Financial Enforcement Actions | Week of Aug 15 to Aug 21

Enforcement Report Aug 15 -21 feat image

Enforcement Report Aug 15 - 21z

FINRA

2 Enforcement Documents

$5,000.00 in Fines

Penalties: $5,000.00
Respondent: Stephen Paul Florio
Violation: From January 5, 2016 through July 10, 2018, Florio exercised discretion without written authorization in a customer's account, thereby violating NASD Rule 2510(b) and FINRA Rule 2010... Read More

Penalties: N/A
Respondent: Earl Quon
Violation: Respondent hereby accepts and consents, without admitting or denying the findings, and solely for the purposes of this proceeding and any other proceeding brought by or on behalf of FINRA, or to which FINRA is a party, prior to a hearing and without an adjudication of any issue of law or fact, to the entry of the following findings by FINRA... Read More

SEC

8 Enforcement Documents

$9,050,188.11 in Fines

Penalties: N/A
Respondent: STEPHEN DOUGLAS PIZZUTI
Violation: On October 23, 2015, he and his wife filed a joint Chapter 7 bankruptcy petition that failed to identify as an asset Pizzuti’s book of business from his time as a broker... Read More

Penalties: $1,050,188.11
Respondent: NPB FINANCIAL GROUP, LLC
Violation: NPB failed to adopt and implement written compliance policies and procedures reasonably designed to prevent violations of the Advisers Act and the rules thereunder in connection with its mutual fund share class selection practices... Read More

Penalties: N/A
Respondent: Ibrahim Almagarby
Violation: Almagarby and MEG repeatedly purchased aged debt from penny stock issuers and, after converting the debt into
equity at discounted prices, sold the newly issued shares into the market at a significant profit... Read More

Penalties: N/A
Respondent: Cecilia Millan and Margarita Cabrera
Violation: Cecilia Millan and Margarita Cabrera solicited investors for AirBit Club, including through social media platforms and in-person meetings, without registering with the Commission... Read More

Penalties: $8,000,000.00
Respondent: deVere USA, Inc.
Violation: Between at least June 2013 and March 2016, Respondent failed to make full and fair disclosure to clients and prospective clients, of material conflicts of interest regarding compensation obtained from third-party product and service providers, that Respondent’s investment adviser representatives made materially misleading or incomplete statements concerning the benefits of transferring U.K. pension assets to a Qualifying Recognised Overseas Pension Scheme (“QROPS”)... Read More

CFTC

3 Enforcement Documents

$17,000,000.00 in Fines

Penalties: $17,000,000.00
Respondent: The Bank of Nova Scotia
Violation: BNS made multiple false statements to Commodity Exchange, Inc. (“COMEX”), via CME Group, Inc.’s Market Regulation Department (“CME Market Regulation”), regarding the bank’s failure to maintain a central repository of the Tag50s its traders used... Read More

CFPB

3 Enforcement Documents

$25,000,000.00 in Fines

Penalties: $25,000,000.00
Respondent: TD Bank N.A.
Violation: TD Bank’s overdraft enrollment practices violated the Electronic Fund Transfer Act (EFTA) and Regulation E by charging consumers overdraft fees for ATM and one-time debit card transactions without obtaining their affirmative consent... Read More

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