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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-03-09T17:43:00
A Texas-based energy broker, its owners, and trading affiliates agreed to pay a total of nearly $3 million to resolve allegations from the Commodity Futures Trading Commission (CFTC) the firm failed in its oversight responsibilities regarding more than 2,000 trades made against its customers.
The CFTC sued Coquest; two of its owners, including President and Compliance Officer John Vassallo; and two affiliates in October 2021 in U.S. District Court for the Northern District of Texas. Coquest was faulted for defrauding its customers and failing to diligently supervise customer commodity interest accounts, the agency stated Wednesday in a press release.
Coquest, Vassallo, fellow owner Dennis Weinmann, and affiliates Buttonwood and Weva Properties agreed to pay a $2.5 million penalty and $496,021 in disgorgement to settle the charges. The CFTC also imposed a six-month trading and registration ban on Weinmann and banned Weinmann and Coquest from brokering block trades on behalf of other people for two years.
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2023-02-17T20:14:00Z By Adrianne Appel
Options Clearing Corp. agreed to pay $22 million as part of settlements with the Securities and Exchange Commission and Commodity Futures Trading Commission addressing charges the company failed to comply with internal rules to manage risks.
2022-12-20T20:31:00Z By Adrianne Appel
CHS Hedging, a Minnesota-based futures commission merchant, was fined $6.5 million by the Commodities Futures Trading Commission for AML program gaps and other risk management and recordkeeping failures regarding a ranch owner customer committing fraud.
2022-11-15T16:29:00Z By Kyle Brasseur
Businesses take varying approaches when self-reporting to regulatory agencies, which can lead to differing results. Caroline Pham, a commissioner at the Commodity Futures Trading Commission, suggests using common sense.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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