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Global Regulatory Warnings & Actions

Selected Warnings & Actions by Financial Regulators around the world.

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Opportunité Luxembourg SA: €30,000 Fine

October 23, 2020 - Public Announcement by the Luxembourg CSSF that it has imposed a fine of €30,000 on Opportunité Luxembourg S.A. for regulatory breaches. Editor's Note: Research by OffshoreAlert in the Luxembourg Business Register showed that the managers of Opportunité Luxembourg S.A. are Jacques-Antoine de Geffrier, of Luxembourg; Serge Fouchet, of France, and Catherine Félicie Wajsman, of Luxembourg.

Tradenet Capital Markets Ltd.: $130K Fine

October 23, 2020 - Administrative Order by the U. S. Securities and Exchange Commission imposing a fine of $13,000 on Tradenet Capital Markets Ltd., of Israel, for regulatory breaches.

Brooks Macdonald Asset Management (International) Ltd.: Findings

October 23, 2020 - Public Statement by the Jersey Financial Services Commission regarding regulatory breaches by Brooks Macdonald Asset Management (International) Limited, Jersey Branch.

Goldman Sachs (Singapore) Pte.: $122M Fine

October 23, 2020 - Joint Statement by Singapore's Attorney General, Police Force, and Monetary Authority that they have imposed a fine of $122 million on Goldman Sachs (Singapore) Pte. "for its role" in bond offerings by 1Malaysia Development Berhad, a.k.a. 1MDB.

Key Way Investments Ltd.: €120K Settlement

October 22, 2020 - Board Decision by the Cyprus Securities and Exchange Commission announcing that Key Way Investments Ltd. has agreed to pay €120,000 to settle an action for "possible violations" of regulations. Editor's Note: Research by OffshoreAlert in the Cyprus Registrar of Companies showed that Key West Investments Ltd. was incorporated in Cyprus on March 4th, 2015, its directors are Wasim Zayed, Christina Koullapi, Loukas Kousios, Pavlos Iosifidis, Thomas Xydas, and Constantin Octavian Patrascu, and its secretary is PMG Islandserve Nominees Limited.

Stephen Cryer: Disqualification

October 22, 2020 - Public Statement by the Isle of Man Financial Services Authority that it has disqualified Stephen David Cryer, described as "a senior financial advisor", for not being "fit and proper", a penalty that the regulator stated "reflects the serious nature of the lack of integrity of Mr Cryer".

Mistral Pay Ltd.: €32K Fine

October 22, 2020 - Public Announcement by the Malta Financial Services Authority that it has imposed a fine of €32,400 on Mistral Pay Ltd. "and has allowed the Institution to start the process for the voluntary surrender of their licence under the Financial Institutions Act". Editor's Note: Research by OffshoreAlert in the Malta Business Registry showed that Mistral Pay Ltd. was incorporated in Malta on January 27th, 2014, its directors are Joseph Mary Formosa, a citizen of Malta; Conrad Micallef, a citizen of Malta, and David Axel Trincia, a citizen and resident of Italy, its previous directors include David Marinelli, who resigned effective October 28th, 2019, and its shareholders are DM Capital Ltd. and MPHOL International Limited, both of Malta. DM Capital Ltd.'s directors are David Marinelli and its shareholders are SAFI Holdings, of Malta, and David Marinelli, while MPHOL International Limited's sole director is Ivano Luigi Porretiello, of Italy, and its shareholders are Easy Network SRL, of Italy; Sofia Inaudi, a citizen of Argentina with an address in Italy; David Marinelli, and Ivano Luigi Porretiello.

Goldman Sachs (Asia) LLC: $350M Fine

October 22, 2020 - Statement of Disciplinary Action by the Securities and Futures Commission of Hong Kong imposing a fine of US$350 million on Goldman Sachs (Asia) LLC regarding 1Malaysia Development Berhad, a.k.a. 1MDB.

Goldman Sachs Group Inc.: $150M Fine

October 22, 2020 - Consent Order by New York State Department of Financial Services imposing a fine of $150 million on The Goldman Sachs Group Inc. for "the fraudulent misappropriation of funds from Malaysia's strategic investment development fund, known as 1Malaysia Development Berhad".

Goldman Sachs Group, Inc.: $1B Penalties Re. 1MDB

October 22, 2020 - Administrative Order by the U. S. Securities and Exchange Commission imposing penalties totaling $1.06 billion on The Goldman Sachs Group, Inc. regarding "a scheme perpetrated by now former senior employees of Goldman Sachs who authorized and paid bribes and kickbacks to government officials in Malaysia and the Emirate of Abu Dhabi in order to secure lucrative business for the Company and benefits for themselves" involving 1Malaysia Development Berhad, a.k.a. 1MDB.

We hunt for red flags in high-value, cross-border finance by monitoring offshore and onshore courts, regulatory actions, offering documents, and other sources - and email you the results.

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Cayman Court Secrecy: A Huge Red Flag for Foreign Investors & Clients
David Marchant
As any fule kno, the biggest enemy of fraud, corruption, money laundering, and other forms of financial crime is transparency, while their best friend is secrecy. That's why the unprecedented mass sealing of cases that's taking place at the Financial Services Division of the Grand Court of the Cayman Islands is repugnant to anyone with a genuine concern for financial crime.