Fraud, Scams & Cybercrime

Fraud, Scams & Cybercrime

Korea: Optimus Asset Management Accused of Fraud, Embezzlement

By Editors | 23/07/2020

Optimus Asset Management CEO Kim Jae-hyun misappropriated investor funds to personally invest in stocks, futures and options since 2018.

Fraud, Scams & Cybercrime

NAFMII Penalises Bank of Beijing with Underwriting Suspension

By Editors | 20/07/2020

NAFMII says Bank of Beijing failed to perform due diligence and adequately monitor five bond issuances for Kangde Xin Composite Material Group, all of which defaulted in recent years.

Fraud, Scams & Cybercrime

Korea FSS Formally Launches Probe Into Private Funds Industry

By Editors | 20/07/2020

Any misconduct detected during the probe will be referred to prosecutors and follow-up efforts will be made to protect investors. The probe is expected to continue until 2023.

Fraud, Scams & Cybercrime

Court Finds ex-HKMEx Head Guilty of Conspiracy to Defraud SFC

By Editors | 20/07/2020

The former head and CFO of now-defunct Hong Kong Mercantile Exchange conspired to hide the exchange’s true financial position and mislead the SFC into allowing it to retain its licence.

Fraud, Scams & Cybercrime

ASIC Charges Former MP with Fraud, Director Breaches

By Editors | 20/07/2020

Former MP Clive Palmer is said to have used his mining company to channel over A$12.1 million into his political party’s 2013 election campaign.

Supervision & Enforcement

ESMA Opens Probe Into Germany’s Wirecard Response

By Editors | 19/07/2020

ESMA’s fast track assessment will focus on whether BaFin and accounting watchdog FREP properly applied European guidelines on enforcing the reporting of financial information.

Alternative Markets

KOFIA Chair Vows to Restore Trust in Hedge Fund Industry

By Editors | 17/07/2020

KOFIA will prevent moral hazard in the hedge fund industry by providing consulting services and strengthening the role of prime brokers, intermediaries and fund managers in monitoring efforts.

Trading & Investment

China Issues Authoritative Guidance on Handling Bond Disputes

By Editors | 16/07/2020

In disputes involving breach of contract, fraud or false statements – the issuer, its controlling shareholders, directors, and senior management will be held liable for bondholder losses.

Fraud, Scams & Cybercrime

KPMG Cites Concerns Over ‘Questionable’ ZenRock Transactions

By Editors | 14/07/2020

KPMG was appointed as ZenRock’s interim judicial manager in May amid allegations from HSBC that the company engaged in “dishonest transactions”.