Category: Article – Media

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Article: New York fines Credit Suisse $135 mn over forex manipulation

Article - Media, Publications

New York fines Credit Suisse $135 mn over forex manipulation

Agence France-Presse, 14 November 2017

US regulators hit banking giant Credit Suisse with a $135 million fine to resolve allegations its traders manipulated foreign exchange prices, New York officials announced Monday.

The illicit activity began at least as far back as 2008 through as recently as 2015, and included profiting at clients’ expense and improperly sharing client information, the New York State Department of Financial Services said in a statement.The department’s superintendent Maria Vullo said certain bank executives “deliberately fostered a corrupt culture” which permitted repeated violations of the law and of client trust.The action against Credit Suisse is the latest in a series of agreements by major international banks to settle the investigations by US authorities into the alleged manipulation of the foreign exchange market. In late September, the British bank HSBC agreed to pay $175 million to avoid prosecution. Continue reading “Article: New York fines Credit Suisse $135 mn over forex manipulation”

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Article: Credit Suisse fined $135m after FX traders ‘manipulated’ market

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Credit Suisse fined $135m after FX traders ‘manipulated’ market

Hayley McDowell, 17 November 2017

Credit Suisse’s foreign exchange (FX) business has been fined $135 million after regulators found traders manipulated prices, shared customer information and engaged in front running client orders.

The New York State Department of Financial Services (DFS) carried out an investigation and found that from at least 2008 to 2015 the investment bank failed to control its FX trading activities. Traders were found to have used a multi-party chat room with code names to discreetly share confidential information on clients and worked together to manipulate currency prices and benchmarks.

Financial Services Superintendent Maria Vullo explained certain executives within the business had deliberately failed to implement controls in the FX trading business. Furthermore, the investigation found Credit Suisse had an algorithm in place specifically designed to front-run client limit and stop-loss orders. Traders used this information to enter the market, knowing the market might move if the stop-loss or limit order was triggered by the algo. Continue reading “Article: Credit Suisse fined $135m after FX traders ‘manipulated’ market”

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Article: Credit Suisse fined $135 million over unfair forex practices

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Credit Suisse fined $135 million over unfair forex practices

Manaya Bagga, 14 November 2017

Credit Suisse has agreed to pay $135 million to resolve a probe of misconduct in its foreign exchange business. New York’s banking regulator Department of Financial Services (DFS) said Credit Suisse improperly shared information to manipulate currency prices and benchmark rates, and deceived customers to enhance its profits. The bank engaged in “unsound conduct” from 2008 to 2015, DFS added.

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Article: Credit Suisse Pays $135 Million to Settle New York FX Probe

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Credit Suisse Pays $135 Million to Settle New York FX Probe

Greg Farrell, 13 November 2017

Credit Suisse AG will pay $135 million to resolve currency-manipulation allegations by New York’s banking regulator, the latest echo from authorities’ long-running scrutiny of foreign-currency trading at big banks.

Traders at the Zurich-based bank, prodded by executives in some cases, shared information about clients’ currency orders, talked to traders from other banks and in some instances front-ran customer orders in an effort to boost the bank’s own profits, New York’s Department of Financial Services said as it announced a settlement on Monday.

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Article: Callidus Capital files suit over ‘wave of short attacks’ against firm

Article - Media

Callidus Capital files suit over ‘wave of short attacks’ against firm

Christina Pellegrini

The Globe and Mail, 8 November 2017

Callidus Capital Corp. has filed a lawsuit against a group of investors and borrowers in Canada and the United States for allegedly working in concert to drive down the price of the distressed-debt lender’s shares.

The Toronto-based company filed the lawsuit on Tuesday in an Ontario court. It is suing a group of investment firms – which it calls the “wolfpack conspirators” – that includes private-equity firm West Face Capital Inc., hedge fund Anson Group and several companies related to it, and ClaritySpring Inc.

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Article: Catalyst Capital files $450-million lawsuit accusing Anson Funds, West Face of short-selling ‘conspiracy’

Article - Media

Catalyst Capital files $450-million lawsuit accusing Anson Funds, West Face of short-selling ‘conspiracy’

Barbara Shecter

Financial Post, 8 November 2017

Catalyst Capital Group Inc. has launched a lawsuit against Anson Group Canada, a privately held asset manager with operations in Canada and Texas, and Toronto-based private equity firm West Face Capital Inc., accusing them of participating in a “manipulative ‘short and distort’ campaign.”

The alleged target was publicly traded Catalyst subsidiary Callidus Capital Corp., claims the lawsuit, which dubs the Anson, West Face and several associated and unrelated individuals as “Wolfpack Conspirators.”

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Article: The Curious Career of Steven Cohen

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The Curious Career of Steven Cohen

Robert Abbott, 07 November 2017

Few investment gurus have as controversial a record as Steven Cohen (Trades, Portfolio). He has won acclaim for outstanding returns over the long term, he’s been cursed for the way he does business by other Wall Streeters and he was at the center of an insider trading scandal, one that saw several of his traders convicted. Continue reading “Article: The Curious Career of Steven Cohen”

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Article: PURE MARKET MANIPULATION CLAIMS REMAIN OUT OF REACH FOR SOME SHAREHOLDERS VICTIMIZED BY MYSTERIOUS STOCK PRICE REVERSALS

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PURE MARKET MANIPULATION CLAIMS REMAIN OUT OF REACH FOR SOME SHAREHOLDERS VICTIMIZED BY MYSTERIOUS STOCK PRICE REVERSALS

Emergent Law,  31 October 2017

Wins Finance Holdings Inc. (“Wins”), a company that guarantees loans and leases equipment for small businesses in China, has been the target of multiple securities class action lawsuits ever since the news broke in March of this year that it was under investigation by the SEC for market manipulation of its stock. Incredibly, the stock price of Wins soared over 4,000% since the inception of trading near the end of 2015, with no company news headlines to explain this market bubble. On March 30, 2017, the investment analytics site Seeking Alpha reported the SEC investigation and the fact that Wins had mislead the Russell Index into including the company based upon a false report of the location of its headquarters.

On this news, the stock price plunged back to levels below $50 per share, only to be followed by another mysterious spike up to the $200 level in the early summer of this year. On June 7, 2017, NASDAQ announced that it was halting trade in Wins stock pending the receipt of further information from the company. On August 4, 2017, NASDAQ sent Wins a delisting determination letter, but withdrew this letter on October 19, 2017. The stock remains halted while NASDAQ awaits further information from Wins. Continue reading “Article: PURE MARKET MANIPULATION CLAIMS REMAIN OUT OF REACH FOR SOME SHAREHOLDERS VICTIMIZED BY MYSTERIOUS STOCK PRICE REVERSALS”

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Article: The Story of Steve Cohen and SAC Capital

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The Story of Steve Cohen and SAC Capital

RICHMAN CENTER NEWS, 30 October 2017

On October 30, 2017, the Richard Paul Richman Center for Business, Law, and Public Policy held a fireside chat with Sheelah Kolhatkar, author of Black Edge: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street. In her book, Kolhatkar relives the challenges faced by federal prosecutors while investigating insider trading by SAC Capital, a hedge fund headed by Steve Cohen—a secretive, intense, and highly successful trader who made billions from short term investments and trading. Continue reading “Article: The Story of Steve Cohen and SAC Capital”

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Article: WSJ editorial board calls for Mueller’s resignation and accuses Clinton campaign and DNC of collusion

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WSJ editorial board calls for Mueller’s resignation and accuses Clinton campaign and DNC of collusion

Sonam Sheth , 29 October 2017

The Wall Street Journal’s editorial board called this week for a full Russia investigation — not into President Donald Trump’s campaign, but into the Democratic Party, the FBI, and the special counsel Robert Mueller. Continue reading “Article: WSJ editorial board calls for Mueller’s resignation and accuses Clinton campaign and DNC of collusion”

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Article: Marc Cohodes On The EIC Ponzi Scheme

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Marc Cohodes On The EIC Ponzi Scheme

ValueWalk, 15 October 2017

Farmer Marc Cohodes is one of the world’s most feared short sellers. Former General Partner of Rocker Partners/ Copper River from 1985 to 2009, Cohodes has made a name for himself by focusing on the details. He calls out companies where the numbers don’t add up, and he’s usually right. In the financial crisis, he hit the jackpot when he correctly called the demise of Lehman Brothers. After retiring in 2009, Cohodes has since returned to the markets, betting against Canadian mortgage lender Home Capital and Valeant Pharmaceuticals among others.
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Article: BlackRock CEO: Bitcoin is an index of money laundering

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BlackRock CEO: Bitcoin is an index of money laundering

ALI BRELAND, 13 October 2017

Larry Fink, CEO of the investment management company BlackRock, hammered bitcoin on Friday. “Bitcoin just shows you how much demand for money laundering there is in the world,” Fink said at the Institute of International Finance on Friday. “It’s an index of money laundering. That’s all it is.” Continue reading “Article: BlackRock CEO: Bitcoin is an index of money laundering”

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Article: Shopify stock drops $1.5B thanks to a lone blogger

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Shopify stock drops $1.5B thanks to a lone blogger

Zachary Crockett, 06 October 2017

On Wednesday, investment site Citron Research published a scathing accusation that ecommerce platform Shopify — one of 2017’s best-performing tech stocks — is actually a “completely illegal get-rich-quick scheme.” According to Citron, Shopify’s method of recruiting (which involves marketing their service as a way for “partners” to easily make millions) flagrantly violates FTC rules. Shortly after the post and video were published, Shopify’s stock plummeted as much as 11.6%, chopping about $1.5B off the company’s market value.
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Article: Activist short-sellers are increasingly targeting Canadian companies — is Canada ready?

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Activist short-sellers are increasingly targeting Canadian companies — is Canada ready?

Barbara Shecter, 06 OCtober 2017

Early on the morning of May 31, San Francisco-based short-selling firm Muddy Waters LLC, best known in this country for the short report that toppled stock market darling Sino-Forest Corp. in 2011, posted a tantalizing message on the firm’s Twitter account.

“Good morning, Canada! MW is about to release a new short that we think is on its way to Zero,” the tweet read. Continue reading “Article: Activist short-sellers are increasingly targeting Canadian companies — is Canada ready?”

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Article: Short seller Andrew Left says he’s found a ‘business dirtier than Herbalife’

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Short seller Andrew Left says he’s found a ‘business dirtier than Herbalife’

Joe Ciolli, 04 October 2017

Andrew Left is back at it again. The Citron Research founder tweeted on Wednesday that the Canadian e-commerce company Shopify was a “business dirtier than Herbalife.” He also posted a seven-minute YouTube video outlining his bear case, titled “Citron Exposes the Dark Side of Shopify — The FTC Will Take Notice,” and posted a report to his firm’s website.

In the video, Left lays out the big question he has around the company: Outside the roughly 50,000 verifiable merchants working with Shopify, who are the other 450,000 the company says it has? According to Left, many of them are, among other things, influencers paid to promote the company.
Continue reading “Article: Short seller Andrew Left says he’s found a ‘business dirtier than Herbalife’”

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