Author: Mia

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Article: Hydrogenics Awarded Contract by Us Hybrid Corporation Todeliver Five Hypm(Tm)Hd Series Power Modules for Heavyduty Mobility.

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Hydrogenics Awarded Contract by Us Hybrid Corporation Todeliver Five Hypm(Tm)Hd Series Power Modules for Heavyduty Mobility.

GlobeNewswire , 27 January 2012

Hydrogenics Corporation, a leading developer and manufacturer of hydrogen generation and fuel cell products, today announced that the Company has received orders, for the delivery of five new generation HyPM(TM)HD Series Fuel Cell Power Modules from US Hybrid of Torrance, California. US Hybrid specializes in the design and manufacture of power conversion systems for medium and heavy duty electric, hybrid and fuel cell commercial buses and trucks. The power modules will be used in a dump truck, a step van and several buses. The vehicles are part of a government funded program managed by the High Technology Development Corporation’s Hawaii Center for Advanced Transportation Technologies and will be deployed for a variety of end users in Hawaii. Continue reading “Article: Hydrogenics Awarded Contract by Us Hybrid Corporation Todeliver Five Hypm(Tm)Hd Series Power Modules for Heavyduty Mobility.”

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Article: Credit Suisse Fined $1.75M for Short-Selling System Failures

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Credit Suisse Fined $1.75M for Short-Selling System Failures

Financial Planning, 28 December 2011

Credit Suisse Securities has been fined $1.75 million by the Financial Industry Regulatory Authority for failing to properly supervise short-selling activity.

From June 1, 2006 through December 2010, Credit Suisse Securities failed to comply with the locate and marking requirements of Regulation SHO as well as FINRA rules, NASD rules and federal securities laws, according to FINRA.

Specifically, FINRA fined Credit Suisse for Reg SHO violations and for failing to properly supervise short sales and the marking of sale orders. As a result, the financial services firm entered millions of short sales without reasonable grounds to believe that the securities could be borrowed and delivered and mismarked thousands of sales orders, FINRA charges. Continue reading “Article: Credit Suisse Fined $1.75M for Short-Selling System Failures”

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Article: Credit Suisse Fined $1.75 Million for Breaking ‘Naked’ Short-Selling Rules

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Credit Suisse Fined $1.75 Million for Breaking ‘Naked’ Short-Selling Rules

Eleazar David Meléndez, 27 December 2011

The Financial Industry Regulatory Authority (FINRA) said Monday it was fining the American brokerage unit of Swiss banking giant Credit Suisse $1.75 million for violating rules regarding the controversial market-making practice known as “naked” short-selling.

Credit Suisse Securities (USA) LLC was being fined for violating Regulation SHO, a rule enacted in early 2005 by the Securities Exchange Commission to target prevent market participants from abusing short-selling, according to a statement from the regulatory group,

In a short sale, a market maker sells a security it does not own, later borrowing the instrument from a third-party in order to make good on its transaction. If the price of that security goes down, the short-seller can later buy it back in the open market, returning it to the party from which it borrowed in the first place, and pocketing the difference in prices as profit. Continue reading “Article: Credit Suisse Fined $1.75 Million for Breaking ‘Naked’ Short-Selling Rules”

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Article: Credit Suisse Rapped for U.S. Lapses

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Credit Suisse Rapped for U.S. Lapses

finews asia, 24 December 2011

Credit Suisse was hit with a $6.5 million fine for doing too little to prevent potential market manipulation by U.S. clients.

The Swiss bank was slammed by U.S. industry officials for and fined $6.5 million for failing to keep an eye on major U.S. institutional clients, Finra, or the Financial Industry Regulatory Authority, said in a statement. Credit Suisse said it is «pleased to have resolved these matters with FINRA and these exchanges,» according to a brokerage industry publication

Specifically, the Zurich-based lender granted clients – brokers and other institutional-sized clients – direct access to exchanges without proper oversight. Credit Suisse won more than $300 million in revenue from trading more than 300 billion securities – a move that sparked more than 50,000 alerts at Finra, which is a U.S. broker self-regulatory body. Continue reading “Article: Credit Suisse Rapped for U.S. Lapses”

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Article: SEC backs investors’ claim Merrill rigged ARS market, lawyer says

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SEC backs investors’ claim Merrill rigged ARS market, lawyer says

jgoff, 08 December 2011

Auction-rate securities holders seeking to win back part of the $330 billion they’ve invested, may get help from a U.S. Securities and Exchange Commission legal brief supporting claims that Merrill Lynch & Co. rigged the moribund market, a lawyer involved in the case said. Continue reading “Article: SEC backs investors’ claim Merrill rigged ARS market, lawyer says”

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Article: European Bailout Fund For Greek Money Laundering And Fraud

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European Bailout Fund For Greek Money Laundering And Fraud

Wolf Richter, 18 November 2011

The ink wasn’t even dry yet on the European bailout fund, the EFSF when it paid $1.3 billion to bail out Proton Bank in Greece. Turns out, Proton had siphoned off $1 billion in a scheme of fraud, embezzlement, money laundering, and offshore front companies, according to the Süddeutsche Zeitung. And then a bomb exploded.

The bomb, fabricated of dynamite, demolished four cars in front of a building in Halandri, a suburb of Athens. Not a coincidence: in the building lived a senior employee of the Bank of Greece, whose meticulous investigation of Proton Bank had exposed the massive criminal scheme. According to the police, the bomb was intended as a warning to those who attempt to shed light on these kinds of machinations. Continue reading “Article: European Bailout Fund For Greek Money Laundering And Fraud”

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Article: Overstock.com CEO Dr. Patrick M. Byrne Named Ernst & Young National Entrepreneur of the Year® 2011 Retail and Consumer Products Award Winner

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Overstock.com CEO Dr. Patrick M. Byrne Named Ernst & Young National Entrepreneur of the Year® 2011 Retail and Consumer Products Award Winner

PRNewswire, 16 November 2011

Overstock.com, Inc. (NASDAQ: OSTK), today announced that its CEO and Chairman Dr. Patrick M. Byrne, was named the Ernst & Young National Entrepreneur Of The Year® 2011 Retail and Consumer Products Award winner. He was honored at the Entrepreneur of the Year Awards gala, the culminating event of the Ernst & Young Strategic Growth Forum® held in Palm Springs, California on November 12, 2011. Continue reading “Article: Overstock.com CEO Dr. Patrick M. Byrne Named Ernst & Young National Entrepreneur of the Year® 2011 Retail and Consumer Products Award Winner”

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Article: UBS will pay $12M over naked shorts

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UBS will pay $12M over naked shorts

dcubberley, 27 October 2011

UBS AG, Switzerland’s biggest bank, will pay $12 million to resolve Financial Industry Regulatory Authority claims that a brokerage unit allowed millions of short-sale orders to be placed without reasonable grounds to believe that the securities could be delivered. Continue reading “Article: UBS will pay $12M over naked shorts”

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Article: UBS comes up short; fined $12 million by Finra for ‘systemic supervisory failure’

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UBS comes up short; fined $12 million by Finra for ‘systemic supervisory failure’

Finextra, 26 October 2011

The Financial Industry Regulatory Authority (Finra) has fined UBS Securities $12 million for failing to properly supervise short sales of securities.

The Swiss bank’s US brokerage unit violated Regulation SHO, which requires a broker-dealer to have reasonable grounds to believe that the security could be borrowed and available for delivery before accepting or effecting a short sale order, says Finra.

The rules require firms to obtain and document this “locate” information before the short sale occurs to help cut the number of potential failures to deliver.
Continue reading “Article: UBS comes up short; fined $12 million by Finra for ‘systemic supervisory failure’”

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Article: UBS fined in U.S. over improper short sales

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UBS fined in U.S. over improper short sales

Jonathan Stempel, 25 October 2011

In the largest penalty of its type, Swiss bank UBS AG was fined $12 million by a U.S. brokerage regulator over its “systemic” failure to properly handle millions of short-sale orders.

The Financial Industry Regulatory Authority said violations by the bank’s UBS Securities LLC broker-dealer unit caused the orders to be mismarked or filled without reasonable grounds to believe the underlying securities could be located.

In short sales, investors sell securities they do not own, hoping the prices will fall so they can repurchase the securities later at the lower price, repay the lender and pocket the difference as profit. Regulators fear that abuses can distort markets, and accelerate declines in share prices. Continue reading “Article: UBS fined in U.S. over improper short sales”

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Article: United States: Open-Market Manipulation Under SEC Rule 10b-5 And Its Analogues: Inappropriate Distinctions, Judicial Disagreement And Case Study: FERC’s Anti- Manipulation Rule

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United States: Open-Market Manipulation Under SEC Rule 10b-5 And Its Analogues: Inappropriate Distinctions, Judicial Disagreement And Case Study: FERC’s Anti- Manipulation Rule

Maxwell K. Multer,  01 September 2011

Regulators have addressed market manipulation with Rule 10b-5 since its promulgation under the Securities Exchange Act in 1942. While Section 9 of the Securities Exchange Act addresses manipulation of securities prices, it requires the specific intent “for the purpose of inducing the purchase or sale of such security by others”1 or “for the purpose of creating a false or misleading appearance [of market activity] . . ..”2 It is likely for that reason that prosecutors rarely use Section 9, choosing instead to bring manipulation proceedings under Rule 10b-5.3 But as the tools available for accomplishing market manipulation have evolved, the judicially narrowed contours of Rule 10b-5 may be such that certain new schemes escape liability. With modern advances in trade execution, market platforms and derivatives, it is now possible to accomplish a profitable market manipulation without engaging in any overtly fraudulent or illegal behavior.

Several courts have elected to distinguish between these alleged schemes and schemes which do include illegal behavior, employing a higher level of scrutiny and requiring proof of additional elements in the former situation. Manipulative schemes are referred to as “open market manipulations” when the alleged scheme is accomplished solely through the use of facially legitimate open market transactions. That is, where the manipulator has not engaged in any conduct that is inherently or otherwise illegal, such as fictitious transactions, wash sales or by disseminating false reporting. The transactions are seemingly legitimate, but for their manipulative intent and effect in combination. Continue reading “Article: United States: Open-Market Manipulation Under SEC Rule 10b-5 And Its Analogues: Inappropriate Distinctions, Judicial Disagreement And Case Study: FERC’s Anti- Manipulation Rule”

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Article: Deutsche Bank charged in South Korea over stock rout

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Deutsche Bank charged in South Korea over stock rout

BBC News, 22 August 2011

Deutsche Bank’s South Korean brokerage and four of its employees have been charged with illegally manipulating Seoul’s stock market last year.

Korean prosecutors allege the firm earned more than 45bn won ($41.5m; £25m) in unfair trading on 11 November. In a statement, Deutsche Bank denied the charges and said it would defend itself in court.

Seoul’s benchmark share index fell by 48 points, or 2.7%, in the last 10 minutes of trading on 11 November.

Korea’s Financial Services Commission confirmed that about 2.4tn won in sell orders from foreign investors were processed on that day, most of them through Deutsche Bank’s local securities unit. Continue reading “Article: Deutsche Bank charged in South Korea over stock rout”

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Article: 4 at Deutsche Bank indicted over stock manipulation

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4 at Deutsche Bank indicted over stock manipulation

Choi He-suk, 21 August 2011

Four employees of Deutsche Bank AG and Deutsche Securities Korea have been indicted on charges of gaining unlawful profits by manipulating stock prices, the Seoul Central District Prosecutors’ Office said Sunday.

Of the four, three work at Deutsche Bank’s Hong Kong branch including one executive. The other is an executive of Deutsche Securities Korea.

The Hong Kong-based individuals have so far refused to comply with the prosecution’s summons. The prosecutors said that if they do not attend the hearing, it plans to request their extradition and to request Interpol’s cooperation if necessary. Continue reading “Article: 4 at Deutsche Bank indicted over stock manipulation”

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Article: Deutsche Bank Korea appeals freeze order over stock manipulation

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Deutsche Bank Korea appeals freeze order over stock manipulation

TRADE FINANCE, 14 July 2011

The South Korean of Deutsche Bank AG has appealed a Seoul court’s decision to freeze its assets over allegations that the company pocketed massive profits from illegal stock market trading late November.

The bank lodged the appeal last month in response to the Seoul Central District Court’s order to freeze 44.8 billion won or $42.3 million worth of deposits jointly held by the lender and Deutsche Securities Korea, its brokerage unit, court spokesman Gong Do-il said. Continue reading “Article: Deutsche Bank Korea appeals freeze order over stock manipulation”

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Article: Overstock.com Donating All Profits from “Worldstock” to Charity

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Overstock.com Donating All Profits from “Worldstock” to Charity

Ocean Media, 18 May 2011

Hot on the heels of Ocean Media Client Overstock.com announcing they’re beginning Carbon-Neutral Shipping, they will now begin donating 100% of all profits from their “Worldstock Fair Trade” store to charity.

The Worldstock Fair Trade Department of Overstock.com was founded in 2001, with the goal of returning 60-70% of product sale prices back to artisans from around the world who made them. As of the end of April, over $67 million have been returned. These funds have gone towards building schools as well as water towers and water harvesting tanks. Continue reading “Article: Overstock.com Donating All Profits from “Worldstock” to Charity”

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