News Headlines | Upcoming Events


News Headlines

Thursday, April 8, 2021 - ASIC commences proceedings against Westpac for alleged misleading and unfair sales of consumer credit insurance
Westpac
Source - https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-066mr-asic-commences-proceedings-against-westpac-for-alleged-misleading-and-unfair-sales-of-consumer-credit-insurance/
ASIC has commenced civil penalty proceedings in the Federal Court against Westpac Banking Corporation, alleging it mis-sold consumer credit insurance (CCI) with credit cards, and other credit facilities, to customers who had not agreed to buy the policies.

[More]

Thursday, April 8, 2021 - Robinhood failed to disclose certain trade executions to public feed
Robinhood Markets Inc
Source - https://www.reuters.com/article/us-robinhood-regulation-tradereporting-e/exclusive-robinhood-failed-to-disclose-certain-trade-executions-to-public-feed-idUSKBN2BV0FZ?il=0
Retail brokerage Robinhood Financial did not report a certain type of stock trade it executed for customers last year to a public data feed, according to regulatory data analyzed by Reuters and a source familiar with the matter.

[More]

Wednesday, April 7, 2021 - Former Swiss bankers appeal fines for not reporting dubious deposits
Société Générale
Source - https://www.businesslive.co.za/bd/companies/2021-04-07-former-swiss-bankers-appeal-fines-for-not-reporting-dubious-deposits/
Two former Société Générale bankers are challenging Swiss fines issued for failing to report suspicious deposits worth more than $700m made by a one-time ally of Russian President Vladimir Putin.

[More]

Wednesday, April 7, 2021 - Climate activists smash windows of Barclays Bank in London
Barclays Bank
Source - https://www.novinite.com/articles/208840/Climate+Activists+Smash+Windows+of+Barclays+Bank+in+London
Seven people were arrested outside the London headquarters of Barclays Bank on Wednesday after climate change activists broke windows to protest the role of the financial sector in climate change, news wires reported. “You may dislike our action today but I ask you to compare a crack in a window to funding wildfires and flooded homes,” said a campaigner cited by Reuters.

[More]

Wednesday, April 7, 2021 - New Gunvor bribery ‘skeleton’ haunts oil trader’s reform pledge
Gunvor Group
Source - https://www.bloomberg.com/news/articles/2021-04-07/new-gunvor-bribery-skeleton-haunts-oil-trader-s-reform-pledge
In late 2019 Gunvor Group Ltd., one of the world’s biggest oil traders, said it would make a clean break from the past by settling a long-running bribery case in Africa.

[More]

Wednesday, April 7, 2021 - CBA to pay $7 million court penalty for overcharged interest
Commonwealth Bank of Australia (CBA)
Source - https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-065mr-cba-to-pay-7-million-court-penalty-for-overcharged-interest-royal-commission-case-study/
The Federal Court of Australia has ordered the Commonwealth Bank of Australia (CBA) to pay a $7 million penalty after the Court had previously declared that CBA made false or misleading representations and engaged in misleading and deceptive conduct.

[More]

Tuesday, April 6, 2021 - Dawson James Securities, Inc. sanctioned by FINRA for charging customers excessive commissions
Dawson James Securities
Source - https://www.iorioaltamirano.com/blog/dawson-james-securities-inc-sanctioned-by-finra-for-charging-customers-excessive-commissions/
The Financial Industry Regulatory Authority (“FINRA”) has sanctioned Dawson James Securities, Inc. (“Dawson James”) for charging customers excessive commissions. On April 6, 2021, FINRA and Dawson James entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) whereby Dawson James accepted the following sanctions:

[More]

Tuesday, April 6, 2021 - Credit Suisse overhauls executive board as it estimates Archegos fallout at $4.7 billion
Credit Suisse
Source - https://www.metro.us/credit-suisse-overhauls-executive/
Credit Suisse on Tuesday said it was replacing senior managers, halting its share buyback programme and slashing its 2020 dividend as it grapples with the estimated 4.4 billion Swiss franc ($4.69 billion) fallout from its relationship with Archegos Capital Management LP.

[More]

Monday, April 5, 2021 - Deutsche, HSBC BofA $96m bond settlements approved
Bank of America
Source - https://www.competitionpolicyinternational.com/deutsche-hsbc-bofa-96m-bond-settlements-approved/
Settlements worth $95.5 million resolving claims that Bank of America, Deutsche Bank AG, and HSBC Holdings conspired to rig the multi trillion-dollar market for bonds backed by foreign governments and multinational institutions were approved by a federal judge in Manhattan, reported Bloomberg Law.

[More]

Saturday, April 3, 2021 - Former broker stole $400,000 to pay gambling debt
Janney Montgomery Scott
Source - https://www.dkrpa.com/blog/former-broker-stole-400000-to-pay-gambling-debt/
Apostolos Pitsironis, a former broker at Janney Montgomery Scott in Melville, New York, was charged in federal court with defrauding his former clients of more than $400,000. According to the Department of Justice, Mr. Pitsironis used the money to pay personal expenses, including casino gambling debts and credit card bills.

[More]

Friday, April 2, 2021 - Capital One notifies more clients of SSNs exposed in 2019 data breach
Capital One
Source - https://www.bleepingcomputer.com/news/security/capital-one-notifies-more-clients-of-ssns-exposed-in-2019-data-breach/
US bank Capital One notified additional customers that their Social Security numbers were exposed in a data breach announced in July 2019.

[More]

Thursday, April 1, 2021 - ASIC sues CBA for misleading conduct over monthly access
Commonwealth Bank of Australia (CBA)
Source - https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-063mr-asic-sues-cba-for-misleading-conduct-over-monthly-access-fees/
ASIC has commenced civil penalty proceedings in the Federal Court against the Commonwealth Bank of Australia (CBA), alleging that it charged monthly access fees to customers when it was not entitled to do so.

[More]

Thursday, April 1, 2021 - Macquarie slapped with $500m capital buffer after ‘multiple breaches’
Macquarie Bank
Source - https://www.afr.com/companies/financial-services/macquarie-slapped-with-500m-capital-buffer-after-multiple-breaches-20210401-p57fsk
The Australian Prudential Regulation Authority has beefed up the operational capital requirements for Macquarie Bank and lashed the financial services giant for poor risk management after breaching regulatory standards over a number of years.

[More]

Thursday, April 1, 2021 - Cambridge to pay $3.5m to settle FINRA alternative mutual fund case
Cambridge Investment Research Advisors Inc.
Source - https://www.financial-planning.com/news/cambridge-settles-ljm-preservation-growth-fund-case-for-3-5m
One of the largest wealth managers must pay restitution and a fine after selling $18 million worth of investments in a risky alternative mutual fund that went bust.

[More]

Thursday, April 1, 2021 - South African Reserve Bank imposes administrative sanctions on Deutsche Bank AG
Deutsche Bank
Source - https://www.resbank.co.za/content/dam/sarb/publications/media-releases/2021/administrative-sanctions-pa-march-2021/South%20African%20Reserve%20Bank%20imposes%20administrative%20sanctions%20on%20Deutsche%20Bank%20AG%20Johannesburg%20Branch.pdf
The South African Reserve Bank (SARB) has imposed administrative sanctions on Deutsche Bank AG - Johannesburg Branch (Deutsche Bank) and directed the bank to take remedial actions. The SARB found weaknesses in the bank’s money laundering control measures following an inspection conducted in 2019 in terms of the Financial Intelligence Centre Act 38 of 2001 (FIC Act).

[More]

Wednesday, March 31, 2021 - SFC reprimands and fines Black Marble Securities Limited $1.8 million for internal control failings and regulatory breaches
Black Marble Securities / 貝格隆証劵
Source - https://apps.sfc.hk/edistributionWeb/gateway/TC/news-and-announcements/news/enforcement-news/doc?refNo=21PR36
The Securities and Futures Commission (SFC) has reprimanded and fined Black Marble Securities Limited $1.8 million for internal control failings and breaches of the SFC’s Code of Conduct.

[More]

Tuesday, March 30, 2021 - Wall Street banks summoned by regulators after Archegos blowup
Archegos Capital Management
Source - https://www.straitstimes.com/business/banking/wall-street-banks-summoned-by-regulators-after-archegos-blowup
Wall Street banks grappling with the implosion of Bill Hwang's investment firm spent Monday (March 29) briefing US regulators as Washington starts to dig into one of the biggest fund blowups in years.

[More]

Monday, March 29, 2021 - Edward Jones reaches $34m settlement in 'race discrimination' lawsuit
Edward Jones Investments
Source - https://www.financial-planning.com/news/edward-jones-reaches-34m-settlement-in-racial-class-action-suit
Edward Jones has agreed to a $34 million settlement to resolve allegations of widespread discrimination against Black advisors, committing to a reform program to boost hiring, compensation and advancement opportunities for advisors of color.

[More]

Friday, March 26, 2021 - Goldman fraud-claim case will test Supreme Court shaped by Trump
Goldman Sachs
Source - https://www.bnnbloomberg.ca/goldman-fraud-claim-case-will-test-supreme-court-shaped-by-trump-1.1582676
The U.S. Securities and Exchange Commission sent Goldman Sachs Group Inc. shares tumbling by 13% in a single day in 2010, when it accused the firm of defrauding customers by selling them a mortgage-backed investment that was secretly designed to fail.

[More]

Friday, March 26, 2021 - Insurance giant CNA hit with novel ransomware attack
CNA Financial Corporation
Source - https://threatpost.com/cna-hit-novel-ransomware/165044/
A novel ransomware attack forced insurance giant CNA to take systems offline and temporarily shutter its website. The attack occurred earlier this week and leveraged a new variant of the Phoenix CryptoLocker malware.

[More]


Events

There are no upcoming events.