FSCS aims to conclude initial investigations into Arjent by end-August 2019
Claims linked to the fraud carried out by firm’s CEO and chairman Robert P. DePalo have not yet been passed to the FSCS’s claims processing teams for assessment.
BBVA accelerates tech push via establishment of AI Factory
The new structure brings together a cross-disciplinary team consisting of data scientists, teams from the Engineering area, and representatives from other business areas.
Losses due to investment scams in Australia jump 205% in one week
Australia’s Scamwatch advises the public to beware of get-rich-quick schemes, as investment losses top $1.6 million in the week to June 23, 2019.
ASIC opens consultation into new product intervention power
The new powers allow the regulator to intervene when a product has resulted or is likely to result in significant detriment to consumers.
US Govt argues against granting immunity to Yossi Herzog in binary options fraud case
The US Government notes that there is no reason to immunize a charged co-conspirator because Lee Elbaz wishes to call him as a witness.
SEC brings fraud charges against Worldwide Markets
Worldwide Markets, which sold its customers single-security CFDs, has not honored a single customer withdrawal request since 2017.
Owner of binary options firm Y Trading pleads guilty to fraud
Yehuda Belsky faces up to 40 years in prison, restitution in the full amount of each victim’s losses, forfeiture of $800,000 and a fine of up to $5 million.
London Stock Exchange prepares to take measures concerning trading in Swiss shares
If the EU equivalence decision for Swiss trading venues is not extended beyond June 30, 2019, the Swiss authorities may remove the recognition that allows EU trading venues to offer trading in Swiss equity securities.
FCA marks slight rise in unanswered calls from consumers in 2018/19
The UK regulator has reduced the number of unanswered calls from firms from 2% to 1.8% but unanswered calls from consumers increased from 1.6% to 2%.
Interactive Brokers, Guotai Junan, GF Securities among brokers to get SFC notices to freeze certain client accounts
The SFC has issued restriction notices to dozens of brokerages to freeze client accounts linked to suspected manipulation of shares in Smartac Group China Holdings and China Ding Yi Feng Holdings.
Ex-University of Georgia student gets more time to respond to SEC’s fraud allegations
Syed Arham Arbab, who operated Artis Proficio Capital Investments and Artis Proficio Capital Management, gets time extension until August 1, 2019.
Mizuho’s J-Coin Pay app adds participating financial institutions
In total, 57 financial institutions now allow linking accounts to J-Coin Pay.
CFTC gets approval for alternate service on co-founder of binary options firm Berkley Capital Management
Arie Bos has until July 18, 2019 to file an answer to the CFTC complaint.
Nadex fines and bans member over providing misleading information
Nadex has revoked the membership and has permanently banned Juncong Tang from trading on the Nadex markets.
ASIC extends suspension of license of BBY Ltd
ASIC has extended the suspension of the Australian Financial Services licence held by BBY until May 28, 2020.
