Financial Compliance

SEC Bars Ricardi Celicourt for Unregistered Broker Activities

The SEC has barred Ricardi Celicourt from association with any broker or dealer and from participating in any penny stock offering. This action follows findings that Celicourt acted as an unregistered broker, facilitating the sale of unregistered securities for Royal Bengal Logistics, Inc. and receiving over $517,000 in compensation.

ESMA Supervisory Briefing on Algorithmic Trading

The European Securities and Markets Authority (ESMA) has issued a supervisory briefing to support consistent supervision of algorithmic trading across the EU. The briefing provides National Competent Authorities with tools and clarified expectations for supervising firms engaged in algorithmic trading under MiFID II, including considerations for AI.

ESMA Consults on EMIR 3 Post-Trade Risk Reduction Services

The European Securities and Markets Authority (ESMA) has launched a consultation on the requirements for post-trade risk reduction (PTRR) services under EMIR 3. The consultation seeks feedback on draft Regulatory Technical Standards (RTS) that define conditions for PTRR services to benefit from a clearing obligation exemption.

Texas Banking Commissioner Cease and Desist Order

The Texas Banking Commissioner has issued an emergency cease and desist order against Child Support Services, Inc., Child Support Services of Atlanta, Inc., and Stuart Clay Cole. The order stems from allegations of operating as an unregistered private child support enforcement agency and engaging in deceptive practices, including mail fraud.

Order Revokes Registration for Empire CSR L.P. Child Support Resources

The Texas Department of Banking has revoked the registration of Empire CSR L.P. d/b/a Child Support Resources. The agency's surety bond lapsed, its owner died, and attempts to contact the firm were unsuccessful, leading to the revocation.

SEC v. Tai Mo Shan Limited - Cease-and-Desist Order and $123M Penalty

The SEC has extended the deadline for the Division of Enforcement to submit a Proposed Plan of Distribution for the Fair Fund established in the cease-and-desist order against Tai Mo Shan Limited. The order requires Tai Mo Shan to pay a total of $123,095,287.00 in disgorgement, interest, and penalties for unregistered securities offerings.

SEC Reinstates Accountant Joseph Jennings, CPA After Suspension

The SEC has issued an order reinstating Joseph Jennings, CPA, to practice before the Commission as an accountant. Jennings was suspended in 2018 for insider trading violations related to the H.J. Heinz Company and Kraft Foods Group, Inc. merger.

SEC v. Madison Capital Funding LLC - Investment Adviser Sanctions

The SEC instituted administrative and cease-and-desist proceedings against Madison Capital Funding LLC, an investment adviser. The firm allegedly failed to determine fair market value for trades with pooled investment vehicles it advised during a period of market disruption.

SEC Bars Ejiro Ode Okuma for Fraud and Misappropriation

The SEC has barred Ejiro Ode Okuma from associating with any regulated entity following findings of fraud and misappropriation of over $9 million from a client. A final judgment was entered against Okuma, permanently enjoining him from future violations of securities laws.

FCA and Independent Football Regulator Sign Memorandum of Understanding

The Financial Conduct Authority (FCA) and the Independent Football Regulator (IFR) have signed a Memorandum of Understanding (MoU). This agreement outlines how the two organizations will collaborate to ensure effective regulation where football and financial services intersect.