BROWSE BY TOPIC
- Bad Brokers
- Compliance Concepts
- Investor Protection
- Investments - Unsuitable
- Investments - Strategies
- Investments - Private
- Features/Scandals
- Companies
- Technology/Internet
- Rules & Regulations
- Crimes
- Investments
- Bad Advisors
- Boiler Rooms
- Hirings/Transitions
- Terminations/Cost Cutting
- Regulators
- Wall Street News
- General News
- Donald Trump & Co.
- Lawsuits/Arbitrations
- Regulatory Sanctions
- Big Banks
- People
TRENDING TAGS
Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
ABOUT FINANCIALISH
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
SUBSCRIBE FOR
NEWSLETTERS & ALERTS
FOLLOW US
U.K. Enforcement Chief Stepping Down
February 16, 2012
[ by Melanie Gretchen ]
The head of enforcement at Britain’s financial regulator will depart the organization ahead of its break-up next year. Margaret Cole, the current managing director of enforcement and financial crime at the Financial Services Authority, will leave the organization at the end of March, according to a statement.
The FSA. As part of a major overhaul of the country’s financial regulation, the regulator will be split up in early 2013, and the majority of its powers will be given to the Bank of England, the country’s central bank.
Since 2011, Ms. Cole has had interim control over the FSA’s work, which will be transferred to a new consumer protection organization called the Financial Conduct Authority. Going forward, Martin Wheatley, the former chairman of Hong Kong’s Securities and Futures Commission, will assume leadership of the new body full-time.
FSA Convictions and Fines. On 1/31/12, the FSA fined Ravi Sinha, the former top executive at the private equity firm J.C. Flowers, $4.5 million (£2.87 million) - one of the largest penalties ever imposed on an individual - for using a fraudulent invoicing scheme to pocket millions of dollars.
Under her leadership, earlier in January, the FSA fined David Einhorn and his hedge fund, Greenlight Capital, $11 million for using confidential information to trade in the stock of a British pub chain. Mr. Einhorn disagreed with the regulator’s ruling, but agreed to pay the fine.
"I joined the FSA to help in the fight against wrongdoing within the financial services industry, and I believe a lot has been achieved in my time here," Ms. Cole said in a statement.
2011: The Year of Conviction. In total, British authorities have successfully convicted 11 people for insider dealing in 2011, with a further 16 people awaiting trials, the FSA said in a statement. Last year, its total fines reached $104 million (£66 million).
That includes a $9.6 million fine for Rameshkumar Goenka, a private investor based in Dubai, accused of manipulating the closing price of the Indian infrastructure company Reliance Industries on the London Stock Exchange. Last August, the hedge fund manger Michiel Visser was also fined £2 million, and barred from working in Britain’s financial services industry, for deliberating misleading investors.
For further details, go to [Dealbook, 2/15/12].
Related Stories: Archive
-
Legal Funding Firm Accused of Scamming 9/11 Heroes, NFL Retirees
February 8, 2017 -
Elizabeth Warren, Wall Street Pariah, Now Has Lost Her Left-Wing Following
January 19, 2017 -
What We Know and Don’t Know About the Trump-Russia Dossier
January 11, 2017