Foreign Collusion, Naked Shorting (Counterfeiting) & Money Laundering — All Illicit Wealth
Jim Cramer Fraud? SEC Investigates TheStreet.com
Kaja Whitehouse, 25 May 2011
TheStreet.com, the financial Web site founded by loudmouth stock picker and TV personality Jim Cramer, is being investigated by the Securities and Exchange Commission.
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AtriCure, Inc. to Pay U.S. $3.76 Million to Resolve Medicare Fraud Allegations
Biospace, 03 February 2010
WASHINGTON, Feb. 2 /PRNewswire-USNewswire/ — Atricure Inc., a medical device manufacturer, has agreed to pay the United States $3.76 million to resolve civil claims in connection with the alleged promotion of its surgical ablation devices, the Justice Department announced today. Surgical ablation devices use focused energy to create controlled lesions or scar tissue on a patient’s heart or other organs.
“This settlement reflects our commitment to enforce the Food, Drug, and Cosmetic Act and protect Medicare from the improper marketing practices of Atricure and other medical device manufacturers,” said Tony West, Assistant Attorney General for the Civil Division of the Department of Justice. “We will continue to work with our partners at the Department of Health and Human Services Inspector General’s Office and the FDA Office of Chief Counsel to preserve the integrity of our public health programs.”
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Mad Mail: Cramer Talks Naked Short Selling
Tom Brennan, 28 July 2009
Cramer says: “Senator Kaufman (of Delaware) was on … he called for exactly this issue on the naked shorting … I thought that was great. That was a good first step. And they have not defeated the uptick rule. Let’s hope they go and roll everything back. There’s lots of chatter that says it doesn’t matter. These are people who have never traded before. If you traded before, you know that it slows things down, gives the market a chance to catch its breath. And that’s what we want.”
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A Solution to Naked Short Selling?
Tom Brennan, 23 July 2009
Cramer has railed against naked short selling throughout the entire credit crisis. And he’s been quick to blame the collapse of at least a couple of the market’s bellwether companies on the traders who do it. Luckily for the rest of us, it looks like a group of US senators have found a solution to the problem.
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Dendreon & Deceit: Jim Cramer, Pequot Capital
Mark Mitchell, 19 July 2009
The CNBC “journalist” assured his viewers that the FDA advisory panel would vote that Dendreon’s treatment for prostate cancer was neither safe nor effective (notwithstanding the fact that the FDA had given the treatment “priority review” status because Provenge had shown strong trial results and was destined for critically ill patients).
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Law Firm Files Class Action Lawsuit Against Manulife Financial
Datamonitor via COMTEX, 13 July 2009
Abbey Spanier Rodd & Abrams has filed a class action lawsuit in the US District Court for the Southern District of New York on behalf of a class consisting of all persons or entities who purchased the securities of Manulife Financial between March 28, 2008 and June 22, 2009. The complaint charged Manulife and certain of the company’s executive officers with violations of federal securities laws. On June 19, 2009, after the market closed, Manulife received an enforcement notice from the Ontario Securities Commission (OSC) relating to its disclosure of risks concerning its variable annuity guarantee and segregated funds business.
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The Brualdi Law Firm, P.C. Announces Class Action Lawsuit Against AtriCure, Inc.
The Brualdi Law Firm, 19 December 2008
NEW YORK, Dec. 19, 2008 (GLOBE NEWSWIRE) — The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Southern District of Ohio on behalf of purchasers of AtriCure, Inc. (“AtriCure” or the “Company”) (Nasdaq:ATRC) securities during the period between May 10, 2007 and October 31, 2008 (the “Class Period”) for violations of the federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased AtriCure common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by February 10, 2009. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
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AtriCure, Inc. Announces Investigation by the Department of Justice
BioSpace, 03 November 2008
WEST CHESTER, Ohio–(BUSINESS WIRE)–AtriCure, Inc. (Nasdaq: ATRC – News), received a letter on October 27, 2008 from the U.S. Department of Justice-Civil Division (the “DOJ”) informing the Company that the DOJ is conducting an investigation for potential False Claims Act and common law violations relating to the Company’s surgical ablation devices. Specifically, the letter states that the DOJ is investigating the Company’s marketing practices utilized in connection with its surgical ablation system to treat atrial fibrillation, a specific use outside the Federal Food and Drug Administration’s 510(k) clearance. The letter also states that the DOJ is investigating whether AtriCure instructed hospitals to bill Medicare for surgical ablation using incorrect billing codes.
The Company understands that the DOJ is in the process of compiling a document request. The Company intends to cooperate with the DOJ in its investigation and operate its business in the ordinary course during the investigation.
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Sad Money: The Backlash Against Jim Cramer
Brendan Collins, 24 Cctober 2008
“Mad Money” host Jim Cramer, that chrome-domed hero of trashy TV addicts and armchair-finance junkies alike, has fallen on hard times. He appeared on “The Today Show” on October 6th, imploring viewers: “Whatever money you may need for the next five years, please take it out of the stock market. Right now.” To say this statement fanned the flames of the Wall Street crisis is an understatement. A more apt analogy would be to say that Cramer dumped rocket fuel on a
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Jim Cramer on the Short-Selling Effect
Dealbook, 22 July 2008
James Cramer, the hedge fund manager turned “Mad Money” host, has proposed a solution to the raging controversy over short-selling. Unfortunately, it mostly involves the troubled financial sector getting its act together — and thus making itself immune to the “carpet bombs” that he says hedge funds have been raining down on vulnerable firms like Lehman Brothers.
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Naked Short Selling — Illegal but Hard to Prove
Gregg Greenberg, The Street, 16 July 2008
NEW YORK (TheStreet) — The Securities and Exchange Commission Chairman Christopher Cox on Tuesday said the regulator planned to crack down on naked short-selling of Fannie Mae (FNM) and Freddie Mac. Cox said in a testimony to the Senate Banking Committee on Tuesday that the agency will require short-sellers to borrow shares of the two government-sponsored mortgage giants and broker dealers including Lehman Brothers (LEH) , Goldman Sachs (GS) – Get Report, Merrill Lynch (MER) and Morgan Stanley (MS) – Get Report before selling them. The new restrictions are called for under a temporary emergency order that expires in 30 days.
For a refresher on why this is a big deal, here you go.
The traditional method for making money in the stock market is to “buy low and sell high.” But there is another way to profit called “shorting,” where the trick is to “sell high and buy low.” There are strict rules when it comes to shorting stocks, however. One way they are broken is via naked shorting.
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Wall St. Confidential: Cramer Explains Shorting
Jim Cramer, The Street, 27 April 2007
Cramer the director and co-founder of TheStreet.com talks about naked short and his recommendation on the market.
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Cramer controversy: Did he manipulate market?
Daniel Pannone, The Signal, 26 March 2007
When I wrote the story about Jim Cramer two weeks ago, I had the feeling that it would not be the last time I mentioned him. However, I’m surprised how quickly Cramer provided me with controversy to criticize.
Cramer has recently gotten himself into trouble after he made comments that could be construed as a discussion of stock and market manipulation on a Wall Street Confidential video segment from thestreet.com.
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Henry Blodget, Slate, 22 March 2007
Jim Cramer and I had a bit of a tiff a few weeks ago, so some readers might view this column as just another round in that fight. Others might see it as the pot calling the kettle black, orschadenfreude. Think what you will—but as the author of a column about bad investment advice, I feel compelled to comment on what just might qualify as the worst financial counsel ever offered.
Jim Cramer Admits To Stock Manipulation When At Hedge Fund
Philip David, Seeking Alpha, 21 March 2007
My thanks to Trader Mike, who wrote a nice article on a subject we had been discussing all weekend on the member site as all the market manipulation of the past two days made me forget to talk about the evidence of market manipulation we uncovered last week.
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THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?
