Filing: CFTC v Morgan Stanley

Filing

CFTC v Morgan Stanley

CFTC, 30 September 2019

The Commodity Futures Trading Commission (“Commission”) has reason to believe that during the period from in or about November 2013 to at least November 2014 (“Relevant Period”), Morgan Stanley Capital Group Inc., (“Morgan Stanley” or “Respondent”) violated Section 4c(a)(5)(C) of the Commodity Exchange Act (the “Act”), 7 U.S.C. § 6c(a)(5)(C) (2012). Therefore, the Commission deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted to determine whether Respondent engaged in the violations set forth herein and to determine whether any order should be issued imposing remedial sanctions.

PDF (7 pages): CFTC v Morgan Stanley

Article: The Fall Of Overstock’s Mad King

Article - Media, Publications

The Fall Of Overstock’s Mad King

Forbes, 30 September 2019

Recently, Patrick Byrne, The Founder And Longtime Ceo Of Former E-tailing Giant Overstock.com, Made Headlines By Resigning, Saying His Involvement As A Federal Informant In The Investigation Of Accused Russian Spy Maria Butina Made Performing His Duties Impossible. That’s Not The Whole Story. This Is. Continue reading “Article: The Fall Of Overstock’s Mad King”

Article: Do Stock Buybacks Work?

Article - Media, Publications


Do Stock Buybacks Work?

MBI Concepts, 30 September 2019

It is hard to convince shareholders that share buybacks don’t work. The logic just seems so darn rational: reduce the supply of something and demand will drive the price of that something up. One investor on Seeking Alpha, a financial markets forum, commented that “I want to be the last person holding that last share worth $100+ billion dollars!

Trying to respond to such an individual is reminiscent of what Dale Carnegie wrote decades ago that a man convinced against his will is of the same opinion still. The individual’s comment completely overlooks the demand side of the supply-and-demand equation. The market today doesn’t consider IBM worth much over $140 a share despite its spending $201 billion on its shares since 1995–double its market value at the end of 2018. Still, some insist that if the corporation buys back enough shares the scarcity will increase shareholder value.
Continue reading “Article: Do Stock Buybacks Work?”

Article: Brexit: Allegations of “foreign government collusion” with “Remainer” MPs

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Brexit: Allegations of “foreign government collusion” with “Remainer” MPs

EU TODAY, 29 September 2019

Downing Street has reportedly launched a major investigation into alleged links between foreign governments and the MPs behind the ‘Surrender Act’ which could force Boris Johnson to delay Britains’s exit from the European Union, according to The Mail on Sunday.

According to the newspaper, sources say that No 10 took the unprecedented action after officials received intelligence that the MPs, including former Cabinet Minister Oliver Letwin, had received help drafting the Bill from members of the French Government and the European Union.

The newspaper has also claims that the rebel MPs have drawn up plans for a second Act which would allow Commons Speaker John Bercow to bypass the Prime Minister if he cannot strike a deal to leave the EU on October 31st, something that has been reported from other sources.

The new law would allow Mr Bercow to personally ask Brussels for a further delay on behalf of the Commons. The rebels have reportedly discussed using the legislation to give Mr Bercow the power to appoint a new British commissioner to the EU, with pro-Remain former Home Secretary Amber Rudd mentioned as a candidate.

The Benn Act, passed earlier this month, states that if Johnson fails to win a deal by the end of the next EU summit on October 18th, he must write a letter to Brussels asking for the UK’s departure to be delayed until January 31st, which he says he will refuse to do.

Under the rebel plan, the Commons would sit on October 19th in order to pass a new Bill giving Mr Bercow the power to write the letter. A senior Commons source said: ‘The rebels say that if Boris wants to play with nuclear weapons then so will they’.

But last night No 10 hit back amid claims from senior sources that Mr Letwin had agreed the January 31st date in the first Benn Act with figures at the French Embassy in London.

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Article: Russian hacker pleads guilty in ‘massive’ stock market cyberattack

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Russian hacker pleads guilty in ‘massive’ stock market cyberattack

Jeff Elder, 28 September 2019

This week a Russian hacker pleaded guilty in what the U.S. Department of Justice called “a massive computer hacking campaign targeting U.S. financial institutions, brokerage firms, financial news publishers, and other companies.”

The Southern District of New York case includes dramatic events in which Andrei Tyurin made “an effort to artificially inflate the price of certain stocks” and then “marketed the stocks in a deceptive and misleading manner” to customers whose contact information he stole from companies including an unnamed major financial news agency. Continue reading “Article: Russian hacker pleads guilty in ‘massive’ stock market cyberattack”

Article: DoorDash says data breach affects nearly 5 million users

Article - Media, Publications

DoorDash says data breach affects nearly 5 million users

abc7news, 27 September 2019

Food delivery service company DoorDash says they are investigating a security breach that has affected approximately 4.9 million users. The company says they discovered unauthorized access from a third party on May 4, 2019.

Those affected include dashers and merchants who joined the platform on or before April 5, 2018. Users who joined after April 5, 2018 are not affected. “We took immediate steps to block further access by the unauthorized third party and to enhance security across our platform. We are reaching out directly to affected users,” says the company.
Continue reading “Article: DoorDash says data breach affects nearly 5 million users”

Article: Food delivery service DoorDash announces data breach affecting 4.9 million people

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Food delivery service DoorDash announces data breach affecting 4.9 million people

William Turton, 27 September 2019

The food-delivery service DoorDash Inc. announced Thursday that a security breach exposed the personal data of about 4.9 million customers, merchants, and delivery workers.

The information that was accessed could include driver’s license numbers of approximately 100,000 of its delivery workers, the San Francisco-based company said in a statement. Other data accessed may include “names, email addresses, delivery addresses, order history, phone numbers,” the company said.
Continue reading “Article: Food delivery service DoorDash announces data breach affecting 4.9 million people”

Article: How to Check if You’re Affected by the DoorDash Hack That Leaked the Data of 4.9 Million Users

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How to Check if You’re Affected by the DoorDash Hack That Leaked the Data of 4.9 Million Users

AARON HOLMES, 27 September 2019

Delivery service DoorDash suffered a data breach earlier this year that affected the information of 4.9 million users, delivery workers, and restaurants, DoorDash announced Thursday afternoon.

The breach occurred on May 4, and affects people who started using the app before April 5, 2018.

As a result of the breach, an unauthorized third party was able to gain access to users’ profile information, including names, email addresses, delivery addresses, order history, and phone numbers.
Continue reading “Article: How to Check if You’re Affected by the DoorDash Hack That Leaked the Data of 4.9 Million Users”

Article: Important security notice about your DoorDash account

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Important security notice about your DoorDash account

DoorDash, 27 September 2019

We take the security of our community very seriously. Earlier this month, we became aware of unusual activity involving a third-party service provider. We immediately launched an investigation and outside security experts were engaged to assess what occurred. We were subsequently able to determine that an unauthorized third party accessed some DoorDash user data on May 4, 2019. We took immediate steps to block further access by the unauthorized third party and to enhance security across our platform. We are reaching out directly to affected users.
Continue reading “Article: Important security notice about your DoorDash account”

Fined: Newbridge Securities Corporation Fined by FINRA

Fined

Newbridge Securities Corporation Fined by FINRA

An AWC was issued in which the firm was censured, fined $225,000 and required to retain an independent consultant to conduct a comprehensive review of the reasonableness of the firm’s policies, systems and procedures (written or otherwise) and training with respect to its participation in private placement and minimum contingency offers. Jordan was fined $5,000 and suspended from association with any FINRA member in any principal capacity for two months. Without admitting or denying the findings, the firm and Jordan consented to the sanctions and to the entry of findings that the firm failed to establish, maintain and enforce a supervisory system and WSPs reasonably designed to supervise its representative’s recommendations of structured products, despite the fact that structured products comprised a significant portion of the firm’s business.

Read full report.

 

Article: ‘Striking’ Bitcoin Market Manipulation Revealed

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‘Striking’ Bitcoin Market Manipulation Revealed

Billy Bambrough,  25 September 2019

Bitcoin and cryptocurrency markets are in turmoil tonight after the disappointing launch of the hotly-anticipated Bakkt crypto platform.

The bitcoin price shed 15% of its value this week, with some of its biggest rivals including ethereum, Ripple’s XRP, litecoin, and bitcoin cash, recording losses as high as 22% as investors balked at Bakkt’s low bitcoin trading volume.

Now, new research has warned of a “striking systematic trend” in bitcoin price movements, with bitcoin falling far further than average ahead of CME’s bitcoin futures contracts being settled each month. Continue reading “Article: ‘Striking’ Bitcoin Market Manipulation Revealed”

Fined: Meyers Associates, L.P. nka Windsor Street Capital, LP Fined by FINRA

Fined

Meyers Associates, L.P. nka Windsor Street Capital, LP Fined by FINRA

A Securities and Exchange Commission (SEC) decision became final in which the firm was fined $700,000, and Bruce Meyers was barred from association with any FINRA member in any principal or supervisory capacity and fined $100,000. The SEC sustained the findings and the sanctions imposed by the National Adjudicatory Council (NAC). The sanctions were based on findings that the firm and Bruce Meyers used unbalanced and misleading communications with the public.

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Article: Russian national confesses to biggest bank hack in US history

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Russian national confesses to biggest bank hack in US history

DAN GOODIN, 24 September 2019

A Russian national has admitted to carrying out the largest-known computer hack on a US bank. His 2014 breach of JPMorgan Chase generated hundreds of millions of dollars in illicit revenue and stole the data of more than 80 million JPMorgan clients.

Andrei Tyurin, 35, whose last name is also spelled Tiurin, also pleaded guilty to hacks against other US financial institutions, brokerage firms, and other companies. In all, he pleaded guilty in federal court to computer intrusion, wire fraud, bank fraud, and illegal online gambling as part of a securities-fraud scheme carried out by co-conspirators. Continue reading “Article: Russian national confesses to biggest bank hack in US history”

Fined: Hilltop Securities Inc. Fined by FINRA

Fined

Hilltop Securities Inc. Fined by FINRA

An AWC was issued in which the firm was censured, fined $250,000 and required to submit to FINRA a written certification that it has completed a review of its systems and procedures regarding SEC Rule 10b-16(a)(1) and, as of the date of the certification, the firm’s policies, systems and procedures are reasonably designed to achieve compliance with this rule. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to establish procedures reasonably designed to assure that customers received initial margin interest rate disclosures and failed to establish, maintain and enforce a supervisory system, including WSPs, reasonably designed to achieve compliance with Rule 10b-16(a)(1).

Read full report.

 

Article: What’s the Worst Case Scenario for AtriCure’s Federal Investigation?

Article - Media, Publications

What’s the Worst Case Scenario for AtriCure’s Federal Investigation?

Amanda Pedersen, 20 September 2019

Renewed concerns about a Department of Justice (DoJ) investigation involving a key player in the atrial fibrillation space has prompted one medtech analyst to review similar investigations in the industry.

In March 2018, Mason, OH-based AtriCure, disclosed that it received a civil investigative demand from the DoJ over potential off-label marketing of the company’s Deep hybrid procedure products, which account for about 10% of AtriCure’s total sales. AtriCure’s Deep procedure is not FDA approved to treat atrial fibrillation, but the devices that are used in the procedure have FDA clearances for tissue ablation and the company is currently running a trial to support approval for an atrial fibrillation indication.
Continue reading “Article: What’s the Worst Case Scenario for AtriCure’s Federal Investigation?”

THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?