Author: Mia

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Article: Breckenridge family to cycle across Massachusetts this weekend in Pan-Mass Challenge cancer fundraiser

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Breckenridge family to cycle across Massachusetts this weekend in Pan-Mass Challenge cancer fundraiser

Antonio Olivero, 03 August 2019

FRISCO — This weekend, a trio of Breckenridge locals will join a group of three dozen Colorado residents cycling across Massachusetts to raise millions for cancer research.

Thirty-six Colorado riders — including Kaitlynn, Lisa and Meghan Sockett, of Breckenridge — will join more than 6,700 riders Saturday and Sunday to pedal the 192 miles of the 40th annual Pan-Mass Challenge with an overall goal of raising $60 million for cancer research and patient care at the Dana-Farber Cancer Institute in Boston. Continue reading “Article: Breckenridge family to cycle across Massachusetts this weekend in Pan-Mass Challenge cancer fundraiser”

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Article: World’s Most Successful Athletic Fundraiser Pan-Mass Challenge Celebrates Milestone 40th Ride

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World’s Most Successful Athletic Fundraiser Pan-Mass Challenge Celebrates Milestone 40th Ride

PRNewswire, 03 August 2019

Today, the Pan-Mass Challenge (PMC) embarked on its 40th ride, with more than 6,700 cyclists from 43 states and 12 countries committing to pedal various distances across Massachusetts throughout the weekend. These cyclists are coming together with the common goal of raising an unprecedented $60 million – $4 million more than last year’s gift – for cancer research and patient care at Dana-Farber Cancer Institute (Dana-Farber). If achieved, Overstock.com CEO and PMC rider, Patrick Byrne, has pledged an additional $1 million donation to the cause, bringing the organization’s 40-year contribution to more than $715 million. The PMC, which raises more money for charity than any other single athletic event, donates 100 percent of every rider-raised dollar directly to Dana-Farber as its largest single contributor, accounting for more than 54 percent of the annual revenue of its Jimmy Fund. Continue reading “Article: World’s Most Successful Athletic Fundraiser Pan-Mass Challenge Celebrates Milestone 40th Ride”

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Article: Massive Russian Financial Flows Through Moldova Show Small Jurisdictions Matter

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Massive Russian Financial Flows Through Moldova Show Small Jurisdictions Matter

Joshua Kirschenbaum, 30 July 2019

In 2014 the Organized Crime and Corruption Reporting Project (OCCRP) revealed a staggering Russian money-laundering operation perpetrated through Moldindconbank in Moldova, alternatively dubbed the Russian Laundromat1 or the Global Laundromat.2 Financial facilitators allegedly moved $20 billion from Russian banks to Moldindconbank over five years, where they “cleaned” the money using Moldovan court orders backing fraudulent claims that borrowers had defaulted on promissory notes. They then moved the proceeds to banks in Latvia and around the world. According to the OCCRP, Moldindconbank received $20 billion in potentially illicit inflows—a truly colossal sum for one small institution in one small country. Continue reading “Article: Massive Russian Financial Flows Through Moldova Show Small Jurisdictions Matter”

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Article: Barclays, RBS and other banks face £1bn forex rigging lawsuit

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Barclays, RBS and other banks face £1bn forex rigging lawsuit

Sean Farrell, 29 July 2019

Barclays, Royal Bank of Scotland and three other banks are being sued by investors for at least £1bn over rigging of the foreign exchange market in a test case for US-style class actions in the UK.

A US law firm that specialises in stock market litigation has filed the claim at the Competition Appeal Tribunal. The claim also targets US investment banks JP Morgan and Citigroup, and Switzerland’s UBS. The legal action follows the European commission’s decision in May to fine five banks more than €1bn (£910m) for colluding to reduce competition in markets for 11 currencies, including the US dollar, the euro and the pound.

Cartels of traders with names such as the “Three-Way Banana Split” operated on chatrooms to rig the multitrillion-dollar foreign exchange market. UBS, which informed the commission about the collusion, was not fined but Japan’s MUFG received a penalty. Continue reading “Article: Barclays, RBS and other banks face £1bn forex rigging lawsuit”

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Article: JPMorgan, UBS among five banks facing £1 billion FX-rigging suit

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JPMorgan, UBS among five banks facing £1 billion FX-rigging suit

Bloomberg, 29 July 2019

London: JPMorgan Chase & Co and UBS Group AG are among five banks being sued over allegations of foreign-exchange rigging in a class-action lawsuit seeking more than £1 billion ($1.2 billion, Dh4.4 billion).

Barclays Plc, Citigroup Inc and Royal Bank of Scotland Group Plc are also among the targets of the UK suit that will say pension funds, asset managers, hedge funds and corporations lost out because of market manipulation between 2007 and 2013 and should be compensated.

The lawsuit centres on collusion on foreign-exchange trading strategies, for which the European Commission fined Barclays, RBS, Citigroup, JPMorgan and Mitsubishi UFJ Financial Group, Inc a total of €1.07 billion ($1.2 billion) in May. UBS escaped a fine because it was the first to tell regulators about the collusion. Continue reading “Article: JPMorgan, UBS among five banks facing £1 billion FX-rigging suit”

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Article: Bank of Russia establishes facts of market manipulation by clients of market makers in certain eurobonds

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5 History-Making Wall Street Crooks

CHRIS SEABURY, 25 July 2019

Over the years, Wall Street has had its share of scandals, many of which left despair and loss in their wakes. These include everything from insider trading to fraud that cost investors millions of dollars. To fully understand the impact these crooked individuals had on financial history, we must examine the people themselves, what they did and the legacy their misdeeds left behind. While no two are alike, what these men share is the lasting effects of their crimes, which are still felt by Main Street many years later. This article will examine four of the most famous and unscrupulous Wall Streeters: Michael de Guzman, Richard Whitney, Ivan Boesky, Michael Milken, and Bernard Ebbers. Continue reading “Article: Bank of Russia establishes facts of market manipulation by clients of market makers in certain eurobonds”

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Article: Marc Cohodes’ Last Stand – Part One: Encountering the Fraud

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Marc Cohodes’ Last Stand – Part One: Encountering the Fraud

Real Vision, 01 July 2019

This is the first part of the groundbreaking January 2019 interview between Real Vision co-founder Grant Williams (NYSE:WMB) and legendary short seller Marc Cohodes. In this clip from the long conversation, the two introduce Cohodes’ battle to expose the truth about pharmaceutical giant MiMedx. This is excerpted from a video published on Real Vision on February 1, 2019 entitled “Fraud, Intimidation and Truth: Marc Cohodes’ Last Stand.” Continue reading “Article: Marc Cohodes’ Last Stand – Part One: Encountering the Fraud”

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Article: Catch of the Week — Merrill Lynch Commodities Inc.

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Catch of the Week — Merrill Lynch Commodities Inc.

CONSTANTINE CANNON, 28 June 2019

Merrill Lynch Commodities Inc (“Merrill”), a commodity trading subsidiary of Bank of America Corporation, agreed on June 25th to two $25 million settlements with both the Department of Justice (“DOJ”) and the Commodity Futures Trading Commission (“CFTC”) to resolve allegations it conducted deceptive trading practices in United States commodities markets. Continue reading “Article: Catch of the Week — Merrill Lynch Commodities Inc.”

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Article: Merrill Lynch to pay $25M to settle metals ‘spoofing’ claims

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Merrill Lynch to pay $25M to settle metals ‘spoofing’ claims

Jaclyn Jaeger, 27 June 2019

Merrill Lynch Commodities, a global commodities trading business, will pay a combined $25 million in criminal fines, restitution, and forfeiture of trading profits to resolve a government investigation into a multi-year scheme to mislead the market for precious metals futures contracts traded on the Commodity Exchange, the Department of Justice announced.

According to MLCI’s admissions, from 2008 through 2014, precious metals traders employed by MLCI schemed to deceive other market participants with materially false and misleading information. They did so by placing fraudulent orders for precious metals futures contracts that, at the time the traders placed the orders, they intended to cancel before execution. Continue reading “Article: Merrill Lynch to pay $25M to settle metals ‘spoofing’ claims”

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Article: Merrill Lynch Pays $36.5 Million to Settle Spoofing Charges

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Merrill Lynch Pays $36.5 Million to Settle Spoofing Charges

Aziz Abdel-Qader, 26 June 2019

Merrill Lynch Commodities, Inc. (MLCI) has just settled spoofing charges with the Commodity Futures Trading Commission (CFTC) by agreeing to pay a combined $36.5 million. The CFTC action centered on spoofing activity carried out by Bank of America’s global commodities trading business in a scheme that ran from 2008 through 2014 and involved dozens of fraudulent orders that were canceled before execution.

MLCI precious metals traders are accused of working with other traders to rig the purchase and sale of futures contracts on the Chicago Mercantile Exchange and the Chicago Board of Trade. Continue reading “Article: Merrill Lynch Pays $36.5 Million to Settle Spoofing Charges”

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Article: MERRILL LYNCH CAUGHT CRIMINALLY MANIPULATING PRECIOUS METALS MARKET OVER 6 YEARS

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MERRILL LYNCH CAUGHT CRIMINALLY MANIPULATING PRECIOUS METALS MARKET OVER 6 YEARS

GOLDBROKER, 26 June 2019

Remember when it was pure tinfoil-hat conspiracy theory to accuse one or more banks of aggressively, compulsively and systematically manipulating the precious metals – i.e., gold and silver – market? We do, after all we made the claim over and over, while demonstrating clearly just how said manipulation was taking place, often in real time.

Well, it’s always good to be proven correct, even if it is years after the fact. Continue reading “Article: MERRILL LYNCH CAUGHT CRIMINALLY MANIPULATING PRECIOUS METALS MARKET OVER 6 YEARS”

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Article: Merrill Lynch fined $25 million for multi-year spoofing scheme

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Merrill Lynch fined $25 million for multi-year spoofing scheme

Hayley McDowell, 26 June 2019

Merrill Lynch has been fined $25 million by authorities in the US after admitting it engaged in a multi-year spoofing scheme in the precious metals futures market.

The global commodities trading arm of Merrill Lynch agreed to pay the fine to resolve the US Department of Justice’s investigation into the scheme which saw the firm’s metals traders deceive market participants by placing fraudulent orders for futures contracts.

Merrill Lynch Commodities admitted that from at least 2008 until 2014, its precious metals traders placed orders for futures with intentions to cancel before execution, in a bid to create a false impression of increased supply and demand and manipulate the market. Continue reading “Article: Merrill Lynch fined $25 million for multi-year spoofing scheme”

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Article: ICYMI – Investing Insight from “The Scourge of Wall Street” Marc Cohodes

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ICYMI – Investing Insight from “The Scourge of Wall Street” Marc Cohodes

Hedgeye, 25 June 2019

Hedgeye CEO Keith McCullough just hosted a conversation with renowned short-seller Marc Cohodes. If you haven’t watched it yet, we encourage you to do so. According to Cohodes, the craft of short-selling is more than just about making money, it’s about exposing business practices that are at best deeply questionable and at worst… criminal. Continue reading “Article: ICYMI – Investing Insight from “The Scourge of Wall Street” Marc Cohodes”

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Article: U.S. Fines Merrill Lynch For ‘spoofing’ In Precious Metals Futures

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U.S. Fines Merrill Lynch For ‘spoofing’ In Precious Metals Futures

RTTNews, 25 June 2019

Merrill Lynch’s global commodities trading business agreed to pay $25 million to resolve the government’s investigation into a multi-year scheme by the company’s precious metals traders to mislead the market for precious metals futures contracts traded on the Commodity Exchange Inc., the U.S. Justice Department said.

Merrill Lynch admitted that, starting at least 2008 and continuing through 2014, precious metals traders employed by the company’s schemed to deceive other market participants by injecting materially false and misleading information into the precious metals futures market. They did so by placing fraudulent orders for precious metals futures contracts that, at the time the traders placed the orders, they intended to cancel before execution. Continue reading “Article: U.S. Fines Merrill Lynch For ‘spoofing’ In Precious Metals Futures”

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Article: Merrill Lynch Commodities Inc. Enters into Corporate Resolution and Agrees to Pay $25 Million in Connection with Deceptive Trading Practices Executed on U.S. Commodities Markets

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Merrill Lynch Commodities Inc. Enters into Corporate Resolution and Agrees to Pay $25 Million in Connection with Deceptive Trading Practices Executed on U.S. Commodities Markets

Department of Justice Office of Public Affairs, 25 June 2019

Merrill Lynch Commodities Inc. (MLCI), a global commodities trading business, has agreed to pay $25 million to resolve the government’s investigation into a multi-year scheme by MLCI precious metals traders to mislead the market for precious metals futures contracts traded on the Commodity Exchange Inc. (COMEX), announced Assistant Attorney General Brian A. Benczkowski of the Justice Department’s Criminal Division and Assistant Director in Charge William F. Sweeney Jr. of the FBI’s New York Field Office. Continue reading “Article: Merrill Lynch Commodities Inc. Enters into Corporate Resolution and Agrees to Pay $25 Million in Connection with Deceptive Trading Practices Executed on U.S. Commodities Markets”

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