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September 28, 2016

The CFTC filed a complaint against eFloorTrade, LLC and its majority owner and sole principal John Moore, charging them with record keeping and supervision failures and charging Moore with making false and misleading statements of material fact, or omitting material facts, in sworn testimony before the CFTC.  CFTC

Tagged in: Fraud in CFTC-Regulated Markets, Misrepresentations, Regulatory Violations,

September 28, 2016

SG Americas Securities, LLC, successor to Newedge USA, LLC, a financial services firm registered with the CFTC as a Futures Commission Merchant, was ordered to pay a $750,000 penalty and undertake internal control procedures for participating in unlawful wash trades and for failing to diligently supervise employees over a three and a half year period.  CFTC

Tagged in: Fraud in CFTC-Regulated Markets, Market Manipulation and Trading Violations,

September 27, 2016

The CFPB took action against online lender Flurish, Inc., doing business as LendUp, for failing to give consumers the opportunity to build credit and provide access to cheaper loans, as it claimed to consumers it would. The company has been ordered to provide more than 50,000 consumers with approximately $1.83 million in refunds and pay a civil penalty of $1.8 million.  CFPB

Tagged in: Misrepresentations,

September 27, 2016

The CFTC filed a civil enforcement action against Kevin Michael Symons of Foothill Ranch, California, his wholly-owned company, FTS Financial, Inc. of Irvine, California, and Jerry Austin Simmons of Charlotte, North Carolina, charging them with the fraudulent promotion of Simmons’ “Real Time Trade Room," an online futures “trading” forum marketed by Defendants as a way to observe Simmons as he purported to trade futures contracts “live.” Additionally, the CFTC’s complaint charges Simmons with soliciting clients to open managed futures trading accounts without being registered with the CFTC as an Associated Person of a Commodity Trading Advisor.  CFTC

Tagged in: Fraud in CFTC-Regulated Markets, Misrepresentations, Regulatory Violations,

September 27, 2016

Advanced Trading Workshop, Inc. of Jamesville, New York, agreed to pay $940,000 in penalties and disgorgement to resolve allegations that it fraudulently solicited clients to purchase access to an online trading room and failed to register with the CFTC as a Commodity Trading Advisor.  CFTC

Tagged in: Fraud in CFTC-Regulated Markets, Misrepresentations, Regulatory Violations,

September 26, 2016

The CFPB took action against TitleMax parent company TMX Finance LLC for luring consumers into costly loan renewals by presenting them with misleading information about the deals’ terms and costs. The lender also used unfair debt collection tactics that illegally exposed information about debts to borrowers’ employers, friends, and family. TMX Finance was ordered to stop its unlawful practices and pay a $9 million penalty.  CFPB

Tagged in: Misrepresentations,

September 23, 2016

The CFPB filed a federal lawsuit against the credit repair company Prime Marketing Holdings, LLC alleging it charged consumers a series of illegal advance and also misrepresented the cost and effectiveness of its services. The CFPB is seeking to halt the company’s harmful conduct and to obtain relief for consumers, including refunds of fees paid to the defendant.  CFPB

Tagged in: Misrepresentations,

September 22, 2016

Barclays Bank PLC agreed to pay $500,000 to settle charges that it failed to create, maintain, and promptly produce required confirmations for metals and energy Exchange for Related Position trades.  CFTC

Tagged in: Fraud in CFTC-Regulated Markets, Regulatory Violations,

September 22, 2016

The CFTC filed an enforcement action against Jamal Y. Vance and All City Investments, LLC, charging them with solicitation fraud in connection with off-exchange foreign currency transactions and with failure to register as Commodity Trading Advisors.  CFTC

Tagged in: Fraud in CFTC-Regulated Markets, Regulatory Violations,

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