Enforcement Actions

The U.S. Commodity Futures Trading Commission (CFTC) yesterday filed and simultaneously settled charges against Cadent Financial Services LLC (Cadent), a registered Chicago, Ill.-based futures commission merchant, for failing to supervise diligently its employees and associated persons (APs) in their handling of commodity futures orders of a guaranteed introducing broker (GIB) of Cadent and the GIB’s AP, sole principal and owner.

On 10 May 2011, the District Court - Southern District New York - made a final consent judgment against defendant Louis W. ZEHIL and final default judgments against defendants Strong Branch Ventures IV LP and Chestnut Capital Partners II, LLC, upon the application of the Securities and Exchange Commission

Tracey Burnell, 51, of Doncaster East, Victoria, has been banned from providing financial services for three years following an investigation by ASIC.

ASIC has imposed a five year ban on Mr Ian John Weaver of Clear Island Waters, Queensland, preventing him providing financial services.

ASIC has permanently banned Mr Brian William VEITCH, of Minto in New South Wales, from providing financial services.

Australia's Securities and Investments Commission has imposed the first permanent ban under the National Credit Act.

The U.S. Commodity Futures Trading Commission (CFTC) yesterday announced that it simultaneously filed 13 enforcement actions in Federal District Courts in Chicago, the District of Columbia, Kansas City and New York, alleging that 14 entities are illegally soliciting members of the public to engage in foreign currency (ForEx) transactions and that they are operating without being registered with the CFTC.

The Financial Services Authority (FSA) has fined Barry Williams GBP25,000 and banned him from working in regulated financial services for his part in a scheme that defrauded leading London market insurers of more than GBP2 million. But he didn't take an active part in the fraud, the FSA says. His fault was in failing to act and becoming involved on the periphery.

PPG Paints Trading (Shanghai) Co., Ltd., a wholly-owned Chinese subsidiary of United States-based PPG Industries, Inc., has pleaded guilty to conspiring to breach the International Emergency Economic Powers Act and the Export Administration Regulations, and other related charges brought by the U.S. Department of Commerce Under Secretary for Industry and Security. It's all over sales of a paint product valued at a little over USD32,000.

Penalty of USD30,000 against un-named individual for inward investment into Iran.