Mia – Page 92 – Financial Treason & Crime

Finance Magnates Staff, 02 February 2018

The Commodity Futures Trading Commission (CFTC) issued an order directed at Deutsche Bank Securities Inc. (DBSI), to pay a $70 million civil monetary penalty over charges of attempted manipulation of the ISDAFIX benchmark, between 2007 and 2012.

The US Dollar International Swaps and Derivatives Association Fix is a global benchmark, used in the settlement of various interest rate products, including cash settlement of options on interest rate swaps. The allegations indicate that Deutsche Bank and some of its traders intentionally attempted to manipulate the benchmark, in an effort to benefit the bank’s positions. The specific USD ISDAFIX rates and spreads that the bank attempted to alter are the ones issued at 11:00 a.m. Eastern Time each day, and act as a mid-market rate to accommodate settlements across various financial markets. Continue reading “Article: Deutsche Bank Ordered to Pay $70 Million for Manipulation of USD Swap Rates”

01/31/201803/11/2021

Article: Detecting Financial Statements Fraud: The Evidence from Russia

Article - Media, Publications

Detecting Financial Statements Fraud: The Evidence from Russia

Natalia Feruleva, 31 January 2018

Russian stakeholders of joint stock companies, which shares are not traded on a stock exchange, and limited liability companies need the effective instruments which enable them to detect the facts of financial statement fraud quickly because the financial statement remains the main source of information about the companies’ performance for them. Although Institute of Auditors is one of the most reliable tools which identify financial statement manipulations, the costs, connected with audit, are too high and, and as a result, stakeholders have to look for other instruments to distinguish fraudsters, which make an attempt to overestimate or underestimate net assets and financial results, from non-fraudsters. Mathematical model of the American researcher Messod Beneish can be considered as an example of such tools. Continue reading “Article: Detecting Financial Statements Fraud: The Evidence from Russia”

01/30/201803/13/2021

Article: US fines Deutsche Bank, UBS and HSBC over market manipulation

Article - Media, Publications

US fines Deutsche Bank, UBS and HSBC over market manipulation

Agence France-Presse, 30 January 2018

US authorities on Monday announced fines and charges against three major European banks and eight individuals accused of manipulating futures markets for precious metals.

Deutsche Bank, UBS and HSBC will together pay a total of $46.6 million to settle allegations that traders at the banks worked to manipulate futures markets in precious metals through a process known as “spoofing,” the Justice Department and Commodity Futures Trading Commission said.Seven former traders, including ex-UBS trader Andre Flotron, who was indicted last year, as well as a technology consultant, also face charges of “spoofing” — in which traders place and then abort trades to manipulate prices — on markets for various precious metals including gold and silver between early 2008 and about 2014. Continue reading “Article: US fines Deutsche Bank, UBS and HSBC over market manipulation”

01/29/201803/15/2021

Article: CFTC Orders Deutsche Bank to Pay $30 Million Penalty for Manipulation, Attempted Manipulation, and Spoofing In the Precious Metals Futures Markets

Article - Media, Publications

CFTC Orders Deutsche Bank to Pay $30 Million Penalty for Manipulation, Attempted Manipulation, and Spoofing In the Precious Metals Futures Markets

CFTC Regulations, 29 January 2018

The Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Deutsche Bank AG (DB AG) and Deutsche Bank Securities Inc. (DBSI) (collectively, DB), requiring DB to pay a $30 million civil monetary penalty and to undertake remedial relief. The Order finds that from at least February 2008 and continuing through at least September 2014, DB AG, by and through certain precious metals traders (Traders), engaged in a scheme to manipulate the price of precious metals futures contracts by utilizing a variety of manual spoofing techniques with respect to precious metals futures contracts traded on the Commodity Exchange, Inc. (COMEX), and by trading in a manner to trigger customer stop-loss orders. Continue reading “Article: CFTC Orders Deutsche Bank to Pay $30 Million Penalty for Manipulation, Attempted Manipulation, and Spoofing In the Precious Metals Futures Markets”

01/29/201803/15/2021

Article: Deutsche Bank hit with spoofing fine by US Justice Department

Article - Media, Publications

Deutsche Bank hit with spoofing fine by US Justice Department

Deutsche Welle, 29 January 2018

US authorities have fined Deutsche Bank and two other European finance institutions for manipulating markets. Germany warned its best-known bank not to overdo bonuses — it’d be bad for its already soured image. Continue reading “Article: Deutsche Bank hit with spoofing fine by US Justice Department”

01/27/201803/17/2021

Article: U.S. CFTC to fine UBS, Deutsche Bank, HSBC for spoofing, manipulation: sources

Article - Media, Publications

U.S. CFTC to fine UBS, Deutsche Bank, HSBC for spoofing, manipulation: sources

Reuters, 27 January 2018

The U.S. derivatives regulator is set to announce it has fined European lenders UBS, HSBC and Deutsche Bank millions of dollars each for so-called “spoofing” and manipulation in the U.S. futures market, three people with direct knowledge of the matter told Reuters.

The enforcement action by the Commodity Futures Trading Commission (CFTC) is the result of a multi-agency investigation that also involves the Department of Justice (DoJ) and the Federal Bureau of Investigation (FBI) – the first of its kind for the CFTC, the people said.

The fines for UBS and Deutsche Bank will be upward of ten million, while the fine for HSBC will be slightly less than that, the people said, without providing exact figures. Continue reading “Article: U.S. CFTC to fine UBS, Deutsche Bank, HSBC for spoofing, manipulation: sources”

01/18/201803/02/2021

Article: BlackRock CEO Larry Fink Wants a Kinder, Gentler Capitalism. He Should Look At His Own Investments.

Article - Media, Publications

BlackRock CEO Larry Fink Wants a Kinder, Gentler Capitalism. He Should Look At His Own Investments.

Derek Seidman, 18 January 2018

Larry D. Fink may be the most powerful investor in the world. As founder and CEO of BlackRock, he oversees the investment of around $6 trillion – yes, trillion – in funds. When Fink talks, companies listen. Now Fink appears to be trying to wield BlackRock’s influence for good. In a letter he drafted that he’s sending to CEOs, Fink writes:

“Society is demanding that companies, both public and private, serve a social purpose. To prosper over time, every company must not only deliver financial performance, but also show how it makes a positive contribution to society.” Continue reading “Article: BlackRock CEO Larry Fink Wants a Kinder, Gentler Capitalism. He Should Look At His Own Investments.”

01/18/201803/11/2021

Article: Former Russian banker detained in Monaco over $ 8.8 mln fraud

Article - Media, Publications

Former Russian banker detained in Monaco over $ 8.8 mln fraud

Vladimir Gudkov, 18 January 2018

Former Investtorgbank management board chairman Vladimir Gudkov has been detained in Monaco on fraud charges, a law enforcement source told TASS.

“Former Investtorgbank management board chairman and shareholder Vladimir Gudkov has been detained in Monaco,” the official said, specifying that the detainee is charged with large-scale fraud. Continue reading “Article: Former Russian banker detained in Monaco over $ 8.8 mln fraud”

01/17/201803/02/2021

Article: Home Capital Group comments on statement of claim

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Home Capital Group comments on statement of claim

Home Capital Group Inc. , 17 January 2018

Home Capital Group Inc. (“Home Capital” or the “Company”) (TSX:HCG) today announced it has received a statement of claim issued by Marc Cohodes, who opted out of a global settlement of the securities class action in 2017 with Home Capital. The claim is based on allegations of misrepresentations and oppressive conduct and seeks $4 million in damages. Continue reading “Article: Home Capital Group comments on statement of claim”

01/17/201803/02/2021

Article: Short Seller Cohodes Claims Home Capital Group Misled Him, Suit Say

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Short Seller Cohodes Claims Home Capital Group Misled Him, Suit Say

Vipal Monga, 17 January 2018

Short seller Marc Cohodes on Tuesday sued Canadian mortgage lender Home Capital Group Inc. for 4 million Canadian dollars ($3.2 million) for allegedly misrepresenting the state of its business in 2015, leading him to close out short positions at a loss. Continue reading “Article: Short Seller Cohodes Claims Home Capital Group Misled Him, Suit Say”

01/09/201803/13/2021

Article: US regulators to fine UBS, Deutsche Bank, HSBC for ‘spoofing’ and manipulation: Sources

Article - Media, Publications

US regulators to fine UBS, Deutsche Bank, HSBC for ‘spoofing’ and manipulation: Sources

Ruben Sprich, 29 January 2018

The U.S. derivatives regulator is set to announce it has fined European lenders UBS, HSBC, and Deutsche Bank millions of dollars each for so-called spoofing and manipulation in the U.S. futures market, three people with direct knowledge of the matter told Reuters.

The enforcement action by the Commodity Futures Trading Commission (CFTC) is the result of a multiagency investigation that also involves the Department of Justice (DoJ) and the Federal Bureau of Investigation (FBI) — the first of its kind for the CFTC, the people said.

The fines for UBS and Deutsche Bank will be upward of $10 million, while the fine for HSBC will be slightly less than that, the people said, without providing exact figures. Continue reading “Article: US regulators to fine UBS, Deutsche Bank, HSBC for ‘spoofing’ and manipulation: Sources”

01/08/201803/09/2021

Article: Overstock CEO Spearheads Cryptocurrency

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Overstock CEO Spearheads Cryptocurrency

Sarah Koebel, 08 January 2018

Tech-driven online retailer Overstock’s CEO, Patrick Byrne, has made quite the splash in the cryptocurrency world.

As one of the first retailers to accept bitcoin as a form of payment, Overstock has reaped in some serious profit. Its stocks have risen significantly since July (much like the price of bitcoin). And thanks to Bryne’s development of tZero, an ICO for OverStock, more profits are set to roll in. And Byrne isn’t stopping there, he has also created a company that will use blockchain technology to help provide land rights to people in developing countries. Continue reading “Article: Overstock CEO Spearheads Cryptocurrency”

01/08/201803/04/2021

Article: Ban Lifted, Steven Cohen May Soon Be Investing For Clients Again

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Ban Lifted, Steven Cohen May Soon Be Investing For Clients Again

Nicole Einbinder, 08 January 2018

Steven Cohen, the billionaire investor once known as “the hedge-fund king,” could soon be managing other people’s money again — assuming investors can look past the insider trading allegations that sunk his previous firm.

For the past two years, Cohen has been barred from managing money for clients under a 2016 agreement reached with the Securities and Exchange Commission for failing to properly supervise a former portfolio manager at his fund SAC Capital Advisors who was found guilty of insider trading. Continue reading “Article: Ban Lifted, Steven Cohen May Soon Be Investing For Clients Again”

01/02/201803/18/2021

Article: Deutsche Bank Securities Fined $70 Million in Manipulation Case

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Deutsche Bank Securities Fined $70 Million in Manipulation Case

TOM BEMIS, 02 January 2018

Deutsche Bank Securities Inc., a unit of Deutsche Bank (DB) – Get Report , was fined $70 million as part of a settlement of charges by the Commodity Futures Trading Commission that it attempted to manipulate a key foreign exchange benchmark.

The CFTC found that DBSI made false reports and sought to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix, used as a daily reference in a wide variety of interest-rate products.

The manipulations between 2007 and 2012 sought to benefit DBSI’s derivative positions, the CFTC said in a statement. Continue reading “Article: Deutsche Bank Securities Fined $70 Million in Manipulation Case”

12/26/201703/04/2021

Article: Banned Hedge Fund Manager Steven Cohen Is Back – And Investors Are Wary

Article - Media, Publications

Banned Hedge Fund Manager Steven Cohen Is Back – And Investors Are Wary

Ari Feldman, 26 December 2017

Steven Cohen may soon be able to manager other people’s money once again — but potential investors are wary, the New York Times reported. Cohen, a billionaire who for years ran S.A.C. Capital, nearly had had his career destroyed after a government investigation into insider trading at his firm.

Cohen was banned for two years from running a hedge fund after an investor at his firm used illegal trading methods. S.A.C. Capital also paid $1.6 billion in fines and penalties after pleading guilty to securities exchange fraud. Continue reading “Article: Banned Hedge Fund Manager Steven Cohen Is Back – And Investors Are Wary”