The Companies House of United Kingdom included the name Urfat Azam of 26 Irving Place, Blackburn, Lancashire in the list of Register of Disqualified Directors effective from February 23, 2010 to February 22, 2023.
On May 15, 2012 Hong Kong Securities & Futures Commission (SFC) published that the commission applied for a review of the sentence imposed on futures manipulator, Mr Tsoi Bun, following his conviction on five charges of manipulating the calculated opening prices of index futures contracts in the futures market (Note 1). On 30 January 2012, the Eastern Magistracy sentenced Tsoi to six months imprisonment to be suspended for two years, fined him $500,000 and ordered him to pay the SFC’s investigation costs. The SFC sought a review of the sentence because the fine was substantially less than the $949,350 in profit earned by Tsoi in committing the manipulation offences for which he was convicted.
On May 15, 2012 Financial Services Authority (FSA) published that it has fined Habib Bank AG Zurich £525,000 and its former Money Laundering Reporting Officer Syed Itrat Hussain £17,500 for failure to take reasonable care to establish and maintain adequate anti-money laundering (AML) systems and controls. The failings at Habib lasted almost three years and exposed the firm to an unacceptable risk of laundering money. Habib is a privately owned Swiss bank with twelve branches in the UK and approximately 15,500 customers. Approximately 45% of its customers were based outside the UK and about half of its deposits came from jurisdictions which, according to independent international organisations, had less stringent AML requirements or were perceived to have higher levels of corruption than the UK.
On May 15, 2012 U.S. Securities and Exchange Commission (SEC) published that the commission deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 against John Jantzen (“Respondent”). After an investigation, the Division of Enforcement alleges that: From January 1991 through February 2012, Respondent was a registered representative with Primerica Financial Services Investments, Inc., an investment adviser registered with the Commission. For a portion of the time in which he engaged in the conduct underlying the complaint described below, Respondent held the following FINRA licenses: Investment Company Products/Variable Contracts Limited Representative (Series 6), Investment Company Products/Variable Contracts Limited Principal (Series 26), and Uniform Securities Agent State Law (Series 63).
On May 15, 2012 U.S. Securities and Exchange Commission (SEC) published that the commission deems it appropriate that cease-and-desist proceedings be, and hereby are, instituted pursuant to Section 21C of the Securities Exchange Act of 1934 against Edward J. Marino (“Respondent”). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement which the Commission has determined to accept. Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission, or to which the Commission is a party, and without admitting or denying the findings herein, except as to the Commission’s jurisdiction over him and the subject matter of these proceedings, which are admitted, Respondent consents to the entry of this Order Instituting Cease–and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order, as set forth below.
On May 15, 2012 U.S. Securities and Exchange Commission (SEC) announced that Edward J. Marino of Boston, Massachusetts, the former chief executive officer of Connecticut-based Presstek, Inc., has agreed to settle previously-filed charges that he aided and abetted Presstek’s violations of Section 13(a) of the Securities and Exchange Act of 1934 and Regulation FD. Regulation FD generally prohibits public companies from selectively disclosing material non-public information to certain investors without simultaneously disclosing it to all investors. Among other things, Marino has agreed to pay a $50,000 civil penalty.
The Companies House of United Kingdom included the name Suleman Azam of 16 Belle Vue Road, Wakefield, West Yorkshire in the list of Register of Disqualified Directors effective from November 21, 2008 to November 20, 2020.
The Companies House of United Kingdom included the name Shehzad Azam of 5 Beacon Hill, Aston, Birmingham, West Midlands in the list of Register of Disqualified Directors effective from January 08, 2009 to January 07, 2015.
The Companies House of United Kingdom included the name Mohammad Azam of 35 Grove Road, Walthamstow, London in the list of Register of Disqualified Directors effective from July 19, 2010 to July 18, 2021.
The Companies House of United Kingdom included the name Azad Azam of Flat 52, The Odeon Longbridge Road, Barking, Essex in the list of Register of Disqualified Directors effective from October 27, 2006 to October 26, 2013.
On May 14, 2012 Alberta Securities Commission (ASC) published that the commission has issued an Amended Notice of Hearing adding Edmund Shimoon to the existing proceedings related to allegations of illegal insider trading in Calvalley Petroleum Inc. shares. ASC staff allege that Shimoon, Chief Executive Officer of Calvalley Petroleum, authorized or directed Calvalley Petroleum to purchase its own shares when it was in possession of undisclosed, material information regarding a petroleum reserve evaluation. ASC staff also allege that Shimoon: provided undisclosed material information and made prohibited representations to an investor; misled Calvalley Petroleum’s board of directors regarding his expectations for the reserve evaluation; and misled ASC staff in the course of its investigation.
On May 14, 2012 Hong Kong Securities & Futures Commission (SFC) published that the Court of First Instance has varied the sentence imposed on Mr Lo Kam Chung for carrying on an unlicensed business of advising on securities. Lo was convicted on one count of carrying on an unlicensed securities business between April and November 2010. The court found that Lo established a private discussion group on Facebook in the name of “Peter Sun” and offered securities advice to subscribers who paid fees of $200-$300 per month. He was fined $20,000 and sentenced to 80 hours of community service to be completed within 12 months (Note 1). He appealed his sentence and the Court of First Instance last Friday varied the fine by reducing it to $10,000 but upheld the community service order (Note 2).
On May 14, 2012 U.S. Commodity Futures Trading Commission (CFTC) announced that it filed and simultaneously settled charges against Alexandre P. Guimaraes and his company, ACI Capital Group, L.L.C., both of Irvine, Calif., for fraudulently soliciting customers to trade off-exchange foreign currency contracts, issuing hundreds of false monthly account statements to customers to conceal trading losses, and misappropriating a portion of customer funds. Guimaraes also was charged with acting as an unregistered commodity trading advisor (CTA). The CFTC order requires Guimaraes and ACI jointly and severally to pay $428,046.31 in restitution and a $420,000 civil monetary penalty. The order also imposes permanent trading and registration bans against the respondents.
On May 14, 2012 U.S. Securities and Exchange Commission (SEC) announced that the commission deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 against Kenneth A. Wolkoff (“Respondent”). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement which the Commission has determined to accept. Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission, or to which the Commission is a party, and without admitting or denying the findings herein, except as to the Commission’s jurisdiction over him and the subject matter of these proceedings, and the findings contained in Section III.2 below, which are admitted, Respondent consents to the entry of this Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions, as set forth below.
On May 14, 2012 U.S. Securities and Exchange Commission (SEC) announced that the commission deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 against George Sobol (“Respondent”). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement which the Commission has determined to accept. Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission, or to which the Commission is a party, and without admitting or denying the findings herein, except as to the Commission’s jurisdiction over him and the subject matter of these proceedings, and the findings contained in Section III.2 below, which are admitted, Respondent consents to the entry of this Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions, as set forth below.
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