EBS

Regulation

4X Solutions’ Proprietor Whileon Chay Indicted for Defrauding Investors for $5 Million

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Investors in the United States were duped for $5 million by Ponzi-scheme scammer Whileon Chay according to a judicial filing by a federal grand jury in Manhattan. The principal of 4X Solutions faces accusations of fraud and misappropriation.
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Unregulated Forex Brokers, FXN Trade & Net CFD Exposed by UK’s FCA

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A duo of unregulated forex and CFD brokers offering their services within the UK without proper authorization while claiming UK registration has been exposed by the British financial markets regulator.
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FINRA Levies Joint $1.5Million Fine against Wells Fargo Affiliates

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The Financial Industry Regulatory Authority (FINRA) has issued a collective fine for two broker-dealers under common control, Wells Fargo Advisors (WFA) and Wells Fargo Advisors Financial Network (WFAFN) for $1.5 million.
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Financial Commission Certifies First Cryptocurrency ECN, IBinex

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Independent third party regulator, the Financial Commission has announced the certification of IBinex’s platform for Cryptocurrency trading, following an earlier bid this past September.
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Gibraltar’s FSC Issues Warning against Fraudulent Binary Options Providers

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Gibraltar’s paramount regulator, the Financial Services Commission (FSC) has reiterated it’s warning to public market participants with regards to binary options trading platforms.
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Guaranteed-Returns Fraudster Fined $2.5 Million and Banned by CFTC

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A US fund manager has been charged by the country’s financial watchdog for misleading investors. A federal court has ordered Daniel Steele and his firm Champion Management International to pay over $2.5 Million in fines.
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Millionaire Fund Manager Gets Banned from FCA for Train Fare Manipulation

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UK financial watchdog bars Jonathan Burrows for working with regulated financial products. The fund manager at Black Rock was charged by officers for extensive fare evasion which resulted in the FCA’s actions.
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ESMA Reviews How Regulators Enforce MiFID Rules on Misleading Information, Recommends Changes

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The European Securities and Markets Authority recommends forcing investment firms to submit all marketing material to national regulators, like CySEC, including material used for cross-border business.
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Who Slayed the Super Bull? China to Investigate Margin Trading after Stocks Slump

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The inspections would be presented as a routine check ups of margin trading and its level of compliance with regulations, but Chinese brokers expect them to be part of a wider clean-up of the business.
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CFTC Issues IBFX with $600,000 Penalty for Failure to Meet Minimum Net Capital Requirements

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The CFTC requires IBFX to pay a $600,000 monetary penalty and to develop an automated system that will enable the real-time monitoring of its exposure, and adopt risk management procedures regarding 24-hour monitoring.
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