Regulatory Alerts2023-09-21
Added · Updated
Winding Up Petition Re: MDollaz Ltd. (Trading as ArawakX) Filed 18 September 23
The Securities Commission of The Bahamas filed an ex parte summons seeking the appointment of James Gomez as Provisional Liquidator of MDollaz Ltd. (trading as ArawakX). This action follows a for-cause examination that revealed severe governance failures, including the commingling of client funds, unauthorized use of an unregistered entity for securities business, and significant capital deficiencies. The petition cites breaches of the Securities Industry Act 2011 and Companies Act 1992, including the failure to maintain segregated accounts and the improper conversion of investor refunds into equity without proper disclosure.
Topics
Share