By Jeff Dale2024-11-26T19:59:00
The U.K. Financial Conduct Authority (FCA) fined the London branch of Australian-based Macquarie Bank Limited (MBL) more than 13 million pounds (U.S. $16.3 million) for “serious control failures” that allowed a trader to conceal hundreds of fictitious trades over a 20-month period.
The trader, Travis Klein, was banned from the financial services industry for acting dishonestly and without integrity, the FCA said in a press release Tuesday. Klein, a relatively junior trader, would have been fined £72,000 (U.S. $90,277), but his application for financial hardship was accepted, the agency noted.
Between June 2020 and February 2022, Klein served on MBL’s London Metals and Bulk Trading Desk. During the relevant period, he was able to bypass three key internal controls to input more than 400 fake trades to hide his own losses, the FCA alleged.
2025-01-29T18:43:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a landmark fine against trading platform Infinox Capital for failing to report “high-risk” transactions, the first-ever enforcement under a 2018 law.
2025-01-13T17:32:00Z By Aaron Nicodemus
A broker-dealer subsidiary of Toronto-based BMO Financial Group will pay nearly $41 million in penalties to the Securities and Exchange Commission to settle allegations that its traders issued misleading disclosures on bonds for three years, causing $19 million in harm to its customers.
2024-11-19T17:28:00Z By Neil Hodge
Companies spend huge sums on audit, risk management, and compliance to alert them about potential legal issues before they escalate into serious corporate governance failings. There’s only one problem, however–they often misread their own early warning signs or ignore them altogether.
2025-10-07T16:08:00Z By Adrianne Appel
Georgia Tech Research Corp. (GTRC) has agreed to pay $875,000 to settle allegations first raised by two compliance officers that its cybersecurity protocols violated acceptable standards for defense contractors, the Department of Justice (DOJ) said.
2025-10-06T17:12:00Z By Adrianne Appel
Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.
2025-10-06T16:46:00Z By Aly McDevitt
A single $33,000 shipment to Iran triggered a six-figure penalty and years of compliance oversight for biotechnology company LuminUltra Technologies, Inc.
Site powered by Webvision Cloud