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May 2021 Regulatory Updates

by | Jun 1, 2021 | Compliance Updates, iComply Insights | 0 comments

iComply Regwatch Updates

May 2021 Regulatory Updates

Jun 1, 2021 | Compliance Updates, iComply Insights

iComply Regwatch Updates

Regulatory Actions and Updates from Around the Globe


Enforcement Highlights – May 2021

 

United States: 

 

  • The Securities and Exchange Commission (SEC) charged BitConnect and five individuals for allegedly promoting a global unregistered digital asset securities offering that raised over $2 billion from retail investors.

 

  • SEC charged Under Armour Inc. with failing to adequately disclose known uncertainties concerning its future revenue prospects and misleading investors. Under Armour agreed to a $9 million settlement.

 

  • SEC charged Colorado-based GWFS Equities Inc. for failures related to filing suspicious activity reports (SARs). GWFS agreed to a settlement that imposes a $1.5 million penalty, a censure, and an order to cease and desist from future violations.

 

  • SEC charged New Jersey-based healthcare company Premier Healthcare Solution LLC and its founder, Josiah David (formerly known as Dennis Lee) with fraudulently raising almost $4 million from over 130 investors nationwide.

 

  • The SEC charged LJM Funds Management Ltd., LJM Partners Ltd., and their portfolio managers with fraudulently misleading investors regarding investment risks, resulting in a $1 billion trading loss.

 

  • The SEC charged and fined S&P Dow Jones Indices LLC $9 million for failures relating to a previously undisclosed quality control feature of one of its volatility-related indices, which led S&P DJI to publish and disseminate stale index values during a period of unprecedented volatility. 

 

United Kingdom:

 

  • The Financial Conduct Authority (FCA) fined Sapien Capital Ltd £178,000 for serious financial crime control failings in relation to cum/ex trading, which led to the risk of facilitating fraudulent trading and money laundering.

 

  • The FCA charged Ian Hudson with fraudulent trading and carrying on regulated activities without authorization.

 

Hong Kong:

 

  • The Securities and Futures Commission (SFC) reprimanded and fined Ewarton Securities Limited $1.5 million for breaches and failures of internal controls.

 

  • The Market Misconduct Tribunal (MMT) fined China Medical & HealthCare Group Limited (formerly COL Capital Limited) and six former and current directors $4.2 million for failing to disclose inside information following SFC proceedings.

 

 

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