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Article: Swiss franc climbs after US adds it to ‘manipulation’ watchlist

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Swiss franc climbs after US adds it to ‘manipulation’ watchlist

Sam Jones in Zurich and Eva Szalay in London , 15 January 2020

The Swiss franc nudged up to a near three-year high against the euro on Tuesday as markets anticipated the move would limit the Swiss National Bank’s appetite for aggressive action to try to hold down its currency in future.

“The report is a warning shot to the SNB,” said George Saravelos, global co-head of currency research at Deutsche Bank, adding that the franc is likely to push higher from here. It now trades around CHF1.08 against the euro.

The US called on Bern on Monday to “more forcefully support domestic economic activity” by spending money and reducing the country’s already low tax burden, in what was an unusual swipe at a sovereign nation’s financial affairs. “Despite borrowing costs for the Swiss government being among the lowest in the world, fiscal policy remains underutilised, even within the constraints of Switzerland’s existing fiscal rules,” the US Treasury said in its assessment.

The SNB said on Tuesday that its interventions were transparent, and “motivated purely by monetary policy . . . aimed at addressing the negative consequence for inflation and the economy through a highly valued franc.”

“They are not aimed at giving Switzerland advantages by undervaluing the Swiss franc,” it added.

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Article: Jay Hooley Joins Aptiv Board of Directors

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Jay Hooley Joins Aptiv Board of Directors

PRNewswire, 09 January 2020

Aptiv PLC (NYSE: APTV), a global technology company enabling the future of mobility, today announced Joseph L. (Jay) Hooley has been named to its board of directors, effective as of January 8, 2020. “I am delighted to welcome Jay to Aptiv’s Board of Directors,” said Kevin Clark, President and Chief Executive Officer, Aptiv. “Jay brings his deep business acumen and a legacy of transforming State Street as we continue to lead the industry in developing and integrating technology solutions that solve mobility’s toughest challenges.” Continue reading “Article: Jay Hooley Joins Aptiv Board of Directors”

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Article: U.S. broker sanctioned for failing to guard against market manipulation

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U.S. broker sanctioned for failing to guard against market manipulation

James Langton, 23 December 2019

Credit Suisse Securities (USA) LLC has been sanctioned by the U.S. Financial Industry Regulatory Authority (FINRA) and a trio of U.S. exchanges for supervisory violations that allowed possible market manipulation.

The firm has been fined a combined US$6.5 million for a variety of violations that stemmed from providing direct market access that allowed certain clients to engage in potentially manipulative trading activity, including spoofing, layering and wash trading. Continue reading “Article: U.S. broker sanctioned for failing to guard against market manipulation”

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Article: FINRA, Exchanges Blast Credit Suisse Over Failure to Prevent Market Manipulation

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FINRA, Exchanges Blast Credit Suisse Over Failure to Prevent Market Manipulation

Jeff Berman, 23 December 2019

The Financial Industry Regulatory Authority, Nasdaq, the New York Stock Exchange and Cboe Global Markets all censured Credit Suisse Securities and fined the firm $6.5 million for supervisory and Securities Exchange Act of 1934/Market Access Rule violations after repeated failures to prevent market manipulation, FINRA said Monday.

Credit Suisse signed a letter of acceptance, waiver and consent on Nov. 18 in which it agreed to the censure and $6.5 million fine, of which $566,583 is to be paid to FINRA for violating multiple rules. FINRA accepted the letter Nov. 19.

A Credit Suisse spokesman on Monday said only that the firm was “pleased to have resolved these matters with FINRA and these exchanges.” Continue reading “Article: FINRA, Exchanges Blast Credit Suisse Over Failure to Prevent Market Manipulation”

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Article: Goldman Sachs ‘close to $2bn settlement’ over 1MDB scandal

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Goldman Sachs ‘close to $2bn settlement’ over 1MDB scandal

Kalyeena Makortoff, 19 December 2019

Goldman Sachs is close to reaching a settlement of nearly $2bn (£1.5bn) with the US Department of Justice over the 1MDB corruption scandal, according to a report.

The Wall Street bank is said to be formulating a deal under which its Asian subsidiary, rather than the parent company, would pay a multibillion-dollar fine and admit guilt for having allegedly turned a blind eye while $4.5bn was looted from its client, Malaysia’s sovereign wealth fund, 1MDB.

The deal would also involve oversight from an independent monitor that would help reform the bank’s compliance rules, the Wall Street Journal reported.

The settlement package would end the US justice department’s investigation into Goldman Sachs’ role as an underwriter and arranger of bond sales for the wealth fund, totalling $6.5bn.

About $4.5bn was allegedly looted from 1MDB in a fraud said to have involved the former Malaysian prime minister Najib Razak, the Malaysian financier Jho Low, and his associates. The funds were allegedly used to buy everything from yachts to artwork, and fund the production of Hollywood films including The Wolf of Wall Street.

Razak is facing criminal charges in Malaysia but has pleaded not guilty. Low is facing charges in both Malaysia and the US, and has also denied wrongdoing.

Goldman Sachs, meanwhile, said it was lied to about how the proceeds of the three bond sales it conducted on the fund’s behalf between 2012 and 2013 were used.

In November, the Malaysian prime minister, Mahathir Mohamad, confirmed he had rejected a separate offer from Goldman Sachs worth less than $2bn. “We are not satisfied with that amount so we are still talking to them … If they respond reasonably, we might not insist on getting that $7.5bn,” he told the FT.

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Article: South Africa should restrict rand access for offending foreign banks

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South Africa should restrict rand access for offending foreign banks

David Whitehouse, 19 December 2019

A call from South Africa’s competition regulator to be given extra-territorial powers to prosecute foreign banks whose actions affect South Africans has drawn short shrift from investors.

After an investigation into alleged collusion by 23 banks, ten of which have no presence in South Africa, to co-ordinate on spot dollar and rand prices, the Competition Commission recommended fines totalling 10% of the banks’ global revenues.

The banks involved, which include JPMorgan Chase, Bank of America Merrill Lynch and Credit Suisse, argue that the case should be dropped. The country’s Competition Tribunal in July ruled that the commission had no jurisdiction to impose the fines. Continue reading “Article: South Africa should restrict rand access for offending foreign banks”

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Article: Murder, misinformation and money-laundering: Weapons in the arsenal of the Russian state

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Murder, misinformation and money-laundering: Weapons in the arsenal of the Russian state

Dominic Kavakeb, 16 December 2019

Just hours before the British public was set to go to the polls to elect a new Government, Global Witness was hosting an important and timely discussion on the global influence of Putin’s Russia in the UK.

From Russian troll factories to the spread of misinformation, accusations of Russian interference in global democratic processes have increasingly come to the fore. At the same time flows of Russian money, obscured by anonymous company ownership, have been at the centre of countless money laundering scandals. And from Alexander Litvinenko to Sergei Skripal assassination attempts on Russian nationals in the UK have regularly hit the headlines. Continue reading “Article: Murder, misinformation and money-laundering: Weapons in the arsenal of the Russian state”

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Article: Accounting Fraud & Freight Recession Topple Celadon, Largest Truckload-Carrier Bankruptcy in US History

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Accounting Fraud & Freight Recession Topple Celadon, Largest Truckload-Carrier Bankruptcy in US History

Wolf Richter, 09 December 2019

Celadon Group, one of the larger full-truckload operators in the US with about 3,000 drivers and about 2,700 tractors, said today – confirming days of rumors – that it filed for Chapter 11 bankruptcy and is ceasing operations. This is the largest truckload carrier ever to file for bankruptcy in US history.

The drivers, hauling loads across the US, Canada, and Mexico were apparently among the last to be informed. According to Freight Waves, they received this message in the middle of the night on their telematics devices: Continue reading “Article: Accounting Fraud & Freight Recession Topple Celadon, Largest Truckload-Carrier Bankruptcy in US History”

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Article: From Russia, with Malware: US Charges Hacking Group Evil Corp. In $100M Bank Fraud

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From Russia, with Malware: US Charges Hacking Group Evil Corp. In $100M Bank Fraud

PYMNTS, 05 December 2019

Call it Russian interference of a different sort that netted $100 million from banks and financial institutions (FIs) in more than 40 countries.

What would you expect from an outfit named Evil Corp.? Sometimes, it seems, there is truth in advertising.

The U.S. Department of Justice issued a multicount indictment Thursday (Dec. 5) against two Russian citizens, Igor Turashev and Maksim V. Yakubets. They are connected with a Russian hacking group known as Evil Corp., which has been known to release malware. The duo allegedly — and with the help of more than a dozen others — worked to deploy malware known as Dridex (aka Cridex and Bugat) and for committing wire and bank fraud. Continue reading “Article: From Russia, with Malware: US Charges Hacking Group Evil Corp. In $100M Bank Fraud”

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Article: Russian Nationals Charged With Series of Hacking and Bank Fraud Offenses

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Russian Nationals Charged With Series of Hacking and Bank Fraud Offenses

Security Magazine, 05 December 2019

The US, through its Departments of Justice and State, and the UK, through its National Crime Agency (NCA), announced the unsealing of criminal charges in Pittsburgh, Pennsylvania, and Lincoln, Nebraska, against Maksim V. Yakubets, aka online moniker, “aqua,” 32, of Moscow, Russia, related to two separate international computer hacking and bank fraud schemes spanning from May 2009 to the present. A second individual, Igor Turashev, 38, from Yoshkar-Ola, Russia, was also indicted in Pittsburgh for his role related to the “Bugat” malware conspiracy. Continue reading “Article: Russian Nationals Charged With Series of Hacking and Bank Fraud Offenses”

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Article: Russian Hacking Group Evil Corp. Charged By Federal Prosecutors In Alleged Bank Fraud

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Russian Hacking Group Evil Corp. Charged By Federal Prosecutors In Alleged Bank Fraud

BOBBY ALLYN, 05 December 2019

Federal law enforcement officials have announced criminal charges against two Russian nationals who operate a hacking organization known as Evil Corp., a group officials say is responsible for one of the most sweeping banking fraud schemes in the past decade.

The criminal indictments were unsealed in Pittsburgh, Pa., and Lincoln, Nebraska, against Maksim Yakubets, 32, and Igor Turashev, 38, both of whom live in Russia. The duo are accused of bank and wire fraud and computer hacking, among other counts. Continue reading “Article: Russian Hacking Group Evil Corp. Charged By Federal Prosecutors In Alleged Bank Fraud”

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Article: TECH ‘Evil Corp’: Feds charge Russians in massive $100 million bank hacking scheme

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TECH ‘Evil Corp’: Feds charge Russians in massive $100 million bank hacking scheme

Kate Fazzini, 05 December 2019

The U.S. Justice and Treasury departments took action Thursday against a Russian hacking group known as “Evil Corp.,” which stole “at least” $100 million from banks using malicious software that swiped banking credentials, according to a joint press release.

“Evil Corp.,” a name reminiscent of the nickname for the key malevolent corporation in the popular television drama “Mr. Robot,” is “run by a group of individuals based in Moscow, Russia, who have years of experience and well-developed, trusted relationships with each other,” according to a Treasury Department press release. Continue reading “Article: TECH ‘Evil Corp’: Feds charge Russians in massive $100 million bank hacking scheme”

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Article: MiMedx former CEO and COO indicted for accounting fraud

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MiMedx former CEO and COO indicted for accounting fraud

Carl Surran, 26 November 2019

Former MiMedx (OTC:MDXG -1%) executives Parker Petit and William Taylor are indicted by the Department of Justice on charges of accounting fraud during 2015-16 that overstated the company’s revenues and misled investors.
The SEC separately filed a civil suit against MiMedx, Petit, Taylor and former CFO Michael Senken, accusing them of conducting a “pervasive” accounting fraud during 2013-17. Continue reading “Article: MiMedx former CEO and COO indicted for accounting fraud”

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Article: US charges another former JP Morgan exec with market manipulation

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US charges another former JP Morgan exec with market manipulation

Reuters . New York, 17 November 2019

The Department of Justice has charged another former JPMorgan Chase and Co executive with alleged racketeering and manipulating precious metals prices between 2008 and 2016, the latest in a string of similar prosecutions.

The indictment against Jeffrey Ruffo, who is also charged with other federal crimes including conspiracy to commit wire fraud, is the result of an ‘ongoing investigation’, federal prosecutors said in a statement. Ruffo is the sixth person to be charged with alleged fraud in connection to JPMorgan’s precious metals desk.

The case relates to spoofing, which involves placing bids to buy or offers to sell contracts with the intent to cancel them before execution, allowing spoofers to influence prices. In recent years there has a been a surge in spoofing related prosecutions in the United States by the Department of Justice and the Commodity Futures Trading Commission.

Ruffo could not immediately be reached for comment.

A JPMorgan spokesman did not immediately respond to a request for a comment. The US bank has said in recent regulatory filings that it is cooperating with various investigations relating to its metals trading practices.

According to the indictment, Ruffo worked at JPMorgan from 2008 to 2017 as a salesperson serving hedge funds investing in precious metals and he encouraged JPMorgan traders to place deceptive orders to create price advantages for his clients.

The indictment also alleged that Ruffo and his former colleagues defrauded JPMorgan’s clients who had invested in ‘barrier options’ by pushing option prices to levels that benefited the bank.

An option is a financial instrument that gives buyers the right to buy or sell an underlying asset at an agreed price and at a fixed time. Its value is tied to the value of the asset.

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THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?