Justice Department Presses Ahead With ‘Spoofing’ Prosecutions Despite Mixed Record
Dave Michaels
The Wall Street Journal, 7 February 2020
Article: Inventiva completes a capital increase of €15 m subscribed by existing shareholders
Article - Media, PublicationsInventiva completes a capital increase of €15 m subscribed by existing shareholders
Yahoo Finance, 07 February 2020
Daix (France), February 7, 2020 – Inventiva (IVA.NX), a clinical-stage biopharmaceutical company developing oral small molecule therapies for the treatment of diseases in the areas of fibrosis, lysosomal storage disorders and oncology, today announced the successful completion of a capital increase of €15 million subscribed by some of its current key shareholders, BVF Partners L.P., NEA, Novo Holdings A/S and Sofinnova Partners. The capital increase was executed at the closing price of February 6, 2020 without discount.
Fined: FIMCO Securities Group, Inc. Fined by FINRA
FinedFIMCO Securities Group, Inc. Fined by FINRA
An AWC was issued in which the firm was censured and fined $5,000. A lower fine was imposed after considering, among other things, the firm’s revenues, financial resources and ability to pay. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to conduct supervisory testing and verification or prepare an annual report documenting the results.
Article: H.C. Wainwright & Co. Once Again Ranked #1 by PlacementTracker
Article - MediaH.C. Wainwright & Co. Once Again Ranked #1 by PlacementTracker
BusinessWire, 6 February 2020
H.C. Wainwright & Co. announced its #1 Ranking by transaction volume during 2019 maintaining the top position for 19 consecutive quarters in PlacementTracker’s Market League Tables. As noted by PlacementTracker, H.C. Wainwright effectuated more than 3 times the number of transactions than any other firm in 2019.
In addition to being the #1 Investment Bank for Confidentially Marketed Public Offerings, Registered Direct and Private Placement transactions, H.C. Wainwright executed over 200 transactions in 2019 totaling over $7.6 Billion in transaction value. According to PlacementTracker, the H.C. Wainwright Team has been the #1 ranked Underwriter/Placement Agent by deal volume cumulatively since 1998.
Comment: This company is alleged to be one of the top front-runners helping naked short sellers destroy promising companies.
Learn more: HCWainwright @ NSS
Article: JPMorgan Facing Suit Over Spoofing Metals
Article - MediaJPMorgan Likely to Face Lawsuit for Precious Metal Spoofing
Zacks Equity Research, February 6, 2020
Per a Bloomberg’s article, JPMorgan Chase JPM is likely to face a criminal lawsuit over rigging precious-metals futures. The authorities that had previously accused six of the bank’s employees of the same misconduct are now planning to charge the company.
The Department of Justice and the Commodity Futures Trading Commission have been investigating the company’s precious metals desk’s trading practices for the past two years.
Continue reading “Article: JPMorgan Facing Suit Over Spoofing Metals”
Fined: BNP Paribas Securities Corp. Fined by FINRA
FinedBNP Paribas Securities Corp. Fined by FINRA
An AWC was issued in which the firm was censured and fined $90,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it submitted inaccurate, incomplete, or improperly formatted information to the Order Audit Trail FINRA has taken disciplinary actions against the following firms and individuals for violations of FINRA rules; federal securities laws, rules and regulations; and the rules of the Municipal Securities Rulemaking Board (MSRB). Reported for April 2020 2 Disciplinary and Other FINRA Actions April 2020 System (OATS™).
Suspended: John Martin Harman Suspended by FINRA
SuspendedJohn Martin Harman Suspended by FINRA
An AWC was issued in which Harman was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for 30 business days. Without admitting or denying the findings, Harman consented to the sanctions and to the entry of findings that he directed customers to sign blank or incomplete distribution request forms for their IRAs which he thereafter completed and submitted for processing. The findings stated that the distributions were sent to the customers, as intended.
Fined: Virtu Americas LLC Fined by FINRA
FinedVirtu Americas LLC Fined by FINRA
A Letter of Acceptance, Waiver and Consent (AWC)
was issued in which the firm was censured and fined $250,000. Without
admitting or denying the findings, the firm consented to the sanctions and
to the entry of findings that it implemented policies and procedures that
failed to reasonably avoid displaying, or engaging in a pattern or practice of
displaying, locking or crossing quotations in over-the-counter (OTC) equity
securities.
Suspended: Peter Douglas Monson Suspended by FINRA
SuspendedPeter Douglas Monson Suspended by FINRA
An AWC was issued in which Monson was fined $7,500 and suspended from association with any FINRA member in all capacities for six months. This AWC does not include a restitution component because the beneficiary of the account at issue previously entered into a settlement with Monson and his member firm regarding the conduct described here.
Barred: Ana Lucia Chavarriaga Barred by FINRA
BarredAna Lucia Chavarriaga Barred by FINRA
An AWC was issued in which Chavarriaga was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Chavarriaga consented to the sanction and to the entry of findings that she backdated documents and drafted false written statements that her member firm provided to FINRA in response to its requests for information. The findings stated that as the firm’s designated supervisor, Chavarriaga was responsible for reviewing and initialing the firm’s TRACE Quality of Markets Report Cards. Chavarriaga signed and backdated report cards and supplied them to the firm, which in turn provided them to FINRA.
Article: China moves to limit short selling as virus looms over market reopening
Article - Media, PublicationsChina moves to limit short selling as virus looms over market reopening
Zhang Yan, Ryan Woo, 02 February 2020
China has taken steps to limit short-selling activities as the country’s financial markets prepare to reopen on Monday amid an outbreak of a new coronavirus, three sources with direct knowledge of the matter told Reuters.
The sources said China Securities Regulatory Commission (CSRC) had issued a verbal directive to brokerages including Citic Securities Co. and China International Capital Corp. to bar their clients from selling borrowed stocks on Feb. 3. It was not clear if the suspension — which was first reported on Sunday by Chinese media outlet 21st Century Business Herald — would be extended beyond Monday, one of the sources said. Continue reading “Article: China moves to limit short selling as virus looms over market reopening”
Article: What We Talk About When We Talk About the Russian Mob
Article - Media, PublicationsWhat We Talk About When We Talk About the Russian Mob
IN ROBERT MUELLER’S famed “Iron Triangles” speech, given to the Citizens Crime Commission of New York on 27 January 2011, the then-FBI Director explains how 21st century transnational organized crime works. (He also, improbably, cracks a joke about Justin Bieber’s haircut, the only sentence in the speech that feels dated).
The so-called “mob” is no longer run by a few families, Mueller says, but rather “flat, fluid networks with global reach,” comprised of groups in countries all around the world, which are “more anonymous and more sophisticated.”
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Fined: Paulson Investment Company LLC Fined by FINRA
FinedPaulson Investment Company LLC Fined by FINRA
An AWC was issued in which the firm was censured and fined $50,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it sold private placement offerings claiming exemption from registration under Rule 506 of Regulation D of the Securities Act of 1933, but without having established pre-existing, substantive relationships with the offerees prior to participating in those offerings. T
Article: Investors are asking the wrong questions about sustainability
Article - Media, PublicationsInvestors are asking the wrong questions about sustainability
Carol A Adams, 30 January 2020
When it comes to hitting the 2030 targets underpinning the UN’s 17 Sustainable Development Goals, considering risk alone will not cut it. Larry Fink’s recent emphasis on climate change risks and divesting in coal is significant, albeit a few decades late, but what about opportunities? And what about other sustainable development issues that threaten to bring businesses down? Continue reading “Article: Investors are asking the wrong questions about sustainability”
Fined: Wells Fargo Advisors, LLC nka Wells Fargo Clearing Services, LLC Fined by FINRA
FinedWells Fargo Advisors, LLC nka Wells Fargo Clearing Services, LLC Fined by FINRA
An AWC was issued in which the firm was censured and fined $175,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to reasonably supervise a former registered representative who excessively traded equity positions in accounts belonging to an elderly customer. The findings stated that the customer was 88 years old when the trading commenced and that as a result of the excessive trading, she paid at least $300,000 in commissions and other fees.
