Month: November 2018

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Article: Goldman Sachs Fined 7.5 Bil. Won for Naked Short Selling of Stocks in S. Korea

Article - Media, Publications

Goldman Sachs Fined 7.5 Bil. Won for Naked Short Selling of Stocks in S. Korea

Yoon Young-sil, 29 November 2018

South Korea’s financial authorities have imposed the biggest ever fine on Goldman Sachs Group for its naked short selling activities.

The Securities & Futures Commission (SFC), an investigative body of the Financial Services Commission (FSC), decided on Nov. 28 to impose a 7.5 billion won ($6.65 million) in fine on Goldman Sachs Group’s subsidiary Goldman Sachs International for violating the short selling rules. Continue reading “Article: Goldman Sachs Fined 7.5 Bil. Won for Naked Short Selling of Stocks in S. Korea”

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Article: Goldman Sachs hit with £5.2m fine for short selling

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Goldman Sachs hit with £5.2m fine for short selling

James Booth, 28 November 2018

South Korea’s financial regulator has hit Goldman Sachs with a 7.5bn won (£5.2m) fine for breaking rules on short-selling.

The fine is for short-selling without securing underlying assets, the Financial Services Commission (FSC) said in a statement. Continue reading “Article: Goldman Sachs hit with £5.2m fine for short selling”

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Article: (LEAD) Goldman Sachs fined 7.5 bln won for illegal naked short selling in S. Korea

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(LEAD) Goldman Sachs fined 7.5 bln won for illegal naked short selling in S. Korea

Yonhap News Agency, 28 November 2018

South Korea’s financial regulator said Wednesday it decided to fine the Seoul branch of Goldman Sachs Group Inc. 7.5 million won (US$6.66 million) for carrying out naked short selling, which is illegal here.

It marked the largest fine against a financial institution for violating the rules that ban such short selling in South Korea.

Market watchers had expected the Financial Services Commission (FSC) to slap a fine of up to 1 billion won against Goldman Sachs for naked short selling, which was carried out in late May. Continue reading “Article: (LEAD) Goldman Sachs fined 7.5 bln won for illegal naked short selling in S. Korea”

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Article: S.Korea’s regulator fines Goldman Sachs 6.7 mln USD for naked short selling

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S.Korea’s regulator fines Goldman Sachs 6.7 mln USD for naked short selling

Shi Yinglun, 28 November 2018

South Korea’s financial regulator said Wednesday that it fined the Seoul branch of U.S.-based Goldman Sachs Group 7.5 billion won (6.7 million U.S. dollars) for the naked short selling that is illegal in the country.

The Financial Services Commission (FSC) said the fine was imposed as the U.S.-based investment bank violated the local rules that ban financial institutions from making a sell order without borrowed stocks.

Short selling, which is legal here, refers to the sale of borrowed stocks on expectations for a price fall. The borrowers are required to return back the borrowed stocks by buying back the stocks when the price falls, making a profit of the price gap. Continue reading “Article: S.Korea’s regulator fines Goldman Sachs 6.7 mln USD for naked short selling”

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Article: Goldman Sachs fined for illegal naked short selling by mistake in S. Korea

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Goldman Sachs fined for illegal naked short selling by mistake in S. Korea

Lim Chang-won, 28 November 2018

South Korea’s financial watchdog slapped the local branch of Goldman Sachs, an American multinational investment bank and financial services group, with a fine of 7.5 billion won ($6.6 million) for naked short selling. It’s the biggest fine against a financial institution for naked short selling.

Short selling refers to the sale of borrowed shares in the hope of making a profit from a price fall by buying the shares back at a lower price. Naked short selling, a practice of short selling without borrowing shares, is illegal in South Korea.

The Financial Services Commission (FSC) said Wednesday that Goldman Sachs issued a sell order of stocks worth 40.1 billion won without borrowing stocks for two days on May 30 and 31. As a result, the commission said that about 145 million shares were not delivered for settlement. Continue reading “Article: Goldman Sachs fined for illegal naked short selling by mistake in S. Korea”

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Article: Overstock’s Founder Bets on Blockchain, Not Bedsheets

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Overstock’s Founder Bets on Blockchain, Not Bedsheets

Paul Vigna, 23 November 2018

In August 2015, Overstock.com Inc. Chief Executive Patrick Byrne rented out Nasdaq Inc.’s Times Square broadcast studio for a lavish party to unveil his newest project, a blockchain-based trading system called tZero.

Three years later, tZero still hasn’t launched commercially, and it is burning through millions of dollars a month. Yet Mr. Byrne is staking his company’s future on it and more than a dozen other blockchain startups. Continue reading “Article: Overstock’s Founder Bets on Blockchain, Not Bedsheets”

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Release: Investor Alert Levi & Korsinsky, LLP Notifies Futures Contract Investors of an Investigation Involving Possible Violations of the Commodity Exchange Act by JPMorgan Chase & Co.

Release

Levi & Korsinsky, LLP Notifies Futures Contract Investors of an Investigation Involving Possible Violations of the Commodity Exchange Act by JPMorgan Chase & Co.

Levi & Korsinsky, LLP

AP News, 20 November 2018

Levi & Korsinsky announces it has commenced an investigation of JP Morgan Chase & Co. on behalf of investors who purchased or sold any NYMEX platinum futures contract, NYMEX palladium futures contract, COMEX silver futures contract, COMEX gold futures contract, or option on these contracts between January 1, 2009 and December 31, 2015.

On November 6, 2018, the U.S. Department of Justice issued a press release announcing that two former JP Morgan Chase traders pleaded guilty to “commodities fraud and spoofing conspiracy that was perpetrated through the U.S. commodities markets. One of the traders also pleaded guilty for his participation in a second commodities fraud and spoofing conspiracy at another financial services firm based in Chicago, Illinois.

Read full release.

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Fined: Melvin Securities, L.L.C. Fined by FINRA

Fined

Melvin Securities, L.L.C. Fined by FINRA

19 November 2018

An AWC was issued in which the firm was censured and fined $15,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to make and keep current an accurate trial balance, general ledger and net capital calculation by failing to timely accrue liabilities for certain invoices.

Read full report.

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Article: Meet the New York investor who’s making all the right calls in shorting Canadian stocks

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Meet the New York investor who’s making all the right calls in shorting Canadian stocks

Victor Ferreira, 19 November 2018

Ben Axler is used to being alone on his stock calls. In August, the New-York-based short seller released a report criticizing Canadian space tech juggernaut Maxar Technologies Ltd., raising questions about some of its accounting practices and warning that the company’s shares could lose more than half their value. Continue reading “Article: Meet the New York investor who’s making all the right calls in shorting Canadian stocks”

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Article: CORRECTED-S.Korea fines Goldman Sachs’ unit $6.7 mln for naked short selling

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CORRECTED-S.Korea fines Goldman Sachs’ unit $6.7 mln for naked short selling

Reuters Staff, 18 November 2018

SEOUL, Nov 28 (Reuters) – South Korea’s financial regulator said on Wednesday it has imposed a 7.5 billion won ($6.66 million) fine on Goldman Sachs Group’s subsidiary Goldman Sachs International for violating short-selling rules.

The fine is for its short selling activities without securing underlying assets, the Financial Services Commission (FSC) said in a statement, noting the U.S.-based international investment bank’s unit conducted short sales worth 40.1 billion won in May.

Naked short selling, which occurs when an investor sells stock that has not yet been borrowed, is illegal in South Korea. ($1 = 1,126.5500 won)

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Fined: Third500, LLC fka Healthios Capital Markets, LLC Fined by FINRA

Fined

Third500, LLC fka Healthios Capital Markets, LLC Fined by FINRA

15 November 2018

An AWC was issued in which the firm was censured and fined $50,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it allowed four individuals to conduct investment banking activities without requiring that they pass the Investment Banking Representative (Series 79) examination, and become qualified and registered as investment banking representatives.

Read full report.

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Release: Ribbon Communications, Inc. Investor Alert Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the District of Massachusetts against Ribbon Communications, Inc. (f/k/a Sonus Networks, Inc.)

Release

Ribbon Communications, Inc. Investor Alert Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the District of Massachusetts against Ribbon Communications, Inc. (f/k/a Sonus Networks, Inc.)

15 November 2018

Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action class action lawsuit has been filed in the United States District Court for the District of Massachusetts against that a class action lawsuit has been filed against Ribbon Communications, Inc. (f/k/a Sonus Networks, Inc.) (“Ribbon” or the “Company”) (NASDAQ: RBBN) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Ribbon securities between January 8, 2015 through March 24, 2015, inclusive (the “Class Period”).

Read full release.

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Article: Short seller Andrew Left has his doubts about Canadian pot stocks, says he’s betting against Canopy

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Short seller Andrew Left has his doubts about Canadian pot stocks, says he’s betting against Canopy

Thomas Franck, 14 November 2018

Citron Research’s Andrew left reiterated his bet against the Canadian cannabis industry Wendesday, telling CNBC that he’s short Canopy Growth and Cronos Group in addition to his already disclosed wager against Tilray.

Fielding a question from “Halftime Report” host Scott Wapner, Left said his doubts on the space aren’t confined to just one company. “I’m also short Cronos, I’m short Canopy, I’m short Tilray. So I’m short a basket of the names,” he said. “Once the U.S. licensed producers come on — the faster it becomes legal in the U.S., the quicker the Canada names go lower.”

“They won’t get the exposure in the U.S., they’re not players internationally,” Left added. “I don’t care how many press releases they put out, they’re not going to be shipping cannabis from Canada to Australia. Not happening.”
Continue reading “Article: Short seller Andrew Left has his doubts about Canadian pot stocks, says he’s betting against Canopy”

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Article: How ex-JP Morgan silver trader’s guilty plea could boost manipulation claim against bank

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How ex-JP Morgan silver trader’s guilty plea could boost manipulation claim against bank

Dawn Giel, Dan Mangan

CNBC, 13 November 2018

A previously secret guilty plea by a former commodity trader at J. P. Morgan Chase, who admitted that he rigged precious metals markets, has drawn the attention of a lawyer who has already accused traders at the nation’s largest bank of similar conduct.

The lawyer, David Kovel, told CNBC he was struck by how much in common his civil case pending in New York federal court against J. P. Morgan Chase has with the conduct outlined in the ongoing criminal case in Connecticut against John Edmonds.

Read full article.

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