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Article: A Short-Seller Goes Too Far to Beat the ‘Bullies’

Article - Media

A Short-Seller Goes Too Far to Beat the ‘Bullies’

Joe Nocera

Bloomberg, 19 August 2019

The first line in Marc Cohodes’s Twitter ID reads: “No Greater Motivator Than Disrespect.”

It’s a sentiment you often hear from athletes, but rarely from an investment professional like Cohodes. And with good reason. Although being “disrespected” can be a powerful spur, it also creates blind spots that can lead one astray. You won’t find a better example of this than Cohodes’s efforts over the last year to destroy — yes, destroy — MiMedx Group Inc., a biomedical company that makes products that heal wounds and treat serious inflammation.

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Fined: Van Clemens & Co. Incorporated fined by FINRA

Fined

Van Clemens & Co. Incorporated fined by FINRA

19 August 2019

An AWC was issued in which the firm was censured, fined $50,000 and ordered to certify to FINRA that it has established and implemented policies, procedures and internal controls reasonably designed to address and remediate the issues identified in the AWC. A lower fine was imposed after considering, among other things, the firm’s revenue and financial resources.

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Fined: Summit Brokerage Services, Inc. Fined by FINRA

Fined

Summit Brokerage Services, Inc. Fined by FINRA

15 August 2019

An AWC was issued in which the firm was censured and fined $40,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to enforce its WSPs for review of its registered representatives’ incoming and outgoing hard copy (non-electronic) correspondence relating to their securities business.

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Fined: Lime Brokerage LLC Fined by FINRA

Fined

Lime Brokerage LLC Fined by FINRA

15 August 2019

An AWC was issued in which the firm was censured, fined $625,000, of which $38,500 is payable to FINRA and the remaining will be paid to other various selfregulatory organizations, and is required to provide a written report to FINRA concerning reasonable controls, procedures and other measures taken by it to remediate the violative conduct regarding its supervision of direct market access customer activity with respect to potential manipulative trading by its customers.

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Filing: Raser Technologies, Inc. v Morgan Stanley & Company, LLC

Article - Media

Raser Technologies, Inc. v Morgan Stanley & Company, LLC

14 August 2019

Plaintiffs allege that Defendants “devised and perpetrated a
naked short selling stock manipulation scheme that targeted and
intentionally destroyed a Utah company, Raser Technologies.” The
merits of this theory are not before us. Instead, we are faced with the
threshold determination of whether a Utah court may assert specific
personal jurisdiction over some or all of Defendants

PDF (32 pages): Raser Technologies, Inc. v Morgan Stanley & Company, LLC

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Fined: Seven Points Capital, LLC Fined by FINRA

Fined

Seven Points Capital, LLC Fined by FINRA

An AWC was issued in which the firm was censured and fined $20,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it permitted proprietary traders to engage in equity trading when these associated persons were not properly qualified and did not maintain the appropriate registrations with FINRA.

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Release: Bragar Eagel & Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against Abiomed, Inc. (NASDAQ: AMBD) and Encourages Abiomed Investors to Contact the Firm

Release

Bragar Eagel & Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against Abiomed, Inc. (NASDAQ: AMBD) and Encourages Abiomed Investors to Contact the Firm

7 August 2019

Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all investors that purchased Abiomed, Inc. (NASDAQ: AMBD) securities between January 31, 2019 and July 31, 2019 (the “Class Period”).  Investors have until October 7, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Read full release.

 

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Fined: Dinosaur Financial Group, L.L.C Fined by FINRA

Fined

Dinosaur Financial Group, L.L.C Fined by FINRA

An AWC was issued in which the firm was censured, fined $200,000 and required to review and revise its systems and procedures (written and otherwise) regarding the supervision of its Trade Reporting and Compliance Engine (TRACE®) and Municipal Securities Rulemaking Board (MSRB) trade reporting to ensure that its systems and procedures are reasonably designed to achieve compliance with all securities laws, regulations and FINRA rules. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to report, timely report and/or correctly report TRACE-eligible securities transactions.

Read full report.

 

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Fined: Dawson James Securities, Inc. Fined by FINRA

Fined

Dawson James Securities, Inc. Fined by FINRA

A Letter of Acceptance, Waiver and Consent (AWC) was issued in which the firm was censured and fined $20,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that its registered representatives called telephone numbers that appeared on the national do-not-call list. The findings stated that the firm required its representatives to use a network that blocked calls to telephone numbers that appeared on the national do-not-call list and the firm’s do-not-call list.

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Article: Lawyers Line Up to Sue Merrill Lynch for Alleged Deceptive Trading Practices in Commodities

Article - Media

Lawyers Line Up to Sue Merrill Lynch for Alleged Deceptive Trading Practices in Commodities

Miriam Rozen

29 July 2019

Join the queue if you are a plaintiff lawyer considering filing a proposed class action lawsuit against Merrill Lynch’s parent company, Bank of America, related to allegations of deceptive trading practices in the commodities markets.

Multiple plaintiff lawyers filed at least three such lawsuits in recent weeks after federal prosecutors secured a June 25 deal with another BofA unit, Merrill Lynch Commodities, to pay $25 million to resolve their investigation into alleged deceptive trading practices.

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Article: Part 10 of Illegal Naked Shorting Series: Legal Shorting of Stocks is a Loser’s Game but Illegal Naked Shorting Transforms It into a Winner’s Game

Article - Media

Part 10 of Illegal Naked Shorting Series: Legal Shorting of Stocks is a Loser’s Game but Illegal Naked Shorting Transforms It into a Winner’s Game

Larry Smith

Smith On Stocks, 24 July 2019

When I launched my research on stock manipulation and the prominent role played by illegal naked shorting, I believed that I had a fair understanding of the subject and could knock out comprehensive research in just a few blogs. However, as I dug in I was taken aback at how complex and widespread this subject is. I think that a team of hundreds of experts with unlimited resources would have difficulty ferreting out all of the details on a scam that Wall Street has been perpetrating and perfecting for over 40 years.

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See All Larry Smith Posts @ SNSS

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Article: NY DA Morgenthau wanted to end offshore bank & corporate secrecy

Article - Media

NY DA Morgenthau wanted to end offshore bank & corporate secrecy

Lucy Komisar

The Komisar Scoop, 22 July 2019

Robert Morgenthau, who was the District Attorney of Manhattan for 33 years, died today at 99. He was a mortal enemy of the corrupt offshore bank and corporate secrecy system and used the fact of dollars settling in Manhattan banks to go after money-launderers throughout the world.

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Article: BofA Merrill Lynch Branch in Seoul Fined for High-frequency Trading

Article - Media

BofA Merrill Lynch Branch in Seoul Fined for High-frequency Trading

Yoon Young-sil

Business Korea, 17 July 2019

Korea Exchange (KRX) has decided to impose a 175 million won (US$148,495) fine on Bank of America Merrill Lynch’s South Korean unit for violating its trading rules. Merrill Lynch’s Seoul branch reportedly served as a trading channel for U.S.-based Citadel Securities and has been suspected of disrupting the market through high-frequency algorithm trading on the KOSDAQ market.

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Article: Merrill Lynch fined by Seoul authority for profiteering from spoofing

Article - Media

Merrill Lynch fined by Seoul authority for profiteering from spoofing

Chung Seung-hwan, Choi Mira

Pulse, 17 July 2019

South Korea’s stock exchange authority Korea Exchange (KRX) slapped a fine of 175 million won ($148,242) on U.S. brokerage Bank of America Merrill Lynch for violating domestic rules and distorting market through algorithmic high-frequency spoofing.

Merrill Lynch has been accused of abetting 6,200 spoofing activities while handling 80 trillion won worth deals commissioned by American hedge fund Citadel Securities from October 2017 to May 2018. Over the period, Citadel was found to have profiteered about 220 billion won, according to KRX.

Read full article.

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