Article: Deutsche Bank fined $205m in the US for foreign exchange manipulation

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Deutsche Bank fined $205m in the US for foreign exchange manipulation

AGENCY STAFF, 20 June 2018

New York — US officials fined embattled German banking giant Deutsche Bank $205m in a settlement to resolve foreign exchange market manipulation violations, New York’s top banking regulator announced on Wednesday. Deutsche Bank’s violations included improperly co-ordinating trading activity with other financial institutions to boost the bank’s own profits, the New York state department of financial services (DFS) said. Continue reading “Article: Deutsche Bank fined $205m in the US for foreign exchange manipulation”

Article: Market manipulation caused surge in prices of bitcoin and other cryptocurrencies, researchers say

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Market manipulation caused surge in prices of bitcoin and other cryptocurrencies, researchers say

DUNCAN RILEY, 13 June 2018

A new research paper has confirmed long-held suspicions that the Tether cryptocurrency was used by people linked to the Bitfinex exchange to drive up the price of bitcoin and other cryptocurrencies last year.

The paper, written by University of Texas Professor John Griffin, who is known for catching fraud in financial markets, and graduate student Amin Shams, details the direct relationship between the issuing of Tether during bitcoin price drops and how it was used to buy bitcoin on the drop, artificially creating demand and driving the price up. Continue reading “Article: Market manipulation caused surge in prices of bitcoin and other cryptocurrencies, researchers say”

Article: A Vor Never Sleeps

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A Vor Never Sleeps

Razhden Shulaya maintained a diverse business empire, like a Warren Buffet of crime. By age 40, from his base in Brighton Beach, Brooklyn, he had a cigarette smuggling operation, a drug ring, a counterfeit credit card scheme, an extortion racket, an illegal gambling establishment, and teams devoted to hacking slot machines.

According to prosecutors who have been building a case against him, Shulaya’s associates provided gun-running, kidnap-for-hire, and the fencing of stolen jewelry. Plans were in place for what authorities came to call the “romance scam”: use an attractive woman to lure a target down to Atlantic City, knock him out with chloroform, and steal his money. They’d take his Rolex, too.

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Article: Goldman Sachs Fined $110 Million to Settle New York FX Probe

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Goldman Sachs Fined $110 Million to Settle New York FX Probe

Aziz Abdel-Qader, 01 May 2018

Goldman Sachs has been slapped with a $110 million fine by New York regulator and Federal Reserve in an antitrust lawsuit alleging that the bank’s traders routinely manipulated the forex market for their profit.

New York’s Department of Financial Services also ordered the investment bank to put in place a program to ensure that the alleged violation doesn’t happen again. However, Goldman is not required to hire an outside consultant to review its practices, a condition sometimes imposed on banks fined for compliance violations.

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The DFS said Goldman Sachs had insufficient oversight and controls over its FX traders, who allegedly discussed trading positions with competitors, using electronic chatrooms. The traders frequently tried to trade ahead of big foreign-exchange transactions by their clients, a practice known as front-running.

The order released Tuesday detailed multiple instances of improper behavior, which occurred from at least 2008 to 2015.

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Article: Ex-UBS trader beats market manipulation charge

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Ex-UBS trader beats market manipulation charge

New York (AFP), 25 April 2018

Former UBS precious metals trader Andre Flotron was acquitted on Wednesday of market manipulation, a development that could spell trouble for similar cases against other Wall Street traders.

Authorities arrested Flotron late last year on charges he engaged in a Wall Street practice called “spoofing,” which involves placing and then immediately aborting trades to move prices. The acquittal follows January’s $46.6 million settlement with UBS, Deutsche Bank and HSBC over allegations traders at the banks worked to manipulate futures markets in precious metals between 2008 and early 2014.

Before this case, only three other people had ever been charged with “spoofing,” according to the Justice Department, a practice banned under the 2010 Dodd-Frank Wall Street reform legislation. Continue reading “Article: Ex-UBS trader beats market manipulation charge”

Article: Russia’s greatest Ponzi mastermind is dead, but his legacy lives on in the crypto world

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Russia’s greatest Ponzi mastermind is dead, but his legacy lives on in the crypto world

Sara Hess & Eugene Soltes, 25 April 2018

Sergei Mavrodi, creator of one of the largest Ponzi schemes in history, died last month at age 62, potentially leaving millions of “investors” in countries around the world in the lurch. Beginning around the fall of the Soviet Union in the early 1990s, Moscow-born Mavrodi’s exploits expanded and evolved over the course of nearly 30 years, putting him in the same league as Bernie Madoff, who operated arguably the biggest such fraud ever, and Charles Ponzi himself, the Italian con artist whose name is now synonymous with this type of financial deception. Continue reading “Article: Russia’s greatest Ponzi mastermind is dead, but his legacy lives on in the crypto world”

Article: CREDIT SUISSE INTERNATIONAL HAS MARKET MANIPULATION LAWSUIT AGAINST IT DISMISSED

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CREDIT SUISSE INTERNATIONAL HAS MARKET MANIPULATION LAWSUIT AGAINST IT DISMISSED

MARIA NIKOLOVA, 26 March 2018

Credit Suisse International (CSI) has had the complaint against it dropped in a case targeting a number of primary dealers of US Treasuries. The order, filed earlier today with the New York Southern District Court, was signed by Judge Paul Gardephe on March 23, 2018.

The order stipulates that CSI is no longer a party in the market manipulation case captioned Breakwater Trading LLC et al v. Bank Of America Corporation et al (1:17-cv-06497). The plaintiffs have voluntarily dismissed all claims against CSI without prejudice to reassert such claims against CSI at a later time should evidence arise in discovery or otherwise that reveals information providing a basis for joining CSI on the claims being litigated in this case. Continue reading “Article: CREDIT SUISSE INTERNATIONAL HAS MARKET MANIPULATION LAWSUIT AGAINST IT DISMISSED”

Article: Britain’s collusion with radical Islam: Interview with Mark Curtis

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Britain’s collusion with radical Islam: Interview with Mark Curtis

Ian Sinclair, 18 March 2018

A former Research Fellow at Chatham House and the ex-Director of the World Development Movement, British historian Mark Curtis has published several books on UK foreign policy, including 2003’s Web of Deceit: Britain’s Real Role in the World, endorsed by Noam Chomsky and John Pilger. Ian Sinclair asked Curtis about the recently published new edition of his 2010 book Secret Affairs: Britain’s Collusion with Radical Islam.

Ian Sinclair: With the so-called ‘war on terror’ the dominant framework for understanding Western foreign policy since 9/11, the central argument of your book – that Britain has been colluding with radical Islam for decades – will be a shock to many people. Can you give some examples?

Mark Curtis: UK governments – Conservative and Labour – have been colluding for decades with two sets of Islamist actors which have strong connections with each other.

In the first group are the major state sponsors of Islamist terrorism, the two most important of which are key British allies with whom London has long-standing strategic partnerships – Saudi Arabia and Pakistan. The second group includes extremist private movements and organisations whom Britain has worked alongside and sometimes trained and financed, in order to promote specific foreign policy objectives. The roots of this lie in divide and rule policies under colonialism but collusion of this type took off in Afghanistan in the 1980s, when Britain, along with the US, Saudi Arabia and Pakistan, covertly supported the resistance to defeat the Soviet occupation of the country. After the jihad in Afghanistan, Britain had private dealings of one kind or another with militants in various organisations, including Pakistan’s Harkat ul-Ansar, the Libyan Islamic Fighting Group and the Kosovo Liberation Army (KLA), all of which had strong links to Bin Laden’s al-Qaida. Covert actions have been undertaken with these and other forces in Central Asia, North Africa and Eastern Europe.

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Article: State Street CEO Gets Highest Pay in 2017, 26% Rise Y/Y

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State Street CEO Gets Highest Pay in 2017, 26% Rise Y/Y

Zacks Equity Research, 20 March 2018

Joseph L. Hooley, chairman and CEO of State Street Corporation STT, received $16 million as total compensation for 2017, according to a proxy filing. While the amount marks a 26% rise from his pay in 2016, it is also the highest that Hooley has ever earned since becoming CEO in 2010. Per the securities filing, the $16 million includes his salary, stock awards and other incentives. However, it does not include a change in the value of his pension and certain other deferred compensation earnings. Continue reading “Article: State Street CEO Gets Highest Pay in 2017, 26% Rise Y/Y”

Article: SEC Announces Judgment Against Stephen Hicks, Southridge Capital Management, Southridge Advisors

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SEC Announces Judgment Against Stephen Hicks, Southridge Capital Management, Southridge Advisors

Fitapelli and Kurta, 15 March 2018

A Securities and Exchange Commission release published on February 15, 2018 states that the SEC has obtained “final judgments” against a Stephen Hicks, a hedge fund manager based in Ridgefield, Connecticut, as well as his investment advisory firms. According to the release, a Connecticut federal court ordered the defendants “to pay nearly $13 million in disgorgement and penalties” following the court’s prior determination that they had engaged in the unlawful diversion of investor funds “for use by other hedge funds that were illiquid and in need of cash.” Continue reading “Article: SEC Announces Judgment Against Stephen Hicks, Southridge Capital Management, Southridge Advisors”

Article: LIBOR, FX and Key Benchmark Rigging Claims against RBS, Barclays, HSBC & Lloyds set to Strengthen for Customers Mis-sold Derivatives

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LIBOR, FX and Key Benchmark Rigging Claims against RBS, Barclays, HSBC & Lloyds set to Strengthen for Customers Mis-sold Derivatives

Jaron Dosanjh, 09 March 2018

The door has been opened by the Court of Appeal in PAG v RBS [2018] for misrepresentation claims to be brought by a counter-party to a derivative which is linked to LIBOR, FX or key benchmark where the Swap is with a bank which has been found to have engaged in the manipulation of a benchmark.

This judgment is now the leading authority on claims concerning a customer’s ability to rescind contracts with a bank that has manipulated the London Interbank Offered Rate (LIBOR). Although this case focused on LIBOR-linked derivatives, the same principles will surely apply to other key benchmark rigging (including the manipulation of FX markets).

This decision will be of particular interest to customers that believe they have been mis-sold a Forex hedging products or a LIBOR-linked derivative. These customers of RBS, Barclays, HSBC and Lloyds Plc may potentially have grounds to rescind the derivative contract if the implied representations made by the banks are considered false due to regulatory findings of benchmark rigging. RBS, Barclays, HSBC and Lloyds Plc have all either undermined the integrity of LIBOR or have been fined for Forex failings.

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Article: Robert Mueller charges lawyer with lying to federal investigators during Russia inquiry

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Robert Mueller charges lawyer with lying to federal investigators during Russia inquiry

News Corp Australia Network, 21 February 2018

ROBERT Mueller, the special counsel to oversee the investigation into Russian meddling in the 2016 election, has charged a lawyer with making false statements to FBI agents conducting the investigation.

Alex Van Der Zwaan, the son-in-law of Russian oligarch German Khan, made the statements in November 2017 when he was interviewed about his work with a law firm hired in 2012 by the Ukraine Ministry of Justice to create a report on Yulia Tymoshenko. Continue reading “Article: Robert Mueller charges lawyer with lying to federal investigators during Russia inquiry”

Article: Antelope Enterprise Holdings Ltd – 6-K – CCCL / China Ceramics Co., Ltd FORM 6-K (Current Report of Foreign Issuer) – April 20, 2018

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Antelope Enterprise Holdings Ltd – 6-K – CCCL / China Ceramics Co., Ltd FORM 6-K (Current Report of Foreign Issuer) – April 20, 2018

Fintel, 20 February 2018

On April 19, 2018, China Ceramics Co., Ltd. (the “Company”) entered into a securities purchase agreement (the “Agreement”) with certain individual investors relating to a registered direct offering, issuance and sale (the “Offering”) of an aggregate of 770,299 of its shares (the “Shares”), at a purchase price of $1.56 per share, the closing price of the Company’s equity securities as reported on Nasdaq on the same date. The Shares were offered pursuant to the Company’s previously filed and effective Registration Statement on Form F-3 that was filed with the Securities and Exchange Commission on August 21, 2015, subsequently amended, and declared effective October 15, 2015 (File No. 333-206516). The Company filed a prospectus supplement related to the Offering dated April 19, 2018. Continue reading “Article: Antelope Enterprise Holdings Ltd – 6-K – CCCL / China Ceramics Co., Ltd FORM 6-K (Current Report of Foreign Issuer) – April 20, 2018”

Article: Russian mafia money laundering trial begins in Spain

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Russian mafia money laundering trial begins in Spain

The trial of a Russian Member of Parliament, Vladislav Reznik, and 17 other suspects started in Madrid’s National Court on Monday.
A number of the suspects are thought to have links to the Kremlin. Mr. Reznik is a member of President Putin’s United Russia party.

The suspects were arrested in 2008, charged with a €50m money-laundering operation linked to Spanish real estate. If found guilty, the suspects are looking at a €100m penalty and five years in jail.

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Article: ‘Hedge Fund King’ Steven Cohen Gets Back to Business

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‘Hedge Fund King’ Steven Cohen Gets Back to Business

Money Talking, 02 February 2018

Before he was known for an insider trading scandal, Steven Cohen was known as the “hedge fund king,” bringing sky-high returns to clients at his super successful firm, SAC Capital Advisors — and serving as an inspiration for the Showtime series “Billions.”

Now, Cohen is looking to get back into business after a two-year ban on trading other people’s money ended at the start of this year. With his new company, Point72 Asset Management, Cohen is once again courting clients and their billions — up to $4 billion, according to a recent report from Bloomberg. Continue reading “Article: ‘Hedge Fund King’ Steven Cohen Gets Back to Business”

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