The OSC has reached a tentative settlement agreement with Boaz Manor, founder of Portus Alternative Asset Management.
Lessons learned from the mishandling of miner Paul Penna’s multi-million dollar bequest
From 1999 to April 2002, Salim Damji—who claimed to have invented a new teeth-whitening product for Colgate—defrauded investors out of approximately $77 million. And he used BMO accounts to deposit and transfer the stolen funds. It’s alleged the bank knowingly assisted Damji; according to the Ontario Superior Court’s decision documents, it was aware the funds […]
A former Morgan Stanley adviser has been handed a nine-month prison sentence for conspiring to evade the bank’s internal controls, reports Financial Times. Garth Peterson—an American who worked at Morgan Stanley’s Shanghai real estate office—was sentenced on Thursday in New York. He bribed a Chinese official to gain profitable real estate investments for both the […]
Trustee James Giddens—who’s overseeing the liquidation of the brokerage MF Global—has decided to sue some of its high-level execs, reports Financial Times. He plans to join existing class-action lawsuits, which were launched against several senior MF Global employees; John Corzine, Henri Steenkamp, and Laurie Ferber are all named in various suits. Read: Giddens seeks distribution […]
A deceitful Ontario-based Pastor—who scammed investors out of more than $8 million—will soon be penalized by the OSC. And it’s about time. Marlon Gary Hibbert, who previously preached in Scarborough, Ontario, ran an elaborate scheme involving a web of non-registered companies starting in 2003. This past April, he was charged by the OSC with fraud, […]
On Friday, the OSC held a pre-hearing conference regarding its case against Portus Alternative Asset Management.
An IIROC hearing panel accepted a Settlement Agreement between IIROC staff and RBC Dominion Securities Inc., Jean-Pierre Ménard and Serge Leclaire in the matter of Earl Jones. RBC Dominion Securities Inc., Ménard and Leclaire have admitted they failed in their gatekeeper duty when they allowed Jones to have numerous trading authorizations for unrelated clients, and […]
Britain’s financial regulator on Friday launched a quick review of the London interbank offered rate, which has been the subject of a global scandal. Martin Wheatley, managing director of the Financial Services Authority, said Friday he was calling for industry responses by Sept. 7. The proposals submitted will be included in legislation now pending in […]
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 […]