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February 1, 2016

Software manufacturer SAP SE will disgorge $3.7 million from profits on its sales of software to the Panamanian Government to settle charges that it violated the Foreign Corrupt Practices Act when procuring business in Panama.  An SEC investigation found that SAP’s deficient internal controls allowed a former SAP executive, Vincente Garcia, to pay $145,000 in bribes to a senior Panamanian government official and offer bribes to two others in exchange for lucrative software contracts.  The bribery scheme involved providing large discounts of up to 82% to SAP’s Panamanian business partner, who used the excessive discounts to create a slush fund out of which it could pay bribes on Garcia’s behalf.  SEC

Tagged in: FCPA, Securities Fraud,

January 31, 2016

Barclays Capital Inc. and Credit Suisse Securities (USA) LLC will collectively pay $154.3 million to the SEC and New York Attorney General to settle separate cases finding that they violated federal securities laws while operating alternative trading systems known as dark pools and Credit Suisse’s Light Pool.  Barclays will pay $35 million in penalties to the SEC and $35 million in penalties to the New York Attorney General.  Credit Suisse will pay $30 million in penalties and $24.3 million in disgorgement and prejudgment interest to the SEC and $30 million in penalties to the New York Attorney General.  The settlements address misstatements by Barclays and Credit Suisse to subscribers about the material operations of their alternative trading systems.  SEC

Tagged in: Dark Pools, Market Manipulation and Trading Violations, Securities Fraud,

January 28, 2016

Manhattan-based advisory firm, QED Benchmark Management LLC, and its Toronto-based founder/manager, Peter Kuperman, will reimburse investors $2.877 million in losses to settle charges that they misled investors about a fund’s investment strategy and historical performance.  According to the SEC’s order, QED and Kuperman avoided disclosing heavy trading losses to investors by using a misleading mixture of actual and hypothetical returns when describing the fund's performance history.  After obtaining millions of dollars from investors based on these misrepresentations, QED and Kuperman then deviated from their stated investment strategy and poured most of the fund’s assets into a single penny stock.  SEC

Tagged in: Misrepresentations, Securities Fraud,

February 9, 2016

A federal court ordered Cindy Vandivier and Paul Vandivier of Coconut Creek, Florida to pay almost $3 million in penalties and restitution to settle CFTC charges of fraudulently soliciting customers and misappropriating customer funds in connection with illegal, off-exchange transactions in precious metals.  CFTC

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

February 8, 2016

4X Solutions, Inc. and its principal, Whileon Chay, both of New York City, were ordered to pay over $10 million in penalties and disgorgement in connection with a foreign currency Ponzi scheme.  CFTC

Tagged in: Fraud in CFTC-Regulated Markets, Ponzi Schemes,

February 5, 2016

The Department of Justice, the Department of Housing and Urban Development, the Consumer Financial Protection Bureau, along with 49 states, and the District of Columbia announced that HSBC will pay $470 million to address mortgage origination, servicing, and foreclosure abuses. The settlement also requires HSBC to substantially change how it services mortgage loans, handles foreclosures and ensures the accuracy of information provided in bankruptcy court. These terms are meant to prevent abuses such as robo-signing, improper documentation and the loss of paperwork. NY, CA, PA, TX, IL, MA

Tagged in: Financial and Investment Fraud, Financial Institution Fraud, Housing and Mortgage Fraud, Securities Fraud,

February 5, 2016

The CFTC filed a civil injunctive anti-fraud enforcement action against Rico Omar Cox of Dania Beach, Florida, alleging that between August 2010 through March 2015, Cox fraudulently solicited his trading services for managed commodity futures accounts, and lost most of the $499,000 he traded for or on behalf of at least nine clients. CFTC

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

February 4, 2016

The U.S. District Court for the Southern District of Florida ordered Worth Group Inc. of Jupiter, Florida, its owner and operator, Andrew Wilshire of Jupiter, Florida, and Wilshire’s sister, Eugenia Mildner also of Jupiter, Florida, who served as Worth’s sole officer and director prior to February 2012, to pay restitution of $1,250,000 and a civil monetary penalty of $1,250,000 as sanctions for engaging in an illegal off-exchange precious metals scheme.  CFTC

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

February 3, 2016

The CFTC filed a civil injunctive action against Oakmont Financial, Inc. of Boynton Beach, Florida, and Joseph Charles DiCrisci of New York, New York, an Oakmont owner and principal, alleging that the defendants engaged in illegal, off-exchange transactions in precious metals with retail customers on a leveraged, margined, or financed basis.  CFTC

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

February 1, 2016

Barclays Capital Inc. and Credit Suisse Securities (USA) LLC will pay a combined $154.3 million to the State of New York and the SEC to settle investigations into false statements and omissions made in connection with the marketing of their respective dark pools and other high-speed electronic equities trading services. Dark pools are private exchanges for trading securities that are not viewable by the general public and are completed outside of public stock exchanges. Barclays admitted to core facts set forth in the Attorney General’s Complaint from June 2014 alleging misrepresentations about how it operated its dark pool, “Barclays LX,” including that it misled investors and violated securities laws. NY

Tagged in: Dark Pools, Market Manipulation and Trading Violations, Misrepresentations, Regulatory Violations, Securities Fraud,

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