Search Results for: fraud
Decline and Fall of the Demagogues
December 19th, 2014
This article could have been entitled ‘The Bonfire of the Vanities’ (with apologies to the book’s author Tom Wolfe) as it too is all about ruthless ambition, political sleaze and rampant greed. However, as vanity in others is regarded ...
Hong Kong-based audit firm and two accountants charged by SEC
December 18th, 2014
The Securities and Exchange Commission imposed sanctions against a Hong Kong-based audit firm and two accountants for failing to properly audit year-end financial statements of a company that the SEC has charged with fraud. An SEC investigation found that Baker ...
Company not registered with the CFTC as a Retail Foreign Exchange Dealer ordered to pay over $2.5 Million in Monetary Sanctions
December 17th, 2014
The U.S. Commodity Futures Trading Commission (CFTC) today announced that the Honorable Ronnie L. White of the U.S. District Court for the Eastern District of Missouri entered a Consent Order for permanent injunction against Defendants Daniel K. Steele and ...
Switzerland bows to pressure; Tightens money-laundering rules
December 15th, 2014
The Swiss Parliament has bowed to international pressure, tightening the country’s money-laundering rules. There will be a CHF100,000 ($104,000) cap on cash transactions, and not just foreign dictators, but also senior politicians and officials like Sepp Blatter, will be ...
SEC Penalizes Morgan Stanley for Violating Market Access Rule
December 11th, 2014
The Securities and Exchange Commission today penalized Morgan Stanley & Co. LLC for violating the market access rule when it failed to uphold credit limits for a customer firm with a rogue trader who engaged in fraudulent trading of ...
HSBC sets aside head of European forex trading
December 11th, 2014
HSBC has sacked its European currency trading chief in the wake of a huge $618m (£394m) fine for manipulating the £3.3trn a day foreign exchange market. The bank is understood to have “let go” Stuart Scott on Tuesday following ...
Warning against Ftradition LTD
December 9th, 2014
The Netherlands Authority for the Financial Markets (AFM) warns consumers not to respond to offers from Ftradition LTD. This company is a suspected boiler room. Ftradition LTD has approached persons without being asked, to offer them investment proposals. A ...
Madoff accomplice Daniel Bonventre jailed for 10 years
December 9th, 2014
A former associate of Bernie Madoff has been sentenced to 10 years in jail for aiding the disgraced Wall Street financier in his $65bn (£42bn) fraud scheme. Daniel Bonventre, 67, was also ordered to forfeit $155bn (£99bn). Bonventre is ...
PwC staff grilled by MPs over Luxembourg deals
December 9th, 2014
Accountants and business advisors PricewaterhouseCoopers (PwC) came under fire from MPs yesterday during a parliamentary hearing. The hearing followed the leak of hundreds of Luxembourg tax rulings at the beginning of November. “I think what you are doing is selling ...
The world’s poorest man has handed himself in to French authorities
December 5th, 2014
Jerome Kerviel, the ex-Societe Generale trader who has more debt than anyone else in the world, has turned himself in to French authorities to begin a three-year jail sentence. His return home is something of an end point to ...
