Author: Mia

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Article: Bitfinex, Tether owner pays $18.5 million fine to settle NYAG cryptocurrency cover-up charges

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Bitfinex, Tether owner pays $18.5 million fine to settle NYAG cryptocurrency cover-up charges

Jonathan Stempel, 23 February 2021

NEW YORK (Reuters) – The owner of the Tether cryptocurrency and Bitfinex trading platform will pay an $18.5 million fine to settle charges it commingled client and corporate funds to cover up $850 million that went missing, New York Attorney General Letitia James said on Tuesday.

James said the civil settlement with Hong Kong-based iFinex Inc and related entities will also require them to halt trading activity with New Yorkers.

Bitfinex was accused of having sent the $850 million to Crypto Capital Corp, a payment processor believed to be in Panama, without telling clients, and after the funds went missing, draining at least $700 million from Tether’s reserves. Continue reading “Article: Bitfinex, Tether owner pays $18.5 million fine to settle NYAG cryptocurrency cover-up charges”

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Article: Barclays Escapes UK Municipalities’ Libor Loan Suits

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Barclays Escapes UK Municipalities’ Libor Loan Suits

Joanne Faulkner, 22 February 2021

A judge said on Monday that eight local councils in England cannot get out of Libor-linked loans they signed with Barclays before the bank’s involvement in the rate-rigging scandal was revealed because they could not prove the lender had acted dishonestly. 

High Court Judge Sara Cockerill said that two claims focusing on how interest rates tied to the loans were influenced by the London Interbank Offered Rate had “no real prospect of success.” The local authorities could not prove that Barclays had knowingly made false representations when it sold the swaps between 2006 and 2008, the judge said. Continue reading “Article: Barclays Escapes UK Municipalities’ Libor Loan Suits”

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ARTICLE: BREAKING THE SILVER MARKET: Investment Demand To Overwhelm The Market

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BREAKING THE SILVER MARKET: Investment Demand To Overwhelm The Market

SRSROCCO, 28 February 2021

The Silver Market is on the verge of being overwhelmed by investment demand.  While this has been a steady process over the past decade, the situation changed rapidly in 2020, and especially in the last two months.  Since the WallStreetBets “SilverSqueeze” campaign, more investors are waking up to the SILVER STORY…

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Article: BlackRock puts muscle behind push for net zero

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BlackRock puts muscle behind push for net zero

Avery Ellfeldt, 19 February 2021

Wealth leviathan BlackRock Inc. gave teeth to its climate commitments this week when it pledged to leverage its shareholder power to punish companies that fail to take climate change seriously. That promise sends a message to the heaviest greenhouse gas emitters: Set targets to cut carbon or risk retribution from the world’s largest asset manager. Continue reading “Article: BlackRock puts muscle behind push for net zero”

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Article: Hedge fund manager Plotkin’s GameStop short, dissected

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Hedge fund manager Plotkin’s GameStop short, dissected

Hedge fund manager Gabriel Plotkin first bet against the future of GameStop Corp in 2014 when it traded around US$40. But after a harrowing experience with short sellers in recent weeks, he’s wary about holding big short positions again.

BOSTON: Hedge fund manager Gabriel Plotkin first bet against the future of GameStop Corp in 2014 when it traded around US$40. But after a harrowing experience with short sellers in recent weeks, he’s wary about holding big short positions again.

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Article: U.S. securities regulator suspends trading in three more ‘meme stocks’

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U.S. securities regulator suspends trading in three more ‘meme stocks’

Chris Prentice, 19 February 2021

WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission on Friday suspended trading in more securities that have seen jumps in both prices and trading volumes since late January amid social media interest.

The SEC temporarily suspended trading of Marathon Group Corp, Affinity Beverage Group Inc, and Sylios Corp beginning on Friday and ending on March 4, the SEC said in statements published on its website. Continue reading “Article: U.S. securities regulator suspends trading in three more ‘meme stocks’”

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Article: 180 Life Sciences Corp. Announces $11.7 Million Private Placement

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180 Life Sciences Corp. Announces $11.7 Million Private Placement

GLOBE NEWSWIRE, 19 February 2021

180 Life Sciences Corp. (NASDAQ: ATNF) (180 Life Sciences or the “Company”), a clinical-stage biotechnology company with its lead indication in Phase 2b/3, focused on the development of novel drugs that fulfill unmet needs in inflammatory diseases, fibrosis and pain, today announced that it has entered into securities purchase agreements with certain institutional investors to raise approximately $11.7 million through the private placement of 2,564,000 shares of its common stock and accompanying warrants to purchase an aggregate of up to 2,564,000 shares of common stock at a combined purchase price of $4.55 per share and accompanying warrant. The warrants will be exercisable immediately at an exercise price of $5.00 per share and will expire five years from the date of issuance. The closing of the private placement is expected to occur on February 23, 2021, subject to the satisfaction of certain customary closing conditions set forth in the securities purchase agreements.

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Article: Short Sellers Still Targeting Retail, Biotech ETFs

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Short Sellers Still Targeting Retail, Biotech ETFs

Wayne Duggan, 18 February 2021

After a huge second half of 2020, the S&P 500 is off to another hot start to 2021. With stock market valuations getting more bloated by the week, there are plenty of skeptics that believe certain stocks and sectors have come too far too fast.

There is currently $244 billion in aggregate domestic ETF short interest, according to S3 Partners analyst Ihor Dusaniwsky. Over the past month, Dusaniwsky said short sellers have increased their exposure by about $14 billion. Continue reading “Article: Short Sellers Still Targeting Retail, Biotech ETFs”

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Article: GameStop frenzy sparks fresh investment in stock-trading apps

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GameStop frenzy sparks fresh investment in stock-trading apps

Jane Lanhee Lee, 18 February 2021

OAKLAND, Calif. (Reuters) – The recent trading frenzy centered on GameStop Corp and other “meme” stocks is sparking a wave of investor interest in start-ups aiming to mimic the success of Robinhood Markets Inc, whose no-fee brokerage app has helped drive a trading boom.

Public.com, a direct competitor to Robinhood that boasts a host of blue-chip backers, said on Wednesday it had raised $220 million, valuing it at $1.2 billion on the private market. Another well-heeled rival, Stash, said earlier this month it had raised $125 million, while Webull Financial LLC, backed by Chinese investors, is also raising fresh funds after enjoying an influx of new users.

Robinhood, meanwhile, raised some $3.4 billion in the midst of the GameStop furor to assure its stability amid rapid growth and demands by its trading partners that it post more collateral. Continue reading “Article: GameStop frenzy sparks fresh investment in stock-trading apps”

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Article: Watch Live: GameStop Hearing On Market Manipulation

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Watch Live: GameStop Hearing On Market Manipulation

Jonathan Ponciano,  18 February 2021

A Congressional hearing into the GameStop mania that triggered the largest weekly selloff since late October is underway, with some of the key players in the saga—billionaire Citadel CEO Kenneth Griffin, Robinhood CEO Vladimir Tenev, Reddit Cofounder Steve Huffman and the 34-year-old securities broker behind the Roaring Kitty online persona—all set to testify.

Committee Chair Maxine Waters (D-Mo.) kicked off the hearing by asking Tenev whether he misled investors on January 28 when he denied that Robinhood had a liquidity problem despite raising more than $3 billion in the following days to meet reserve requirements from the Securities & Exchange Commission. Continue reading “Article: Watch Live: GameStop Hearing On Market Manipulation”

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Article: Texas power consumers to pay the price of winter storm

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Texas power consumers to pay the price of winter storm

Scott DiSavino, Stephanie Kelly, 18 February 2021

(Reuters) – Texas residents suffering a winter storm that has left millions without power are set to face a future challenge in higher utility bills, after the days-long cold snap put an unprecedented strain on the state’s power network.

Some 2.7 million households in Texas, the largest electricity consuming state in the United States, were without heat on Wednesday as freezing temperatures in a normally temperate part of the country overwhelmed demand, causing blackouts and widespread anger.

Wholesale power prices soared more than 300-fold, stirring memories of the price spikes that accompanied California’s energy crisis of 2000-2001, when Enron and others artificially increased prices. Continue reading “Article: Texas power consumers to pay the price of winter storm”

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Article: Explainer: How were more than 100% of GameStop’s shares shorted?

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Explainer: How were more than 100% of GameStop’s shares shorted?

John McCrank, 18 February 2021

NEW YORK (Reuters) – One area of focus from a U.S. House of Representatives panel on Thursday will likely be on the role short selling played in the GameStop market mayhem.

Executives from trading platform Robinhood and hedge funds Melvin Capital and Citadel will be grilled following the retail-driven trading frenzy that sparked wild gyrations in GameStop and other heavily shorted stocks. Continue reading “Article: Explainer: How were more than 100% of GameStop’s shares shorted?”

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Article: Reddit Trader Roaring Kitty Accused Of Fraud In The Latest Wild Lawsuit Coming Out Of GameStop Saga

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Reddit Trader Roaring Kitty Accused Of Fraud In The Latest Wild Lawsuit Coming Out Of GameStop Saga

Jonathan Ponciano, 17 February 2021

One of the most outspoken retail traders on Reddit’s WallStreetBets discussion board has been targeted in a proposed class-action lawsuit alleging the 34-year-old securities broker behind the widely followed “Roaring Kitty” persona committed securities fraud for misrepresenting himself as an amateur trader online while pumping up GameStop stock prices.

“As a licensed securities professional, including the period he was licensed by and associated with MML and MassMutual, Gill was obligated to follow various securities laws, [SEC] rules and regulations and FINRA rules,” the 38-page suit says. The suit specifically references five securities rules, including one that requires licensed securities professionals to observe “high standards of commercial honor and just and equitable principles of trade” while conducting business and another saying that their public communications–on social media included–should “be fair and balanced” and “not omit any material fact or qualification” if the omission could mislead investors.

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Article: Class Action Lawsuit Filed Against ‘Roaring Kitty’ After GameStop Short Squeeze: What You Need To Know

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Class Action Lawsuit Filed Against ‘Roaring Kitty’ After GameStop Short Squeeze: What You Need To Know

Melanie Schaffer, 17 February 2021

Lawsuits related to the Gamestop Corporation GME 0.1% short squeeze have been stacking up following the volatile trading in the stock in January.

Keith Patrick Gill, viewed by many as the leader of the debacle, is now facing a class action lawsuit. What Happened: On Tuesday, the law firm Hagens Berman announced that it has filed a securities class action suit against Gill in U.S. District Court, accusing him of “price manipulation of GameStop stock.”

Gill is known as “Roaring Kitty” on YouTube and DeepF*ckingValue on Reddit. In prepared remarks Gill plans to deliver to the U.S. House Committee on Financial Services on Thursday, he denies wrongdoing.

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Article: Short-Seller Spruce Point Targets Leidos Holdings

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Short-Seller Spruce Point Targets Leidos Holdings

Lou Whiteman, 16 February 2021

Spruce Point Capital Management, an investment firm best known for its short-selling recommendations, on Tuesday warned that it sees mismanagement and potential fraud in Leidos Holdings (NYSE:LDOS) and forecast up to 60% downside risk to the company’s shares. Continue reading “Article: Short-Seller Spruce Point Targets Leidos Holdings”

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