The new virtual currency is scheduled to start on Aug. 7 even though the Financial Markets Administrative Tribunal issued orders against firms selling it
Joe Yiu Cheung has agreed to pay almost US$800,000 and to be banned permanently from dealing with penny stocks
The offshore firm involved in the scam used images of a Canadian celebrity to draw victims in
The company, which goes by the name Vancouver Stock Exchange Corp., is not authorized to operate as an exchange, the regulator notes in an alert
The traders, along with unnamed co-conspirators, are alleged to have conspired to fix prices and rig bids for the euro–U.S. dollar currency pair
The fraudulent activity included overstating the company’s assets and revenue and violating securities laws, among other misdeeds
Illegal profits were traded through Canadian brokerages, the charges say
The alleged fraud allowed the firm to artificially reduce its operating costs, improving its extraction efficiency metrics and profitability
The assets will be liquidated and distributed to victims either through the Madoff Victim Fund or through the BLMIS Customer Fund
The FCNB will be operating kiosks at several events this summer in an effort to raise investor awareness about fraudulent schemes