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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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Release: LK DEADLINE NOTICE Pawar Law Group Reminds Investors of Deadline in Securities Class Action Lawsuit Against Luckin Coffee Inc. LK

Release

LK DEADLINE NOTICE: Pawar Law Group Reminds Investors of Deadline in Securities Class Action Lawsuit Against Luckin Coffee Inc. LK

9 March 2020

Pawar Law Group announces that a class action lawsuit on behalf of shareholders who purchased shares of Luckin Coffee Inc. (NASDAQ:LK) from November 19, 2019 through January 31, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Luckin Coffee Inc. investors under the federal securities laws.

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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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Release: INVESTOR ALERT Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Canaan Inc. (CAN) Investors

Release

INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Canaan Inc. (CAN) Investors

5 March 2020

Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Canaan Inc. (“Canaan” or the “Company”)  securities pursuant and/or traceable to the Company’s registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with its November 20, 2019 initial public offering (“IPO”). Canaan investors have until May 4, 2020 to file a lead plaintiff motion.

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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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Fined: ACS Execution Services, LLC Fined by FINRA

Fined

ACS Execution Services, LLC Fined by FINRA

An AWC was issued in which the firm was censured and fined $75,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it reported ROEs to OATS that contained inaccurate, incomplete or improperly formatted data with respect to order events timestamped in milliseconds.

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Suspended: Jody Ethan Thompson Suspended by FINRA

Suspended

Jody Ethan Thompson Suspended by FINRA

An AWC was issued in which Thompson was suspended from association with any FINRA member in all capacities for five months. In light of Thompson’s financial status, no monetary sanction has been imposed. Without admitting or denying the findings, Thompson consented to the sanction and to the entry of findings that he recommended several non-public offerings without having a reasonable basis to believe those transactions were suitable.

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Suspended: Matthew Duane Sibley Suspended by FINRA

Suspended

Matthew Duane Sibley Suspended by FINRA

An AWC was issued in which Sibley was assessed a deferred fine of $7,500 and suspended from association with any FINRA member in all capacities for six months. Without admitting or denying the findings, Sibley consented to the sanctions and to the entry of findings that he negligently misrepresented his member firm’s ability to deliver corporate bonds that were not owned by the firm and that it ultimately failed to deliver to the buyer.

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Suspended: Kenton Christopher Crabb suspended by FINRA

Suspended

Kenton Christopher Crabb suspended by FINRA

An AWC was issued in which Crabb was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for six months. Without admitting or denying the findings, Crabb consented to the sanctions and to the entry of findings that he willfully failed to amend or timely amend his Uniform Application for Securities Industry Registration or Transfer forms (Form U4) to disclose federal and state tax liens totaling nearly $1.7 million.

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