Foreign Collusion, Naked Shorting (Counterfeiting) & Money Laundering — All Illicit Wealth
The corruption of the SEC, over decades and till today
Lucy Komisar, 06 June 2021
The Securities and Exchange Commission, set up after the 1929 stock market crash, has been a corrupt operation captured by the stock brokers and Wall Street actors it was supposed to regulate. Here is the history, told in a video I did for Superstonk.
Continue reading “Article: The corruption of the SEC, over decades and till today”
@amctheatres $AMC Financial News https://t.co/IKaIiDZp66 Total Shares Shorted (5 yrs): 7 billion shares EXEMPT(MMs) + NON-EXEMPT(all others), $104 billion, 37.15% of total volume, VWAP $14.20. History https://t.co/EFpkfxhBj6 Interview https://t.co/9c0Jzi0RXs pic.twitter.com/cnYjM23Uu7
— BUYINS.NET (@buyinsnet) June 7, 2021
“Naked shorts” coming up on CNBC after the break. pic.twitter.com/96UTHBwZJN
— Keubiko (@Keubiko) June 7, 2021
Wirecard: German Parliament slams Scholz and Merkel
Reuters, 07 June 2021
A committee of lawmakers in the Bundestag has published its inquiry into the Wirecard fraud affair. The damaging report comes months before Germany’s general election.
The public inquiry into the Wirecard scandal published its concluding report on Monday, criticizing Germany’s Finance Minister Olaf Scholz and Chancellor Angela Merkel.
The parliamentary committee consisting of opposition lawmakers ended a monthslong investigation into the scandal with the publication of a 675-page draft report. Continue reading “Article: Wirecard: German Parliament slams Scholz and Merkel”
Romance Scammers Charged with Laundering $3.5 Million Stolen from Victims
JULETT PINEDA SLEINAN, 05 June 2021
U.S. prosecutors have charged six people for conspiring to launder US$3.5 million in proceeds derived from romance scams, a profitable fraud scheme on the rise that defrauded hundreds of millions of dollars from American victims last year.
Authorities said the scammers preyed on vulnerable people by using online aliases on multiple dating sites and convinced victims to transfer funds to bank accounts controlled by the gang, a complaint unsealed by the U.S. Attorney for the Southern District of New York last week revealed.
Under the aliases ‘Diego Francisco’, ‘Richard Francisco’ and ‘Tom Francisco’, the scammers used photos of male models to engage in conversations with the victims and ask them for money. Continue reading “Article: Romance Scammers Charged with Laundering $3.5 Million Stolen from Victims”
Australian financial crime watchdog widens probe on casinos already reeling from COVID
Reuters, 07 June 2021
SYDNEY (Reuters) – Australia’s anti-money-laundering agency on Monday widened a probe into due diligence at casinos to include the three biggest operators, ratcheting up pressure on a sector already struggling with the pandemic and heightened regulatory scrutiny.
Months into an investigation of top player Crown Resorts, the Australian Transaction Reports and Analysis Centre (AUSTRAC) said it was formally looking into possible breaches of background check rules at rival Star Entertainment Group and New Zealand’s SkyCity Entertainment Group.
That means owners of casinos in Australia’s five most populous cities now face enforcement investigations that could carry fines or restrict their licences. Continue reading “Article: Australian financial crime watchdog widens probe on casinos already reeling from COVID”
AMC, other ‘meme’ stocks jump; regulator signals concern
Aaron Saldanha, Sinéad Carew and David Randall, 07 June 2021
(Reuters) -Shares of AMC Entertainment Holdings Inc and other “meme stocks” jumped on Monday, extending a rally in social-media favorites into a third week as message boards hummed with talk of squeezing Wall Street short-sellers.
The sharp gains prompted the U.S. Securities and Exchange Commission to say it was looking into signs of market manipulation given the “volatility in certain stocks.” The volatility has challenged analysts, and two of them in the past week have stopped covering video game retailer GameStop, whose shares soared in January in a retail-driven rally. Continue reading “Article: AMC, other ‘meme’ stocks jump; regulator signals concern”
Australia’s NAB faces money laundering probe
ishwarkimmins, 07 June 2021
The National Australia Bank is being investigated by national financial crime regulators for breaking money laundering laws as part of a broader crackdown on organized crime.
Australia’s third-largest market capitalization company said Monday that Australia has begun a formal investigation into its compliance with anti-money laundering and anti-terrorism laws. The casino groups Crown Resorts, Star Entertainment Group and Sky City Entertainment Group are also under investigation, he said. The investigation is part of an extensive campaign by authorities aimed at organized crime revenue, focusing on financial institutions, casinos and crypto exchanges. Continue reading “Article: Australia’s NAB faces money laundering probe”
SEC plans to go after market manipulation on social media, executive insider trading, Gensler says
Chris Matthews, 07 June 2021
Securities and Exchange Commission Chairman Gary Gensler said Monday that his agency is focused on adopting new rules to guard against company executives using private information to opportunistically sell shares of companies they oversee, while acknowledging that the SEC must come up with new strategies to guard against market manipulation on social media.
The SEC adopted regulations about 20 years ago, called 10b5-1 plans, that enable company insiders to buy and sell securities in their own company if those transactions are made by a third party who is not aware of material, non-public information.
“In my view, these plans have led to real cracks in our insider trading regime,” Gensler said at the Wall Street Journal’s CFO Network Summit Monday.
One concern Gensler has is that there is no “cooling off period” mandated by the SEC for when a 10b5-1 plan is adopted and when it can start trading, though research shows that 40% of such plans begin trading within just two months after they are opened, while 14% start trading within a month.
Futhermore, there is no limitation as to how many 10b5-1 plans insiders can open, making it easier for an insider to shut down one or many plans if he has public information that suggests that it would be profitable to do so.
“Insiders can cancel a plan when they do have material non-public information. This seems upside-down to me. It also may undermine investor confidence,” Gensler said. “In my view, canceling a plan may be as economically significant as carrying out an actual transaction,” he added. “Thus, I’ve asked staff to consider limitations on when and how plans can be canceled.”
Madhukumar Warrier, 07 June 2021
Supporters of a new cryptocurrency named “StopElon” on Sunday protested outside Tesla Inc.’s (NASDAQ:TSLA) Fremont factory over CEO Elon Musk’s involvement in the cryptocurrency market, according to a report by NBC Bay Area News.
What Happened: Activists of the “Stopelon” group alleged that Musk has far too much power over the cryptocurrency market. The group also wants Musk to be removed from the social media company Twitter Inc.’s (NYSE:TWTR) platform. Continue reading “Article: ‘Stopelon’ Group Protests Elon Musk’s Cryptocurrency ‘Market Manipulation’ Outside Tesla Fremont Factory”
Call for royal commission into SkyCity Adelaide amid AUSTRAC investigation
abc, 07 June 2021
Two South Australian MPs have called for a royal commission into the operations of the Adelaide casino similar to those underway into Crown in Victoria and Western Australia.
SkyCity revealed this morning it was being investigated by financial crime watchdog AUSTRAC over serious non-compliance relating to money-laundering and counter-terrorism financing laws in its Adelaide operations. It runs the Adelaide casino as well as three others in New Zealand. Continue reading “Article: Call for royal commission into SkyCity Adelaide amid AUSTRAC investigation”
Why Naked Short Selling Is Not As Prevalent As You Think
Wayne Duggan , 07 June 2021
AMC Entertainment Holdings Inc AMC 0.16% jumped another 10% on Monday, and the hashtag #NakedShorting was trended on Twitter in the process.
On Monday’s Benzinga PreMarket Prep, co-host Dennis Dick discussed why the idea that naked short sellers are behind the high short interest in stocks like AMC and GameStop Corp. GME 0.03% is a completely false social media narrative. Continue reading “Article: Why Naked Short Selling Is Not As Prevalent As You Think”
Stocks Pop in After-Hours as Traders Eye Oil and Inflation
Gerelyn Terzo, 07 June 2021
Stocks finished mixed on Monday with the S&P 500 failing to make a run for a new record and closing slightly in the red. The index is already up about 12% year-to-date, but investors are feeling a bit skittish about inflation.
The Nasdaq and the Dow Jones Industrial Average both finished the day up fractionally, while oil is back on investors’ radar to reclaim the USD 100 level in the medium-term. Meme stocks continue to rule the roost. Let’s take a look at some of today’s market action. Continue reading “Article: Stocks Pop in After-Hours as Traders Eye Oil and Inflation”
Financial crime regulator warns about the world of ‘cuckoo Smurfing’
Karen Tan, 07 June 2021
You might not have heard of it before, or even know what it is, but “cuckoo Smurfing” is a sneaky way organised criminals engage in money laundering, by exploiting the legitimate bank accounts of individuals and businesses in Australia.
It is used to move illegal funds into Australia and disguise profits from criminal activities. The key targets appear to be Australian expatriates and exporters, international students studying in Australia, international investors and migrants wishing to settle in Australia.
When Australia’s financial crime regulator, AUSTRAC, released its new financial crime guide last week (3 June 2021), it warned businesses and consumers about the “cuckoo Smurfing” method, and described it as a “sinister practice with an endearing name.” Continue reading “Article: Financial crime regulator warns about the world of ‘cuckoo Smurfing’”
THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?
