Category: Article – Media

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Article: Block & Leviton Investigates HEXO Corp. For Possible Fraud; Investors Who Lost Money Should Contact The Firm

Article - Media, Publications

Block & Leviton Investigates HEXO Corp. For Possible Fraud; Investors Who Lost Money Should Contact The Firm

GLOBE NEWSWIRE, 17 March 2020

Block & Leviton LLP (www.blockesq.com), a National Securities Litigation law firm, is investigating whether HEXO Corp. (HEXO) misled its shareholders. Investors who have lost money should contact the Firm for a free case evaluation. On March 17, 2020 HEXO announced that it would delay the release of its second quarter 2020 financial results to record a significant impairment charge and to amend its MD&A disclosures for its first and second quarter to address concerns raised by the Ontario Securities Commission. HEXO’s common stock is down more than 30% in early trading. “The company’s announcement is concerning; we are focused on the potential recovery of investor losses,” said Mark Delaney, the Block & Leviton attorney leading the investigation.
Continue reading “Article: Block & Leviton Investigates HEXO Corp. For Possible Fraud; Investors Who Lost Money Should Contact The Firm”

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Article: How Underwriters and Short Sellers Manipulate Share Prices Ahead of Stock Offerings

Article - Media

How Underwriters and Short Sellers Manipulate Share Prices Ahead of Stock Offerings

Interactive Swing Trades, 14 March 2020

This report is going to show you the techniques used by short sellers and underwriters to manipulate the price of public companies ahead of stock offerings. You will also learn of an industry trick known as “Gun and Run”. As of yet, this is the only report of its kind.

Read full report.

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Article: How Short Sellers Become Targets During Market Routs

Article - Media

How Short Sellers Become Targets During Market Routs

Lisa Pham

Bloomberg, 13 March 2020

During times of market turmoil, short sellers become a target. After prices plunged in a stock market rout on Thursday, March 12, regulators in various countries attempted to bring stability by restricting equity short selling, or betting with borrowed shares. Shorts, as these bettors are known, say their trading helps keep markets functioning smoothly. Critics say their actions can blur into market manipulation. Regulators keep a wary eye on them during periods of acute market distress, such as now during the coronavirus pandemic.

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Article: SEC Charges Russian National for Defrauding Older Investors of Over $26 Million in Phony Certificates of Deposit Scam

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SEC Charges Russian National for Defrauding Older Investors of Over $26 Million in Phony Certificates of Deposit Scam

US SEC, 13 March 2020

The Securities and Exchange Commission today announced charges against Denis Georgiyevich Sotnikov and entities he controlled for allegedly participating in a fraudulent scheme to lure U.S. investors into buying fictitious Certificates of Deposit (CDs) promoted through internet advertising and “spoofed” websites that mimic the actual sites of legitimate financial institutions.

According to the SEC’s complaint, the scheme involved purchasing internet ads that targeted investors who were searching for CDs with high rates. The ads allegedly included links to phony websites, which falsely claimed that the firms offering the CDs were members of FINRA and the FDIC, and that deposits were FDIC-insured. When investors called the phone number on the websites, an “account executive” impersonating a real registered representative directed investors to wire funds to so-called “clearing” partners. These alleged clearing partners were entities used by Sotnikov to launder and misappropriate investor funds. Since November 2014, the alleged scheme involved spoofing the websites of at least 24 actual financial firms or using at least 8 fictitious entities, resulting in over $26 million in known investor losses – with many of those losses from older investors who used their retirement savings. Continue reading “Article: SEC Charges Russian National for Defrauding Older Investors of Over $26 Million in Phony Certificates of Deposit Scam”

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Article: After Mysterious On-Air Phone Call, CNBC’s Jim Cramer Says Trump Admin Considering His Coronavirus Ideas

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After Mysterious On-Air Phone Call, CNBC’s Jim Cramer Says Trump Admin Considering His Coronavirus Ideas

CNBC host and former hedge fund manager Jim Cramer announced that he thinks the federal government is considering some of his idea to combat economic uncertainty during the coronavirus crisis Thursday, after taking a mysterious “important call” live on air.

As Cramer was discussing ways for the U.S. government to help the market, his phone began to ring.

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Article: It’s a ‘Swimming Naked’ Moment: The Financial System Has a Real Test

Article - Media

It’s a ‘Swimming Naked’ Moment: The Financial System Has a Real Test

James B. Stewart

New York Times, 10 March 2020

The investor Warren Buffett once gave a famous warning: “It’s only when the tide goes out that you learn who’s been swimming naked.”

The tide has just gone out again, and clues to who’s been swimming naked have begun to emerge.

Mr. Buffett first made that comment in 1992, after Hurricane Andrew exposed the inadequacies of the insurance industry, to describe the rosy appearances that can mask financial recklessness until the good times end.

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Article: US charges Russian billionaire Tinkov with tax fraud

Article - Media, Publications

US charges Russian billionaire Tinkov with tax fraud

Pedro Gonçalves, 09 March 2020

Tinkov stands accused of concealing $1bn in assets and income from the US tax authorities at the time when he renounced his US citizenship in 2013, which required him to report his assets following a stock market flotation in London, the Department of Justice said. Continue reading “Article: US charges Russian billionaire Tinkov with tax fraud”

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Article: Mondelez, Kraft To Pay $16M To Resolve Allegations Of Futures Market Manipulation

Article - Media, Publications

Mondelez, Kraft To Pay $16M To Resolve Allegations Of Futures Market Manipulation

Jayson Derrick, 06 March 2020

Food giants Mondelez International Inc MDLZ 0.07% and Kraft Food Groups will pay $16 million to settle allegations they created unfair advantages in wheat futures, The Wall Street Journal reported.

The Mondelez, Kraft Settlement
Mondelez and Kraft were once part of a single corporate entity, and they and appear to be set on resolving a dispute with the Commodity Futures Trading Commission, the newspaper reported Thursday. Continue reading “Article: Mondelez, Kraft To Pay $16M To Resolve Allegations Of Futures Market Manipulation”

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Article: Medici Ventures Purchases Additional Equity in GrainChain

Article - Media, Publications

Medici Ventures Purchases Additional Equity in GrainChain

GLOBE NEWSWIRE, 06 March 2020

Overstock.com, Inc. (NASDAQ:OSTK) has announced that the company’s blockchain accelerator, Medici Ventures, has exercised a warrant to purchase an additional $5 million of equity in keiretsu company GrainChain to further grow its revolutionary agricultural blockchain platform. Medici Ventures is joining Eden Block and other investors in this latest round of funding for GrainChain, which resulted in $8.2 million in capital for the company. This follows Medici Ventures’ initial investment of $2.5 million in GrainChain, announced in December 2018.

GrainChain’s innovative platform enables faster payment and allows for the immediate availability of tradable commodities between buyers and farmers. Its blockchain-based infrastructure also reduces fraud and corruption through tracking and certification, and generally streamlines transactional procedures throughout the commodities supply chain. Continue reading “Article: Medici Ventures Purchases Additional Equity in GrainChain”

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Article: Bragar Eagel & Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against Canaan, Inc. and Encourages Investors to Contact the Firm

Article - Media

Bragar Eagel & Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against Canaan, Inc. and Encourages Investors to Contact the Firm

Business Wire, 5 March 2020

Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the District of Oregon on behalf of investors that purchased Canaan, Inc. (NASDAQ: CAN) securities pursuant or traceable to the Company’s initial public offering, which commenced on or about November 20, 2019 (the “IPO” or “Offering”). Investors have until May 4, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

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Article: Founder of Russian bank charged with tax fraud

Article - Media, Publications

Founder of Russian bank charged with tax fraud

IRS, 05 March 2020

The founder of a Russian bank was arrested last week in London in connection with an indictment charging him with filing false tax returns, announced Internal Revenue Service (IRS) Criminal Investigation, Special Agent in Charge Kareem Carter. The Sept. 26, 2019, indictment was unsealed today Continue reading “Article: Founder of Russian bank charged with tax fraud”

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Article: Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of PharmaCielo Ltd. (PCLOF) on Behalf of Investors

Article - Media, Publications

Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of PharmaCielo Ltd. (PCLOF) on Behalf of Investors

BUSINESS WIRE, 04 March 2020

Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf PharmaCielo Ltd. (“PharmaCielo” or “the Company”) (OTC: PCLOF) investors concerning the Company and its officers’ possible violations of the federal securities laws.

On March 2, 2020, Hindenburg Research published a report, alleging, among other things, that PharmaCielo’s “key operating property in Rionegro, Colombia” was sold “at a massive markup, allowing insiders to enrich themselves by an estimated $5.35 million.” The report also stated that the Company’s purported greenhouse facilities on newly-purchased land is “nothing more than an empty field covered in weeds.”
Continue reading “Article: Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of PharmaCielo Ltd. (PCLOF) on Behalf of Investors”

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Article: PharmaCielo Rocked by New Short Report

Article - Media, Publications

PharmaCielo Rocked by New Short Report

Bryan Mc Govern, 03 March 2020

The cannabis industry is facing another targeted short-seller attack leading to a massive value drop. On Monday (March 2) Colombia-based operator PharmaCielo (TSXV:PCLO,OTCQX:PCLOF) opened at a price of C$1.60 in Toronto, indicating a double-digit percentage drop in its share price directly tied to new claims raised in a report.

A group known as Hindenburg Research shared with the market a new note in which the researchers pose several claims against company co-founder and former CEO Anthony Wile. The group has picked up a short position but it did not indicate a price-target for the shares of PharmaCielo.
Continue reading “Article: PharmaCielo Rocked by New Short Report”

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Article: US Authorities Build Case Against JP Morgan Over Market Manipulation For Precious Metals

Article - Media, Publications

US Authorities Build Case Against JP Morgan Over Market Manipulation For Precious Metals

Mike Papantonio, 29 February 2020

Via America’s Lawyer: RT correspondent Michele Greenstein joins Mike Papantonio to walk us through a developing criminal case against bank behemoth JPMorgan, which is being accused yet again of manipulating precious metals markets for the express profit of its own clients and investors.

Mike Papantonio: Federal prosecutors are turning their attention towards bank behemoth JP Morgan, which is accused of manipulating gold and silver prices for the benefit of their clients and their shareholders. Michele Greenstein joins me now to explain what’s happening with this case. First off, run us through these allegations, Michele, you’ve covered this story a fair amount. It’s, it’s a story that again, corporate media isn’t covering this one. What is your take on this story?

Michele Greenstein: Well, US authorities are building a case, although formal accusations have not been made against the bank, but according to two people who are familiar with the matter who spoke with Bloomberg news, US authorities, like we said, are building a criminal case against JP Morgan. Now both the bank and the DOJ declined to comment, but a bank spokesperson did confirm that the DOJ is investigating “trading practices in the metal market and related conduct.” So Pap, what we’re talking about here is metal market manipulation that is intentionally misleading or spoofing members of the metals market. So gold, silver, platinum, palladium, all of these are the precious metals, right? And what market manipulation looks like is this.

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Article: Russia’s money laundering risks – what does the latest FATF report mean in practice?

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Russia’s money laundering risks – what does the latest FATF report mean in practice?

Kateryna Boguslavska, 26 February 2020

Russia’s risk level in the Basel AML Index has hit a record low following a December 2019 Financial Action Task Force (FATF) assessment that rated the country’s anti-money laundering and counter terrorist financing (AML/CFT) systems as reasonably effective.

The Basel AML Index is the only independent, data-based index of the risk of money laundering and terrorist financing (ML/TF) around the world. Russia’s overall risk score has fallen from 5.75 to 5.60 out of 10, where 10 equals the highest assessed risk of ML/TF. It remains in the medium/high-risk category, reflecting in particular its vulnerabilities to a high level of corruption and to political and legal risks. Continue reading “Article: Russia’s money laundering risks – what does the latest FATF report mean in practice?”

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