Regulatory

GAM (Luxembourg) SA: €48.5K Fine

Public Notice by the Luxembourg CSSF that it has imposed a fine of €45,500 on GAM (Luxembourg) SA, described as an investment fund manager, for regulatory breaches.
brett-armitage-stephen-corran

Bridgewater (IOM) Ltd.: £225K Fine & Disqualification of Directors

Public Statement by the Isle of Man Financial Services Authority that it has imposed a fine of £225,085 on financial services provider Bridgewater (IOM) Limited and disqualified Matthias Bolliger, Stephen Corran, and Brett Armitage as directors for regulatory breaches.

Demetrios Chomatas et al: €9K Settlement

Public Notice by the Cyprus Securities and Exchange Commission that Demetrios Chomatas and unidentified "members of his family, as well as the legal person which he owned at the particular period" have agreed to pay a total of €9,000 to settle a regulatory investigation.

Amagis Capital Services Ltd.: €2.5K Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €2,500 on Amagis Capital Services Ltd. for a regulatory breach.

Mare Services Ltd.: €500 Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €500 on Mare Services Limited.

Corpserv Ltd.: €2K Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €2,000 on Corpserv Ltd. for a regulatory breach.

Atom Corporate Services Ltd.: €500 Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €500 on Atom Corporate Services for a regulatory breach.

The Timeless Uranium Fund SICAV Plc: ‘New Liquidator’ Directive

Public Notice by the Malta Financial Services Authority that it has "directed" The Timeless Uranium Fund SICAV Plc, described as "a collective investment scheme targeting retail investors", to "take all the necessary steps to ensure that a new liquidator is appointed within one month".

The Timeless Precious Metals Fund SICAV Plc: ‘New Liquidator’ Directive

Public Notice by the Malta Financial services Authority that it has "directed" The Timeless Precious Metals Fund SICAV Plc, described as "a collective investment scheme targeting retail investors", to "take all the necessary steps to ensure that a new liquidator is appointed within one month"

Coworth Investments Ltd. et al: Dubai FSA’s ‘Regulatory Clarification’

Dubai Financial Service Authority's "Clarification regarding the regulatory status" of Coworth Investments Ltd., Coworth Fintech Ltd., and Novus Fintech Ltd. Editor's Note: As previously reported by OffshoreAlert, Coworth and Novus are part of a group controlled by British fraudster Richard Fagan.

SEC v. Frederick Sharp: Notice of Default

Notice of Default in a complaint alleging investment fraud in U. S. Securities and Exchange Commission v. Frederick L. Sharp, a citizen of the United States residing in Vancouver, Canada, at the U. S. District Court for the District of Massachusetts.

SEC v. Ramiro Sugranes et al: Amended Complaint

Amended Complaint alleging fraud in U. S. Securities and Exchange Commission v. Ramiro Jose Sugranes, described as a citizen of Nicaragua residing in Miami, Florida; Lina Maria Garcia, a resident of Miami; UCB Financial Advisers Inc., of Florida, and UCB Financial Services Limited, of Chile, as Defendants, and Ramiro Sugranes Hernandez and Thelma Lanzas de Sugranes, residents of Nicaragua, as Relief Defendants, at the U. S. District Court for the Southern District of Florida.

Transnet SOC Ltd.: €15K Fine

Public Notice by the Luxembourg CSSF that it has imposed an administrative fine of €15,000 on Transnet SOC Ltd. for regulatory breaches.

SEC v. Terraform Labs Pte Ltd. et al: ‘Subpoena Compliance’ Application

SEC's application for an order to show cause and requiring compliance with subpoenas in U. S. Securities and Exchange Commission v. Terraform Labs Pte Ltd., described as "a Singapore-incorporated computer programming and digital asset company", and Do Kwon, of South Korea, at the U. S. District Court for the Southern District of New York.

Iosif Galea: €53K Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €53,333 on Iosif Galea and ordered him to cease providing corporate services for regulatory breaches.

RCB Bank Ltd.: €132K Fine

Public Notice by the Luxembourg CSSF that it has imposed a fine of €132,000 on RCB Bank Ltd. for regulator breaches.

James Nicholls: Disqualification

Updated Public Statement by the Jersey Financial Services Commission that it has disqualified James Nicholls, formerly of Horizon Trustees (Jersey) Limited (in Liquidation), "from holding any key person or principal person position in the business of any registered person".

SEC v. Joseph Cammarata et al: Freezing Order

Complaint in U. S. Securities and Exchange Commission v. Joseph Cammarata, Erik Cohen, David Punturieri, AlphaPlus Portfolio Recovery Corp., and Alpha Plus Recovery LLC at the U. S. District Court for the Eastern District of Pennsylvania.

RAM Cyprus Income Fund Ltd.: License Revocation

Public Notice by the Cyprus Securities and Exchange Commission that it has revoked the license of RAM Cyprus Income Fund Ltd., whose directors appear to be based in Australia, China, and Cyprus.

Integrated-Capabilities (Malta) Ltd.: €310K Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €310,000 on Integrated-Capabilities (Malta) Limited, a "retirement Scheme Administrator" whose principals are based in the Isle of Man, for regulatory breaches.

SEC v. Joseph Cammarata et al: Asset Freeze Motion

Motion for Temporary Restraining Order involving an alleged fraud involving entities or account in the Bahamas, Barbados, Cayman Islands, Colombia, Gibraltar, and United States in U. S. Securities and Exchange Commission v. Joseph Cammarata, Erik Cohen, David Punturieri, AlphaPlus Portfolio Recovery Corp., and Alpha Plus Recovery LLC at the U. S. District Court for the Eastern District of Pennsylvania.

SEC v. Joseph Cammarata et al: Complaint

Complaint alleging the defendants "stole at least $40 million from approximately 400 distribution funds that formed as a result of resolutions of securities class actions and Securities and Exchange Commission enforcement actions, to distribute money obtained through settlements or judgments to injured investors" involving entities in the Bahamas, Colombia, Gibraltar, and the USA in U. S. Securities and Exchange Commission v. Joseph A. Cammarata, described as a resident of New Jersey who "own an island in the Caribbean"; Erik Cohen, of New Jersey; David H. Punturieri, of New York; AlphaPlus Portfolio Recovery Corp., of New Jersey, and Alpha Plus Recovery LLC, of New Jersey, at the U. S. District Court for the Eastern District of Pennsylvania.

Investar Plc: €31.7K Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €31,740 on Investar Plc for failure "to publish the Annual Financial Returns for years ended 31 December 2017, 2018 and 2019 within the regulatory deadline".

SEC v. Akazoo SA: Final Judgment

Agreed Final Judgment for $38.8 million in U. S. Securities and Exchange Commission v. Akazoo S.A., of Luxembourg, at the U. S. District Court for the Southern District of New York.

Mashreqbank PSC: $100M Fine

Consent Order in which Mashreqbank PSC, of Dubai, in the United Arab Emirates, agreed to pay a fine of $100 million to the New York State Department of Financial Services for regulatory breaches involving "USD transactions of the Bank relating to Sudan".

RTS Advisory Ltd.: €500 Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €500 on RTS Advisory Limited for failing "to submit the Auditors’ Management Letter within the regulatory deadline".

Dominion Marine (Malta) Ltd.: €2.5K Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €2,500 on Dominion Marine (Malta) Limited for a regulatory breach.

Döhle Management (Malta) Ltd.: €500 Fine

Public Notice by the Malta Financial Services Authority that it has imposed an administrative fine of €500 on Döhle Management (Malta) Limited for a regulatory breach.

Lecocqassociate Ltd.: €3.5K Fine

Public Notice by the Malta Financial Services Authority that it has imposed an administrative fine of €3,500 on Lecocqassociate Ltd. for a regulatory breach.

Sarnia Yachts (Malta) Ltd.: €2.5K Fine

Public Notice by the Malta Financial Services Authority that it has imposed an administrative fine of €2,500 on Sarnia Yachts (Malta) Limited, which is owned by a company in Guernsey, for failure to submit its "Audited Financial Statements and Auditor’s Management Letter within the regulatory deadline".

Vella & Associates Ltd.: €500 Fine

Public Notice by the Malta Financial Services Authority that it has imposed an administrative fine of €500 on Vella & Associates Limited for a regulatory breach.

Terraform Labs Pte Ltd. et al v. SEC: Complaint

Complaint in Terraform Labs Pte Ltd., of Singapore, described as "the developer of Terra, a decentralized and open-source public blockchain network, and the Mirror Protocol, a decentralized finance protocol built on Terra that is governed by its stakeholder community", and Do Kwon, a citizen and resident of South Korea v. U. S. Securities and Exchange Commission at the U. S. District Court for the Southern District of New York.

SEC v. Gerald Fauth: Show Cause Order

Order to Show Cause in U. S. Securities and Exchange Commission v. Gerald Fauth at the U. S. District Court for the Southern District of New York. Editor's Note: Although the application in this case was filed under seal, it appears to be related to an investigation into whether U.S. Senator Richard Burr and members of his family, including Fauth, who is his brother-in-law, traded on non-public information gathered through his work in the Senate, as revealed last year by non-profit investigative news organization ProPublica.

Alpha Re Ltd.: License Revocation

Public Notice by the Cayman Islands Monetary Authority that it has revoked the insurer's license of Alpha Re Limited for regulatory breaches.

SEC v. Gerald Fauth: Subpoena Compliance Application

Case Cover Sheet and Docket regarding an Application for and Order to Show Cause and for an Order Requiring Compliance with Administrative Subpoena in U. S. Securities and Exchange Commission v. Gerald Fauth, of Alexandria, Virginia, at the U. S. District Court for the Southern District of New York. Editor's Note: In May 2020, New York-based non-profit investigative news service ProPublica reported that Fauth and his brother-in-law, U. S. Senator Richard Burr, had both sold a “significant portion” of their holdings in several publicly-traded companies last February just before the stock market crashed as a result of COVID-19 and that Burr was “under federal investigation over whether he traded on non-public information gathered through his work in the Senate”. Today’s “Show Cause” application was filed under seal and, therefore, OffshoreAlert does not know whether it is connected to the investigation described by ProPublica.

NBG Bank Malta Ltd.: €134.5K Fine

Public Notice by the Malta Financial Intelligence Analysis Unit that it has imposed a fine of €134,500 on NBG Bank Malta Limited for regulatory breaches.

VTB Capital Plc: $6.4M Penalties

Administrative Order by the U. S. Securities and Exchange Commission imposing penalties totaling $6.4 million on VTB Capital Plc regarding "material omissions and misleading statements in a 2016 bond offering for which VTB Capital Plc, a London-based investment bank, acted with Credit Suisse Group AG as joint-lead manager".

Credit Suisse Group AG: $99M Penalties

Administrative Order by the U. S. Securities and Exchange Commission imposing penalties totaling $99 million on Credit Suisse Group AG, of Switzerland, regarding "an offering fraud and violations of the internal accounting controls and books and records provisions of the Foreign Corrupt Practices Act ... in connection with three interconnected transactions involving, among others, United Kingdom-based Credit Suisse entities and Mozambican state-owned entities".

Tether Holdings Ltd. et al: $41M Fine

Administrative Order by the Commodity Futures Trading Commission imposing a fine of $41 million on Tether Holdings Limited, Tether Operations Limited, and Tether International Limited, all of the British Virgin Islands, and Tether Limited, of Hong Kong, for alleged fraud with its "virtual currency stablecoin".

Bitfinex: $1.5M Fine

Administrative Order by the Commodity Futures Trading Commission imposing a fine of $1.5 million on iFinex Inc., BFXNA Inc., and BFXWW Inc., all of the British Virgin Islands, a crypto group collectively doing business as Bitfinex, for regulatory breaches.

Maxigrid Ltd.: License Suspension

Public Notice by the Cyprus Securities and Exchange Commission that it has suspended the license of investment firm Maxigrid Ltd. for regulatory breaches.

Maxiflex Ltd.: License Suspension

Public Notice by the Cyprus Securities and Exchange Commission that it has suspended the license of investment firm Maxiflex Ltd. for regulatory breaches.

DappTricity Plc: Public Statement

Public Statement by the Isle of Man Financial Services Authority regarding the de-registration of DappTricity Plc, an Isle of Man company whose "whitepaper" identified its product as "blockchain-based systems for finance and gaming" and whose assets, according to the Isle of Man FSA, were transferred to "a company in the British Virgin Islands" after failing a regulatory inspection in the Isle of Man in March, 2021.

Seven Mile Securities: CI$250K Fine

Public Notice from the Cayman Islands Monetary Authority that it has imposed "discretionary administrative fines" totaling CI$250,000 on Seven Mile Securities for regulatory breaches.