FINRA Fines Merrill Lynch $6 Mln for Failing to Prevent Naked Short Selling
Victor Golovtchenk, 28 October 2014
According to an announcement by the U.S. Financial Industry Regulatory Authority (FINRA), U.S. bank Merrill Lynch’s Professional Clearing Corp. (Merrill Lynch PRO) got fined $3.5 million for violating Regulation SHO. The Securities and Exchange Commission (SEC) implemented this rule in 2005 to prevent the conducting of a practice called naked short selling.
Merrill Lynch’s affiliated broker-dealer Pierce, Fenner & Smith Incorporated (Merrill Lynch) has also been fined $2.5 million for failing to establish, maintain and enforce supervisory systems and procedures related to Regulation SHO and other areas, according to the FINRA announcement. Continue reading “Article: FINRA Fines Merrill Lynch $6 Mln for Failing to Prevent Naked Short Selling”
Merrill Lynch Units Censured, Fined in Finra Settlement
Wall Street Journal, 27 October 2014
The Financial Industry Regulatory Authority said it fined two Merrill Lynch units a combined $6 million and censured the firms in a settlement of allegations that they violated rules that govern short sales and prevent naked short selling.
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FINRA v Merrill Lynch
27 October 2014
Between approximately July 1, 2008 through July 2012, MLPRO failed to establish, maintain and enforce adequate supervisory systems and procedures, including in some instances written supervisory procedures, that were reasonably designed to ensure compliance with applicable securities laws and regulations including Regulation SHO, the 2008 Emergency Orders issued by the SEC and anti-money laundering requirements.
PDF (20 pages): FINRA v Merrill Lynch
The Rosen Law Firm Announces Investigation of Securities Fraud Claims Against iBio, Inc. – IBIO
Business Wire, 24 October 2014
The Rosen Law Firm, P.A. announces that it is investigating potential securities fraud claims against iBio, Inc. (NYSE: IBIO).
On October 9, 2014, the Washington Post reported that the manufacturer of the experimental Ebola drug ZMapp was seeking additional production capacity from Caliber Biotherapeutics (“Caliber”). On October 16, 2014, iBio issued a press release titled “iBio Responds to Inquiries About its Role in Emergency Response to Ebola Virus Disease Outbreak”, which (among other things) “confirmed  the applicability of its issued U.S. iBio Launch platform patents and related proprietary technology to further development and production of antibodies that target the Ebola virus” and that it had been working with Caliber. iBio further “offered to assist the U.S. government by making its proprietary technology available [to] address the current Ebola virus outbreak”.
Continue reading “Article: The Rosen Law Firm Announces Investigation of Securities Fraud Claims Against iBio, Inc. – IBIO”
The Truth Hidden by IBM’s Buybacks
ANDREW ROSS SORKIN, 20 October 2014
For many years, the International Business Machines Corporation’s earnings glided smoothly upward. Every quarter, IBM would report higher earnings per share. Even Warren Buffett invested in the company, disregarding his long-held aversion to technology companies as too challenging to forecast.
Virginia M. Rometty, IBM’s chief executive — and recently anointed the most powerful woman in business by Fortune magazine — has talked a good game about focusing on “shareholder value.” For the first several years of her tenure, she managed to prop up the stock by buying back shares by the cartload. In the first six months of this year, the company spent more than $12 billion — that’s billion with a “b” — on its own shares. She’s also been sending shareholders thank-you presents in the form of large dividends.
Continue reading “Article: The Truth Hidden by IBM’s Buybacks”