An AWC was issued in which the firm was censured and fined $130,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it effected customer sale transactions of municipal bonds on a discretionary basis in amounts lower than the minimum denomination of the respective issues.
An AWC was issued in which the firm was censured and fined $200,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to file amended Uniform Application for Securities Industry Registration or Transfer forms (Form U4s) for 20 of its registered representatives to disclose 71 outstanding liens, outstanding judgments, bankruptcies and creditor compromises in a timely fashion or, in some cases, at all. The findings stated that the firm failed to establish and maintain a system and failed to establish, maintain and enforce written procedures that were reasonably designed to achieve compliance with FINRA’s requirement to timely file Form U4 amendments to reflect reportable financial events.
FINRA found that for more than a year, Robinhood—which offers its customers the ability to trade in equity securities without being charged commissions—routed its customers’ non-directed equity orders to four broker-dealers, all of which paid Robinhood for that order flow. This arrangement is known in the brokerage industry as payment for order flow.
Comment: Robinhood fined and just look what they do They let you trade for FREE how? Nothing is free in this world right, well they sell your order to another firm (the get paid for it) You get your trade for free everyone happy. BUT who wants your orders? You guess it NAKED SHORT SELLING firms. They trade against you order for example if your buying 5K of shares of SRNE on firday THE order is naked shorted by Them Never making it to the market at all. If you sell it and they are short. You can bet your kidney on it they will let that 5K go to the market and help drive it lower NEVER being the buyer. Thats the game. AND ROBINHOOD is helping the crooks for profit and screwing their own CLIENT.
David Whitehouse, 19 December 2019
A call from South Africa’s competition regulator to be given extra-territorial powers to prosecute foreign banks whose actions affect South Africans has drawn short shrift from investors.
After an investigation into alleged collusion by 23 banks, ten of which have no presence in South Africa, to co-ordinate on spot dollar and rand prices, the Competition Commission recommended fines totalling 10% of the banks’ global revenues.
The banks involved, which include JPMorgan Chase, Bank of America Merrill Lynch and Credit Suisse, argue that the case should be dropped. The country’s Competition Tribunal in July ruled that the commission had no jurisdiction to impose the fines. Continue reading “Article: South Africa should restrict rand access for offending foreign banks”
Sean Williams, 19 December 2019
It’d be pretty fair to say that this is not how marijuana stock investors envisioned 2019 would go. After beginning the year on a (pardon the pun) high note, with more than a dozen pot stocks gaining in excess of 70% during the first quarter, the past 8.5 months have been nothing short of a train wreck.
To our north, Canada has struggled with the regulatory aspects of establishing a legal weed industry. Health Canada has been slow to approve cultivation, processing, and sales license applications, while Ontario, the most populous province, hasn’t approved retail store licenses in a timely manner. Meanwhile, high tax rates and a Swiss-cheese-like state-level approval process has constrained marijuana sales in legal U.S. states. In essence, the black market is thriving throughout North America.
Continue reading “Article: This Top-Performing Pot Stock Was Accused of Fraud”
An AWC was issued in which the firm was censured, fined $120,000, of which $44,400 is payable to FINRA, and required to revise its WSPs. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it violated the Securities Exchange Act of 1934 Rule 101 of Regulation M by bidding for a covered security and purchasing a covered security during a restricted period while acting as a distribution participant participating in a distribution of securities on behalf of an issuer.
Ben Axler, 17 December 2019
In late January 2021, GameStop experienced a once-in-a-decade squeeze that has captivated the world’s attention. It was a premeditated and programmatic exercise, orchestrated by coordinated stock and option buying across the retail and professional community, resulting in large institutional entities losing billions of dollars. Investment houses with significant short positions did not expect a stock with GameStop’s fundamental profile to increase +2,500% in price over less than three weeks; therefore, they did not have the controls in place to handle the incredible levels of stock and call option purchases. The frenzy drew comments from the White House, provoked a social media crackdown, caused brokerage units to restrict trading, and has led to a Congressional hearing on GameStop on Thursday, February 18th.
Continue reading “Article: Counterpoint: Short sellers like us create real value for public markets by telling Canadian investors the truth”
IMPORTANT INVESTOR REMINDER: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Aurora Cannabis Inc. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm
16 December 2019
The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Aurora Cannabis Inc. (“Aurora” or “the Company”) (NYSE: ACB) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Read full release.
Dominic Kavakeb, 16 December 2019
Just hours before the British public was set to go to the polls to elect a new Government, Global Witness was hosting an important and timely discussion on the global influence of Putin’s Russia in the UK.
From Russian troll factories to the spread of misinformation, accusations of Russian interference in global democratic processes have increasingly come to the fore. At the same time flows of Russian money, obscured by anonymous company ownership, have been at the centre of countless money laundering scandals. And from Alexander Litvinenko to Sergei Skripal assassination attempts on Russian nationals in the UK have regularly hit the headlines. Continue reading “Article: Murder, misinformation and money-laundering: Weapons in the arsenal of the Russian state”
with Bud Verel (ph)
7,500 companies shorted out of existence — 3-4 trillion worth of assets
An AWC was issued in which the firm was censured and fined $215,000, of which $18,800 is payable to FINRA and the remaining will be paid to other various self-regulatory organizations. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it did not establish, maintain and enforce a supervisory system or WSPs reasonably designed to monitor for potential layering or spoofing by its direct market access clients.
The Union Journal, 11 December 2019
Two specialist traders, Matt Earl and Fraser Perring, co-authored the Zatarra report and therefore are one of the eight guys surveilled over recent weeks, combined with Mr [Crispin] Odey, Brett Palos, the stepson of merchant Philip Green, along with Nick Gold, a veteran stock exchange speculator.
Wirecard executives seem to have guessed a mole was working at a senior level within the firm after Mr Earl and Mr Perring released their Zatarra Report at 2016, prompting a criminal investigation from Germany into alleged market manipulation.
Mark P, 11 December 2019
Cannabis stocks have had a history of being rife with scandals and potential wrongdoings. While it’s unfortunate that the industry has garnered such a reputation, for the most part, this perception has died down a bit in 2019. However, from time to time, a well-known cannabis company will be implicated in something illegal or against the law. That’s what happened today with Tilray (NASDAQ: TLRY), which was hit with a $300 million lawsuit from an acquisition target that claimed Tilray was trying to make them go bankrupt.
While it didn’t make headlines in the financial press, Bloomberg quietly mentioned that Tilray had been hit with a hefty lawsuit from a soap company called Trimax, which argued that the pot company had been trying to bankrupt one of its subsidiaries in order to make it easy to buy them out. Specifically, Trimax claims that Tilray wanted to buy its line of CBD products at a discount.gh cash that is inflated or compromised, and warranty and service costs are understated by at least $11 million.
Continue reading “Article: Tilray hit by $300 million lawsuit over scheme to bankrupt acquisition target”
An AWC was issued in which the firm was censured, fined $45,000, of which $10,000 is joint and several with Bruno, required to retain one or more qualified independent consultants to conduct a comprehensive review of the adequacy of its compliance with FINRA Rule 3170 (the Taping Rule) and required to comply voluntarily with the Taping Rule for an additional 18 months. Bruno was fined $10,000, jointly and severally with the firm, and suspended from association with any FINRA member in any principal capacity for 30 business days.
Gaspard Sebag, Stephanie Bodoni
Bloomberg, 10 December 2019
Morgan Stanley was fined 20 million euros ($22.1 million) by French regulators after the bank’s London desk was accused of using “pump and dump” tactics to manipulate sovereign bond prices.
The Autorite des Marches Financier’s enforcement committee said that the bank manipulated the prices of 14 French government bonds and 8 Belgian bonds in June 2015. The lender also manipulated the price of a French government bond futures contract, the AMF said in a statement Tuesday.