CNBC, 26 August 2019
- A former J.P. Morgan precious metals traders pleaded guilty Tuesday to criminal charges of manipulating the precious metals markets for nine years.
- Christian Trunz, 34, of London is cooperating with an ongoing federal criminal investigation.
- The Justice Department is conducting multiple criminal investigations into big banks with the cooperation of traders who have pleaded guilty to spoofing-related crimes.
An Offer of Settlement was issued in which the firm was censured, fined $60,000 and required to certify that it has reviewed and revised, as necessary, its systems, policies, and procedures regarding preventing unregistered persons from acting in a capacity that requires registration and statutorily disqualified individuals from associating with the firm and that the firm’s systems, policies and procedures are reasonably designed to achieve compliance with the applicable FINRA rules.
Scott Thompson, 25 August 2019
Patrick Byrne this week resigned as CEO of US online retailer Overstock. The move closely followed the announcement of disappointing Q2 2019 financial results.
In a letter, he said it was impossible to continue due to distraction and fallout related to his involvement in a Federal Bureau of Investigation Russian espionage probe. Continue reading “Article: Overstock’s Patrick Byrne: the rise and fall of a blockchain pioneer”
23 August 2019
A Securities and Exchange Commission (SEC) decision became final in which the firm was fined $500,000. The SEC affirmed the findings and modified the sanctions following an appeal of a National Adjudicatory Council (NAC) decision. The SEC set aside the requirement ordered by the NAC that the firm hire an independent consultant because it has ceased its broker-dealer business.
Kathleen Mary Willis, 23 August 2019
Overstock.com, Inc. (NASDAQ:OSTK) CEO Patrick M. Byrne has released the following statement:
“Sara Carter has published two articles relating the following claims of mine:
Starting in 2015 I (operating under the belief that I was helping legitimate law-enforcement efforts) assisted in what are now known as the ‘Clinton Investigation’ and the ‘Russian Investigation’ (in fact, I am the notorious ‘missing Chapter 1’ of the Russian investigation). It was the third time in my life I helped the Men in Black: the first was when my friend Brian Williams was murdered, and the second was when I helped the M.I.B. shake up Wall Street a decade ago. Unfortunately, this third time turned out to be less about law enforcement and more about political espionage conducted against Hillary Clinton and Donald Trump (and to a lesser degree, Marco Rubio and Ted Cruz). Continue reading “Article: Remarkable Admission from Overstock.com CEO”
JD Alois, 22 August 2019
Former Overstock (NASDAQ:OSTK) CEO Patrick Byrne was visiting with the studios of Fox News today following his abrupt resignation earlier today from the company he founded.
Byrne is widely recognized as a pioneer in the blockchain sector having launched several companies, including tZero, targeting the issuance of digital assets/security tokens.
Byrne, interviewed on The Story with Martha MacCallum, went on the air making serious allegations against former Obama Administration officials. The entire proceedings were shocking.
Byrne explained that he has been troubled by the chain of events and he recently spoke to long-time family friend Warren Buffett for advice – who told him to come forward. Continue reading “Article: Patrick Byrne Goes on Fox News Making Serious Allegations Against Former Obama Administration Officials”
CNBC, 20 August 2019
Another former J.P. Morgan precious metals trader pleaded guilty Tuesday to criminal charges of manipulating the precious metals markets for nine years, marking the latest conviction in the Justice Department’s crackdown in the commodities markets.
Christian Trunz, 34, of London is cooperating with an ongoing federal criminal investigation, the Justice Department said. He pleaded guilty to one count of conspiracy and one count of spoofing in the U.S. District Court in Brooklyn.
Bloomberg, 19 August 2019
The first line in Marc Cohodes’s Twitter ID reads: “No Greater Motivator Than Disrespect.”
It’s a sentiment you often hear from athletes, but rarely from an investment professional like Cohodes. And with good reason. Although being “disrespected” can be a powerful spur, it also creates blind spots that can lead one astray. You won’t find a better example of this than Cohodes’s efforts over the last year to destroy — yes, destroy — MiMedx Group Inc., a biomedical company that makes products that heal wounds and treat serious inflammation.
19 August 2019
An AWC was issued in which the firm was censured, fined $50,000 and ordered to certify to FINRA that it has established and implemented policies, procedures and internal controls reasonably designed to address and remediate the issues identified in the AWC. A lower fine was imposed after considering, among other things, the firm’s revenue and financial resources.
15 August 2019
An AWC was issued in which the firm was censured and fined $40,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to enforce its WSPs for review of its registered representatives’ incoming and outgoing hard copy (non-electronic) correspondence relating to their securities business.
15 August 2019
An AWC was issued in which the firm was censured, fined $625,000, of which $38,500 is payable to FINRA and the remaining will be paid to other various selfregulatory organizations, and is required to provide a written report to FINRA concerning reasonable controls, procedures and other measures taken by it to remediate the violative conduct regarding its supervision of direct market access customer activity with respect to potential manipulative trading by its customers.
Rachel Sandler, 15 August 2019
In response to a whistleblower report claiming to have uncovered massive accounting irregularities at General Electric, CEO Larry Culp said the author of the report, who previously raised concerns about Bernie Madoff’s ponzi scheme years before it was brought down, is engaging in “market manipulation” and stands to gain by tanking GE shares.
Harry Markopolos claims in the 175-page report that GE is falsifying financial statements to cover up massive losses related to its long-term-care insurance unit and the company’s oil and gas business, adding that GE is using many of the same accounting practices Enron did. Continue reading “Article: GE CEO Slams Whistleblower Report As ‘Market Manipulation’”
Raser Technologies, Inc. v Morgan Stanley & Company, LLC
14 August 2019
Plaintiffs allege that Defendants “devised and perpetrated a
naked short selling stock manipulation scheme that targeted and
intentionally destroyed a Utah company, Raser Technologies.” The
merits of this theory are not before us. Instead, we are faced with the
threshold determination of whether a Utah court may assert specific
personal jurisdiction over some or all of Defendants
PDF (32 pages): Raser Technologies, Inc. v Morgan Stanley & Company, LLC
Adam Othman, 13 August 13 2019
Namaste Technologies (TSXV:N) seemed like the company to promise an online cannabis platform that could cater to the needs of the increasingly massive cannabis industry. The reality of the situation is far away from the potential the company had.
The cannabis-centred e-commerce technology company fired its CEO, Sean Dollinger, earlier this year, following Citron Research’s report that put a sizable dent in the share price of Namaste. The company was accused of making fake claims of a Nasdaq listing in order to get investors to buy stock. The company’s board sprang into action to form a special committee to investigate the claims.
Continue reading “Article: Avoid Namaste (TSXV:N) Stock at All Costs”