Enforcement

Enforcement

LME Facing Three New Lawsuits Over Cancelled Nickel Trades

By Editors | 08/03/2023

In one new lawsuit, AQR Capital Management and four other hedge funds are claiming almost $100mn in damages.

Crypto / Digital Assets

US Court Authorises Emergency Freeze on Crypto Hedge Fund Assets

By Editors | 08/03/2023

BKCoin and one of its co-founders commingled client money and used some make “Ponzi-like payments” to other investors.

Enforcement

SFC Bans Former Senior Manager of Citigroup Asia Unit for Misconduct

By Editors | 07/03/2023

Philip Shaw’s misconduct was “intentional, dishonest and contrary to a licensed person’s overarching duty to act in clients’ best interests,” the SFC said.

Enforcement

Singapore Police are Investigating Terraform Labs – Report

By Editors | 06/03/2023

Singapore police confirmed “ongoing” investigations into Terraform Labs, which is also being sued by the US SEC following its collapse last May.

AML / KYC

US Authorities to Target Those Who Facilitate Sanctions Evasion

By Editors | 06/03/2023

China (incl. HK and Macau), Armenia, Turkey and Uzbekistan are named as “transshipment points commonly used to illegally redirect restricted items to Russia or Belarus”.

Enforcement

LME Faces First Ever Enforcement Probe Over Nickel Market Suspension

By Editors | 06/03/2023

This is the first time UK regulators have opened an enforcement investigation against an exchange, which observers say could point to serious misconduct or compliance failures.

Enforcement

OFAC Penalises Indian Tobacco-maker for Sanctions Violations

By Editors | 06/03/2023

Godfrey Phillips India exported tobacco to North Korea through a Thai intermediary, saying they were going to China. Hong Kong intermediaries were used to make the payments.

Enforcement

SEBI Bars Former Chief Dealer of Axis Mutual Fund and Others

By Editors | 05/03/2023

The former chief trader of Axis Mutual Fund is alleged to have conceived of a “fraudulent scheme” with other “unscrupulous entities” to front-run trades.

Enforcement

SFC Bans Ex-Convoy Licensee Over Stock Manipulation Scheme

By Editors | 05/03/2023

A Convoy Asset Management consultant was banned for life for his role in a stock manipulation scheme and for lying to the SFC.