An investment bank vice president has been arrested and stands accused in a SEC complaint filed in a New York federal court of using a nominee trading account, held in the name of a close friend, to make “numerous” securities trades on material nonpublic information (MNPI). According to the SEC complaint, Woojae Jung, 37, a.k.a…. Read More >>
FINRA, SEC Slam ICBCFS Over Allegedly Inadequate AML
The Financial Industry Regulatory Authority (FINRA) reports that it has censured and fined Industrial and Commercial Bank of China Financial Services (ICBCFS) $5.3 million for systemic anti-money laundering compliance failures, including its failure to have a “reasonable” AML program in place to monitor and detect suspicious transactions, as well as other violations, including financial, record-keeping… Read More >>
Firm Allegedly Funded Luxuries Instead of Bridge Project
The owner of two New York-based investment funds has been arrested and charged in Manhattan federal court with conspiring to commit — and the commission of — securities and wire fraud in connection with a $21 million investment fraud scheme. The arrest of Brent Borland, 48, of Sag Harbor, N.Y., was announced in Manhattan by… Read More >>
Fidessa Picks ION Bid Over Temenos & SS&C Overtures
ION Capital U.K. Ltd., which is indirectly and wholly owned by ION Investment Group Ltd., has won a key round in the battle to buy Fidessa as its $2.3 billion (£1.5 billion) bid has gotten the approval of the Fidessa board, besting a bid from Temenos. “The boards of ION and Fidessa are pleased to… Read More >>
SEC & Justice Department Bear Down on Centra Tech
In the present financial era value moves around the globe via esoteric financial instruments that may exist only on the Internet. Which means that today a robbery might be entirely virtual. Even though the value stolen is entirely real. That proposition underlies the SEC’s recent complaint against the two co-founders of a so-called “financial services… Read More >>
Barclays Settles Pre-Crash RMBS Case for $2 Billion
The United States Department of Justice (DoJ) reports an agreement with Barclays Capital, Inc. and several of its affiliates, under which Barclays will pay $2 billion, to settle a civil action filed originally in December 2016. Under the terms of the agreement, the DoJ will dismiss the original civil action, which “sought civil penalties for… Read More >>
Voya Settles SEC’s Conflict of Interest Charges
Voya Holdings Inc. has settled with the SEC over charges that two investment adviser subsidiaries did not disclose conflicts of interest and made misleading disclosures “in connection with their practice of recalling securities on loan so their affiliates could receive tax benefits,” SEC officials say. The Voya adviser affiliates have agreed to be censured and… Read More >>
BNP Paribas USA Pleads Guilty to FX Price-Fixing
Officials of the U.S. Justice Department and BNP Paribas USA Inc. (BNPP USA) have settled a case in which the subsidiary of BNP Paribas is pleading guilty to one count of price-fixing via foreign exchange (FX) markets and has agreed to pay a criminal fine of $90 million. According to documents filed recently with the… Read More >>
Exchange Data International to Offer Key Content via QuantHouse
Exchange Data International (EDI) will be offering its securities reference data and end of day pricing through the QuantHouse hub of services accessed via application programming interfaces (APIs), which is intended to help a quant trader’s decision-making, among other operations. The London-based EDI has a content database that covers major markets, particularly emerging and frontier… Read More >>
