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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”.
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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.
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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.”
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Article: NAMASTE: CITRON HAS EXPOSED COMPLETE FRAUD THAT UNDERPINS THE ‘BUSINESS’ OF NAMASTE.

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NAMASTE: CITRON HAS EXPOSED COMPLETE FRAUD THAT UNDERPINS THE ‘BUSINESS’ OF NAMASTE.

Citron Research, 04 October 2020

Let us start by explaining to readers that in our 17 years of publishing, Citron has exposed more corporate fraud than any non-government agency in the world. Rarely in its history has Citron seen a fraud so blatant: for context, we honestly view Sean Dollinger as a walking securities violation. If Namaste was a US traded company it would be halted and Dollinger would probably face criminal charges. Citron hopes that in the best interest of protecting investors, the TSXV halts trading until questions can be answered relating to direct fraud that is illustrated in this report. This will most certainly reach the hands of Namaste’s new auditors (which have joined at an odd time).
Continue reading “Article: NAMASTE: CITRON HAS EXPOSED COMPLETE FRAUD THAT UNDERPINS THE ‘BUSINESS’ OF NAMASTE.”

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Article: Gold price manipulation is real; JPMorgan’s spoofing case explained

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Gold price manipulation is real; JPMorgan’s spoofing case explained

David Lin, 02 October 2020

JPMorgan settled a $920 million fine with U.S. authorities on charges of precious metals price manipulation last week. This is significant because rumors and speculation about metals manipulation is confirmed in such a large profile case for the first time, said Will Rhind, CEO of GraniteShares.

“Throughout my career, there have always been these kind of mutterings of manipulation of the gold market. A lot of people that were talking about that were really written off as fringe or conspiracy theorists [with an] extreme view, and those people have been right,” Rhind told Kitco News.

Spoofing entails putting in fake orders in the markets to buy or sell and then withdrawing those orders before they are executed with the intention of moving the price.

“I think it’s the largest fine that’s ever been paid for spoofing and market manipulation in this particular order and really sets a massive precedent,” Rhind said.

Regulatory changes are likely to follow after this case, Rhind added.

“Hopefully it doesn’t happen again. $920 million is not a small amount, even for a bank of the size of JPMorgan. I’m sure you will see wholesale changes made on the compliance side and all sorts of other controls put in place to make sure that this doesn’t happen again,” he said.

Rhind noted that the extent to which spoofing has significantly suppressed the free market movement of precious metals prices is “almost impossible to determine.”

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Article: JPMorgan Chase Fined US$920 Million For Market Manipulation

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JPMorgan Chase Fined US$920 Million For Market Manipulation

MSHERELYN GOH, 02 October 2020

Just like in an episode of Billions, only Bobby Axelrod would actually have to pay up, JPMorgan Chase has to fork out US$920 million to settle US civil and criminal charges over fake trades in precious metals and Treasury futures designed to manipulate the market,. The settlement comes as the largest bank in the US reached a deferred prosecution agreement with the Justice Department to resolve criminal fraud charges over the long-running schemes.

In one of the schemes, JPMorgan traders in New York, London and Singapore between 2008 and 2016 commissioned tens of thousands of orders for gold, silver, platinum and palladium futures that were placed in order to be cancelled to deceive other market participants, wrote the Department of Justice (DOJ), one of three agencies involved in the case, in a press release. Continue reading “Article: JPMorgan Chase Fined US$920 Million For Market Manipulation”

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Article: Problems at Celsius Holdings (CELH)

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Problems at Celsius Holdings (CELH)

Edwin Dorsey, 01 October 2020

Celsius Holdings (NASDAQ: CELH — $1.63 billion) is a company like no other. The company allegedly makes healthy energy drinks and its stock is up nearly 900% in the last five years. Its investors include indicted bankers involved in 1MDB, hip-hop producer Russell Simmons, and a shark from Shark Tank. The company uses an auditor not used by any other NYSE or NASDAQ listed company and has told the SEC it does “not expect that our disclosure controls or internal controls will prevent all error and all fraud.”

Celsius is in the business of development, marketing, sale and distribution of healthy fitness drinks under the Celsius brand name. The company, based in Boca Raton, Florida, is valued at roughly 16x its trailing twelve month sales of approximately $100 million. Part of the reason for this rich valuation has been incredible revenue growth. For its most recent quarter, Q2 2020, Celsius’s revenue grew 86% compared to Q2 2019. A major contributor to this growth was European revenue, which in Q2 2020 was approximately $8.8 million, up 595% from Q2 2019 revenue of $1.3 million.
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Article: JPMorgan pays $920 million to settle spoofing claims

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JPMorgan pays $920 million to settle spoofing claims

Bloomberg News, 29 September 2021

The New York-based lender will pay the biggest monetary penalty ever imposed by the CFTC, including a $436.4 million fine, $311.7 million in restitution and more than $172 million in disgorgement, according to a statement from the Commodity Futures Trading Commission.

The CFTC said its order will recognize and offset restitution and disgorgement payments made to the Department of Justice and Securities and Exchange Commission.

The accord ends a criminal investigation of the bank that has led to a half-dozen employees being charged for allegedly rigging the price of gold and silver futures for more than eight years. Two have entered guilty pleas, and four others are awaiting trial. Continue reading “Article: JPMorgan pays $920 million to settle spoofing claims”

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Article: CFTC & SEC: JP Morgan manipulated Treasuries market during flash crash period

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CFTC & SEC: JP Morgan manipulated Treasuries market during flash crash period

dan.barnes, 29 September 2020

US market regulators the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have fined JP Morgan over US$920 million in penalties and disgorgements for manipulative trading, or spoofing, in the US Treasuries, US Treasuries futures, and commodity markets, between 2009 and 2016. The CFTC noted that the bank also did not respond to warnings from the regulators or the CME and at points misled the investigation.

The bank’s behaviour during this period raises questions that neither the bank nor the regulators are prepared to answer, regarding its effect on market stability.

During the period in question, on 15 October 2014, the US Treasury market experienced a ‘flash crash’, which saw the 10-year treasury rate fall 34 basis points over a 10-minute period from 2.2% to 1.86%, a 52-week low, before rebounding for the end of day. Treasury futures volume reached nearly 1.6 million trades, an all-time record, having only broken the 800,000 trades a day barrier three times before.

A similar flash crash in the US equities markets in 2010 was attributed by the CFTC to manipulative trading by a lone trader on the CME via its E-mini S&P 500 futures.
Pinto
When asked whether JP Morgan’s activity had been reviewed as a potential trigger of the 2014 flash crash, both the SEC and CFTC declined to comment. JP Morgan also declined to comment.

The press office of the CME, which is also the market for US Treasury futures, declined to comment on how JP Morgan had spoofed on its markets for eight years without being stopped.

The CFTC found that from at least 2008 through 2016, JP Morgan, “through numerous traders on its precious metals and Treasuries trading desks, including the heads of both desks, placed hundreds of thousands of orders to buy or sell certain gold, silver, platinum, palladium, Treasury note, and Treasury bond futures contracts with the intent to cancel those orders prior to execution.”

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Article: JP Morgan settles massive market manipulation case

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JP Morgan settles massive market manipulation case

James Langton, 29 September 2020

Wall street giant JPMorgan Chase & Co. is paying US$920 million to resolve allegations that it engaged in manipulative trading in the U.S. Treasuries market and precious metals futures markets.

The firm entered a deferred prosecution agreement with the U.S. Department of Justice to resolve wire fraud charges stemming from alleged illegal trading in precious metals futures, U.S. Treasury futures, and in the cash market for U.S. Treasury notes and bonds.

Under the agreement, JPMorgan will pay over US$920 million, including a criminal monetary penalty, disgorgement and victim compensation.

According to the justice department, between March 2008 and August 2016, numerous traders on JPMorgan’s precious metals desks in New York, London and Singapore placed spoofing orders for precious metals futures.

A couple of those traders have pleaded guilty to criminal charges and several others are still facing charges.

Traders on the firm’s U.S. Treasuries desks in New York and London also engaged in spoofing in U.S. Treasuries markets.

Portions of the criminal penalty and disgorgement are to be credited against payments to be made to the U.S. Commodity Futures Trading Commission and the U.S. Securities Exchange Commission under separate agreements with the regulators.

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Article: Spruce Point Capital Management Releases Report and Strong Sell Research Opinion on Sunnova Energy International Inc. (NYSE: NOVA)

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Spruce Point Capital Management Releases Report and Strong Sell Research Opinion on Sunnova Energy International Inc. (NYSE: NOVA)

Spruce Point Capital Management, 29 September 2020

According to the complaint, throughout the Class Period, Defendants misrepresented and concealed that (1) ACM Research’s revenues and profits were diverted to undisclosed related parties, and (2) consequently, the company materially overstated its revenues and profits.

Investors allegedly began to learn the truth on Oct. 8, 2020, when J Capital Research published a report entitled “Dirty business,” bringing ACM Research’s reported financials into serious question.
More specifically, J Capital concludes ACM Research is a fraud, over-reporting both revenue and profit. According to the report, “ACMR reports industry-beating gross margins of 47%” but “[w]e believe the real gross margins are half at the best.” J Capital also concludes revenues are overstated by 15-20%, undisclosed related parties are diverting revenue and profit from the company, the key means by which ACMR tunnels over-reported profit out of the company may be through about $20 million in overstated inventory and through cash that is inflated or compromised, and warranty and service costs are understated by at least $11 million.
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Article: The Hidden Past At Enron Of Sunnova’s CEO, And Insights Into The Company’s Aggressive Current Financial Reporting And Accounting

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The Hidden Past At Enron Of Sunnova’s CEO, And Insights Into The Company’s Aggressive Current Financial Reporting And Accounting

Ben Axler, 29 September 2020

Spruce Point Capital Management Releases Report and Strong Sell Research Opinion on Sunnova Energy International Inc. (NYSE: NOVA). Believes Evidence Clearly Shows that Sunnova’s Senior Management has Obfuscated Ties to Past Failures and Fraud in SEC Filings, Including CEO William Berger’s Tenure at Enron. Contends Sunnova is Being Promoted As A Hot Play On Solar Energy, but In Reality Is A Specialty Finance Business Without Meaningfully Differentiated Offerings

Shows that Sunnova is Overleveraged and Dependent on Aggressive Financial Presentation, Accounting and Non-GAAP Metrics Overly Flattering Its Performance. Underscores that a Former Sunnova Executive and Industry Experts Agree that the Company Has an Undifferentiated and Misunderstood Business Model.

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Article: JPMorgan to pay $920 million for manipulating precious metals, treasury market

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JPMorgan to pay $920 million for manipulating precious metals, treasury market

Abhishek Manikandan, Michelle Price, 29 September 2020

(Reuters) – JPMorgan Chase & Co has agreed to pay more than $920 million and admitted to wrongdoing to settle federal U.S. market manipulation probes into its trading of metals futures and Treasury securities, the U.S. authorities said on Tuesday.

The landmark multi-agency settlement lifts a regulatory shadow that has hung over the bank for several years and marks a signature victory for the government’s efforts to clamp down on illegal trading in the futures and precious metals market.

JPMorgan will pay $436.4 million in fines, $311.7 million in restitution and more than $172 million in disgorgement, the Commodity Futures Trading Commission (CFTC) said on Tuesday, the biggest-ever settlement imposed by the derivatives regulator.

Between 2008 and 2016, JPMorgan engaged in a pattern of manipulation in the precious metals futures and U.S. Treasury futures market, the CFTC said. Traders would place orders on one side of the market which they never intended to execute, to create a false impression of buy or sell interest that would raise or depress prices, according to the settlement.

This manipulative practice, which is designed to create the illusion of demand, or lack thereof, is known as “spoofing.”

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