CFTC ACTION: Lodge Capital Group, LLC
Felix Shipkevich - January 29, 2010The CFTC charged Jay C. Nolan of Wilmette, Ill. and his company, Lodge Capital Group, LLC with commodity pool fraud. According to the complaint, from at least December 2004 to the present, the defendants fraudulently solicited approximately $3.9 million from at least five individuals. The complaint charges that Nolan and Lodge Capital made misrepresentations and failed [...]
CFTC ACTION: Scotia Capital Inc.
Felix Shipkevich - January 28, 2010Prior to the trades being entered on the NYMEX, SCI employees arranged for the trades to be executed with a minimal price difference between long and short positions by seeking trades such that there was no more than a half a cent price differential between the buy and sell orders.
CFTC ACTION: Pinemore, L.P. and Birchmore, L.P.
Felix Shipkevich - January 28, 2010According to the order, on one or more occasions in November and December 2006, Pinemore and Birchmore ordered through their broker certain natural gas futures trades on the NYMEX that were wash sales. Because the trades ordered by Pinemore and Birchmore were designed to give the appearance of submitting trades to the open market, while negating the risk incident to the market and producing a virtual financial nullity, they constituted wash sales in violation of the CEA.
FSA ACTION: Sett Valley Insurance Services
Felix Shipkevich - January 27, 2010The FSA gave Sett Valley Insurance Services a Decision Notice on 27 January 2010 which notified Sett Valley that pursuant to section 206 of the Financial Services and Markets Act 2000, and on the basis that Sett Valley has agreed to undertake certain remedial action, the FSA had decided to impose a financial penalty of £28,000 [...]
NFA ACTION:Kingz Capital Management Corporation
Felix Shipkevich - January 26, 2010In July 2009, the NFA received information that indicated that KCM had links to an intertwined group of NFA Member and non-NFA Member entities and individuals that had come under some scrutiny because of difficulties that some investors had encountered in trying to retrieve their investments.
NFA ACTION: Muirfield Capital LLC
Felix Shipkevich - January 26, 2010On September 25, 2009 the NFA issued a Complaint charging Muirfield Capital LLC with failure to timely file with NFA an annual report. Now the NFA ordered Muirfield to withdraw from NFA membership. If Muirfield reapplies for NFA membership, it was ordered to pay a $10,000 fine, payable when it reapplies for NFA membership. Muirfield’s application for NFA membership will not be processed until the fine has been paid in full.
DFSA to host Islamic Financial Services Board seminar
Felix Shipkevich - January 26, 2010The Islamic Financial Services Board (IFSB) is organizing its 5th Seminar on the Regulation of Takaful on 22nd and 23rd February 2010, at the Emirates Towers Hotel, in Dubai. The DFSA will be hosting the Seminar.
Proposals to ensure that mortgage holders in arrears are treated fairly
Felix Shipkevich - January 26, 2010The FSA set out a package of measures that will help to ensure that mortgage holders in arrears are treated fairly and which reinforces the FSA’s tough stance in its battle against mortgage fraud.
The key arrears proposals:
Make plain that firms must not add early repayment charges on arrears charges and interest levied on those charges;
Clarify [...]
CFTC grants ICE Clear Europe Limited registration as a DCO
Felix Shipkevich - January 25, 2010The CFTC granted ICE Clear Europe Limited (ICE Clear Europe) registration as a derivatives clearing organization (DCO) pursuant to Section 5b(b) of the Commodity Exchange Act. ICE Clear Europe is a private limited company organized under the laws of England and Wales. Pursuant to an order that the Commission issued on July 23, ICE Clear [...]
BOJ may ramp up fiscal policy actions
Felix Shipkevich - January 24, 2010Bank of Japan policy makers are prepared to consider expanding an emergency-loan program for banks and increasing purchases of government debt should the recovery falter, people with knowledge of the matter said.
