Bad news from Frankfurt-based online broker FlatexDEGIRO: BafFn has conducted a special audit and found deficiencies in the organization and corporate governance, as the SDax company announced. The regulator ordered the broker to implement a proper organization and increase the capital. The day-to-day business is weak. The company significantly reduced its 2022 forecast.
The Securities and Exchange Commission (SEC) has charged Goldman Sachs Asset Management with false advertising of funds and account strategies. According to the SEC, GSAM was fined $4 million for policy and procedural failures in two mutual funds and a separately managed account strategy marketed as ESG investments.
Crypto lender BlockFi filed for Chapter 11 bankruptcy on Monday! In the first week of November, BlockFi paused withdrawals from customers. The crypto lending platform had drawn down a $400 million line of credit from FTX US over the summer and was one of the first victims of the crypto contagion following the FTX collapse. Stuart Alderoty, General Counsel at Ripple, pointed the finger to the U.S. SEC:
The fine could end the regulatory process that has been ongoing for two years. After that, the planned IPO could also be resumed. Ant Group, the fintech arm of e-commerce giant Alibaba, is expected to pay more than a billion dollars in fines to the Chinese state. This was reported by the Reuters news agency, citing insiders. According to the report, the Chinese central bank has been negotiating the modalities with the company for several months.
Short-seller Fraser Perring has exposed Adler's accounting already in 2021. In a balance sheet audit, the German BaFin confirmed Perring's allegations and finds almost four billion euros too much on the balance sheet of the real estate group. In the audit of Adler Real Estate's 2019 consolidated financial statements, the BaFin found three more accounting errors. The authority accuses the company of improper consolidation of the then-subsidiary ADO Properties.
After the Wirecard debacle, Germany reorganized BaFin's regulatory balance sheet control. Thorsten Pötzsch, head of Bafin's securities regulator, emphasized the new system's effectiveness at a symposium in Vienna. He referred to discovered accounting errors that auditors had failed to detect.
Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), warned the crypto industry, saying, "We need to protect crypto investors. Time is running out!" According to Gensler, the FTX collapse follows the same pattern as the crash of many other crypto platforms. He said that these platforms use customer funds to borrow and then use them to make further investments without disclosing accurate information about the transactions.
The Securities and Exchange Commission (SEC) has settled a lawsuit against Koppers Holdings for failing to disclose material information related to two non-GAAP financial measures the company highlighted in connection with its debt reduction efforts. The Commission's order states that Koppers failed to disclose that it achieved its debt reduction goals by withholding a significant amount of past-due payments from suppliers in fiscal 2019.
The Philippines Securities and Exchange Commission (SEC) has revoked the corporate registration of Astrazion Noble Task Community Foundation and Astrazion Global Holdings Philippines, Inc....
