Daniela Esnerova, 16 September 2020

The FCA has banned “experienced trader” and portfolio manager Corrado Abbattista from performing any functions in relation to regulated activity for market abuse.

The regulator has also imposed a fine of £100,000 on Abbattista, who is a partner and chief investment officer at Fenician Capital Management.

In its decision notice, the FCA said it considers that between 20 January and 15 May 2017, Abbattista repeatedly placed in the market large misleading orders for contract for differences, referenced to equities, which he did not intend to execute.

“At the same time, he placed smaller orders that he did intend to execute on the opposite side of the order book to the misleading orders,” the regulator wrote. Continue reading “Article: FCA bans trader for market manipulation”

09/16/202003/18/2021

Article: UK watchdog plans to fine London trader for market manipulation

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UK watchdog plans to fine London trader for market manipulation

Reuters Staff, 16 September 2020

Britain’s Financial Conduct Authority (FCA) said on Wednesday it would impose a 100,000-pound fine on a London trader for market abuse and prohibit him from performing any functions related to regulated activity.

Corrado Abbattista, partner and chief investment officer at Fenician Capital Management LLP, repeatedly placed “large misleading” orders for Contract for Differences (CFDs), referenced to equities, between Jan. 20 and May 15, 2017, which he did not intend to execute, the FCA said bit.ly/32yIuuk.

At the same time, he placed smaller orders that he did intend to execute on the opposite side of the order book to the misleading orders, the financial regulator added. Continue reading “Article: UK watchdog plans to fine London trader for market manipulation”

09/14/202003/10/2021

Article: Russian ‘Bad Debts’ Banks Expand Fraud Suits Against Ex-Top Managers and Ex-Owners

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Russian ‘Bad Debts’ Banks Expand Fraud Suits Against Ex-Top Managers and Ex-Owners

Dispute Resolution, 14 September 2020

Russian state-controlled lenders The Bank of Non-Core Assets (Bad Debts), created on the basis of National Bank Trust PJSC, and the bank FC Otkritie continue expending anti-fraud litigations against their Ex-Top Managers and Ex-Owners.

Recently, the lawsuit was filed in the United States against the former founder of financial group Otkritie Holding, Vadim Belyaev. The statement of claim entered the electronic database of the court in the New York area of Manhattan. Continue reading “Article: Russian ‘Bad Debts’ Banks Expand Fraud Suits Against Ex-Top Managers and Ex-Owners”

09/14/202003/04/2021

Article: Who is Steve Cohen? The Connecticut billionaire buying the New York Mets is a lifelong fan, an avid art collector and was embroiled in an insider trading scandal

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Who is Steve Cohen? The Connecticut billionaire buying the New York Mets is a lifelong fan, an avid art collector and was embroiled in an insider trading scandal

The news that Connecticut billionaire Steve Cohen is purchasing a majority stake in the New York Mets has invigorated the team’s fans, who hope an owner with deep pockets can turn around the fortunes of a team that has made the playoffs just twice in the past decade.

Cohen would be the wealthiest owner across all the major sports leagues, but who is he? The 64-year-old hedge fund manager is chairman and CEO of Point72 Asset Management in Stamford and lives in Greenwich.

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09/11/202002/24/2021

Article: Northern Dynasty calls JCap report ‘fatuous, flimsy and self-serving’

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Northern Dynasty calls JCap report ‘fatuous, flimsy and self-serving’

MINING.COM Staff Writer, 11 September 2020

In a report titled Pretend and Extend – The No Return Deposit, New York-based JCap this week accused Northern Dynasty management of “gaslighting investors” over its giant Alaska copper and gold Pebble project and said the mine plan “is on its face absurd.”

“We believe Northern Dynasty has crafted a money-losing mining plan to achieve government approvals. Since management is bonused on lobbying success instead of for producing minerals, NAK has no reason to care that the new plan is irrational: we think it will lose money, leave investors with a stranded asset, and be canceled anyway if Joe Biden is elected,” JCap said in its report.
Continue reading “Article: Northern Dynasty calls JCap report ‘fatuous, flimsy and self-serving’”

09/09/202003/01/2021

Article: Shareholder Alert: Robbins LLP Announces Northern Dynasty Minerals Ltd. (NAK) is Being Sued for Misleading Shareholders

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Shareholder Alert: Robbins LLP Announces Northern Dynasty Minerals Ltd. (NAK) is Being Sued for Misleading Shareholders

Business Wire, 09 September 2020

Shareholder rights law firm Robbins LLP announces that a purchaser of Northern Dynasty Minerals Ltd. (NYSE American: NAK) filed a class action complaint against the Company and its officers and directors for alleged violations of the Securities & Exchange Act of 1934 between December 21, 2017 and November 25, 2020. Northern Dynasty engages in the exploration of mineral properties in the U.S. Its principal mineral property is the Pebble copper-gold-molybdenum project comprising 2,402 mineral claims that covers approximately 417 square miles in southwest Alaska.
Continue reading “Article: Shareholder Alert: Robbins LLP Announces Northern Dynasty Minerals Ltd. (NAK) is Being Sued for Misleading Shareholders”

09/03/202003/08/2021

Article: Work from Home Gets Entrenched: Embraced by Workers & Businesses in the UK, it’s Upending Real Estate, Retail, Restaurants, Bars, Cafés

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Work from Home Gets Entrenched: Embraced by Workers & Businesses in the UK, it’s Upending Real Estate, Retail, Restaurants, Bars, Cafés

Nick Corbishley, 03 September 2020

One of the UK’s largest outsourcing companies, Capita plc, which employs 45,000 people across the country, has just done what many other companies have been thinking and talking about doing since the virus crisis began: it announced that it is permanently closing more than a third of its offices. As a result, the leases on almost 100 workplaces will be terminated.

Like many large outsourcing companies in the UK, Capita has been struggling for years. It did not collapse and get liquidated like erstwhile giant Carillion but its share price has collapsed 97% since 2015. Even before the virus crisis began, the firm was exploring ways of slashing costs, including embracing more flexible working practices such as work from home, which the lockdown pushed to the fore. The company says that employees are firmly on board with the changes. Continue reading “Article: Work from Home Gets Entrenched: Embraced by Workers & Businesses in the UK, it’s Upending Real Estate, Retail, Restaurants, Bars, Cafés”

09/02/202002/23/2021

Article: Do Not Consider Workhorse Group if Profits Are Your Thing

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Do Not Consider Workhorse Group if Profits Are Your Thing

Will Ashworth, 02 September 2020

Things are happening on the electric vehicle front and even though Workhorse appears to be a long way from profitability, I can think of plenty of other money-losing businesses people are plowing their hard-earned capital into that don’t have nearly as much potential. If profits are your thing, Workhorse is not your kind of stock. I happen to believe it’s an excellent speculative buy for aggressive investors. Profits be damned.
Continue reading “Article: Do Not Consider Workhorse Group if Profits Are Your Thing”

09/02/202003/05/2021

Article: Controversial hedge fund billionaire Steven Cohen takes on Hollywood

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Controversial hedge fund billionaire Steven Cohen takes on Hollywood

Billionaire hedge fund manager Steven A. Cohen is known for owning one of the best private art collections in the world and for his many multimillion-dollar homes. However, he is perhaps best known for having been the subject of one of the government’s most high-profile insider trading investigations.

In 2013 Cohen’s once-powerful firm, SAC Capital Advisors, pleaded guilty to a criminal indictment and paid a record $1.8-billion settlement.

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