Tag: Steward
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Regulatory Watch News
SFC reprimands and fines Zheng Da International Financial Holding Limited $7 million and suspends its responsible officer for regulatory breaches
Securities and Futures Commission
The Securities and Futures Commission (SFC) has reprimanded and fined Zheng Da International Financial Holding Limited (Zheng Da) $7 million for failures in complying with anti-money laundering and counter-financing of terrorism (AML/CFT) and other regulatory requirements between 1 December 2021 and 30 September 2023 (Relevant Period) (Note 1). The SFC has also suspended the licence of Zheng Da’s responsible officer, Mr Zhong Hao, for seven months from 28 September 2026 to 27 April 2027
Fraudster pays £265,000 after CPS targets property bought with fraudulent mortgage
The Crown Prosecution Service
A convicted mortgage fraudster has paid £265,000 after the Crown Prosecution Service took civil recovery action against a property purchased using a fraudulently obtained mortgage. Parmjit Dhami, of Hornchurch, Essex, secured a mortgage in 2010 using false information about his business and income, supported by fake payslips. The mortgage was used to purchase a property in Ilford, which was subsequently rented to tenants, with Dhami receiving the rental income.In 2014, Dhami obtained a second fraudulent mortgage to purchase a family home in Hornchurch. He used a mortgage broker based in the West Midlands and made a payment to a sham company, Delaware Securities Limited. The money was returned to him, minus the commission, and false payslips were produced to make it appear that he was employed by the company.
The broker was investigated by the West Midlands Regional Organised Crime Unit. The broker and four people who had used his services to obtain mortgages fraudulently were prosecuted for conspiracy to commit fraud. Dhami pleaded guilty and received a suspended sentence of imprisonment.
FCA secures money back for victims of crypto fraud
Financial Conduct Authority
Victims of a £1.5m crypto investment fraud will recover lost funds after the FCA obtained confiscation orders against Raymondip Bedi and Patrick Mavanga.At a hearing at Southwark Crown Court on 28 September 2026, Raymondip Bedi was ordered to pay £603,404.28 and Patrick Mavanga £247,997.99. Between February 2017 and June 2019, Bedi and Mavanga operated a fraudulent investment scheme, cold-calling consumers and persuading them to invest in fake cryptoasset opportunities through companies including CCX Capital and Astaria Group LLP. At least 65 investors were defrauded and lost £1,541,799. The FCA has identified and contacted victims of the fraud and will ensure that funds recovered through the confiscation process are returned to victims.
