According the AMF, the Investment Bank didn’t employ an effective system for assessing the suitability of investments proposed to clients as part of their investment advisory service, and that they had failed to uphold their duty to classify customers in accordance with the rules.
Category: Penalties
French Investment firm Crédit Industriel et Commercial fined One Million Euros by French Regulator
AMF’s Enforcement Committee has imposed a one million euro fine on Crédit Industriel et Commercial for breaching regulations and obligations. According to the committee; The company failed to establish an operational system for assessing investment suitability, comply with client classification procedures, market financial instruments suited to clients’ profiles, and provide clients with accurate information on costs and fees.
Investment Firm PIMCO ordered to pay $37m Penalty Offset and $2.5m fine by the SEC
The Securities and Exchange Commission has initiated administrative and cease-and-desist proceedings against Pacific Investment Management Company LLC (PIMCO) for failing to accurately waive certain advisory fees consistent with its agreement with the…
The Securities and Exchange Commission issued a cease-and-desist order against Cantaloupe, Inc., formerly known as USA Technologies, Inc., for improper revenue recognition.
The Securities and Exchange Commission has instituted cease-and-desist proceedings against Cantaloupe, Inc., formerly known as USA Technologies, Inc., for improper revenue recognition. The Commission found that USA Technologies, Inc., a Malvern, Pennsylvania-based…
The manufacturer and distributor of cashless payment systems Cantaloupe, Inc., formerly known as USA Technologies, Inc., has been subject to a cease-and-desist order from the US SEC
The Securities and Exchange Commission (SEC) has taken action against Cantaloupe, Inc., formerly known as USA Technologies, Inc., a company engaged in the manufacturing and distribution of cashless payment devices. The SEC’s…
French financial regulator the AMF fines Melanion Capital and its manager for breaches of professional obligations
In its decision of 24 April 2023, the Enforcement Committee handed down a warning and a fine of €200,000 to the portfolio asset management company Melanion Capital, and a warning and a fine of €150,000 to its manager, Mr Jad Comair.
Yet more fines against J.P. Morgan by the SEC
J.P. Morgan Securities LLC fined $750,000 by the SEC for failing to implement reasonable controls and supervisory procedures. The firm’s supervisory procedures did not address handling, documenting, and reviewing soft block overrides, resulting…
NEW YORK STATE fines OneMain LLC $4,250,000 for Cybersecurity breaches
OneMain is a sub-prime lender operating in 44 US states, with a reported turnover of $4.37 billion in annual revenue in 2021. An audit carried out by the DEPARTMENT OF FINANCIAL SERVICES found deficiencies…
SEC Institutes cease-and-desist proceedings against Gartner
The Commission found that Gartner violated the anti-bribery, books and records, and internal accounting control provisions of the Foreign Corrupt Practices Act of 1977 (FCPA) as a result of a scheme to…
Microsoft required to pay $20 million to settle FTC allegations that it unlawfully collected personal data from children without their parents’ consent.
Microsoft will pay $20 million to settle Federal Trade Commission charges that it violated the Children’s Online Privacy Protection Act (COPPA) by collecting personal information from children who signed up to its…