News Nuggets | 22 November: ASIC Suspends AFS licence; SFC Fines Lion Futures $2.8 Million

<h2><span>ASIC Clamps Down on
Suetonius Wealth Management</span><br></h2>
<p>Australian
Securities and Investments Commission (<a href="https://www.financemagnates.com/tag/asic/" target="_blank" rel="follow">ASIC</a>) has mandated a temporary
suspension of Suetonius Wealth Management's Australian financial services
license due to non-compliance with financial reporting obligations. </p>
<p><span>The
Sydney-based financial services provider has until 28 February 2024 to submit
its overdue financial statements and audit reports. Failure to comply by the
deadline may lead to ASIC canceling the license. The regulatory
body's action serves as a reminder of the importance of adhering to financial
reporting requirements in the financial services industry.</span></p>
<h2><span>Regulatory Repercussions
for Ex-Magnolia Group Director</span></h2>
<figure data-media-><img src="https://images.financemagnates.com/images/ASIC_id_a91dfd22-572c-4f2a-8565-f8928a485205_size260.jpg" alt="ASIC" width="260" height="260" wrapper-="wrapper-" data-src="https://images.financemagnates.com/images/ASIC_id_a91dfd22-572c-4f2a-8565-f8928a485205_size260.jpg" aspect-ratio="1" /></figure><p><span>In a separate
action, ASIC has disqualified Mitchell Atkins, ex-Director of the defunct
Magnolia Capital Group, from corporate management and financial services following the group's failure and substantial losses to unsecured creditors. </span></p>
<p><span>Atkins’
mismanagement and dishonest practices, including the production of false
documents and misappropriation of investor funds, have led to a ban reflecting
<a href="https://www.financemagnates.com//">ASIC</a>'s commitment to maintaining corporate governance standards and investor
protection.</span></p>
<h2><span>SFC's Fine for Lion
Futures Limited over AML Breaches</span></h2>
<p>Lion
Futures Limited has been fined $2.8 million by Hong Kong’s Securities and
Futures Commission (<a href="https://www.financemagnates.com/tag/sfc/" target="_blank" rel="follow">SFC</a>) for failing to comply with AML/CFT standards. The
firm's lack of due diligence in monitoring clients' use of customer-supplied
systems resulted in inadequate <a href="https://www.financemagnates.com//">risk management</a> and oversight. </p>
<p><span>The SFC's
decision, influenced by the company’s non-compliance and subsequent remedial
measures, sends a strong message about the critical nature of robust AML/CFT
systems in the financial sector.</span></p>
<h2><span>SFC Launches Action against
First Credit Finance Group Executives</span></h2>
<figure data-media-><img src="https://images.financemagnates.com/images/SFC_id_70e0d7bc-f064-4825-9590-d94c70f4fc94_size260.jpg" width="260" height="260" wrapper-="wrapper-" data-src="https://images.financemagnates.com/images/SFC_id_70e0d7bc-f064-4825-9590-d94c70f4fc94_size260.jpg" aspect-ratio="1" /></figure><p><span>Another legal action by the SFC has been initiated against former First Credit Finance Group Limited directors, including a de facto director, for not fulfilling their
fiduciary duties. The allegations of undisclosed management roles and
misleading public disclosures highlight the importance of corporate
transparency and the role of regulatory bodies in upholding it. The SFC's
proceedings are part of a broader effort to enforce accountability and protect
the market's integrity.</span></p>
<h2><span>Leadership Shift at Tiger
Global Management</span></h2>
<p>Scott
Shleifer is stepping down as head of private investments at <a href="https://www.financemagnates.com/tag/tiger-brokers/" target="_blank" rel="follow">Tiger Global
Management</a>, with the Founder, Chase Coleman, set to oversee both the firm's public
and private investment strategies. </p>
<p><span>Shleifer,
who has been pivotal in launching Tiger Global's venture arm, will transition
to a senior advisor role due to his preference to remain in Florida,
contrasting with the firm's in-person operations in New York. This strategic
change in leadership comes as the firm adapts to evolving business and
geographic considerations.</span></p><h2><span>BIS Introduces
Comprehensive Data Portal</span></h2>
<figure data-media-><img src="https://images.financemagnates.com/images/bis_id_3545c58a-76f4-4c19-b4ed-be391fffa2bc_size260.jpg" width="260" height="260" wrapper-="wrapper-" data-src="https://images.financemagnates.com/images/bis_id_3545c58a-76f4-4c19-b4ed-be391fffa2bc_size260.jpg" aspect-ratio="1" /></figure><p>The Bank
for International Settlements (<a href="https://www.financemagnates.com/tag/bis/" target="_blank" rel="follow">BIS</a>) has unveiled a new BIS Data Portal, marking
a significant advancement in the availability and accessibility of financial
statistics. This portal is designed as a one-stop solution for data on
international banking, among other financial indicators, offering enhanced
tools for navigation and analysis. </p>
<p><span>The
initiative reflects BIS’s commitment to transparency and support for financial
analysis and is part of a move to consolidate data publication through this
portal starting January 2024.</span></p>

<h2><span>Wedbush Securities
Appoints New Managing Director</span></h2>
<p><a href="https://www.financemagnates.com/tag/wedbush-securities/" target="_blank" rel="follow">Wedbush
Securities</a> has strengthened its Wealth Management division by appointing Lynn Sperandeo as the Managing Director of Investments. Bringing over four decades
of experience in the financial services industry, Sperandeo is recognized for
her client-centric approach and is expected to contribute significantly to
Wedbush's commitment to innovative and personalized financial services. </p>
<p><span>“I have
known Lynn for years and have known her as a straight shooter that provides
amazing concierge service to her clients. I couldn’t be more excited to have
her as part of our wealth management team and being a part of the Wedbush story,”
Craig Pirtle, the Head of Business Development and Expansion Markets at
Wedbush, commented.</span></p>

<p><br></p>

This article was written by Damian Chmiel at www.financemagnates.com.