Foreign Collusion, Naked Shorting (Counterfeiting) & Money Laundering — All Illicit Wealth
Leo Kolivakis, 26 September 2017
Don’t call it a comeback just yet.
As Bloomberg News reported on Tuesday, hedge fund manager Steven A. Cohen is preparing to raise as much as $10 billion from outside investors in 2018 for a new fund. Combined with his personal fortune of $11 billion, the fund could oversee more than $20 billion, which would make it the largest U.S. hedge fund launch in history. Continue reading “Article: Steven Cohen’s Dubious Rerun?”
The Astonishing Return Of Steven Cohen
RONALD OROL, 26 September 2017
In 2013, an insider-trading scandal took apart billionaire Steve Cohen’s otherwise incredibly successful hedge fund.
But surprising, perhaps shockingly, at least for those who haven’t followed the situation closely, Cohen is back. A 2016 settlement with the Securities and Exchange Commission will allow the beleaguered money-manager to accept outside money starting in January. Cohen hasn’t said whether he wants to take on other investors, but the consensus opinion is that he will the second he’s permitted. Expect to find lots of willing investors ready to allocate capital to his funds – and the intense glare of the nation’s securities regulator watching his every move. Continue reading “Article: The Astonishing Return Of Steven Cohen”
Jamie Dimon is being accused of market abuse in Sweden for badmouthing bitcoin
Joon Ian Wong, 21 September 2017
Remember when Jamie Dimon called bitcoin “a fraud” a week ago? Well, it turns out that the JPMorgan chief executive could have been flouting European market abuse laws by shooting his mouth off. At least, that’s what one complaint to the Swedish financial regulator alleges.
The complaint was lodged by Florian Schweitzer, the managing partner of a London firm called Blockswater, a bitcoin market-maker that trades about $25 million a month. At issue is an alleged link between Dimon’s comments and, a few days later, JPMorgan emerging as one of the most active buyers of a bitcoin tracker fund called Bitcoin XBT. Bitcoin XBT is an exchange-traded note that’s listed on Nasdaq Nordic in Stockholm. It effectively lets clients hold bitcoin without worrying about how to store it securely.
The price of bitcoin fell as much as 24% between the day Dimon verbally thrashed it and the day of the XBT trades. Widely followed finance blog Zero Hedge seized on this and accused JP Morgan of either buying bitcoin on the cheap for itself, or helping its clients do so.
But before we get carried away with notions of Dimon playing the media to pick up bitcoin on the cheap, there’s a less nefarious reason for the XBT trade: JPMorgan told Reuters that it was just acting as a broker for clients who wanted to buy into the fund. “They are not JPMorgan orders,” a JPMorgan spokesperson told Reuters. “These are clients purchasing third-party products directly.”
In any case, Schweitzer has presented the facts to the Swedish regulator and asked them to investigate. He notes in his complaint that market abuse in Sweden is punishable by up to two years in jail. The Swedish regulator said it does not comment “if we are looking into matters like this or not.” We’ve contacted JPMorgan but have not heard back.
SEC, 20 September 2017
We are offering ordinary shares, par value NIS 0.01 per ordinary share. The offering price is $ per ordinary share. Our ordinary shares are listed on the NASDAQ Capital Market under the symbol “RWLK.” The last reported sales price of our ordinary shares on September 19, 2017 was $1.70 per ordinary share.
We are an “emerging growth company” as defined under the federal securities laws and, as such, may continue to elect to comply with certain reduced public company reporting requirements in future reports.
Investing in our ordinary shares involves a high degree of risk. See “Risk Factors” beginning on page 6 of this prospectus as well as the risk factors and other information in any documents we incorporate by reference into this prospectus. See “Where You Can Find More Information” and “Incorporation of Certain Documents by Reference.”
After the Boss Calls Bitcoin a ‘Fraud’ — JP Morgan Buys the Dip
Jamie Redman, 16 September 2017
Just recently news.Bitcoin.com reported on JP Morgan executive Jamie Dimon calling bitcoin a “fraud” and claiming he would fire any employee from his firm who traded the digital currency for being “stupid.” Now it seems JP Morgan has been caught red-handed purchasing a bunch of XBT shares, otherwise known as exchange-traded-notes, that track the price of Bitcoin.
According to public records of Nordnet trading logs, the two associated firms JP Morgan Securities Ltd., and Morgan Stanley bought roughly 3M euro worth of XBT note shares. Interestingly after the recent regulatory crackdown in China, and the statements from JP Morgan’s senior executive Jamie Dimon talking trash about bitcoin, his firm bought the dip on September 15. In fact, out of all the companies on the list, like Goldman Sachs and Barclays, the JP Morgan team of buyers purchased the most XBT notes.
Steven Cohen’s Billions Complicate Return of Glory Days
Nir Kaissar, 08 September 2017
(Bloomberg Gadfly) — Don’t call it a comeback just yet. As Bloomberg News reported on Tuesday, hedge fund manager Steven A. Cohen is preparing to raise as much as $10 billion from outside investors in 2018 for a new fund. Combined with his personal fortune of $11 billion, the fund could oversee more than $20 billion, which would make it the largest U.S. hedge fund launch in history. Continue reading “Article: Steven Cohen’s Billions Complicate Return of Glory Days”
11810. Buy-In Procedures and Requirements
Finra, 05 September 2017
(a) A securities contract that has not been completed by the seller according to its terms may be closed by the buyer not sooner than the third business day following the date delivery was due, in accordance with this Rule.
However, this Rule shall not apply:
(1) where the contract is subject to the “buy-in” requirements of a national securities exchange or a registered clearing agency, in which case, the requirements of the national securities exchange or registered clearing agency, as applicable, would apply;
(2) to transactions in securities exempted under Section 3(a)(12) of the Exchange Act; Continue reading “Article: 11810. Buy-In Procedures and Requirements”
Ridgefield hedge fund manager, firms to pay nearly $13 million in SEC case
Kevin Zimmerman , 22 August 2017
U.S. District Judge for the District of Connecticut Robert N. Chatigny has ordered hedge fund manager Stephen Hicks of Ridgefield and his investment advisory businesses to pay nearly $13 million in a case where the Securities and Exchange Commission alleged he illegally diverted investor money for use by other hedge funds that were illiquid and in need of cash.
The SEC has been actively litigating the case since filing its complaint in 2010 against Hicks and his firms Southridge Capital Management LLC and Southridge Advisors LLC, maintaining that investors were defrauded because they were not told about the transfers of hedge fund assets while they were taking place. Continue reading “Article: Ridgefield hedge fund manager, firms to pay nearly $13 million in SEC case”
Court Orders Hedge Fund Advisers to Pay $12.9 Million in SEC Fraud Case
Elizabeth Dalziel, 22 August 2017
On August 2, 2017, a federal court in Connecticut ordered Steven Hicks (“Hicks”), a hedge fund manager, and his hedge fund advisory firms to pay almost $13 million. This payment includes disgorgement and a penalty. In 2010, the Securities and Exchange Commission (“SEC”) filed a complaint against Hicks and his two hedge fund advisers, Southridge Capital Management LLC (“Southridge Capital”) and Southridge Advisors, LLC (“Southridge Advisors”).
The complaint alleged that Hicks, Southridge Capital, and Southridge Advisors committed fraud by placing investor money in illiquid securities when investors were told that “at least 75% of their money would be invested in unrestricted, free-trading shares.” Continue reading “Article: Court Orders Hedge Fund Advisers to Pay $12.9 Million in SEC Fraud Case”
FCA comes down on Wirex after allegations of turning a blind eye to money laundering
Michael Asaro and Richard Williams, 19 July 2017
New York Law Journal has published the article “‘Spoofing’: The SEC Calls It Manipulation, But Will Courts Agree?” written by Michael Asaro and Richard Williams Jr., partner and associate, respectively, in the litigation practice at Akin Gump.
Asaro and Williams analyze the act of spoofing, which they describe as “a relatively new form of alleged market manipulation,” under the open-market manipulation case law. They focus on a decision by the U.S. Court of Appeals for the 2nd Circuit in ATSI Communications v. Shaar Fund, which is seen as binding precedent. Continue reading “Article: FCA comes down on Wirex after allegations of turning a blind eye to money laundering”
‘Spoofing’: The SEC Calls It Manipulation, But Will Court Agree?
Michael A. Asaro, 17 July 2017
In recent years, the U.S. Securities and Exchange Commission (SEC), Commodity Futures Trading Commission, and the Department of Justice have pursued an increasing number of cases involving a relatively new form of alleged market manipulation known as “spoofing.” See, e.g., U.S. v. Coscia, No. 14-cr-00551 (N.D. Ill.); In re Panther Energy Trading, CFTC Docket No. 13-26 (2013); CFTC v. Nav Sarao Futures, No. 15-cv-03398 (N.D. Ill.); In re Hold Brothers On-Line Investment Services, Exchange Act Release No. 67924 (SEC Sept. 25, 2012); SEC v. Lek Secs., No. 17-cv-1789 (S.D.N.Y.). Continue reading “Article: ‘Spoofing’: The SEC Calls It Manipulation, But Will Court Agree?”
Becky Pritchard, 14 July 2017
Mortimer “Tim” Buckley, 48, was born in Boston, the child of a nurse and a surgeon. He studied economics at Boston’s Harvard University and in his final year of university considered following in his parents’ footsteps and pursuing a career in medicine. But fate stepped in and he met Jack Bogle, then chairman and founder of Vanguard. Continue reading “Article: Meet the new CEO of Vanguard”
There’s a theme emerging in Mueller’s Russia probe that could prove damning for TrumpEDGAR AGENTS LLC, 01 June 2017
KBL Merger Corp. IV is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this prospectus as our initial business combination.
This is an initial public offering of our securities. Each unit has an offering price of $10.00 and consists of one share of our common stock, one right and one redeemable warrant. Each right entitles the holder thereof to receive one-tenth (1/10) of one share of common stock upon the consummation of an initial business combination, as described in more detail in this prospectus. Each redeemable warrant entitles the holder thereof to purchase one-half of one share of our common stock at a price of $5.75 per half share, subject to adjustment as described in this prospectus. Warrants may be exercised only for a whole number of shares of common stock. We have also granted the underwriters a 45-day option to purchase up to an additional 1,500,000 units to cover over-allotments, if any.
Germany: Russian Mafia Plundering Billions Through Nursing Services
German authorities are investigating some 230 nursing services believed to be charging the government more than €1.2 billion annually for fictitious staff and hours spent on caring for the elderly and sick, media reported Tuesday.
Elderly Care (Max Pixel CC0 1.0)A police report leaked to Die Welt am Sonntag allegedly linked the services to the Russian mafia. Its network of companies allegedly routinely defraud insurance providers, patients and pharmacies by claiming for services they are not providing, falsifying documents, employing unqualified carers and making multiple claims for a single patient.
THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?
