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Regulatory Watch News

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  Lagos Court Jails NOGASA Chair, Fatuyi Phillips 21 Years for N43.5m Fraud

  EFCC

  November 19, 2024

  Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Monday, November 18, 2024, convicted and sentenced Fatuyi Yemi Philips, Chairman, Natural Oil and Gas Suppliers Association of Nigeria, NOGASA, to 21 years imprisonment for N43.5m fraud. The Lagos Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on April 5, 2022, arraigned Philips alongside his firm, Oceanview Oil and Gas Limited, on a two-count charge bordering on obtaining money by false pretence to the tune of N43, 502,000.00.

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  SFC withdraws Restriction Notice to broker over client’s suspected insider dealing after obtaining court order to freeze assets

  Securities and Futures Commission

  November 19, 2024

  The Securities and Futures Commission (SFC) has withdrawn the Restriction Notice prohibiting Bright Smart Securities International (H.K.) Limited (Bright Smart) from disposing of or dealing with proceeds or assets in the account of Mr Barry Kwok Sze Lok in connection with suspected insider dealing in the shares of I.T Limited (I.T)

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  Phobos Ransomware Administrator Extradited from South Korea to Face Cybercrime Charges

  US Department of Justice

  November 18, 2024

  Russian National Alleged to Have Coordinated Sale, Distribution, and Operation of Phobos Ransomware as Part of International Hacking and Extortion Conspiracy

  The Justice Department unsealed criminal charges today against Evgenii Ptitsyn, 42, a Russian national, for allegedly administering the sale, distribution, and operation of Phobos ransomware. Ptitsyn made his initial appearance in the U.S. District Court for the District of Maryland on Nov. 4 after being extradited from South Korea. Phobos ransomware, through its affiliates, victimized more than 1,000 public and private entities in the United States and around the world, and extorted ransom payments worth more than $16 million dollars.