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The United States Department of Justice (DoJ) has announced that former Rabobank derivatives trader Takayuki Yagami has pleaded guilty for "his role in a conspiracy to commit wire and bank fraud by manipulating Rabobank's Yen London InterBank Offered Rate (LIBOR) submissions to benefit his trading positions".

Published in Financial Integrity

The United States Securities and Exchange Commission (SEC) has made available an order (16 June 2014) under which hedge fund advisory firm Paradigm Capital Management and owner Candace Weir have agreed to pay US$2.2 million to settle charges that they "engag[ed] in prohibited principal transactions and then retaliat[ed] against the employee who reported the [prohibited] trading activity to the SEC". The case is the first to be filed under the SEC's "new authority to bring anti-retaliation enforcement actions".

The United States Department of Justice (DoJ) has announced that former Arthrocare Corporation chief executive officer Michael Baker and the company's former chief financial officer Michael Gluk have been found guilty of a series of fraud-related charges that resulted in financial losses of more than US$400 million.

Published in Financial Integrity

77,000 Take Up FATCA Reporting

05 Jun 2014
Written by World Watch

The United States Internal Revenue Service (IRS) has launched FATCA Foreign Financial Institution (FFI) List Search and Download Tool, a website which hosts a searchable list of financial institutions registered, accepted and assigned a Global Intermediary Identification Number in accordance with Foreign Account Tax Compliance Act (FATCA) regulations.   

The Associated Press (AP) reports that 77,000 banks worldwide have agreed to share data with the United States Internal Revenue Service to assist it in offshore tax evasion investigations. The agreements will reportedly assist the IRS to enforce the Foreign Account Tax Compliance Act. Deloitte Tax LLP representative Denise Hintzke reportedly stated that the strong uptake indicated that financial institutions "are taking [FATCA] pretty seriously and intend to comply".

AP: 77,000 foreign banks to share tax info with IRS (2 June 2014)
(Source: IRS; AP)

Published in Financial Integrity

FINRA Issues Fines for Incomplete Blue Sheets

05 Jun 2014
Written by World Watch

The Financial Industry Regulatory Authority (FINRA) has announced that it has censured Barclays Capital Inc, Goldman Sachs & Co and Merril Lynch, Pierce, Fenner & Smith, Inc and fined each organisation US$1 million after finding that they each failed to provide accurate and complete trading information to FINRA, the Securities and Exchange Commission and other regulators.

Published in Financial Integrity

ASIC Areas of Focus - 30 June 2014 Reports

05 Jun 2014
Written by World Watch

The Australian Securities and Investments Commission (ASIC) has announced its Focuses for 30 June 2014 financial reports (30 May 2014), in relation to financial reports for listed entities and other entities of public interest with a large number of stakeholders.

Published in Financial Integrity

Bank Faces Potential Record Fine

05 Jun 2014
Written by World Watch

The United States Department of Justice (DoJ) has urged French bank BNP Paribas to accept an agreement to pay a fine of US$10 billion to settle an investigation into alleged sanctions violations.

Published in Financial Integrity

The United States Securities and Exchange Commission (SEC) has announced that jewellery trader DGSE Companies (DGSE) and its former chief financial officer (CFO) John Benson have agreed to settle the SEC's complaint (27 May 2014).

Published in Financial Integrity

The United Kingdom Financial Conduct Authority (FCA) has fined (23 May 2014) Barclays Bank more than £26 million for failings in its systems and controls and its management of potential conflicts of interests between itself and its customers during 2004 - 2013.

Published in Conflicts of Interest

The Hong Kong Securities and Futures Commission (SFC) has made available a statement of disciplinary action (undated) against Deutsche Bank Aktiengesellschaft (Deutsche), fining it HK$1.6 million (approximately US$206,000/€151,000) for regulatory breaches and internal control failings in its trading activity and positions in the Stock Exchange of Hong Kong (SEHK).

Published in Financial Integrity

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