On July 22, 2019, the Securities and Exchange Commission obtained final judgments against three former senior executives of the now-defunct brokerage consulting business, Global Transition Solutions, LLC (GTS), for their roles in a multimillion dollar transition management fraud. The SEC previously charged GTS, its brokerage affiliate, its former Chief Executive Officer, John T. Place, its […]
Monthly Archives: July 2019
Trading in Securities and Derivatives Markets Terminated Due to Issuance of Typhoon Signal No. 8
Hong Kong Exchanges and Clearing Limited (HKEX) announced that trading in the securities market, including Stock Connect trading, and derivatives markets will be terminated at 1:55pm, due to the issuance of Typhoon Signal No. 8. For details of arrangements for trading, clearing and settlement during typhoons, black rainstorms and “extreme conditions”, please refer to the […]
FTC Returns More than $748,000 to Consumers Who Signed Up for a “Free” Internet Auction Kit with Hidden Charges
The Federal Trade Commission is mailing 53,595 refund checks totaling $748,070 to consumers nationwide who signed up for an online auction kit that was supposed to be free, but wasn’t. The kit actually cost consumers up to $59.95 per month if they failed to cancel a trial membership in a business opportunity program called Online […]
FTC Encourages Consumers to Opt for Free Credit Monitoring, as part of Equifax Settlement
The Federal Trade Commission is urging consumers affected by Equifax’s 2017 data breach to consider signing up for the free credit monitoring offered as part of the settlement. A new FTC blog post notes that because of high interest in the alternative cash payment under the settlement, consumers who choose this option might end up getting […]
Additional Defendants in Student Debt Relief Schemes Agree to Settle FTC Charges
Additional defendants involved with student loan debt relief schemes have been permanently banned from selling debt relief services pursuant to settlements with the Federal Trade Commission. The FTC alleged that they tricked consumers into paying illegal upfront fees in hopes of reducing or eliminating their student loan debt. One of the defendants, Brenda Avitia-Pena, has […]
Christopher Plaford
The Securities and Exchange Commission has obtained a final judgment against a hedge fund manager the agency charged with falsely inflating assets in portfolios he managed. The SEC also barred him from the securities industry. According to the SEC’s complaint, filed June 15, 2016, Christopher Plaford, a resident of Bedford, N.Y., and fellow hedge fund […]
Bettor Investments, LLC, and Matthew C. Stuart, LLC
Litigation Release No. 24547 / July 29, 2019 The Securities and Exchange Commission today charged Bettor Investments, LLC (“Bettor”), formerly of Reno, Nevada, and its Managing Member and sole employee, Matthew C. Stuart, now of Post Falls, Idaho, with the fraudulent and unregistered offer and sale of interests in a sports betting venture. According to […]
Remarks to the SEC Fixed Income Market Structure Advisory Committe
As Prepared for Delivery Thank you, Michael [Heaney]. Good morning everyone. Thank you all for being here. I want to extend a warm welcome to our newest Commissioner, Allison Lee — Welcome back to the Commission and to your first FIMSAC meeting. We have a full agenda today with four panels, including recommendations from the […]
Beaufort Secs. Ltd. and Kyriacou.
Litigation Release No. 24546 / July 29, 2019 SEC v. Beaufort Secs. Ltd. and Kyriacou, No. 18-CV-1317 (E.D.N.Y.) On July 25, 2019, the United States District Court for the Eastern District of New York entered judgments by consent against defendants Beaufort Securities Ltd. and Panayiotis Kyriacou in an SEC enforcement action. In March 2018, the […]
The Listing Committee censures a number of the current directors of Amax International Holdings Limited (Stock Code: 959) for breaching the Listing Rules and the Director’s Undertaking
香港聯合交易所有限公司(香港交易及結算所有限公司全資附屬公司)THE STOCK EXCHANGE OF HONG KONG LIMITED(A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited) An issuer’s financial statements in an annual report should provide a true and fair view of the issuer’s state of affairs and of the results of its operations and its cash flow. A disclaimer of opinion deprives […]