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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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Vaidyanathan Chandrashekhar

Vaidyanathan Chandrashekhar

Advisors

“Chandy,” is a technology and risk expert with executive experience at Boston Consulting Group, Citi, and PwC. With over two decades in financial services, digital transformation, and enterprise risk, he advises iComply on scalable compliance infrastructure for global markets.
Thomas Linder

Thomas Linder

Advisors

Thomas is a global tax and compliance expert with deep specialization in digital assets, blockchain, and tokenization. As a partner at MME Legal | Tax | Compliance, he advises iComply on regulatory strategy, cross-border compliance, and digital finance innovation.
Thomas Hardjono

Thomas Hardjono

Advisors

Thomas is a renowned identity and cybersecurity expert, serving as CTO of Connection Science at MIT. With deep expertise in decentralized identity, zero trust, and secure data exchange, he advises iComply on cutting-edge technology and privacy-first compliance architecture.
Rodney Dobson

Rodney Dobson

Advisors

Rodney is the former President of ADP Canada and international executive with over two decades of leadership in global HR and enterprise technology. He advises iComply with deep expertise in international service delivery, M&A, and scaling high-growth operations across regulated markets.
Praveen Mandal

Praveen Mandal

Advisors

Praveen is a serial entrepreneur and technology innovator, known for leadership roles at Lucent Bell Labs, ChargePoint, and the Stanford Linear Accelerator. He advises iComply on advanced computing, scalable infrastructure, and the intersection of AI, energy, and compliance tech.
Paul Childerhose

Paul Childerhose

Advisors

Paul is a Canadian RegTech leader and founder of Maple Peak Group, with extensive experience in financial services compliance, AML, and digital transformation. He advises iComply on regulatory alignment, operational strategy, and scaling compliance programs in complex markets.
John Engle

John Engle

Advisors

John is a seasoned business executive with senior leadership experience at CIBC, UBS, and Accenture. With deep expertise in investment banking, private equity, and digital transformation, he advises iComply on strategic growth, partnerships, and global market expansion.
Jeff Bandman

Jeff Bandman

Advisors

Jeff is a former CFTC official and globally recognized expert in financial regulation, fintech, and digital assets. As founder of Bandman Advisors, he brings deep insight into regulatory policy, market infrastructure, and innovation to guide iComply’s global compliance strategy.
Greg Pearlman

Greg Pearlman

Advisors

Greg is a seasoned investment banker with over 35 years of experience, including leadership roles at BMO Capital Markets, Morgan Stanley, and Citigroup. Greg brings deep expertise in financial strategy and growth to support iComply's expansion in the RegTech sector.
Deven Sharma

Deven Sharma

Advisors

Deven is the former President of S&P and a globally respected authority in risk, data, and capital markets. With decades of leadership across financial services and tech, he advises iComply on strategic growth, governance, and the future of trusted data in AML compliance.