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 sold private placement offerings claiming exemption from registration under Rule 506 of Regulation D of the Securities Act of 1933, but without having established pre-existing, substantive relationships with the offerees prior to participating in those offerings. T
Carol A Adams, 30 January 2020
When it comes to hitting the 2030 targets underpinning the UN’s 17 Sustainable Development Goals, considering risk alone will not cut it. Larry Fink’s recent emphasis on climate change risks and divesting in coal is significant, albeit a few decades late, but what about opportunities? And what about other sustainable development issues that threaten to bring businesses down? Continue reading “Article: Investors are asking the wrong questions about sustainability”
An AWC was issued in which the firm was censured and fined $175,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to reasonably supervise a former registered representative who excessively traded equity positions in accounts belonging to an elderly customer. The findings stated that the customer was 88 years old when the trading commenced and that as a result of the excessive trading, she paid at least $300,000 in commissions and other fees.
28 January 2020
Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, is investigating potential claims against Grand Canyon Education, Inc. (NASDAQ:LOPE) on behalf of Grand Canyon Education stockholders. Our investigation concerns whether Grand Canyon Education has violated the federal securities laws and/or engaged in other unlawful business practices.
Andy Verity & Eleanor Lawrie, 28 January 2020
Former stock market trader Navinder Sarao has been sentenced to a year of home detention for helping trigger a brief $1tn (£770bn) stock market crash.
Dubbed the “Hound of Hounslow” in an ironic reference to the famous “Wolf of Wall Street” fraudster, the Briton was shown leniency by a Chicago judge due to the extraordinary circumstances of his case.
But who is he – and how did he help cause markets to plunge almost 4,000 miles away? Continue reading “Article: Hound of Hounslow: Who is Navinder Sarao, the ‘flash crash trader’?”
27 January 2020
Pawar Law Group announces that a class action lawsuit has been filed on behalf of shareholders who purchased shares of Portola Pharmaceuticals, Inc. (PTLA) from November 5, 2019 through January 9, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Portola Pharmaceuticals, Inc. investors under the federal securities laws.
Bloomberg, 25 May 2020
US prosecutors are starting to build cases against traders suspected of manipulating markets as long as a decade ago, after an obscure legal ruling extended the statute of limitations for spoofing cases.
In October, the judge presiding over the impending trial of two former metals traders ruled that the US government can pursue charges of wire fraud as well as spoofing against the pair. The decision addressed a long-running legal debate about whether the placing of electronic market orders with the intention of cancelling them constituted a form of “false representation” and therefore fraud.
Rigged financial markets and hopeless under-regulation on Wall Street are not new problems. In this book, Susanne Trimbath gives a sobering account of naked short selling, the failure to settle, and her efforts over decades, trying to get this fixed.
Twenty-five years ago, Trimbath was working “backstage at Wall Street” when a group of corporate trust specialists told her about a problem in shareholder voting rights. When she went to senior management at Depository Trust Company (DTC), then and still the largest securities depository in the world, they brushed it off saying, “You can’t balance the world.”
FinanceMagnates, 20 January 2020
Citadel Securities, one of the largest market makers in US stocks and options, has agreed to pay 670 million yuan ($97 million) to resolve a probe by China’s regulator into alleged trading rules violations. The Chinese securities regulator launched the five-year investigation in 2015 following a stock plunge that erased nearly $3.9 billion in the mainland metal market.
Comment: In the USA they are angels. How much did they steal?
Alicia McElhaney, 07 January 2020
In 2019, short-seller Andrew Left’s Citron Capital returned a searing 43.3 percent, net of fees. But instead of wallowing in glory, Left plans to make some changes to his investment style in 2020. Foremost, Left intends to zero in on small-cap stocks rather than betting on (or against) major names like Shopify and Tesla, he told Institutional Investor Tuesday.
“My job is not to be right; my job is to generate returns,” Left said. “I’m not doing that by shorting high-concept big stocks.” Left shared the firm’s 2019 performance in an investor letter Monday, where he also reflected on recent big bets and what’s ahead. He learned two major lessons in 2019, according to the letter. The first: “Always go back to Citron’s proficiency – exposing fraud.”
Continue reading “Article: Who Needs New Year’s Resolutions After 43% Returns? Andrew Left Does.”
An AWC was issued in which Petrillo was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Petrillo consented to the sanction and to the entry of findings that he placed discretionary orders to purchase or sell securities in customers’ outside securities accounts without notifying his member firm of his authority to do so or the executing firm of his association with his firm. The findings stated that Petrillo also opened a family trust securities account over which he had trading authority away from his firm but did not notify it of the account’s existence.
State Street, 17 January 2020
BlackRock’s move to put climate change centre stage won’t be a huge shock to Australian companies, which are used to industry super funds flexing their muscles. Continue reading “Article: ‘We are on the edge of a fundamental reshaping of finance’”
An AWC was issued in which the firm was censured and fined $90,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it misreported its short positions in equity securities that must be reported pursuant to FINRA Rule 4560 by overstating its short positions and the number of accounts with short positions.
An AWC was issued in which the firm was censured, fined $400,000 and required 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.