Archive

California Attorney Found Guilty in Pump-and-Dump Scheme Case Involving Greenway Technology and Crown Marketing

Jehu Hand, a California-based attorney has been found guilty of securities fraud and is now awaiting sentencing. Following his trial, which took place in Boston, the defendant could be facing  up to eight years in prison. The federal jury found that Hand conspired with his two brothers to…
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Merrill Lynch FAs Will Experience Pay Cuts Unless They Meet Certain Targets

As Merrill Lynch brokers appear to lag behind their competitors at Morgan Stanley, some FAs at the firm are probably not looking forward to seeing their paychecks this summer season. Based on Merrill’s new compensation program, FAs who do not hit specific targets are going to endure punishment…
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CFTC Tells Judge It Has Jurisdiction Over Cryptocurrencies

A few days before issuing the recent advisory for the cryptocurrency market, the Commodity Futures Trading Commission told the judge in the case against My Big Coin Pay Inc. that cryptocurrencies are commodities, and are therefore within CFTC jurisdiction. The federal judge in Massachusetts is hearing the case against…
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CFTC Staff Advisory Offers Guidance for Listing Cryptocurrency Derivative Products

On May 21st, the Commodity Futures Trading Commission issued a new document offering valuable guidance for registered market participants. The head of the CFTC’s Division of Market Oversight, Amir Zaidi said in an accompanying press release, “The CFTC staff is committed to providing regulatory clarity as much as…
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Anti-Money Laundering and Sanctions Compliance: New Challenges for Financial Institutions

In a complex and shifting global scenario, the financial industry faces numerous challenges relating to anti-money laundering (AML) compliance. In a rapidly changing regulatory environment, within an unstable geopolitical context, financial institutions have to adapt to new technologies and innovative operating models. As regulators worldwide coordinate to increase…
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Delaney Equity Group Could Face Probation and Steep Fines in “Shell Factory” Case

Last week, federal prosecutors charged Delaney Equity Group with participating in a fraudulent scheme involving the sale of bogus shell company shares. The Florida-based broker-dealer allegedly conspired to sell shares of fraudulent microcap companies to investors at a profit. The Department of Justice has accused the defendant of…
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