Citibank Unit fined $1.25 Million Fine for Poor Background Check Procedures

Citibank Unit fined $1.25 Million Fine for Poor Background Check Procedures

According to FINRA, Citigroup’s brokerage unit, Citigroup Global Markets, Inc., failed in running background checks on at least 10,400 non-registered associated persons, which led to three individuals who’d been convicted of crimes working for the firm. Federal securities laws require broker-dealers to fingerprint associated persons working in a non-registered capacity before or upon association with

A Broken Record: CFTC Fines Another Binary Options Firm for Illegal Off-Exchange Trading

A Broken Record: CFTC Fines Another Binary Options Firm for Illegal Off-Exchange Trading

Today, the U.S. Commodity Futures Trading Commission (CFTC) issued an Order filing and settling charges against Curtis Dalton of Middleton, Massachusetts, requiring him to pay $200,000 for offering illegal off-exchange retail commodity transactions to U.S. and overseas customers while failing to be registered by the CFTC. The transactions offered by Dalton consisted of binary options

IRS Intends to Notify More Than 10,000 Taxpayers with Unreported Cryptocurrency Transactions by the End of August

IRS Intends to Notify More Than 10,000 Taxpayers with Unreported Cryptocurrency Transactions by the End of August

As detailed in this IRS news release today, the IRS has begun sending letters to taxpayers with virtual currency transactions that may have resulted in tax liabilities.  This notice provides: “Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties,”

Community Banks Exempted from the Volker Rule

Community Banks Exempted from the Volker Rule

The Federal Reserve Board, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission announced yesterday that they adopted a final rule to exclude community banks from the Volcker Rule, consistent with the Economic Growth, Regulatory Relief, and Consumer Protection Act.

Perry Featured in Disruptor Daily Series on Blockchain

Perry Featured in Disruptor Daily Series on Blockchain

  Kennyhertz Perry, LLC Partner Braden Perry was featured as one of several Blockchain experts in the Disruptor Daily series on emerging technology and Blockchain in industry. Perry discussed practical Blockchain applications in the areas of energy, agriculture, and cannabis. Perry has extensive experience advising clients in federal inquiries and investigations, particularly in enforcement matters

CME and CFTC Charge Unregistered Hedge Fund with Spec Limit Violations

CME and CFTC Charge Unregistered Hedge Fund with Spec Limit Violations

The Chicago Mercantile Exchange (CME) and Commodity Futures Trading Commission (CFTC) issued an Order filing and settling charges against an unregistered Hong Kong-based hedge fund, Elephas Investment Management Ltd. (Elephas), for violating speculative limits in wheat contracts. Regulation 150.2 sets speculative position limits that any person may hold or control for CBOT SRW futures contracts,

Kennyhertz Perry’s Jon Dedon Featured in Medical Marijuana Podcast

Kennyhertz Perry’s Jon Dedon Featured in Medical Marijuana Podcast

“Kennyhertz Perry attorney Jon Dedon recently appeared on the State Your Line podcast to discuss medical marijuana in Missouri. The discussion ranged from how to set up Missouri marijuana dispensaries and cultivation facilities, to how to apply for medical marijuana identification cards, to how employers should deal with employees who are licensed to use marijuana

Department of Justice Intervenes in Poultry Price-Fixing Suit

Department of Justice Intervenes in Poultry Price-Fixing Suit

The Department of Justice has reportedly opened a criminal investigation into claims over whether companies including Tyson Foods, Pilgrim’s Pride, and Sanderson Farms conspired to fix poultry prices. The probe was disclosed in a civil court filing in Chicago, where lawsuits against more than 12 companies in the poultry industry are pending. The civil lawsuits

CFTC Files $147 Million Enforcement Action Against Bitcoin Trading and Investment Company

CFTC Files $147 Million Enforcement Action Against Bitcoin Trading and Investment Company

Earlier this week, the Commodity Futures Trading Commission (“CFTC”) filed a civil enforcement action against Control-Finance, a United Kingdom-based Bitcoin trading and investment company.  The complaint alleges that Control-Finance made numerous material misrepresentations and omissions, including that they (1) earned customers 1.5 % in daily Bitcoin trading profits and up to 45% per month; (2)