFAC FAQ for cryptocurrency transactions compliance with their Anti-Money Laundering program.
April saw the most enforcement actions by the CFTC for the year 2018. Some of these were the typical commodity pool schemes, precious metals schemes, spoofing, and fraud in Retail Forex; yet other enforcement actions involved new technologies such as Binary Options fraud relying on technology.
ATM Coin Part of Binary Options Fraud by Blue Bit Banc, CFTC Order Freezes Assets Last week a new cryptocurrency called ATM Coin was involved with CFTC charges against a Binary Options fraud scheme by Blue Bit Banc and other entities. Blake Kantor, aka Bill Gordon, and Nathan Mullins along with companies Blue Bit bank, […]
FDIC Hosts Use of Technology in the Business of Banking Forum in Arlington, Virginia The Federal Deposit Insurance Corporation (FDIC) will host a forum on the Use of Technology in the Business of Banking on Monday, May 7, 2018. Panels will focus on emerging technologies that are transforming banking operations; the impact of emerging technologies on retail banking, including […]
Floor Broker Fined $150,000 by the CFTC for “Spoofing” CME Wheat Futures Market The CFTC fined Anuj C. Singhal $150,000 to settle charges for “spoofing” the Chicago Mercantile Exchange (CME) wheat futures market. The relevant period of the offense was at least between March and June 2016, but this was a repeat offense since disciplinary […]
Aegis Capital Pays $1.3 Million for Anti-Money Laundering Violations FINRA and the Securities Exchange Commission have fined Aegis Capital Corp., NY based Broker-Dealer, $550,000 and $750,000, respectively, in enforcement actions for Anti-Money Laundering (AML) Violations. FINRA Fines Aegis Capital Corp. $550,000 On March 28th FINRA announced in a press release that they had fined Aegis Capital over half […]
CFTC Asks Court To Serve Summons Through Email for Bitcoin Scammer Dillon Dean Bitcoin binary options trader Dillon Michael Dean is strategically avoiding the CFTC court summons accusing him and his company of fraud. On January 18th the Commission filed an enforcement action against Dean and his company, The Entrepreneurs Headquarters Limited, alleging they misappropriated over […]
Court Fines Former Pastor Wesley Allen Brown and Associates $8.6 for Defrauding Church Members On March 23, 2015 the CFTC filed a civil enforcement action against defendants Allen Brown, a former pastor now serving time in prison, for defrauding church congregants in violation of federal commodity laws. Brown abused his position as a religious leader […]
Federal Judge Sides With CFTC in Patrick McDonnell Bitcoin Fraud Case In January 18, 2018 the CFTC filed a complaint against Patrick McDonnell and his company CabbageTech, Corp. d/b/a Coin Drop Markets charging them with fraud in purchases and trading of Bitcoin and Litecoin. Yesterday’s hearing on March 6th, the Honorable Jack B. Weinstein of the U.S. […]
CFTC Issues Its First Virtual Currency “Pump-and-Dump” Schemes Warning The Commission continues its involvement in the virtual currency market. On February 15th the CFTC issued its first ever Costumer Advisory warning against virtual currency “pump-and-dump” schemes. Asserting its jurisdiction over cryptocurrency the original press release from the Commission reads, “the CFTC maintains general anti-fraud and […]
Press Release - Basel Committee reports on Basel III implementation progress, 16 October 2019. Release of the "Seventeenth progress report on adoption of the Basel regulatory framework". […]
Report sets out governance of key OTC derivatives data elements, 9 October 2019. […]
The Swiss National Bank (SNB) and the Bank for International Settlements (BIS) have today signed an operational agreement on the BIS Innovation Hub Centre in Switzerland. […]
The Committee on the Global Financial System (CGFS) and the Markets Committee have published two major reports on the implementation and implications of unconventional monetary policy tools (UMPTs) introduced by central banks in response to the financial crisis and its aftermath. […]
FINRA cautions investors who are considering binary options to be alert to potentially fraudulent schemes, and particularly wary of non-U.S. companies that offer binary options trading platforms. […]
Press Release - Basel III monitoring results based on end-2018 data published by the Basel Committee, 2 October 2019. […]
FIA welcomed more than 100 attendees from across the derivatives industry to its forum in Frankfurt on 24 September , where the impact of post-crisis reforms, new rules in Europe and international...Washington, D.C.—FIA today announced that 20 companies have been chosen to exhibit in the FIA Innovators Pavilion at the 35th Annual Futures and Options Expo , which will take place in Chicago on...(as prepared) Guten Morgen and welcome to FIA’s Frankfurt Forum . This city is the perfect gathering place for our industry, given its unique position in global finance. To begin...FIA submitted a letter to the SEC that raises concerns about the Options Clearing Corporation’s (OCC) proposed new capital management plan. In the letter, FIA raised issues about the lack of a...FIA’s Financial Management Committee submitted a petition for more flexibility for FCMs to invest customer funds in safe and liquid financial instruments under applicable CFTC rules. Specifically...FIA responded to both the CFTC and the SEC on ICE Clear Credit’s proposed rule amendments to allocate non-default losses for investment losses and custodial losses to clearing members.FIA and ISDA sent a joint comment letter today in response to the CFTC’s call to enhance the rules governing various aspects of the Core Principles applicable to derivatives clearing organizations...(Feed generated with FetchRSS) […]
October 1-7, 2019 is World Investor Week, a global campaign to raise awareness about the importance of investor education and protection. U.S. securities regulators offer these key messages for Main Street investors. […]
The Bank for International Settlements (BIS) and the Hong Kong Monetary Authority (HKMA) have today signed an Operational Agreement on the BIS Innovation Hub Centre in Hong Kong SAR. […]
BIS Press Release - The September 2019 issue of the BIS Quarterly Review - Markets swing on trade and monetary policy […]
The Board of Directors of the Bank for International Settlements (BIS) has appointed Ravi Menon as Chair of the BIS Asian Consultative Council (ACC) from 26 September 2019. Mr Menon is Managing Director of the Monetary Authority of Singapore. The term of appointment for the ACC Chairman is two years. (Press release, 18 September 2019) […]
The Bank for International Settlements (BIS) and the Hong Kong Monetary Authority (HKMA) have today signed an Operational Agreement on the BIS Innovation Hub Centre in Hong Kong SAR. […]
Press Release - Senior officials from public authorities meet on stablecoins, Basel, 16 September 2019. […]
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Financial fraud routinely follows on the heels of disaster. Hurricanes and their aftermath are no exception. We are issuing this Alert to warn investors that investment scams may come your way touting stocks and other investments with the promise of huge gains in the wake of major hurricanes. […]
FINRA updated and is reissuing our 529 saving savings plan investor alert to highlight Jobs Act changes, and to remind investors to closely consider both their state of residency and the applicable fees—including fees associated with share classes—when making 529 investment decisions. […]
Press Release - Basel Committee and IOSCO agree to one-year extension of the final implementation phase of the margin requirements for non-centrally cleared derivatives, 23 July 2019. […]
As an investor, you may have read about "Class A," "Class B," Class C", or other classes of mutual fund shares. If you are thinking about choosing one of these classes, it is important for you to understand the differences between them. FINRA regulates broker/dealers and their registered representatives, and we provide investors with information about securities products and services. […]
The Bank for International Settlements (BIS) today announced the appointment of Alexandre Tombini as Chief Representative for the Americas. […]
Press release about Basel Committee assesses members' implementation of the Net Stable Funding Ratio and large exposures framework, 4 July 2019. […]
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