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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-10-11T18:57:00
Insolvent credit broker London Capital & Finance (LCF) dodged a “substantial financial penalty” from the U.K. Financial Conduct Authority (FCA) regarding promotions it used to market minibonds to investors.
The FCA censured the firm for its “unfair and misleading” promos, the regulator announced in a press release Wednesday. Because LCF has been in administration since 2019 and its funds are being focused toward restoring bondholder creditors, the FCA opted not to fine the firm.
But the regulator criticized the firm for its “serious failings” that harmed more than 11,000 investors. The FCA said LCF would have owed restitution of about 237 million pounds (U.S. $291 million) had it been ordered to pay.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2024-05-07T18:58:00Z By Kyle Brasseur
Big Four firms PwC and EY were each penalized by the Financial Reporting Council for alleged shortcomings during their respective audits at collapsed investment firm London Capital & Finance.
2024-03-28T13:59:00Z By Ruth Prickett
Sexism, sexual assault, and bullying are rife at financial services organizations, according to a recent report by the U.K. Treasury Committee. “The government and financial regulators have important roles to play in driving change,” the committee said.
2024-02-13T19:17:00Z By Jeff Dale
The U.K. Financial Conduct Authority issued a fine of £31,800 (U.S. $40,000) against a former compliance director at London Capital & Finance for allegedly approving misleading promotions that led to investor deception.
2024-10-22T21:18:00Z By Adrianne Appel
Precision Toxicology has agreed to pay $27 million to settle allegations first brought by whistleblowers in three cases, that the company billed the federal government for unnecessary drug tests and paid kickbacks to doctors, the Department of Justice (DOJ) said.
2024-10-22T16:08:00Z By Aaron Nicodemus
Fund management company WisdomTree will pay $4 million to settle allegations by the Securities and Exchange Commission that it improperly invested in fossil fuel and tobacco companies in environmental, social and governance (ESG) funds despite promising to avoid them.
2024-10-18T18:10:00Z By Adrianne Appel
A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control (OFAC) that its business with North Korea involved U.S. financial institutions.
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