Fronter Decision GmbH, registered in Offenbach, Germany, was entered into the commercial register in April 2019. The Ukrainian Nikitin Oleksiy was appointed as the sole managing director. In fact, many of the German money laundering companies have Ukrainian directors. As non-EU citizens, these are hardly legally enforceable. BaFin issued a cease-and-desist order against the company in November 2020, which is now final.
PolarisTradePay (www.polaristradepay.com) is an unregistered brokerage platform in the field of energy, agriculture, stocks, and crypto-currencies. The UK FCA issued an investor warning against the broker on December 11, 2020, and calls it a scam. The platform is allegedly operated by Polaristrade.com Ltd, which does not exist.
Consob is currently the only financial market regulator known to us that has the legal authority to order internet providers to black-out of illegal financial sites. Including the five new black-out orders, Consob has already blocked 335 websites for the Italian market. Almost all blocked sites offer illegal broker services.
It took two years before the UK regulator followed FCA after the U.S. CFTC’s Regulatory Enforcement Action and fined the FCA-licensed FX broker TFS-ICAP for fraudulent trading practices. FCA recently announced that it has imposed a £3.44 million financial penalty on TFS-ICAP Ltd for market misconduct.
The U.S. Securities and Exchange Commission (SEC) is undoubtedly the world’s leading regulator, making decisions and setting standards that go far beyond the U.S. That said, the appointment of the SEC chair is a political statement with far-reaching consequences for the global community of regulators. Jay Clayton, the SEC chairman of the Trump announced his departure and makes way for his successor under the Biden era.
The U.S. SEC announced an award of over $1.1 million to a whistleblower whose independent analysis led to a look at new conduct during an ongoing investigation. This whistleblower investigated publicly available materials and conducted an analysis that revealed important new insights into securities law violations.
The U.S. Whistleblower programs of regulators such as the SEC and CFTC are becoming a lucrative business for agencies that focus on the procurement of whistleblower information. This includes activities outside the U.S. This week the SEC awarded $900,000 for the detection of securities law violations overseas. Whistleblowers get their awards from monetary sanctions paid to the regulator from the offenders.
Lanistar is a prominent FinTech on Instagram and proudly presents young, sexy, and fashionable influencers on its website. The company was also hyped by bullish press releases from its partner MasterCard. The FinTech is aiming for a £1 billion valuation. The UJ FCA, however, has issued an investor warning against Lanistar, advising that it’s operating without authorization in the U.K.