Fraud

Strike against Standard Chartered too early: BoE

Bank of England Governor Mervyn King has criticized New York regulators for publicizing its money laundering accusations against Standard Chartered. He says other regulators haven’t completed their own investigations of the bank, and characterized the early strike as too preemptive. On Monday, the New York State Department of Financial Services accused it of laundering $250 […]

By Wire services |August 8, 2012

2 min read

Industry

Former RIM employee conducted insider trading: OSC

An OSC Panel has released its reasons and decision in the matter of Paul Donald, a former RIM officer and employee. Staff alleged Donald engaged in insider trading while at RIM, by purchasing securities of Certicom while in possession of material, undisclosed information, and while in a relationship with the company. It also says Donald […]

By Staff |August 3, 2012

1 min read

Industry

Two reps haunted by past misdeeds

Before crossing any regulatory lines, you should seriously consider how past mistakes can come back to bite you.

By Staff |August 3, 2012

2 min read

Industry

Alberta joins U.S. regulator to fight crime

To date, Canada’s provincial regulators have failed to find common ground and form a national committee. The ASC, however, has found a partner south of the border to help strengthen its fight against international white-collar crime.

July 26, 2012

1 min read

Broker faces quasi-criminal charges: OSC

On July 20, 2012, the OSC laid quasi-criminal charges against Abraham Herbert Grossman for operating a fraudulent fundraising scheme. Between October 2009 and February 2011, Grossman and the Strategic Gifting Group—a sole proprietorship he ran in Ontario—operated the scheme and also offered donor introduction share gifting of Dixon Perot & Champion securities, which involved four […]

By Staff |July 23, 2012

1 min read

Fraud Friday: Scammers of the week

Authorities had a hectic day. They dealt some hefty penalties to several associates for fraudulent activity. Here’s our roundup of the scammers and scoundrels. 3 B.C. men illegally traded securities A British Columbia Securities Commission panel has found three B.C. men, along with a parking technology company, illegally distributed securities. They raised approximately $3.5 million […]

By Staff |July 20, 2012

1 min read

HSBC should lose U.S. banking license: Levin

In 2002, HSBC purchased Grupo Financiero Bital—a Mexican lender lacking a compliance department at the time. Five years later, the head of the British giant’s Latin America compliance department, voiced his frustration and concerns about the Mexico unit overseeing the acquired company’s activities, reports Financial Times. Read: HSBC in talks to sell Latin American units, […]

2 min read

Peregrine founder behind bars

Russell Wasendorf Sr, chief executive of Peregrine Financial Group, was arrested by U.S. authorities today and faces criminal charges, reports Financial Times. The Peregrine founder allegedly created and used false statements to deceive federal regulators. His arrest comes days after he attempted suicide; regulators had discovered Peregrine had a shortfall of $215m in its customer […]

2 min read

Fraud

Strike against Standard Chartered too early: BoE

Former RIM employee conducted insider trading: OSC

Two reps haunted by past misdeeds

Alberta joins U.S. regulator to fight crime

Unregistered rep collected $14M from investors: OSC

Broker faces quasi-criminal charges: OSC

Fraud Friday: Scammers of the week

Peregrine Financial Group suspended: IIROC

HSBC should lose U.S. banking license: Levin

Peregrine founder behind bars