Category: Article – Media

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Article: ‘Striking’ Bitcoin Market Manipulation Revealed

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‘Striking’ Bitcoin Market Manipulation Revealed

Billy Bambrough,  25 September 2019

Bitcoin and cryptocurrency markets are in turmoil tonight after the disappointing launch of the hotly-anticipated Bakkt crypto platform.

The bitcoin price shed 15% of its value this week, with some of its biggest rivals including ethereum, Ripple’s XRP, litecoin, and bitcoin cash, recording losses as high as 22% as investors balked at Bakkt’s low bitcoin trading volume.

Now, new research has warned of a “striking systematic trend” in bitcoin price movements, with bitcoin falling far further than average ahead of CME’s bitcoin futures contracts being settled each month. Continue reading “Article: ‘Striking’ Bitcoin Market Manipulation Revealed”

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Article: Russian national confesses to biggest bank hack in US history

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Russian national confesses to biggest bank hack in US history

DAN GOODIN, 24 September 2019

A Russian national has admitted to carrying out the largest-known computer hack on a US bank. His 2014 breach of JPMorgan Chase generated hundreds of millions of dollars in illicit revenue and stole the data of more than 80 million JPMorgan clients.

Andrei Tyurin, 35, whose last name is also spelled Tiurin, also pleaded guilty to hacks against other US financial institutions, brokerage firms, and other companies. In all, he pleaded guilty in federal court to computer intrusion, wire fraud, bank fraud, and illegal online gambling as part of a securities-fraud scheme carried out by co-conspirators. Continue reading “Article: Russian national confesses to biggest bank hack in US history”

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Article: What’s the Worst Case Scenario for AtriCure’s Federal Investigation?

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What’s the Worst Case Scenario for AtriCure’s Federal Investigation?

Amanda Pedersen, 20 September 2019

Renewed concerns about a Department of Justice (DoJ) investigation involving a key player in the atrial fibrillation space has prompted one medtech analyst to review similar investigations in the industry.

In March 2018, Mason, OH-based AtriCure, disclosed that it received a civil investigative demand from the DoJ over potential off-label marketing of the company’s Deep hybrid procedure products, which account for about 10% of AtriCure’s total sales. AtriCure’s Deep procedure is not FDA approved to treat atrial fibrillation, but the devices that are used in the procedure have FDA clearances for tissue ablation and the company is currently running a trial to support approval for an atrial fibrillation indication.
Continue reading “Article: What’s the Worst Case Scenario for AtriCure’s Federal Investigation?”

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Article: Ex-Overstock CEO Patrick Byrne sells stock, doubles down on crypto

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Ex-Overstock CEO Patrick Byrne sells stock, doubles down on crypto

Leo Jakobson, 20 September 2019

Overstock.com’s founder Patrick Byrne ended his connection with the online retailer he built into a giant in much the same way as he ended his tenure as its CEO a month ago: bizarrely.

Since 2014, Byrne poured more than $200 million of Overstock.com’s resources into a venture capital arm, Medici Ventures, with the goal of turning the online retailer into a blockchain powerhouse, Forbes estimates.

Ten days before he stepped down on August 22, Byrne had forced his PR team to post a release on the company’s investor relations page reading, “Overstock.com CEO Comments on Deep State, Withholds Further Comment.” It delved vaguely into the Hillary Clinton/Russia investigation, President Donald Trump, and Senators Marco Rubio and Ted Cruz, as well as a “senior military officer,” and “the Men in Black.” Lurking unmentioned in the background was his affair with a jailed Russian agent. Continue reading “Article: Ex-Overstock CEO Patrick Byrne sells stock, doubles down on crypto”

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Article: Byrne Sells Overstock Stake to Buy Crypto and Battle ‘Deep State’

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Byrne Sells Overstock Stake to Buy Crypto and Battle ‘Deep State’

Danny Nelson, 20 September 2019

In a blog post at his DeepCapture.com, Byrne said that, by the end of the week, he will have reinvested all of the proceeds into “investments that are counter-cyclical to the economy.”

“Gold, silver and two flavors of crypto,” he wrote.

A longtime proponent of cryptocurrency — Overstock was one of the first companies to accept crypto payments, launched the tZERO security token trading platform and acquired the company behind Ravencoin — Byrne was ahead of the curve, but perhaps too much so, as the external pressures against him compelled his resignation from the company last month. Continue reading “Article: Byrne Sells Overstock Stake to Buy Crypto and Battle ‘Deep State’”

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Article: Short Sellers Piling Into Chinese Stocks As Trade Tensions Rise

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Short Sellers Piling Into Chinese Stocks As Trade Tensions Rise

Wayne Duggan, 19 September 2019

Trade tensions between China and the U.S. are once again on the rise over President Donald Trump’s threats to ban TikTok and WeChat in the U.S. starting on Sunday. With the November election now only about six weeks away, S3 Partners analyst Ihor Dusaniwsky said short sellers are targeting Chinese stocks in a major way.

Dusaniwsky said China and Hong Kong short interest now totals $104 billion, an increase of $2.03 billion in the past month. The dispute between Trump and China over TikTok could be a preview of what’s to come between now and the election, and short sellers seem to believe Chinese stocks could suffer. Continue reading “Article: Short Sellers Piling Into Chinese Stocks As Trade Tensions Rise”

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Article: J.P. Morgan is only the start as DOJ and CFTC crack down on spoofing

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J.P. Morgan is only the start as DOJ and CFTC crack down on spoofing

Neils Christensen

Kitco News, 19 September 2019

Three traders charged with manipulating precious metals markets for nearly a decade could be only the start of a larger market-wide crackdown on previously-unchecked illegal market behavior.

According to media reports, federal prosecutors and regulators are intensifying their investigations of allegedly fraudulent precious metals trades at J.P. Morgan Chase to other U.S. markets and financial firms.

Read full article.

 

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Article: Overstock Falls to Support as Former CEO Cashes Out 4.7M Shares

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Overstock Falls to Support as Former CEO Cashes Out 4.7M Shares

JUSTIN KUEPPER, 19 September 2019

Overstock.com, Inc. (OSTK) shares fell to key support levels after former CEO Patrick Byrne disclosed the sale of 4.7 million shares in a Form 4 SEC filing earlier this week. While large insider sales are typically a bearish signal, Byrne noted in a letter that the sale was due to insurance, controversy, and hedging rather than a lack of confidence in the company. Continue reading “Article: Overstock Falls to Support as Former CEO Cashes Out 4.7M Shares”

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Article: Overstock’s controversial former CEO sold his entire $90 million stake to pile into gold and crypto investments (OSTK)

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Overstock’s controversial former CEO sold his entire $90 million stake to pile into gold and crypto investments (OSTK)

Ben Winck, 19 September 2019

Overstock founder and former CEO Patrick Byrne sold nearly 5 million shares totaling roughly $90 million in order to invest in “counter-cyclical” assets like gold and cryptocurrencies.

Byrne plans to make his new investments by Friday. He can also provide “a capital injection if needed by buying back into Overstock” as soon as March 17, 2020, a Wednesday blog post highlighted.

The former executive added that his move into crypto and precious metals allows him to move his capital “outside acts of retaliation from the Deep State.” Continue reading “Article: Overstock’s controversial former CEO sold his entire $90 million stake to pile into gold and crypto investments (OSTK)”

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Article: Overstock’s Former CEO Patrick Byrne Unloads His Entire Stake

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Overstock’s Former CEO Patrick Byrne Unloads His Entire Stake

Lauren Debter, 19 September 2019

Overstock founder Patrick Byrne, who resigned abruptly as CEO last month, has sold his entire stake in the online retailer.

Byrne unloaded close to 5 million shares, worth about $90 million before taxes, according to a regulatory filing Wednesday evening. Byrne was previously the company’s largest shareholder. Last month, after resigning, he told Forbes that he intended to hold onto his shares, saying he had “great, great enthusiasm for the prospects of the company.” Continue reading “Article: Overstock’s Former CEO Patrick Byrne Unloads His Entire Stake”

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Article: JPMorgan’s Metals Desk Was a Criminal Enterprise, U.S. Says

Article - Media

JPMorgan’s Metals Desk Was a Criminal Enterprise, U.S. Says

By and

Bloomberg

  • U.S. invokes racketeering law in charging three metals traders
  • RICO statute is rarely used in cases involving big banks

The head of the bank’s global precious metals desk, Michael Nowak, 45, and two others ripped off market participants and even clients as they illegally moved prices for gold, silver, platinum and palladium, the Justice Department said Monday. Nowak was placed on leave last month, a person familiar with the matter has said. The other traders charged were Gregg Smith, 55 and Christopher Jordan, 47.

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Article: JPMorgan traders indicted for market manipulation, racketeering: feds

Article - Media

JPMorgan traders indicted for market manipulation, racketeering: feds

Stephanie Pagones

FOX Business, 16 September 2020

Three JPMorgan employees, some of whom were executives, were indicted on charges related to making fake orders of gold, silver and other metals to trick the market, federal Department of Justice announced Monday.

Gregg Smith, 55, Michael Nowak, 45, and Christopher Jordan, 47 and other co-conspirators allegedly manipulated the market by placing orders that they later canceled, in turn deceiving other participants about the actual supply and demand of the precious metals between May 2008 and August 2016, while they worked for JPMorgan’s global precious metals trading desk, the DOJ said.

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Article: Three J.P. Morgan precious metals traders charged as criminal probe continues

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Three J.P. Morgan precious metals traders charged as criminal probe continues

Dawn Giel

CNBC, 16 September 2019

Federal prosecutors on Monday accused three J.P. Morgan precious metals traders, including the global head of base and precious metals trading, of participating in a racketeering conspiracy in connection with a multiyear scheme to manipulate the markets and defraud customers.

The alleged scheme saw the nation’s largest bank by assets profit handsomely, while investors suffered losses.

Read full article.

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Article: Testimony Concerning The Involvement of Organized Crime on Wall Street

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Testimony Concerning The Involvement of Organized Crime on Wall Street

Richard H. Walker, 13 September 2019

The government has charged affiliates of organized crime families with securities law violations in several recent cases. While any unlawful activity by organized crime on Wall Street is cause for concern, the Commission believes such activity to be limited and not a threat to the overall integrity of our nation’s securities markets. The Commission’s experience shows that the activities of organized crime have been confined to the “microcap” securities market1 and taint only a small fraction of that sector. Moreover, through joint prosecutions with various United States Attorney’s Offices and state and local prosecutors, as well as the adoption of regulatory initiatives designed to safeguard the microcap market, the Commission has made significant strides in curtailing organized crime activity on Wall Street. Continue reading “Article: Testimony Concerning The Involvement of Organized Crime on Wall Street”

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