CySEC Fines Danny Rothman for falsifying data


On the 4th of October, the Cyprus Securities and Exchange Commission (CySEC) reported to investors that it decided to impose the penalty on Danny Rothman. CySEC Fines Danny Rothman for providing the misleading data.  Why did the CySEC reach this decision?

5 October, AtoZForexThe CySEC announced its decision to charge Danny Rothman (or Daniel Rubinstein) €100,000. The penalty was imposed because the offender submitted misleading information connected to his academic qualifications and economic soundness.

Why CySEC Fines Danny Rothman?

The decision to take measures against Mr. Rothman and impose the fine was undertaken during the meeting which took place on the 9th of September. Yesterday, the CySEC released the official statement in order to notify investors. The report states that Mr. Danny Rothman violated section 139(2) of the Investment Services and Activities and Regulated Markets Law of 2007, as in 2016 the person submitted false data to the regulator. These data was related to academic qualifications and economic soundness. However, the wrongdoer did not have the academic titles that the misleading documents identified. Also, the tax statements for the years 2013 and 2014 that Mr. Rothman submitted to the regulator were forged.

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Which aspects did CySEC take into consideration while approaching this decision?

In order to decide which charges to impose on the offender, the Cyprus regulator considered the following aspects. Firstly, how essential these violations are from the perspective of the regulator. The importance attributed is reflected in the administrative sanction with the maximum penalty being €350 000. Furthermore, the CySEC took into consideration how important is it to guarantee that individuals supervised by the regulator act in obedience with the provisions of the Law and the relevant Directives. Last but not least, the significance attributed to the fact that the details reported to the regulator have to be correct and not misleading.

Following it, the CySEC decided to impose the penalty of €100 000 and to prohibit Mr. Daniel Rothman from performing professional activity connected to the financial sector for a period of five years, until September 2021.

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