November 2017 – Financial Treason & Crime

Ross Pilot, 17 November 17 2017

Do you believe in the long-term future of initial coin offerings but can’t stomach the lack of regulation, wild-west mentality, and outright scams in the marketplace? There are just not a lot of good deals out there.

Nano-caps have turned overnight-blockchain with a signed MOUs or JVs that lets them put out a news release with words “blockchain” just to cash in on the hype.But there have been very few options to bet on a true blockchain based application that is in development and not just written up in whitepaper or PowerPoint presentation. Continue reading “Article: Will Overstock Revolutionize the Stock Exchanges Business with Blockchain?”

11/15/201705/12/2020

Article: Israeli Intelligence Firm Used By Harvey Weinstein Resurfaces In Toronto Suit

Article - Media

Israeli Intelligence Firm Used By Harvey Weinstein Resurfaces In Toronto Suit

Jacquie McNish, Rob Copeland

Wall Street Journal, 15 November 2017

West Face Capital Inc. filed a motion with an Ontario court Wednesday seeking an order to stop Israeli intelligence firm Black Cube from continuing alleged attempts to covertly obtain confidential information from the Toronto firm’s former and current employees.

Paywall Access to Full Article

11/15/201705/17/2020

Tweet: “Callidus and Catalyst last week sued Dow Jones & Co., the owner of The Wall Street Journal, and Journal reporters Rob Copeland and Jacquie McNish”

Also suing @realrobcopeland & @jacquiemcnish: “Callidus and Catalyst last week sued Dow Jones & Co., the owner of The Wall Street Journal, and Journal reporters Rob Copeland and Jacquie McNish” https://t.co/KQJJifsANu

— Roddy Boyd (@RodBoydILM) November 15, 2017

11/14/201703/13/2021

Article: New York fines Credit Suisse $135 mn over forex manipulation

Article - Media, Publications

New York fines Credit Suisse $135 mn over forex manipulation

Agence France-Presse, 14 November 2017

US regulators hit banking giant Credit Suisse with a $135 million fine to resolve allegations its traders manipulated foreign exchange prices, New York officials announced Monday.

The illicit activity began at least as far back as 2008 through as recently as 2015, and included profiting at clients’ expense and improperly sharing client information, the New York State Department of Financial Services said in a statement.The department’s superintendent Maria Vullo said certain bank executives “deliberately fostered a corrupt culture” which permitted repeated violations of the law and of client trust.The action against Credit Suisse is the latest in a series of agreements by major international banks to settle the investigations by US authorities into the alleged manipulation of the foreign exchange market. In late September, the British bank HSBC agreed to pay $175 million to avoid prosecution. Continue reading “Article: New York fines Credit Suisse $135 mn over forex manipulation”

11/14/201703/13/2021

Article: Credit Suisse fined $135m after FX traders ‘manipulated’ market

Article - Media, Publications

Credit Suisse fined $135m after FX traders ‘manipulated’ market

Hayley McDowell, 17 November 2017

Credit Suisse’s foreign exchange (FX) business has been fined $135 million after regulators found traders manipulated prices, shared customer information and engaged in front running client orders.

The New York State Department of Financial Services (DFS) carried out an investigation and found that from at least 2008 to 2015 the investment bank failed to control its FX trading activities. Traders were found to have used a multi-party chat room with code names to discreetly share confidential information on clients and worked together to manipulate currency prices and benchmarks.

Financial Services Superintendent Maria Vullo explained certain executives within the business had deliberately failed to implement controls in the FX trading business. Furthermore, the investigation found Credit Suisse had an algorithm in place specifically designed to front-run client limit and stop-loss orders. Traders used this information to enter the market, knowing the market might move if the stop-loss or limit order was triggered by the algo. Continue reading “Article: Credit Suisse fined $135m after FX traders ‘manipulated’ market”

11/14/201703/15/2021

Article: Credit Suisse fined $135 million over unfair forex practices

Article - Media, Publications

Credit Suisse fined $135 million over unfair forex practices

Manaya Bagga, 14 November 2017

Credit Suisse has agreed to pay $135 million to resolve a probe of misconduct in its foreign exchange business. New York’s banking regulator Department of Financial Services (DFS) said Credit Suisse improperly shared information to manipulate currency prices and benchmark rates, and deceived customers to enhance its profits. The bank engaged in “unsound conduct” from 2008 to 2015, DFS added.

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11/13/201703/15/2021

Article: Credit Suisse Pays $135 Million to Settle New York FX Probe

Article - Media, Publications

Credit Suisse Pays $135 Million to Settle New York FX Probe

Greg Farrell, 13 November 2017

Credit Suisse AG will pay $135 million to resolve currency-manipulation allegations by New York’s banking regulator, the latest echo from authorities’ long-running scrutiny of foreign-currency trading at big banks.

Traders at the Zurich-based bank, prodded by executives in some cases, shared information about clients’ currency orders, talked to traders from other banks and in some instances front-ran customer orders in an effort to boost the bank’s own profits, New York’s Department of Financial Services said as it announced a settlement on Monday.
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Posted on 11/08/201705/17/2020
Article: Callidus Capital files suit over ‘wave of short attacks’ against firm
Article - Media

Callidus Capital files suit over ‘wave of short attacks’ against firm

Christina Pellegrini

The Globe and Mail, 8 November 2017

Callidus Capital Corp. has filed a lawsuit against a group of investors and borrowers in Canada and the United States for allegedly working in concert to drive down the price of the distressed-debt lender’s shares.

The Toronto-based company filed the lawsuit on Tuesday in an Ontario court. It is suing a group of investment firms – which it calls the “wolfpack conspirators” – that includes private-equity firm West Face Capital Inc., hedge fund Anson Group and several companies related to it, and ClaritySpring Inc.

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Posted on 11/08/201705/12/2020
Article: Catalyst Capital files $450-million lawsuit accusing Anson Funds, West Face of short-selling ‘conspiracy’
Article - Media

Catalyst Capital files $450-million lawsuit accusing Anson Funds, West Face of short-selling ‘conspiracy’

Barbara Shecter

Financial Post, 8 November 2017

Catalyst Capital Group Inc. has launched a lawsuit against Anson Group Canada, a privately held asset manager with operations in Canada and Texas, and Toronto-based private equity firm West Face Capital Inc., accusing them of participating in a “manipulative ‘short and distort’ campaign.”

The alleged target was publicly traded Catalyst subsidiary Callidus Capital Corp., claims the lawsuit, which dubs the Anson, West Face and several associated and unrelated individuals as “Wolfpack Conspirators.”

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Posted on 11/07/201703/04/2021
Article: The Curious Career of Steven Cohen
Article - Media, Publications

The Curious Career of Steven Cohen

Robert Abbott, 07 November 2017

Few investment gurus have as controversial a record as Steven Cohen (Trades, Portfolio). He has won acclaim for outstanding returns over the long term, he’s been cursed for the way he does business by other Wall Streeters and he was at the center of an insider trading scandal, one that saw several of his traders convicted. Continue reading “Article: The Curious Career of Steven Cohen”