Author: Anthonette Clerigo

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Article: Pay No Attention to That Crazy Man on TV

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Pay No Attention to That Crazy Man on TV

Henry Blodget, Slate, 29 January 2007

It would be impossible to write a “Bad Advice” column about investing without discussing Jim Cramer. I have been through several stages of feelings about Cramer. My initial belief was that the former hedge-fund manager, host of CNBC’s hit show Mad Money, and author of several books about speculating was perhaps the worst thing to happen to the financial security of average Americans since the crumbling of the Social Security system. I developed this theory in the early Mad Money days, when Cramer’s stock-picking track record—if on-air shouts, blurts, and Tourette’s-style tics can ever be called a “record,” which, in a serious context, they obviously can’t—remained close enough to market averages that Cramer was not laughed out of town when he suggested with a straight face that he was giving good advice.

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Article: CIBC will pay $125M US fine to settle mutual fund trading investigation

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CIBC will pay $125M US fine to settle mutual fund trading investigation

CBC News, 20 July 2005

CIBC confirmed Wednesday it will pay out $125 million US to settle an investigation into the bank’s role on behalf of hedge funds that engaged in improper mutual fund market timing and late trading. The bank said the deal was reached with the U.S. Securities and Exchange Commission and the New York Attorney General’s Office.

The agreement will see two of the bank’s subsidiaries, CIBC World Markets Corp. and Canadian Imperial Holdings Inc., pay a penalty of $25 million US and disgorgement of $100 million US related to financing and brokerage services provided to the hedge funds.
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Article: How CIBC Cashed In on Mutual Fund Fraud

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How CIBC Cashed In on Mutual Fund Fraud

MATTHEW GOLDSTEIN, 20 July 2005

One of the darkest realms of the mutual-fund trading scandal was laid bare Wednesday as state and federal prosecutors detailed how a Toronto financial company served as broker, banker and back office in a hedge fund scheme that victimized thousands of retail investors. The Canadian Imperial Bank of Commerce agreed to pay $125 million to settle the charges, which included fraud and deceptive business acts. The allegations cover a five-year period in which dozens of hedge funds used the bank’s money and connections to make abusive trades that resulted in huge profits to them but diluted other investors’ overall returns. From 1998 to 2003, regulators say, CIBC lent up to $2 billion to such traders, generating more than $75 million in fees. The bank neither admitted nor denied guilt in the settlement.
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Article: CIBC division fined $700,000 over trades

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CIBC division fined $700,000 over trades

PAUL WALDIE, 22 December 2004

The brokerage arm of Canadian Imperial Bank of Commerce has agreed to pay a $700,000 fine and change the way it supervises clients who have direct market access accounts. The agreement is part of a settlement approved yesterday between CIBC World Markets Inc. and Market Regulation Services Inc., or RS, over allegations the brokerage failed to stop alleged manipulative trading by a pair of clients. Two Toronto-based CIBC World Markets employees, Scott Mortimer and Carl Irizawa, also agreed to pay fines of $50,000 and $20,000 respectively. The firm and the two individuals will also pay an additional $115,000 to cover the costs of the investigation.
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Article: CIBC Mellon stock scam probe linked to Angels

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CIBC Mellon stock scam probe linked to Angels

KAREN HOWLETT, 09 December 2004

A former executive of the securities custody firm co-owned by Canadian Imperial Bank of Commerce is under RCMP investigation over his alleged involvement in a penny stock scam police allege is linked to the Hell’s Angels biker gang. Alnoor Jiwan, former manager of CIBC Mellon Global Securities Services Co.’s Vancouver office, is under investigation for allegedly taking bribes in 1999 to issue bogus stock certificates and pocketing ill-gotten gains in a so-called pump-and-dump scheme involving defunct telecom firm Pay Pop Inc. Bill Majcher, head of the RCMP’s Integrated Market Enforcement Team in Vancouver, said his office has recommended to Crown prosecutors that charges be laid in connection with the scam. He also said individuals behind the scam have ties to organized crime.
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Article: Ex-CIBC executive arrested

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Ex-CIBC executive arrested

SINCLAIR STEWART, 04 February 2004

A former executive at Canadian Imperial Bank of Commerce was arrested yesterday and slapped with criminal charges for allegedly bankrolling clients who participated in an illegal mutual fund trading scheme. Paul Flynn, who served as a managing director in CIBC’s U.S. arbitrage business before leaving the bank in December, was charged with five felonies by New York State Attorney-General Eliot Spitzer. If convicted on two counts of grand larceny, he could face up to 25 years in state prison.

Mr. Flynn arranged financing for a pair of hedge funds — Canary Capital Partners LLC and Samaritan Asset Management — that engaged in late-trading and “deceptive” market-timing practices, according to regulatory allegations. Mr. Spitzer’s office accused Mr. Flynn of “stealing” more than $1-million (U.S.) from mutual fund investors by providing the financial backing for these trades.
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Article: Manulife lawsuit certified a class action

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Manulife lawsuit certified a class action

JOHN PARTRIDGE, 02 October 2002

A lawsuit alleging that a key unit of Manulife Financial Corp. wrongly excluded thousands of former policy holders in Barbados from payouts worth about $100-million when the company went public in 1999 has been certified as a class action by an Ontario judge.

In a ruling released Monday, Mr. Justice Ian Nordheimer of the Ontario Superior Court said the case “raises an issue” as to whether Manufacturers Life Insurance Co. “actively misled a regulator” about its plans to demutualize or go public when it won approval to sell its Barbadian business in 1996. The action, launched last December on behalf of four representative plaintiffs by Windsor, Ont., lawyer Harvey Strosberg, also raises questions about “the degree, if any, to which a corporation has a duty to protect individuals who have a financial interest” in it “regarding future plans of the corporation,” Judge Nordheimer said.
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Article: Manulife’s Jakarta Unit Could Face Bankruptcy in Policy Claim Dispute

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Manulife’s Jakarta Unit Could Face Bankruptcy in Policy Claim Dispute

Michael SchumanStaff Reporter of The Wall Street Journal, 21 August 2001

JAKARTA, Indonesia — The Indonesian subsidiary of Manufacturers Life Insurance Co. of Canada faces bankruptcy because of one disputed claim, highlighting the desperate need for legal reform by President Megawati Sukarnoputri’s new government.

The beneficiary of a deceased policyholder has filed a bankruptcy claim against the subsidiary at Jakarta’s commercial court and a ruling is expected on Thursday. Manulife refused to pay the beneficiary of the 50 million rupiah ($5,714) policy, claiming that the deceased failed to disclose his health problems when he applied for the policy. The policyholder passed away two years ago. In a strange legal twist, however, the beneficiary and his lawyers, instead of filing a civil complaint against the company, are trying to push Manulife’s subsidiary into bankruptcy if it doesn’t pay the claim plus damages, an amount totaling 5.1 billion rupiah.
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Article: Life of an 18-Year-Old Day Trader: He’s Got Fake Millions, Fake ID

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Life of an 18-Year-Old Day Trader: He’s Got Fake Millions, Fake ID

Nick Paumgarten , Observer, 09 August 1999

For a good chunk of July, an 18-year-old kid from Long Island named Harris Kupperman was beating the 9,100 other contestants_in_something_called “TheStreet.com Investment Challenge.” In just four weeks, he had turned $500,000 into $7.6 million, a 1,400 percent return. At that rate, he’d have $76 quintillion in a year. “I guess that’s O.K.,” he said. Actually, it’s unheard of. And to think-this kid couldn’t get a summer job on Wall Street this year. He was too young.

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Article: CANADA’S MANULIFE HIT WITH CLASS-ACTION SUIT

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CANADA’S MANULIFE HIT WITH CLASS-ACTION SUIT

ASSOCIATED PRESS, 21 October 1996

A class-action suit has been launched against Manufacturers Life Insurance Co. over its ”vanishing premium” policies. A multimillion-dollar lawsuit has been filed in Ontario Court General Division on behalf of a group of Manulife’s Ontario policyholders. Lawyer Charles Wright said the judge will be asked to establish the suit as a class action, where the claims and rights of many people with common interests are decided in a single-court proceeding. Toronto-based Manulife is already facing class actions in the United States pertaining to vanishing premium policies.

”There are thousands of people behind this suit,” Mr. Wright said. The suit bears the name of Bernard McKrow, 75, of Windsor, Ontario, who alleges he bought a $100,000 vanishing premium policy in 1986 after being told he would only have to make seven premium payments because money earned on the relatively high premiums would cover payments in the future.
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Article: SEC Alleges Manipulation Of IBM Stock

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SEC Alleges Manipulation Of IBM Stock

John F. Berry, 25 October 1978

The Securities and Exchange Commission has ordered an adminstrative hearing into the alleged manipulation of the price of the stock of International Business Machines Corp. by several Chicago broke-dealers. In a brief announcement yesterday the SEC alleged that broker-dealers sought to manipulate IBM shares through a series of transactions on the New York Stock Exchange and the Chicago Board Options Exchange.

The SEC named Chicago Financial Partnership, Jameco Investments, Thomas J. Connelly Jr. III, Philip J. Dalman, James M. Chipman, Gail J. Connelly and Michael A. Faberburg, all of the .Chicago area.The SEC, which alleges fraud and manipulation of the market by certain of the Chicagoans, claims the series of questionable transactions took place during the week of July 11, 1977.
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Article: LOOP SECURITIES FRAUD: Hagens Berman, National Trial Attorneys, Encourages Loop Industries (LOOP) Investors to Contact Its Attorneys, Securities Fraud Action Filed, Application Deadline Approaching

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LOOP SECURITIES FRAUD: Hagens Berman, National Trial Attorneys, Encourages Loop Industries (LOOP) Investors to Contact Its Attorneys, Securities Fraud Action Filed, Application Deadline Approaching

GLOBE NEWSWIRE, 30 November 2020

The complaint alleges that Loop made false and misleading statements about its purportedly “proven” technology that breaks down PET plastic to its base chemicals at a recovery rate of 100%. The complaint also alleges that Loop misrepresented its partnerships with key customers.

Specifically, the complaint alleges that Defendants failed to disclose to investors: (1) that Loop scientists were encouraged to misrepresent the results of Loop’s purportedly proprietary process; (2) that Loop did not have the technology to break PET down to its base chemicals at a recovery rate of 100%; (3) that, as a result, the Company was unlikely to realize the purported benefits of Loop’s announced partnerships with Indorama and Thyssenkrupp.
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Article: DoorDash IPO filing shows huge growth and lots of risk

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DoorDash IPO filing shows huge growth and lots of risk

Dara Kerr, Carrie Mihalcik, 14 November 2020

Food delivery service DoorDash on Friday filed paperwork with the US Securities and Exchange Commission for an initial public offering. The S-1 filing, more than 200 pages long, shows that the company reported $1.9 billion in revenue for the nine months that ended Sept. 30, up from $587 million during the same period last year.

The company also reported a net loss of $149 million in the first nine months of this year, which is less than the $533 million net loss it reported during the same time in 2019.
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