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UK Court Sets Dates for FCA 'Finfluencer' Trials
Nine individuals charged in an unauthorised forex trading scheme have been scheduled for trial.
This comes after the Financial Conduct Authority (FCA) pressed charges against them due to their promotions via social media.
Among those charged, Holly Thompson, Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou and Scott Timlin each pleaded not guilty to one count of issuing unauthorised communications of financial promotions.
Additionally, Emmanuel Nwanze denied charges of providing unauthorised advice on buying and selling contracts for difference (CFDs), along with issuing financial promotions without authorisation.
Eva Zapico, another individual implicated in the scheme, did not enter a plea during the hearing. A subsequent plea hearing for Zapico has been scheduled for September 26, 2024.
In light of court scheduling constraints, trial dates have been fixed for February 1, 2027 and March 15, 2027 at Southwark Crown Court, which are the earliest available slots for the court to accommodate the complex case.
US Regulators Fine Citigroup $135.6m Over Persistent Risk Management And Data Governance Failures
Citigroup (Citi) has been fined a total of $135.6m by US regulators due to ongoing deficiencies in its risk management and data governance practices, despite a previous cease and desist order issued four years ago.
“Citibank must see through its transformation and fully address in a timely manner its longstanding deficiencies,” said acting comptroller of the currency Michael J. Hsu.
“While the bank’s board and management have made meaningful progress overall, including taking necessary steps to simplify the bank, certain persistent weaknesses remain, in particular with regard to data,” he said, adding that the amendment requires the bank to refocus its efforts on taking necessary corrective actions and ensuring appropriate resources are allocated for this purpose.
The Office of the Comptroller of the Currency (OCC) imposed a $75m fine and amended the existing order, while the Federal Reserve Board added a $60.6m fine for violating its 2020 enforcement action.
The original cease and desist order was issued by the OCC with a $400m fine in response to Citi's failure to address shortcomings in enterprise-wide risk management, compliance risk management, data governance and internal controls.
This action was based on findings of unsafe banking practices stemming from Citi's long-standing deficiencies in establishing effective risk management and data governance programmes.
