Media: Wayne Jett

Media
WJ 3 3 11 LR Crop

Wayne Jett is managing principal and chief economist of Classical Capital LLC, a Pasadena CA registered investment advisor engaged in economic analysis and asset management services. He is a member of the CFA Institute and the CFA Society of Los Angeles, and speaks to CFA chapters nationally on the subject of monetary policy reform.  In private law practice 1970-1999, he argued cases in the Supreme Court of the United States, the U. S. Court of Appeals, and the federal and state trial and appellate courts. He has led seminars in supply-side economics for CFALA and for Security Analysts of San Francisco, and speaks and writes on constitutional and economic topics. He is also the author of The Fruits of Graft: Great Depressions Then and Now.  In 2006, Jett was one of the organizers of the Naked Short, and Greedy event for CFA-LA. 

Biography

Book: Naked Short, and Greedy – Wall Street’s Failure to Deliver by Susanne Trimbath

Article: A whistleblower just took home $50 million — the biggest award the SEC has ever paid

Article - Media

A whistleblower just took home $50 million — the biggest award the SEC has ever paid

Jordan Valinsky

CNN, 5 June 2020

The US Securities and Exchange Commission has paid out its largest-ever whistleblower award — nearly $50 million.

The whistleblower tipped off the agency to a currency manipulation scheme at a massive bank, resulting in a “successful enforcement action,” the SEC said Thursday.
The Wall Street Journal, which conducted an investigation about the scheme, reported the whistleblower is a trader from Bank of New York Mellon (BKPRC) who alerted the SEC about the bank’s reported pattern of “overcharging big clients on currency trades.”

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Article: Prosecutors search Wirecard premises in market manipulation probe

Article - Media, Publications

Prosecutors search Wirecard premises in market manipulation probe

Thomas Escritt, 05 June 2020

BERLIN, June 5 (Reuters) – Prosecutors in Munich said they had searched the premises of financial services company Wirecard and opened proceedings against its management board as part of a market manipulation probe by BaFin, Germany’s financial regulator.

In a statement on Friday, prosecutors said the company was suspected of having issued misleading information which may have impacted Wirecard’s share price between March 12 and April 22.

Wirecard confirmed in a statement that its premises had been searched as part of an investiugation targeting its management board. It said it was cooperating fully with the investigation.

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Victim: Kraig Higginson

Victim - Company

Kraig Higginson is the Executive Chairman of the Board at Sundance Strategies, Inc. Higginson served as Chief Executive Officer of VIA Motors, Inc., until January 2014. From October 2003 until November 2010, he served as Chairman of the Board of Directors of Raser Technologies. Higginson also founded American Telemedia Network, Inc., a publicly-traded NASDAQ company. In 2019, Raser Technologies filed a lawsuit against Morgan Stanley and claimed the defendants “devised and perpetrated a naked short selling stock manipulation scheme that targeted and intentionally destroyed a Utah company, Raser Technologies.” This action resulted in Raser filing for bankruptcy. Plaintiffs also subsequently sued Merrill, Goldman, and several related entities, for violations of the Utah Pattern of Unlawful Activity Act.

Biography

Sundance Strategies

 

Official: Don Clark

Official

Don Clark is a former FBI Special agent who did a parallel investigation into the stock fraud allegations of “EagleTech” and called it “the stepping stone case in stock fraud investigations.” He was convinced the case produced enough evidence needed to prove there is a real-time organized crime syndicate working and operating currently within Wall Street.

Filing: SEC v Tonino Labella, et al.

The Wall Street Conspiracy Documentary

Media: Judd Bagley

Media

Judd Bagley is the Vice President of Marketing at Everise. Prior to his position at Everise, Judd worked as Senior Director of Communications at Netki, Evernym, InsideSales.com and also served as the former Director of Communications at Overstock.com. Prior to that, as Director of Public Relations for Summit Group Communications, one of the largest PR firms in the state of Utah. Bagley studied biology at the University of Utah.

Biography

 

 

 

Subject: John Serubo

Subject of Interest

John Serubo was a stock promoter & investor who introduced “EagleTech” to his wall street firm and partners, Salomon Smith Barney. According to the SEC complaint, Serubo was one of the primary perpetrators in the EagleTech criminal case. Serubo, Tonino Labella, and others manipulated EagleTech’s stock and solicited investors to buy shares before EagleTech went public. According to the book, Naked, Short, and Greedy: Wall Street’s Failure to Deliver, “they pretended to sell shares to investors for a total of $1.4 million – before they had the actual shares to sell.” He explained how to take down a company through infiltrated management in The Wall Street Conspiracy Documentary. 

Filing: SEC v Tonino Labella, et al.

Media: Jim Cramer

Media

James J. Cramer is an American television personality, and host of Mad Money on CNBC. He is a former hedge fund manager,  author, and a co-founder of TheStreet.com. In 1984, Cramer became a stockbroker at Goldman Sachs, where he worked on sales and trading. In 1987, Cramer left Goldman Sachs and started a hedge fund, Cramer & Co. (later Cramer, Berkowitz & Co.). From 2002 to 2005, Cramer co-hosted Kudlow & Cramer (first called America Now) with Larry Kudlow. Cramer received a Juris Doctor degree from Harvard Law School. 

Biography

Web: Jim Cramer Called Onto The Carpet By Jon Stewart

Video: Cramer on Market Manipulation

Article: Jim Cramer fires entire staff after soundboard calls him a stock pumper

Web: As The Country Burns, Citadel’s Founder Spends $100 Million On A Painting

Web

As The Country Burns, Citadel’s Founder Spends $100 Million On A Painting

ZeroHedge, 4 June 2020

While the country burns and millions of Americans scramble to figure out how they’re going to survive once supplemental unemployment benefits expire, Citadel founder Ken Griffin has just dropped a $100 million nut – nearly half the amount he dropped on a Central Park penthouse, and roughly equivalent to the cost of his wintertime Palm Beach Mansion – on a contemporary painting by American artist Jean Michel Basquiat, who died of a drug overdose in 1988.

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Victim: David Patch

Victim - Individual

David Patch is an engineer and Wall Street investor. He became an activist after becoming a victim of naked short selling. He is one of the stars in The Wall Street Conspiracy (2012) documentary. Patch filed Freedom of information requests on various companies to research “fails to deliver” only to discover these crimes were happening every day on Wall Street and nothing was being done about it. He began an online petition against naked short selling and started a website called InvestigateTheSEC.com directed at congress and to raise awareness of the $1 Billion investor fraud orchestrated by SEC. He was also known as one of the “dirty dozen” that took to the streets to raise awareness of these financial crimes.

Biography

InvestigateTheSEC.com

 

Victim: Darren Saunders

Victim - Individual

Darren Saunders  was an investor, activist, and one of the stars in The Wall Street Conspiracy (2012) documentary. He was a victim of Naked Short Selling and spent the remainder of his life exposing and protested daily to raise awareness about the financial crime of naked short selling He eventually hooked up with David Patch, another victim and activist and was known as one of the “dirty dozen.” Saunders passed away from cancer in 2010.

 

Media: Helen Avery

Media

Helen Avery is a journalist for Euromoney Magazine heading up global coverage of social and environmental finance. She is the managing editor of their sustainable finance podcast series. Avery also runs Euromoney’s coverage of global wealth management and philanthropy (since 2004). Throughout the years, Avery has written several articles and exposed how naked shorts and “fails to deliver” in the US equity market have been exacerbated and the sharp declines in share prices of financials. 

Biography

EuroMoney

 

Lawyer: John O’Quinn

Lawyer

John Maurice O’Quinn (September 4, 1941 – October 29, 2009) was a Texas trial lawyer and founding partner of The O’Quinn Law Firm (formerly known as O’Quinn & Laminack). His firm made its business handling plaintiff’s litigation, including representing clients suing breast implant manufacturers, medical facilities, and tobacco companies. In 2009, O’Quinn, along with his passenger, died in a single car crash in Houston, Texas. There were three class-action law firms, headed by John O’Quinn, pushing back against naked short selling. O’Quinn ‘s firm was one also representing Overstock.com in the Internet retailer’s suit against short seller Rocker Partners LP and research firm Gradient Analytics.

Biography

 

Article: What To Know About Short-Seller Risks During Pandemic

Article - Academic

What To Know About Short-Seller Risks During Pandemic

Avi Weitzman, Barry Goldsmith and Jonathan Seibald

Law360, 3 June 2020

As the world struggles to cope with the COVID-19 pandemic, and volatile markets are rattled by the latest virus and economic news, publicly traded companies are increasingly susceptible to fraudulent short-seller attacks. While legitimate short selling plays an important and well-recognized role in the public markets, there are a few who have abused and misused short selling to manipulate the price of public company stock.

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