Securities Industry News

A court in Kuala Lumpur Malaysia, has convicted a man who ran an on-line investment scheme without authorisation of securities industry offences and money laundering.

Malaysia's Securities Commission has obtained a Court Order restraining Dato' Ishak Ismail from disposing of the proceeds of sale of a substantial shareholding in Kenmark Industrial (Malaysia) Berhad.

The Securities and Exchange Commission has charged a New York-based money manager and his firm with fraud for touting investments he claimed were tied to the Chimay royal family of Belgium, and then stealing millions of dollars to pay his divorce lawyers and the mortgage on his house in the Hamptons.

New Zealands's Securities Commission has banned Neville Ian Cant after he was convicted of forgery and theft.

The UK's Financial Services Authority's 2009 - 10 report contains serious warnings about the way the UK industry is being regulated as the aftermath of the global financial crisis begins to bite.

"Market Abuse is difficult to detect, investigate and prosecute and tackling it is one of our top priorities" FSA Annual Report 2009/10

“Insider dealing cases are challenging to prove, but these were serious charges and we considered that the evidence provided a proper basis to put the case before a jury for them to decide," said Margaret Cole, Director of enforcement and financial crime at the FSA, announcing a loss in an insider dealing case.

The USA has criticised the UK for its relatively low level of fines. So the FSA has fined a US company approx USD50 million. Take that.

The UK's Financial Services Authority has fined Andrew Charles Kerr GBP100,000 for market abuse and banned him from the financial services industry on the grounds that he is not a fit and proper person.

>>> Financial Crime Forum : Market Abuse : Singapore : 21/22 July 2010 <<<

Two securities broker-dealers have been charged in an indictment unsealed today for their alleged roles in a securities fraud scheme involving several publicly traded companies,

The Financial Services Authority (FSA) has fined Simon Eagle GBP2.8m and banned him from working in financial services. "Eagle was responsible for a complex and prolonged abusive scheme that deliberately set out to ramp up the share price of Fundamental-E Investments (FEI) for his own benefit," says the FSA.