Author: Contributor

Posted on

Fined: Newbridge Securities Corporation Fined by FINRA

Fined

Newbridge Securities Corporation Fined by FINRA

An AWC was issued in which the firm was censured, fined $225,000 and required to retain an independent consultant to conduct a comprehensive review of the reasonableness of the firm’s policies, systems and procedures (written or otherwise) and training with respect to its participation in private placement and minimum contingency offers. Jordan was fined $5,000 and suspended from association with any FINRA member in any principal capacity for two months. Without admitting or denying the findings, the firm and Jordan consented to the sanctions and to the entry of findings that the firm failed to establish, maintain and enforce a supervisory system and WSPs reasonably designed to supervise its representative’s recommendations of structured products, despite the fact that structured products comprised a significant portion of the firm’s business.

Read full report.

 

Posted on

Fined: Meyers Associates, L.P. nka Windsor Street Capital, LP Fined by FINRA

Fined

Meyers Associates, L.P. nka Windsor Street Capital, LP Fined by FINRA

A Securities and Exchange Commission (SEC) decision became final in which the firm was fined $700,000, and Bruce Meyers was barred from association with any FINRA member in any principal or supervisory capacity and fined $100,000. The SEC sustained the findings and the sanctions imposed by the National Adjudicatory Council (NAC). The sanctions were based on findings that the firm and Bruce Meyers used unbalanced and misleading communications with the public.

Read full report.

Posted on

Fined: Hilltop Securities Inc. Fined by FINRA

Fined

Hilltop Securities Inc. Fined by FINRA

An AWC was issued in which the firm was censured, fined $250,000 and required to submit to FINRA a written certification that it has completed a review of its systems and procedures regarding SEC Rule 10b-16(a)(1) and, as of the date of the certification, the firm’s policies, systems and procedures are reasonably designed to achieve compliance with this rule. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to establish procedures reasonably designed to assure that customers received initial margin interest rate disclosures and failed to establish, maintain and enforce a supervisory system, including WSPs, reasonably designed to achieve compliance with Rule 10b-16(a)(1).

Read full report.

 

Posted on

Release: DEADLINE ALERT Bragar Eagel & Squire, P.C. Reminds Investors That a Class Action Lawsuit Has Been Filed Against Karyopharm Therapeutics, Inc. (NASDAQ: KPTI) and Encourages Karyopharm Investors to Contact the Firm

Release

DEADLINE ALERT: Bragar Eagel & Squire, P.C. Reminds Investors That a Class Action Lawsuit Has Been Filed Against Karyopharm Therapeutics, Inc. (NASDAQ: KPTI) and Encourages Karyopharm Investors to Contact the Firm

19 September 2019

Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of all investors that purchased Karyopharm, Inc. (NASDAQ: KPTI) securities between March 2, 2017 to February 22, 2019 (the “Class Period”). Investors have until September 23, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Read full release.

Posted on

Article: J.P. Morgan is only the start as DOJ and CFTC crack down on spoofing

Article - Media

J.P. Morgan is only the start as DOJ and CFTC crack down on spoofing

Neils Christensen

Kitco News, 19 September 2019

Three traders charged with manipulating precious metals markets for nearly a decade could be only the start of a larger market-wide crackdown on previously-unchecked illegal market behavior.

According to media reports, federal prosecutors and regulators are intensifying their investigations of allegedly fraudulent precious metals trades at J.P. Morgan Chase to other U.S. markets and financial firms.

Read full article.

 

Posted on

Article: JPMorgan traders indicted for market manipulation, racketeering: feds

Article - Media

JPMorgan traders indicted for market manipulation, racketeering: feds

Stephanie Pagones

FOX Business, 16 September 2020

Three JPMorgan employees, some of whom were executives, were indicted on charges related to making fake orders of gold, silver and other metals to trick the market, federal Department of Justice announced Monday.

Gregg Smith, 55, Michael Nowak, 45, and Christopher Jordan, 47 and other co-conspirators allegedly manipulated the market by placing orders that they later canceled, in turn deceiving other participants about the actual supply and demand of the precious metals between May 2008 and August 2016, while they worked for JPMorgan’s global precious metals trading desk, the DOJ said.

Read full article.

Posted on

Article: Three J.P. Morgan precious metals traders charged as criminal probe continues

Article - Media

Three J.P. Morgan precious metals traders charged as criminal probe continues

Dawn Giel

CNBC, 16 September 2019

Federal prosecutors on Monday accused three J.P. Morgan precious metals traders, including the global head of base and precious metals trading, of participating in a racketeering conspiracy in connection with a multiyear scheme to manipulate the markets and defraud customers.

The alleged scheme saw the nation’s largest bank by assets profit handsomely, while investors suffered losses.

Read full article.

Posted on

Fined: Ace Diversified Capital, Inc. Fined by FINRA

Fined

Ace Diversified Capital, Inc. Fined by FINRA

An AWC was issued in which the firm was censured, fined $20,000, ordered to pay $9,442, plus interest, in restitution to customers and required to revise its supervisory systems, including its written procedures, to address the deficiencies described in the AWC as they related to the sale of non-traditional exchange-traded funds and notes; quantitative suitability related to potentially excessive trading; and options trading. A lower fine was imposed after considering, among other things, the firm’s revenue and financial resources. 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 representative’s sale of non-traditional exchange-traded funds (ETFs) and exchangetraded notes (ETNs) to his customers.

Read full report.

Posted on

Article: Ken Griffin’s many many mansions: Billionaire’s latest is a $99M Palm Beach estate

Article - Media

Ken Griffin’s many many mansions: Billionaire’s latest is a $99M Palm Beach estate

Katherine Kallergis

TheRealDeal, 9 September 2019

Collage of Ken Griffin’s properties and Ken Griffin

Just when it looked like billionaire hedge funder Ken Griffin was taking a breather from assembling pricey property in Palm Beach — and the world — he has paid $99.1 million for an oceanfront estate.

The seller was billionaire real estate investor Frank McCourt, who unloaded the 18,452-square-foot mansion at 60 Blossom Way. Griffin acquired the estate through Providencia Partners LLC, property records show. McCourt, the former Los Angeles Dodgers owner, turned a 30 percent profit on the property, which he bought two years ago.

Read full article.

 

Comments: This marks the second most expensive residential sale in history for the exclusive island. Griffin has now spent at least $350 million on land in Palm Beach alone.

Posted on

Fined: Kalos Capital, Inc. Fined by FINRA

Fined

Kalos Capital, Inc. Fined by FINRA

A Letter of Acceptance, Waiver and Consent (AWC) was issued in which the firm was censured, fined $30,000 and ordered to pay $86,614, plus interest, in restitution to customers. Kubiak was fined $5,000 and suspended from association with any FINRA® member in all capacities for three months. Without admitting or denying the findings, the firm and Kubiak consented to the sanctions and to the entry of findings that Kubiak recommended the purchase of leveraged and inverse exchange traded funds (LIETFs) to customers without having a sufficient understanding of the risks and features associated with the LIETFs.

Read full report.

 

Posted on

Fined: Innovation Partners LLC Fined by FINRA

Fined

Innovation Partners LLC Fined by FINRA

An Offer of Settlement was issued in which the firm was censured, fined $60,000 and required to certify that it has reviewed and revised, as necessary, its systems, policies, and procedures regarding preventing unregistered persons from acting in a capacity that requires registration and statutorily disqualified individuals from associating with the firm and that the firm’s systems, policies and procedures are reasonably designed to achieve compliance with the applicable FINRA rules.

Read full report.

Posted on

Fined: Windsor Street Capital, LP fka Meyers Associates, L.P. Fined by FINRA

Fined

Windsor Street Capital, LP fka Meyers Associates, L.P. Fined by FINRA

23 August 2019

A Securities and Exchange Commission (SEC) decision became final in which the firm was fined $500,000. The SEC affirmed the findings and modified the sanctions following an appeal of a National Adjudicatory Council (NAC) decision. The SEC set aside the requirement ordered by the NAC that the firm hire an independent consultant because it has ceased its broker-dealer business.

Read full report.

Posted on

Article: Another ex-JP Morgan precious metals trader pleads guilty to ‘spoofing,’ is cooperating with Feds

Article - Media

Another ex-JP Morgan precious metals trader pleads guilty to ‘spoofing,’ is cooperating with Feds

Dawn Giel

CNBC, 20 August 2019

Another former J.P. Morgan precious metals trader pleaded guilty Tuesday to criminal charges of manipulating the precious metals markets for nine years, marking the latest conviction in the Justice Department’s crackdown in the commodities markets.

Christian Trunz, 34, of London is cooperating with an ongoing federal criminal investigation, the Justice Department said. He pleaded guilty to one count of conspiracy and one count of spoofing in the U.S. District Court in Brooklyn.

Read full article.

THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?