Diamond backed cryptocurrency exposed
Two so-called initial coin offerings (ICOs) backed by investments in real estate and diamonds have been shut down by the US Securities and Exchange Commission.
SEC
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PEOPLE MOVES: RWC Partners, Sanlam Four, Lombard Odier PB
RWC Partner’s acquisition of Pensato Capital has added a seven-strong team, including the firm’s founder, while Sanlam Four and Lombard Odier Private Bank are making a UK push with their latest hires.
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US regulator to examine ETP impact on markets and investors
The Securities and Exchange Commission (SEC) is to examine the fast-growing market for exchange-traded products (ETPs) and its implications for investors in a forum with New York University.
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US adviser creates alter ego to defraud pro athlete over fees
The US Securities and Exchange Commission (SEC) has charged an adviser with defrauding a professional athlete and his wife by deceiving them about the advisory fees they were paying and making up a person to testify to his goodwill.
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Three charged in US oil drilling scam promising 55% returns
The US Securities and Exchange Commission has charged two men and an accomplice with defrauding $15m (£11.6m, €12.7m) from more than 150 investors in a scam that promised high returns from an oil drilling investment opportunity.
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PEOPLE MOVES: Holborn hires CCO as part of big expansion
Holborn Assets is planning to expand across the Middle East and Asia over the next 12 months, while Schroders has created a new sales director role for the Middle East. A Manulife insurance salesperson in Hong Kong has been added to the Guinness Book of World Records for his astonishingly long career.
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US regulator brings charges over cancer investment fraud
The Securities and Exchange Commission has filed charges against a businessman accused of using investor funds intended to develop products to detect cancer and other diseases to pay personal expenses and fund his fiancée’s restaurant.
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Banned UK fraudster charged with £37m investment scam in US
A man disqualified from working as a director in the UK has been charged with fraud by the US Securities and Exchange Commission (SEC) for misleading investors in a $37m (£28m, €32m) scam.
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PEOPLE MOVES: SEC, First State, Ashburton
The US regulator has appointed co-directors of its Enforcement Division, while First State Investment is losing its head of global resources and Ashburton Investments bolsters its multi-asset team.
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US Supreme Court rules adviser won’t have to repay $35m
The Securities and Exchange Commission has lost a US Supreme Court case to force an investment adviser to repay nearly $35m (£27m, €31m) his companies stole, as his actions fell outside the statute of limitations.
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Barclays fined $97m for overcharging advice clients in US
Barclays has agreed to pay more than $97m (£74.9m, €89.2m) to refund advice and mutual fund sales fees to US clients who were charged for services they did not receive.
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Three Brits arrested in Philippines over boiler room scam
Three British nationals allegedly involved in a investment scam have been arrested in the Philippines.