European company to buy South Dakota trust company
IQ-EQ will acquire Concord Trust Co., which manages $2.9 billion.
April 8, 2021
IQ-EQ, a Luxemburg-based international financial holding company, has agreed to acquire Concord Trust Co., a South Dakota-based trust company with $2.9 billion in assets under management.
Terms of the proposed acquisition, which is IQ-EQ’s first in the U.S. private wealth market, were not disclosed.
“The acquisition will help position IQ-EQ as the global outsourcing partner of choice for UHNW families, executives, entrepreneurs, and their family offices,” the company said in a release.
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The defence contended that the rancher started trading on the commodities market as a hedge against losses inherent in the cycle of agriculture markets and became addicted.
A Washington state rancher has pleaded guilty to wire fraud and faces up to 20 years in prison for a scam involving the buying and feeding of hundreds of thousands of cattle that didn’t exist.
The US Commodity Futures Trading Commission (CFTC) filed a civil enforcement action on Wednesday, charging Easterday Ranches Inc, and co-owner Cody Easterday, in connection with the sale of more than 200,000 non-existent head of cattle to a beef processor.
CFTC Charges Washington State Rancher And Feedyard With $233 Million Phantom Cattle Fraud Scheme Date
01/04/2021
The Commodity Futures Trading Commission today filed a civil enforcement action in the United States District Court for the Eastern District of Washington charging Easterday Ranches, Inc., a Pasco, Washington based cattle feedyard, and Cody Easterday, co-owner and formerly president of Easterday Ranches, for engaging in fraud in connection with the sale of more than 200,000 non-existent head of cattle to a beef processor, making false statements to an exchange, and violating exchange-set position limits.
The CFTC’s complaint seeks restitution, disgorgement, civil monetary penalties, permanent trading and registration bans as to Easterday, and a permanent injunction against further violations of the Commodity Exchange Act and CFTC regulations, as charged.