Citron’s Andrew Left slams Jumia as a ‘fraud,’ accuses company of ‘financial colonialism’ in latest video
MarketWatch, 29 May 2019
Citron Research’s Andrew Left, a noted short seller, is once again slamming Jumia Technologies AG as a “fraud,” this time in a video that includes footage of what he says are former employees who accuse the company of placing fake orders.
Comment: Down from $36 to $3 based on a naked short selling campaign apparently led by Andrew Left.
The implementation of the UK Anti-Bribery Act (ABC)
Compliance Alert, 29 May 2019
The implementation of the UK Anti-Bribery Act (ABC) 2010 on July 1, 2011 saw the long-awaited updating of the UK’s somewhat antiquated laws on bribery. For many years the UK’s anti-corruption common law and statutory offences were considered to be unsatisfactory and insufficiently robust. High-profile failures, such as the stalled investigation by the Serious Fraud Office (SFO) of allegations of corruption at BAE Systems, did little to improve the perception that UK anti-corruption laws were inadequate and lagged far behind the recommendations of the Organisation for Economic Co-operation and Development’s Anti-Bribery Convention. That convention was the first international agreement to outlaw foreign bribery and was ratified by the UK in 1998. Continue reading “Article: The implementation of the UK Anti-Bribery Act (ABC)”
Citi, JPMorgan, UBS face forex class action over ‘Mafia’ chat rooms
Peter Vercoe, 28 May 2019
Citigroup, Royal Bank of Scotland Group and JPMorgan Chase are among five banks named in a class action lawsuit in Australia seeking damages for colluding on foreign-exchange trading strategies.
UBS Group and Barclays were also named in the suit lodged on Monday in the Federal Court by Maurice Blackburn Lawyers. The action says the banks colluded to rig foreign exchange rates, boosting profits at the expense of Australian businesses and investors, the law firm said in a statement. Continue reading “Article: Citi, JPMorgan, UBS face forex class action over ‘Mafia’ chat rooms”
ARA MAY 28 DEADLINE: Pawar Law Group Announces a Securities Class Action Lawsuit Against American Renal Associates Holdings, Inc. – ARA
22 May 2019
Pawar Law Group announces that a class action lawsuit has been filed on behalf of shareholders who purchased shares of American Renal Associates Holdings, Inc. (NYSE:ARA) from August 10, 2016 through March 27, 2019, inclusive (the “Class Period”). The lawsuit seeks to recover damages for American Renal investors under the federal securities laws.
Read full release.
Southeast Investments, N.C., Inc. Fined by FINRA
28 May 2019
The firm and Black appealed a National Adjudicatory Council (NAC) decision to the Securities and Exchange Commission (SEC). The firm was fined a total of $146,500, of which $73,500 is joint and several with Black. Black was barred from association with any FINRA® member in any capacity. The NAC affirmed in part and reversed in part the findings and affirmed in part, vacated in part and modified in part the sanctions imposed by the Office of Hearing Officers (OHO).
Read full report.
Five Banks Face Lawsuit In Australia for FX Collusion
finews asia, 27 May 2019
UBS and Royal Bank of Scotland are among five banks named in a class action lawsuit in Australia relating to collusion on foreign-exchange strategies.
Australian law firm Maurice Blackburn on Monday filed a class-action lawsuit against the five international investment banks, accusing them of colluding to rig foreign exchange rates during 2008-2013 so they can profit. They are UBS, Barclays Bank, Citigroup, Royal Bank of Scotland (RBS) and J.P. Morgan. Continue reading “Article: Five Banks Face Lawsuit In Australia for FX Collusion”
Citi, JPMorgan, UBS Face Forex Cartel Class Action in Australia
Peter Vercoe, 27 May 2019
Citigroup Inc., Royal Bank of Scotland Group Plc and JPMorgan Chase & Co. are among five banks named in a class action lawsuit in Australia seeking damages for colluding on foreign-exchange trading strategies. UBS Group AG and Barclays Plc were also named in the suit lodged Monday in the Federal Court by Maurice Blackburn Lawyers. The action claims the banks colluded to rig foreign exchange rates boosting profits at the expense of Australian businesses and investors, the law firm said in a statement. Continue reading “Article: Citi, JPMorgan, UBS Face Forex Cartel Class Action in Australia”
A $2M Scam by a Former Vanguard Supervisor
tomd37, 25 May 2019
A very interesting article in the June/July Issue (page 28) of Money Magazine. In part it reads “In March, a former Vanguard supervisor pleaded guilty to stealing more than $2 million from the accounts of deceased customers or those with inactive accounts before getting found out, according to the Philadelphia Inquirer.” More details are in the article as well as ways to help protect yourself. Continue reading “Article: A $2M Scam by a Former Vanguard Supervisor”
Part 6 Illegal Naked Shorting: The SEC’s Regulation SHO is Intended to Prevent Illegal Naked Shorting, But is Ineffective
Smith On Stock, 22 May 2019
In previous blogs I traced the history of stock trading from the 1960s when stock certificates and cash were physically exchanged to settle trades to the paper free, totally electronic system that exists today. Instead of owning stock certificates, we now own digital entries located somewhere in the vaults of the inscrutable Depository Trust and Clearing Corporation (DTCC). This electronic system is absolutely critical to the functioning of our capital markets and our strong economic system. However, the DTCC and the prime brokers who own it have made the clearing and settlement system virtually non-transparent. This enables the routine manipulation of primarily but not exclusively, small stocks through illegal naked shorting.
Read full article.
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The Banks That Ran Uber’s IPO Feared This Would Happen
NY Mag, 17 May 2019
Matt Levine, among others, has been writing about the extraordinary measures that the investment banks running Uber’s initial public offering took, in vain, to stop the stock from tumbling in its first few days on the stock market.
Read full article.
Information for Investors Who Lost Money in Village Farms International, Inc. (VFF)
Sonn Law Staff, 17 May 2019
Village Farms International, Inc. (VFF) is a Canadian-based greenhouse company.
Beyond growing common vegetables like tomatoes and peppers — a business that this company has been engaged in for many years — Village Farms International also recently become involved in the recreational marijuana industry. In recent years, the VFF stock price is up considerably — as investors consider the company’s potential to create significant revenue in a new business. However, serious questions have been raised about the company’s business model and its actual financial position. Indeed, in April of 2019, Citron Research released a report on Village Farms International arguing that federal regulators should investigate the firm for possible stock manipulation.
Continue reading “Article: Information for Investors Who Lost Money in Village Farms International, Inc. (VFF)”