A settlement hearing in the matter of Michel Joseph Landry was held today in Toronto, Ontario before a hearing panel of the MFDA’s Central Regional Council. Landry was previously employed as an alternate compliance officer, shareholder and dealing representative with Independent Accountants Investment Group. He voluntarily resigned in January 2012. Read: Compliance failure costs IAIG […]
U.S. auditors may face more stringent regulatory oversight, after the PCAOB's first regulatory report revealed deficiencies in their reports and techniques.
The whistleblower who recently reported a multi-million dollar fraud will receive nearly $50,000—the first payout from a new SEC program that rewards people for providing evidence of fraud.
Yesterday, IIROC issued its final guidance on how it plans to intervene and ensure fair trading by cancelling erroneous trades. This follows the release of a notice requesting comments on its proposed regulatory guidance. Find a copy of the comment letter in response to the proposed guidance here. Read: IIROC steps up market surveillance In […]
On July 24, 2012, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a settlement agreement between its staff and CIBC World Markets Inc. CIBC admitted from May 2005 to October 2008, it failed to effectively exercise its supervisory responsibilities. It let unsuitable options trades—not suitable for two clients—slip through the […]
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 […]
The executive director of the BCSC has issued a temporary order and notice of hearing alleging five B.C. residents engaged in a $7 million market manipulation. The regulator’s notice alleges Thalbinder Singh Poonian, Shailu Sharon Poonian, Robert Joseph Leyk, Manjit Singh Sihota and Perminder Sihota participated in a scheme to manipulate the share price of […]
Global financial regulators have released a consultation paper on how to plan for the potential failure of firms that make up financial market infrastructure. The paper was published by the Committee on Payment and Settlement Systems (CPSS) and IOSCO, and outlines the issues that should be taken into account when developing recovery plans for different […]
Canadian regulators are often accused of being one step behind financial fraudsters. But, the qualities of our provincial commissions may not be the problem; turns out, regulators are often underfunded and have struggled since the recession.
Lax controls at Europe's largest bank, HSBC, allowed Mexican drug cartels to launder billions of dollars through its U.S. operations, says the Senate.