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Article: Crown Melbourne casino faces Austrac investigation for potential money laundering breaches

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Crown Melbourne casino faces Austrac investigation for potential money laundering breaches

Anne Davies,  30 March 2021

Crown Resorts is facing a new threat to its casino licences and the prospect of multimillion-dollar fines after it was informed by Austrac, the government agency responsible for anti-money laundering laws that it has identified “potential non-compliance” by Crown Melbourne.

In a release to the ASX, Crown has said the “potential non-compliance includes concerns in relation to ongoing customer due diligence, and adopting, maintaining and complying with an anti-money laundering / counter-terrorism financing program”. Continue reading “Article: Crown Melbourne casino faces Austrac investigation for potential money laundering breaches”

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Article: JPMorgan Chase Pays nearly $1 Billion in Fines for Market Manipulation of Precious Metals and U.S. Treasuries

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JPMorgan Chase Pays nearly $1 Billion in Fines for Market Manipulation of Precious Metals and U.S. Treasuries

Carolina Gonzalez, 16 October 2016

JPMorgan Chase & Co. agreed to pay over $955 million to settle civil and criminal charges over a scheme involving fake trades in precious metals and U.S. treasuries designed to manipulate the market in an effort to enhance the bank’s profits and cut losses. The multi-agency enforcement action was brought by the Commodity Futures Trading Commission (CFTC), the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC). For nearly a decade, JPMorgan Chase & Co’s traders sitting in New York, London, and Singapore used spoofing to manipulate hundreds of thousands of transactions in precious metals futures markets, including gold and silver, as well as U.S. Treasury cash and futures markets.

The CFTC alone imposed a whopping $920 million fine, the largest ever imposed by the agency in a spoofing case, including nearly $312 million in restitution to harmed investors, $172 million in disgorgement of ill-gotten gains, and over $436 million in civil penalties. This record-setting action signals the CFTC’s resolute commitment to punish those who engage in manipulative and deceptive trading practices. The hefty fine also reflects the bank’s failure to prevent and cease the wrongdoing, as well as its failure to provide adequate cooperation to regulators in the early stages of the investigation. Continue reading “Article: JPMorgan Chase Pays nearly $1 Billion in Fines for Market Manipulation of Precious Metals and U.S. Treasuries”

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Article: Advanced Recycling Company Loop Industries Called a Fraud

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Advanced Recycling Company Loop Industries Called a Fraud

Clare Goldsberry, 14 October 2020

Recycling plastics — all types of plastics — has been a holy grail for the industry as well as brand owners who depend on plastic packaging for convenience, safety, product freshness, and security. As the accumulation of plastic waste has become a high-profile issue, finding a recycling solution has taken on increased urgency.

Environmental activist groups have pressured big brand owners such as PepsiCo, Coca-Cola, and Nestle through shareholder proposals and even lawsuits if they don’t clean up the plastic waste caused by their products. So eager are these big companies to find the magic bullet to remove plastic bottles, containers, and other plastic items from the environment that they have been ripe for whatever scheme might come along offering them a way out of this mess.
Continue reading “Article: Advanced Recycling Company Loop Industries Called a Fraud”

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Article: China Ceramics Announces Corporate Name Change to Antelope Enterprise Holdings Limited

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China Ceramics Announces Corporate Name Change to Antelope Enterprise Holdings Limited”

PRNewswire, 14 October 2020

JINJIANG, Fujian Province, China, Oct. 14, 2020 /PRNewswire/ — China Ceramics Co., Ltd. (NASDAQ Capital Market: CCCL) (“China Ceramics” or the “Company”), a diversified company that manufactures ceramic tiles used in residential and commercial buildings, and engages in computer consulting and software development in China, today announced its name change to Antelope Enterprise Holdings Limited (“Antelope”). With the corporate name change, beginning on October 15, 2020, the Company’s shares will continue trading on the Nasdaq Stock Market under a new ticker symbol “AEHL”; the new CUSIP number associated with the name change is G041JN106. Continue reading “Article: China Ceramics Announces Corporate Name Change to Antelope Enterprise Holdings Limited”

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Article: Five Banks Settle LIBOR Manipulation Suit for $22 Million

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Five Banks Settle LIBOR Manipulation Suit for $22 Million

Meg Slachetka, 13 October 2020

Last week, Judge Naomi Buchwald of the Southern District of New York provided final approval of a nearly $22 million settlement between a class of indirect investors and five Wall Street banks that the plaintiff investors accused of manipulating the London Interbank Offered Rate (LIBOR) in violation of the Sherman Act. The plaintiffs are over-the-counter (OTC) investors who indirectly interacted with the defendant banks via interest rate swaps and other transactions.

These plaintiffs made purchases from other banks that are not defendants in the case; the five settling defendants are JPMorgan, Citibank, Bank of America, HSBC, and Barclays. The suit is one of many filed after Barclays admitted in 2012 that it had manipulated LIBOR. Continue reading “Article: Five Banks Settle LIBOR Manipulation Suit for $22 Million”

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Article: Why We Don’t Trust Celsius Holdings Inc. (Nasdaq: CELH) Portrayed Growth

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Why We Don’t Trust Celsius Holdings Inc. (Nasdaq: CELH) Portrayed Growth

Grizzly Research, 09 October 2020

Celsius Holdings Inc. is a fitness beverage company that has seen its stock skyrocket in 2020 on the back of sudden and unexpected revenue growth.

Investors have been led on by strong sales trends driving sky-high expectations for the future, though our analysis shows Europe, a substantial portion of the business, is not nearly as good as it looks, with far lower and potentially negative sequential growth across Q3-2019 to Q2-2020.

We find Celsius’ acquisition of their Nordic distributor Func Foods concerning, and urge investors to question why management would commit resources to a non-core business approaching insolvency with a poor track record of successfully growing brands, serving a geography with declining sales.

Our search for a rationale revealed what appears to us to be several troublesome factors indicating Func may have been used for sales manipulation and/or channel stuffing. We highlight rising payables, beneficial distribution terms, and strong hints at Multi-Level-Marketing Activities.
Continue reading “Article: Why We Don’t Trust Celsius Holdings Inc. (Nasdaq: CELH) Portrayed Growth”

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Article: ACM Research (ACMR): Dirty Business

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ACM Research (ACMR): Dirty Business

J Capital, 08 October 2020

We believe ACM Research (ACMR) is a fraud, over-reporting both revenue and profit. What real profit the company has is apparently being siphoned off to related parties.

ACMR faces a cash crunch even with a reported $86 mln in the bank. ACMR is borrowing at high rates of interest, and the company is pushing to IPO substantially all the company assets in Shanghai in order to raise cash. This will significantly dilute U.S. investors.

We visited ACMR sites in China, Korea, and California, accessed credit reports on ACMR subsidiaries, reviewed ACMR’s exchanges with Shanghai regulators, and conducted more than 40 interviews.
Continue reading “Article: ACM Research (ACMR): Dirty Business”

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Article: ACM Research accused of fraud by short-seller J Capital

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ACM Research accused of fraud by short-seller J Capital

ACMR, 08 October 2020

In a short report published on its website, J Capital Research’s Anne Stevenson-Yang said “We believe ACM Research (ACMR) is a fraud, over-reporting both revenue and profit. What real profit the company has is apparently being siphoned off to related parties… We have evidence that undisclosed related parties are diverting revenue and profit from the company Key means by which ACMR tunnels over-reported profit out of the company may be through about $20 mln in overstated inventory costs and through cash that is inflated or just compromised. We think least $11 mln in warranty and service costs are understated.
Continue reading “Article: ACM Research accused of fraud by short-seller J Capital”

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Article: UK parliament committee says Huawei colludes with the Chinese state

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UK parliament committee says Huawei colludes with the Chinese state

Reuters Staff, 08 October 2020

The British parliament’s defence committee said on Thursday that it had found clear evidence that telecoms giant Huawei had colluded with the Chinese state and said Britain may need to remove all Huawei equipment earlier than planned.

British Prime Minister Boris Johnson in July ordered Huawei equipment to be purged from the nascent 5G network by the end of 2027. U.S. President Donald Trump claimed credit for the British decision.

“The West must urgently unite to advance a counterweight to China’s tech dominance,” Tobias Ellwood, chairman of the defence committee, said. “We must not surrender our national security for the sake of short-term technological development.”

The committee did not go into detail about the exact nature of the ties but said it had seen clear evidence of Huawei collusion with “the Chinese Communist Party apparatus”.

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Article: Aurora Cannabis Inc. Investors: Company Investigated by the Portnoy Law Firm

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Aurora Cannabis Inc. Investors: Company Investigated by the Portnoy Law Firm

GLOBE NEWSWIRE, 08 October 2020

A ​The Portnoy Law Firm advises Aurora Cannabis Inc. (“Aurora” or the “Company”) (NYSE: ACB) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors. The investigation focuses on allegations that Aurora may have issued misleading information to the investing public.

A press release was issued by Aurora on September 8, 2020, “announcing] an update on its business operations along with certain unaudited preliminary fiscal fourth-quarter 2020 results.” Aurora announced that the Company expected to record up to $1.8 billion in goodwill impairment charges in the fourth quarter of 2020. Aurora also announced that “previously announced fixed asset impairment charges [were] now expected to be up to $90 million, due to production facility rationalization, and a charge of approximately $140 million in the carrying value of certain inventory, predominantly trim, in order to align inventory on hand with near term expectations for demand.”
Continue reading “Article: Aurora Cannabis Inc. Investors: Company Investigated by the Portnoy Law Firm”

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Article: CleanSpark Is A Failed Business Roll-Up In A Vicious Court Battle With Its Largest Shareholder – $3 Price Target

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CleanSpark Is A Failed Business Roll-Up In A Vicious Court Battle With Its Largest Shareholder – $3 Price Target

WHITE DIAMOND, 08 October 2020

CleanSpark is a money losing company whose stock has risen 300%+ since early July on issuing many press releases.
Its press releases often reflect today’s hot sectors, but have led to miniscule revenues.

Its largest shareholder, Discover Growth Fund, is fighting a vicious court battle to potentially receive millions of convertible bonds at a $1.50 exercise price.

CleanSpark stated in its complaint that Discover’s actions “threaten to destroy CleanSpark’s ability to survive as a company”.
Continue reading “Article: CleanSpark Is A Failed Business Roll-Up In A Vicious Court Battle With Its Largest Shareholder – $3 Price Target”

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Article: Investor Alert: Kaplan Fox Investigates FuelCell Energy, Inc. For Potential Securities Fraud

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Investor Alert: Kaplan Fox Investigates FuelCell Energy, Inc. For Potential Securities Fraud

Kaplan Fox & Kilsheimer LLP, 06 October 2020

NEW YORK, Oct. 6, 2020 /PRNewswire/ — Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors who purchased shares of FuelCell Energy, Inc. (“FuelCell Energy” or the “Company”) (NASDAQ: FCEL), a manufacturer of fuel cell power plants for electric power generation.

In 2017, FuelCell Energy reportedly won three significant contract awards from PSEG Long Island worth up to $800 million in future revenue potential over the life of the contracts. On October 2, 2020, FuelCell Energy closed a secondary public offering of stock by selling about 50 million shares of common stock at $2.10 per share.
Continue reading “Article: Investor Alert: Kaplan Fox Investigates FuelCell Energy, Inc. For Potential Securities Fraud”

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Article: FuelCell Energy Disputes Misleading Claims of Short Seller

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FuelCell Energy Disputes Misleading Claims of Short Seller

FuelCell Energy, Inc., 06 October 2020

DANBURY, Conn., Oct. 06, 2020 (GLOBE NEWSWIRE) — FuelCell Energy, Inc. (Nasdaq: FCEL) (“FuelCell Energy” or the “Company”) yesterday became aware of claims made by an apparent short seller about the Company that are misleading and contain factual inaccuracies. FuelCell Energy emphatically denies these claims related to its disclosures with respect to the LIPA 2 and LIPA 3 power project awards.

These awards are not, and never have been, part of FuelCell Energy’s backlog, and have no impact on the Company’s 2022 financial goals, including revenue growth and adjusted EBITDA. As FuelCell Energy has consistently reported, its LIPA Yaphank project, currently under construction and for which there is a signed power purchase agreement, is included in the backlog and 2022 revenue projections.
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Article: A sentence for money laundering from a fraudulent scheme with budgetary funds was announced in the Moscow region in Russia

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A sentence for money laundering from a fraudulent scheme with budgetary funds was announced in the Moscow region in Russia

Eurasian Group, 06 November 2020

The Moscow Regional Court announced a verdict in a criminal case against the head of a commercial firm who had been committed crimes under part 4 of article 159 of the Criminal Code of the Russian Federation (fraud) and subparagraph “a” and “b” paragraph 4 of article 174.1 of the Criminal Code of the Russian Federation (legalization (laundering) of money or other property acquired by a person as a result of himself committed crime).

During the preliminary investigation O. pled guilty to the commission of the incriminated offences and a pre-trial cooperation agreement was concluded with him. Therefore the criminal case was considered in a special trial. Continue reading “Article: A sentence for money laundering from a fraudulent scheme with budgetary funds was announced in the Moscow region in Russia”

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Article: Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Aurora Cannabis, Inc. (ACB) on Behalf of Investors

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Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Aurora Cannabis, Inc. (ACB) on Behalf of Investors

BUSINESS WIRE, 05 October 2020

Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Aurora Cannabis, Inc. (“Aurora” or the “Company”) (NYSE: ACB) investors concerning the Company’s possible violations of the federal securities laws.

On September 8, 2020, the Company announced that it expected to record up to $1.8 billion in goodwill impairment charges in fourth quarter 2020. According to Aurora’s press release, these charges included “up to $90 million” in fixed asset impairment charges “due to production facility rationalization, and a charge of approximately $140 million in the carrying value of certain inventory, predominantly trim, in order to align inventory on hand with near term expectations for demand.”
Continue reading “Article: Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Aurora Cannabis, Inc. (ACB) on Behalf of Investors”