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CFTC To Issue Whistleblower Award Of Approximately $290,000 - Whistleblower Provided Valuable Information About Violations Of The Commodity Exchange Act, Which Resulted In An Enforcement Action

Date 29/09/2015

The U.S. Commodity Futures Trading Commission (CFTC) today announced that it will make an award of approximately $290,000 to a whistleblower for providing valuable information about violations of the Commodity Exchange Act (CEA).
FINRA Sanctions UBS Puerto Rico $18.5 Million For Supervisory Failures Regarding Sales Of Puerto Rican Closed-End Funds And Related Loans

Date 29/09/2015

The Financial Industry Regulatory Authority (FINRA) announced today that it has censured and fined UBS Financial Services Incorporated of Puerto Rico (UBS PR) $7.5 million for supervisory failures related to the suitability of transactions in Puerto Rican closed-end fund (CEF) shares. In addition, FINRA ordered UBS PR to pay approximately $11 million in restitution to 165 customers who were forced to realize losses on their CEF positions.
SEC Names William Royer to Lead Exam Program in Atlanta Office

Date 29/09/2015

The Securities and Exchange Commission today announced that William Royer has been named the new head of the examination program in the Atlanta Regional Office.
SIFMA's Bleier Urges Reproposal Of DOL's Retirement Regulation At IMCA Conference

Date 29/09/2015

SIFMA's managing director and associate general counsel Lisa Bleier today offered closing remarks on the impact of the Department of Labor's fiduciary rule proposal at the "Focus on Fiduciary" event hosted by the Investment Management Consultants Association (IMCA) at the National Press Club in Washington, DC. Bleier's full prepared remarks can be found here: http://www.sifma.org/news/news.aspx?id=8589956785
SEC Charges Investment Adviser With Fraud

Date 29/09/2015

The Securities and Exchange Commission today announced fraud charges against a registered investment adviser and its owner for allegedly engaging in self-dealing and failing to disclose material facts to clients regarding conflicts of interest, use of investor funds, and the risks of the investments they recommended.

CFTC Orders Florida Resident Barbara Cohen And Her Company, Pure Reason, LLC, To Pay A $140,000 Penalty For Cohen’s False Statements To The CFTC And For Not Disclosing That Profitable Trading Results Were Based On Hypothetical Trading

Date 29/09/2015

The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges that Barbara Cohen of Tarpon Springs, Florida, made false statements of material fact to CFTC staff and that the website of Cohen’s company, Pure Reason, LLC (Pure Reason), promoted Pure Reason’s trading software by demonstrating profitable trading results without disclosing that these results were based on hypothetical, and not actual, trading. The CFTC Order requires Cohen and Pure Reason jointly to pay a $140,000 civil monetary penalty.
SEC To Hold Equity Market Structure Advisory Committee Meeting On October 27

Date 29/09/2015

The Securities and Exchange Commission today announced that its Equity Market Structure Advisory Committee will hold its second meeting on October 27, beginning at 9:30 a.m. ET. The Commission established the advisory committee in February to provide a formal mechanism through which the Commission can receive advice and recommendations on equity market structure issues.
CFTC Orders Florida Resident Alan M. Kneller And His Company American Portfolio Asset Management, Inc. To Pay Restitution And A Civil Monetary Penalty Totaling More Than $578,000 In Precious Metals Enforcement Action - Order Also Permanently Bars Respondents From Trading On CFTC-Regulated Markets

Date 29/09/2015

The U.S. Commodity Futures Trading Commission (CFTC) today filed an Order instituting proceedings and settling charges against Respondents American Portfolio Asset Management, Inc.(APAM), and its owner, Alan M. Kneller, both of Boca Raton, Florida. The CFTC Order charged Kneller and APAM with illegally offering off-exchange financed transactions in precious metals to retail customers and failing to register with the CFTC as a Futures Commission Merchant (FCM), as required.
SEC Charges UBS Puerto Rico And Two Individuals in Actions Relating To Former Broker’s Fraud - UBSPR Reaches $34 Million Settlement With SEC, FINRA

Date 29/09/2015

The Securities and Exchange Commission today charged UBS Financial Services Inc. of Puerto Rico and a former branch manager for failing to supervise a former broker who had customers invest in UBSPR affiliated mutual funds using money borrowed from a UBSPR affiliated bank. UBSPR and the bank prohibited using such loans to purchase securities and the practice exposed investors to losses while producing profits for the former UBSPR broker, the SEC alleged.
Nigerian Stock Exchange Mourns Dr Gamaliel Onosode, 82

Date 29/09/2015

The Nigerian Stock Exchange (NSE) today announces that it is in mourning following the demise of Nigeria’s first indigenous stockbroker, Dr. Gamaliel O. Onosode at the age of 82.