SEC Charges Investment Adviser and Associated Individuals with Causing Violations of Regulation SHO
Washington D.C., Aug. 17, 2021
The Securities and Exchange Commission today announced settled charges against Murchinson Ltd.; its principal, Marc Bistricer; and its trader, Paul Zogala (the respondents), for providing erroneous order-marking information that caused executing brokers to violate Regulation SHO. In addition, Murchinson and Bistricer settled charges for causing a dealer to fail to register with the SEC.
According to the SEC’s order, from June 2016 through October 2017, the respondents provided erroneous order-marking information on hundreds of sale orders of their hedge fund client to the hedge fund’s brokers, causing those brokers to mismark the hedge funds’ sales as “long.” The order finds that in providing the inaccurate information, the respondents also caused the hedge fund’s brokers to fail to borrow or locate shares prior to executing the sales.
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The Global Intelligence Files
Wikileaks, 02 Aug 2021
On Monday February 27th, 2012, WikiLeaks began publishing The Global Intelligence Files, over five million e-mails from the Texas headquartered “global intelligence” company Stratfor. The e-mails date between July 2004 and late December 2011. They reveal the inner workings of a company that fronts as an intelligence publisher, but provides confidential intelligence services to large corporations, such as Bhopal’s Dow Chemical Co., Lockheed Martin, Northrop Grumman, Raytheon and government agencies, including the US Department of Homeland Security, the US Marines and the US Defence Intelligence Agency. The emails show Stratfor’s web of informers, pay-off structure, payment laundering techniques and psychological methods.
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Ex-Merrill Trader Says Co-Workers in Spoof Trial Taught Him
Breanna Bradham, 24 July 2021
A former trader at Bank of America Corp.’s Merrill Lynch unit told a federal jury in Chicago that he learned how to manipulate the price of precious metals from two more senior traders in the bank’s New York office, John Pacilio and Edward Bases.
Harnaik Lakhan said he used Merrill’s internal computer system to watch Pacilio and Bases, who are on trial for alleged spoofing, issue buy and sell orders they didn’t intend to be filled, pushing prices up or down to make it profitable for orders they wanted to execute. Lakhan, who agreed to cooperate with the government to avoid prosecution, said he began using the same techniques from his office in London.
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Financial System Has Come to an End – Martin Armstrong
Greg Hunter, 24 July 2021
Legendary financial and geopolitical cycle analyst Martin Armstrong thinks we have come to the end of the line for the financial system, and this is why globalists are on a power grab of epic proportions. Armstrong explains, “The system has come to an end. They know they can no longer borrow indefinitely. So, what is this “Great Reset’?
It is basically a move to redesign the world monetary system. They are going to stop the borrowing that they are doing, and they are just going to print. You also have this move for a digital currency. Once they move to a digital currency, they can impose negative interest rates and just take money out of your account at will. People don’t realize what this really is. . . . I believe Bitcoin was started by the government to get this whole ball going. If I gave you a $100 bill, they don’t know where I got the $100 bill from. However, if I give you that in Bitcoin, not only do they know I gave it to you, but they know where I got it from. It can be completely traced all the way down. That is a tax authority’s dream. You have to understand what they are selling is really a totalitarian regime.”
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After JPMorgan Chase Admits to Its 4th and 5th Felony Charge, Its Board Gives a $50 Million Bonus to Its CEO, Jamie Dimon
Pam Martens and Russ Martens, 23 July 2021
The unthinkable is happening with alarming regularity at the Frankenbank JPMorgan Chase. Over the last seven years, with Chairman and CEO Jamie Dimon at the helm, JPMorgan Chase has managed to do what no other federally-insured American bank has managed to do in the history of banking in the United States. The bank has admitted to five separate felony countsbrought by the U.S. Department of Justice, while regulators took no action to remove the Board of Directors or Jamie Dimon.
Now, once again, the outrageous hubris of this Board is on display. Just last fall the bank forked over $920 million of shareholders moneyto settle its fourth and fifth felony counts brought by the Department of Justice, this time for rigging the precious metals and U.S. Treasury market. Now, in the dog days of summer, rarely a time for bonuses on Wall Street, the Jrgan Chase board announced on July 20 that it is giving Dimon 1.5 million stock options which, according to a specialist cited at Bloomberg News, have a total value of $50 million on paper.
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Ex-CEO of social media startup admits duping investors by claiming company had ‘Shark Tank’ backing
Lukas I. Alpert, 22 July 2021
The former chief executive of a social media startup that pitched itself as a Facebook for small businesses has pleaded guilty to swindling investors using forged documents claiming a “Shark Tank” investor was a backer and that e-commerce platform Shopify wanted to buy the company.
Glen Zinszer, 51, of Liverpool, N.Y., also admitted he had instructed employees of his now-defunct company, Brazzlebox, to create fake user accounts, including for several high-profile people, to make it look to investors like the platform was performing better than it was, federal prosecutors said. Continue reading “Article: Ex-CEO of social media startup admits duping investors by claiming company had ‘Shark Tank’ backing”
View: Is Brussels taking dirty money seriously?
Andreas Dehio and Dr Kerstin Wilhelm, 22 July 2021
Preventing and combating money laundering and terrorist financing has been on the EU’s agenda for more than 30 years. The legal and regulatory framework has been strengthened steadily. But now the European Commission has taken an ambitious step towards beating financial crime by overhauling the current EU anti-money laundering and countering terrorism financing rules.
The legislative proposals that were presented on 20 July will allow the EU to close any loopholes in the current rules where member states apply them differently, and bolster enforcement of the existing framework. Continue reading “Article: View: Is Brussels taking dirty money seriously?”
The Future Of Wall Street: Fintech 50 2021
JAMES ALBERT, 22 July 2021
Even before the Coronavirus pandemic closed bank branches and emptied Wall Street’s once-boisterous trading floors, the digitization of all things finance was well underway. Stock markets trade almost entirely electronically and many of Wall Street’s most valuable companies now provide data, technology and software to the big banks, private equity firms and hedge funds that execute the day’s big trades. Covid only accelerated the push for firms to digitize their businesses and handle an increasingly distributed workforce.
Behavox, founded by former Goldman Sachs stock analyst and hedge fund portfolio manager Erkin Adylov, has become the go-to solution for banks, hedge funds and PE firms looking to maintain control over their data as their workers trade and communicate digitally. Founded seven years ago by Kyrgyzstan-born Adylov, Behavox’s natural language processing algorithms and data lakes track and store email and voice communications for large banks and hedge funds, helping to protect against issues like market manipulation, insider trading and the stealing of intellectual property. Continue reading “Article: The Future Of Wall Street: Fintech 50 2021”
UK puts Malta on high-risk list for money laundering, terrorist financing
Time of Malta, 22 July 2021
The UK has placed Malta among the list of high-risk countries for money laundering and terrorist financing.
In regulations that came into force on July 13, the UK removed Ghana from its previous list and added, Malta, Haiti, the Philippines and South Sudan.
The other countries currently on the list are: Albania, Barbados, Botswana, Burkina Faso, Cambodia, Cayman Islands, Democratic People’s Republic of Korea, Iran, Jamaica, Mauritius, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Senegal, Syria, Uganda, Yemen, and Zimbabwe. Continue reading “Article: UK puts Malta on high-risk list for money laundering, terrorist financing”
EU Wants To Ban Anonymous Crypto Wallets In An Effort To Counter Money Laundering And Terrorism
Samyuktha Sriram, 21 July 2021
The European Union (EU) has proposed banning anonymous cryptocurrency wallets as part of a new set of amendments to counter money laundering and terrorism.
What Happened: One of the four legislative proposals introduced on Tuesday proposed a revision of the 2015 regulation on the transfer of funds to trace crypto assets.
“Today’s amendments will ensure full traceability of crypto-asset transfers, such as bitcoin, and will allow for prevention and detection of their possible use for money laundering or terrorism financing,” said the Commission in a statement. Continue reading “Article: EU Wants To Ban Anonymous Crypto Wallets In An Effort To Counter Money Laundering And Terrorism”
The playboy trader, the nickel scheme and Singapore’s banks
CHRIS WRIGHT, 21 July 2021
Ng Yu Zhi claimed he had a get-rich-quick scheme for the ages. It was so, so easy, he allegedly told investors. He would buy physical nickel from Poseidon, an Australian Securities Exchange-listed company, at a discount; then he would sell it to a buyer at a profit.
Investors would fund the purchases, and would receive handsome rewards from the resulting profits.
The potential returns: how does 15% a quarter sound? Continue reading “Article: The playboy trader, the nickel scheme and Singapore’s banks”
Gold bars and Miami Heat ring seized as feds raid renowned sports gambler
LISA J. HURIASH, 21 July 2021
Federal agents raided the home of a internationally known sports gambler in Plantation, seizing almost $4.3 million in cash, 61 gold bars, five luxury cars and a Miami Heat championship ring, according to federal court documents.
No criminal charges have been filed in the case of Clarence “Gary” Austin, the former husband of Costa Rican supermodel Lynda Diaz.
According to documents filed in federal court, “Austin’s illegal Internet gambling enterprise has produced in excess of $34 million in illegal proceeds during its operation.” Continue reading “Article: Gold bars and Miami Heat ring seized as feds raid renowned sports gambler”
AMC Stock Surges: Is This The Big Squeeze?
BERNARD ZAMBONIN AND DANIEL MARTINS, 21 July 2021
AMC stock (AMC) – Get Report bulls had a day of relief on Tuesday, as they saw the share price soar about 25% after weeks of painful declines. Following positive developments coming from CEO Adam Aron, momentum quickly shifted to the bullish side.
Could this be the beginning of the MOASS – apes’ long-awaited “mother of all short squeezes”?
Good news from the business
Bullishness on Tuesday may have been triggered by CEO Adam Aron. He announced long-term leases on two of the top five theaters in Los Angeles and added that others are coming soon.
The CEO’s statement supports AMC’s optimism about the reopening of the economy and the expected recovery of the business in 2021.
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EU proposes watchdog to halt flow of dirty money
Huw Jones, 20 July 2021
EU policymakers proposed a new agency on Tuesday to stop financial firms from aiding criminals and terrorists after a scandal at a Danish bank highlighted the inadequacy of the bloc’s defences.
Europe came under pressure to step up enforcement of its anti-money laundering rules when several countries began investigating Danske Bank after more than 200 billion euros ($235 billion) of suspicious transactions passed through its tiny Estonian branch between 2007 and 2015.
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Robinhood said it expects to pay a $30 million fine as part of anti-money laundering probe of its crypto business
Matthew Fox, 20 July 2021
Robinhood said it expects to pay a $30 million penalty in relation to an anti-money laundering probe of its cryptocurrency business, according to an amended S-1 filed with the SEC on Monday.
The online trading app said that in July of 2020, the New York Department of Financial Services said Robinhood’s crypto unit had a number of “matters requiring attention,” primarily focused on anti-money laundering and cybersecurity-related issues. Continue reading “Article: Robinhood said it expects to pay a $30 million fine as part of anti-money laundering probe of its crypto business”