Regulatory Watch News
FCA decides on £5.95m fine and industry ban for Nailesh Teraiya in latest cum-ex case
Financial Conduct Authority
The Financial Conduct Authority (‘FCA’) has decided to fine Mr Teraiya, formerly the sole controller and chief executive of Indigo Global Partners Limited (’Indigo’), £5.95 million and ban him from carrying out any regulated activity. The FCA has found that Mr Teraiya was responsible for Indigo’s participation in a sham trading scheme which obtained “repayment” of €91.2 million from the Danish tax authority, SKAT. In reality, this was not a repayment of tax as the claim related to shares that did not exist, no dividends had been paid and no tax had been deducted.
Lithuania: Nine individuals and two companies indicted for subsidy fraud
European Public Prosecutor's Office
(Luxembourg, 18 March 2024) – Last week, the European Public Prosecutor’s Office (EPPO) in Vilnius (Lithuania) filed an indictment against nine individuals and two companies, for fraud involving EU funds to build a retirement home. It is alleged that, between 2019 and 2022, an organised group consisting of nine individuals attempted to fraudulently obtain €200 000 from the EU’s Structural Fund. They are accused of falsifying documents and submitting them to state institutions to fraudulently obtain EU funding for the planned construction of a retirement home.
SEC Charges Two Investment Advisers with Making False and Misleading Statements About Their Use of Artificial Intelligence
SEC
Washington D.C., March 18, 2024 —
The Securities and Exchange Commission today announced settled charges against two investment advisers, Delphia (USA) Inc. and Global Predictions Inc., for making false and misleading statements about their purported use of artificial intelligence (AI). The firms agreed to settle the SEC’s charges and pay $400,000 in total civil penalties. “We find that Delphia and Global Predictions marketed to their clients and prospective clients that they were using AI in certain ways when, in fact, they were not,” said SEC Chair Gary Gensler. “We’ve seen time and again that when new technologies come along, they can create buzz from investors as well as false claims by those purporting to use those new technologies. Investment advisers should not mislead the public by saying they are using an AI model when they are not. Such AI washing hurts investors.”
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