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FINRA Expels CEO for Defrauding Clearing Firm and Customers

Trading

The Financial Industry Regulatory Authority (FINRA) has announced that it has expelled NY-based Hudson Valley Capital Management and barred Chief Executive Officer, Mark Gillis, from the securities industry for defrauding its clearing firm and customers by using their funds and securities to cover losses caused by Gillis' manipulative day trading.

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Bernie Madoff

Ex-Madoff associate avoids prison

A former associate of Bernard Madoff avoided prison on Thursday for his role in perpetuating the fraudster’s massive Ponzi scheme because of his extensive cooperation with prosecutors.

Citi Building Sign

Citigroup ordered to pay Mercuria $14m

Citigroup has been ordered to pay commodities merchant Mercuria almost $14m as part of prolonged legal wrangling over Chinese metals financing deals hit by suspected fraud, a report on Wednesday said.