#unauthorized trading

[rwatimes]

Anthropic and OpenAI Tokens Plunged After a Ban on Unauthorized Stock Trading

Anthropic and OpenAI have issued a warning about "unauthorized trading" in the companies’ shares and the potential consequences. Following the announcement, the prices of tokens representing these firms’ securities on the PreStocks platform fell by 32.9% and 39.1%, respectively, according to CoinGecko.

➤ Anthropic and OpenAI have issued warnings against unauthorized trading of their pre-IPO shares, specifically targeting tokenized versions traded on platforms like PreStocks. ➤ These warnings, citing invalidity of transfers via Special Purpose Vehicles (SPVs), led to significant price drops (32.9% and 39.1%) for the respective company's stock tokens. ➤ The actions highlight regulatory scrutiny and potential legal challenges for tokenized private equity before a company goes public.

[rexsecuritieslaw]

Chelsea Financial Services and Broker Joseph Biondolillo Sanctioned by Montana Securities Regulators

Chelsea Financial Services and Broker Joseph Biondolillo Sanctioned by Montana Securities Regulators

Chelsea FInancial Services, of Staten Island, New York,   was ordered to pay restitution of over $262,000 and a $40,000 fine in 2013 by Montana securities regulators for failing to supervise one of their brokers Joseph Biondolillo, who they alleged was charging and collecting unreasonable fees.

According to FINRA records, Biondolillo was alleged to have induced trading in customer accounts which…

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[rexsecuritieslaw]

Former First Allied Securities Broker Frank Dettenrieder Suspended/Fined by FINRA

Former First Allied Securities Broker Frank Dettenrieder Suspended/Fined by FINRA

In July 2014, FINRA suspended Frank Nicholas Dettenrieder of San MIguel de Allende, Guanajuato, Mexico for 12 days and assessed a deferred fine of $5,000 to resolve allegations that he effected discretionary transactions in the accounts of six customers without having those accounts accepted as discretionary accounts by his member firm.

According to FINRA records, Dettenrieder was registered with

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[rexsecuritieslaw]

Former LPL Broker Sanctioned By Securities Regulators-Unauthorized Trading

In July 2014, the Financial Industry Regulatory Authority (FINRA) fined former LPL Financial broker Richard D. Lewis $5,000 and suspended him for 20 business days for making over 80 discretionary trades in the securities account of a customer without obtaining written authorization and without having first obtained permission from LPL Financial. 

According to FINRA records, Lewis is…

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[bylinebeat]

Swiss bank UBS has admitted that its investment banking arm has lost around $2bn (£1.27bn) through "unauthorised trading".

(Guardian)

Shares in UBS fell by almost 10% in early trading after it reported the loss, which could push the bank into the red for the current financial quarter.

In a brief statement, issued on the third anniversary of Lehman Brothers, UBS said that the issue was still being investigated.

"UBS has discovered a loss due to unauthorized trading by a trader in its Investment Bank. The matter is still being investigated, but UBS's current estimate of the loss on the trades is in the range of $2bn. It is possible that this could lead UBS to report a loss for the third quarter of 2011.

UBS added that "no client positions were affected."

Simon Ballard, senior credit strategist at RBS capital markets, said the trading loss would add to public concern over the banking sector.

"At a time of greater regulation, it will raise questions about regulatory capital and whether ringfences are in place to stop this happening," Ballard told Bloomberg TV.