violation Archives - The Industry Spread

CFTC Orders Dean Katzelis and Shahin Maleki d/b/a Essex Futures to Pay a $500,000 Penalty to Settle Charges of Unauthorized Options Trading, Failure to Supervise, and Other Violations

July 21, 2019

The Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Dean Katzelis (Katzelis) and Shahin Maleki (Maleki) d/b/a Essex Futures (Essex).  Katzelis and Maleki, both residents of California, are ordered to jointly pay a $500,000 civil monetary penaltyand cease and desist from any further violations of the Commodity Exchange Act (CEA) or CFTC Regulations.

Wedbush to Pay More Than $8.1 Million for Improper Handling of ADRs

June 25, 2019

The Securities and Exchange Commission today announced that Wedbush Securities Inc. will pay more than $8.1 million to settle charges for improper handling of “pre-released” American Depositary Receipts (ADRs). This is the SEC’s 11th action against a bank or broker resulting from the SEC’s ongoing investigation into abusive ADR pre-release practices, which, thus far, has resulted in monetary settlements exceeding $422 million.

IIROC Proposes More Flexible, Proportionate Disciplinary Actions for Enforcement

April 30, 2019

National regulator’s proposed rules would include minor violation fines and early resolution offers April 25, 2019 (Toronto, ON) – The Investment Industry Regulatory Organization of Canada (IIROC) is publishing for comment a rule amendment proposing two alternative forms of discipline to provide more flexibility in the way individuals and firms are disciplined for breaking IIROC’s rules.

Deloitte Japan Charged With Violating Auditor Independence Rules

February 17, 2019

According to the SEC’s order, the accounts had balances that exceeded depositary insurance limits in violation of the SEC audit independence rules.  Deloitte Japan’s former CEO Futomichi Amano and former reputation and risk leader and director of independence Yuji Itagaki settled related charges.