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Fined: Spencer Edwards, Inc. Fined by FINRA

Fined

Spencer Edwards, Inc. Fined by FINRA

A NAC decision became final in which the firm was fined $3,400,000 and ordered to pay disgorgement in the amount of $90,940, plus prejudgment interest. The NAC affirmed the findings in relevant part and modified the sanctions imposed by the OHO. Given that the firm is no longer operating as a broker-dealer, the NAC assessed, but did not impose, a suspension on the firm requiring it to engage an independent consultant who will monitor its supervisory and anti-money laundering procedures related to its microcap securities liquidation business.

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Article: Metals Trader Says Deutsche Bank Used Him as Spoofing Scapegoat

Article - Media

Metals Trader Says Deutsche Bank Used Him as Spoofing Scapegoat

Janan Hanna

Bloomberg, 13 January 2020

A former Deutsche Bank AG precious-metals trader accused by the U.S. of manipulating commodity markets claims the bank used him as a scapegoat to curry favor with regulators investigating the company.

James Vorley, who is awaiting trial in Chicago, said in a court filing Friday that the bank was acting at the request of federal investigators when it conducted an internal investigation of possible unlawful trading, or spoofing, on its precious-metals desk and obtained a recorded statement from him.

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Article: HAMILTON REGION Scammers steal about $150 worth of Canadian Tire Triangle points from Dunnville couple

Article - Media, Publications

Scammers steal about $150 worth of Canadian Tire Triangle points from Dunnville couple

The Sachem, 13 January 2020

Dianne and Reinder Vanderkooi are warning everyone to keep an eye on their loyalty point balances after scammers stole about $150 worth of Canadian Tire Triangle points from them. On Nov. 23, the Dunnville couple made a purchase and had $300 worth of loyalty points showing as their account’s balance on their receipt. Four days later when they made another purchase, that amount had dropped down to $149. Reinder said they’d been “saving toward a new set of tires. That’s a big deal, especially when you’re on a fixed income; we’re pensioners.
Continue reading “Article: HAMILTON REGION Scammers steal about $150 worth of Canadian Tire Triangle points from Dunnville couple”

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Article: Shopify’s (SHOP) Stock Price Soars As Short Seller Throws in the Towel

Article - Media, Publications

Shopify’s (SHOP) Stock Price Soars As Short Seller Throws in the Towel

Mat Litalien, 11 January 2020

Since going public, Shopify (TSX:SHOP)(NYSE:SHOP) has been one of Canada’s most prolific stocks. Shareholders who were lucky enough to get in on the company at its IPO price would be sitting on gains in excess of 1,450%! One of the downsides of being an industry disruptor and one of the top performers as that there will always be skeptics.

In the markets, these skeptics take many forms, but one of the most polarizing is the short seller, which is a bearish investors who makes significant bets against the company. In extreme cases, a short seller will spend considerable time and effort trying to market their bearish outlook to the masses. In Shopify’s case, it was attacked repeatedly by notable short seller Andrew Left, Managing Partner at Citron Research. Citron is known for making big marketing splashes.
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Barred: Robert Russel Tweed Barred by FINRA

Barred

Robert Russel Tweed Barred by FINRA

Tweed appealed a NAC decision to the SEC. Tweed was barred from association with any FINRA member in all capacities. The NAC affirmed the findings and modified the sanctions imposed by the OHO. The sanction was based on findings that Tweed violated Sections 17(a)(2) and (3) of the Securities Act of 1933 by misrepresenting and failing to disclose material facts in connection with the sale of interests in a private investment fund that he controlled and engaged in a course of conduct that operated as a fraud or deceit on the fund’s investors.

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Article: Ekso’s Q4 pre-announcement ‘bodes well’ for 2020 growth, says H.C. Wainwright

Article - Media

Ekso’s Q4 pre-announcement ‘bodes well’ for 2020 growth, says H.C. Wainwright

TheFly, 10 January 2020

H.C. Wainwright analyst Swayampakula Ramakanth reiterated a Buy rating and $1.20 price target on Ekso Bionics, saying the pre-announced “record” fourth quarter “bodes well” for continued growth in 2020.

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Comment: This appears to be a stellar example of a life-saving vital technology company being destroyed by collusion between a placement agent and naked short sellers.

 

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Article: Jay Hooley Joins Aptiv Board of Directors

Article - Media, Publications

Jay Hooley Joins Aptiv Board of Directors

PRNewswire, 09 January 2020

Aptiv PLC (NYSE: APTV), a global technology company enabling the future of mobility, today announced Joseph L. (Jay) Hooley has been named to its board of directors, effective as of January 8, 2020. “I am delighted to welcome Jay to Aptiv’s Board of Directors,” said Kevin Clark, President and Chief Executive Officer, Aptiv. “Jay brings his deep business acumen and a legacy of transforming State Street as we continue to lead the industry in developing and integrating technology solutions that solve mobility’s toughest challenges.” Continue reading “Article: Jay Hooley Joins Aptiv Board of Directors”

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Barred: Gabriel William Hynes Barred by FINRA

Barred

Gabriel William Hynes Barred by FINRA

An AWC was issued in which Hynes was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Hynes consented to the sanction and to the entry of findings that he refused to appear for onthe-record testimony requested by FINRA in connection with its investigation of his sale of a company’s structured cash flow investments comprised of pension streams.

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Fined: Virtu Americas LLC fka KCG Americas LLC Fined by FINRA

Fined

Virtu Americas LLC fka KCG Americas LLC Fined by FINRA

An AWC was issued in which the firm was censured, fined $125,000, and required to revise its written methodology with respect to the areas described in the AWC. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it did not maintain a reasonable written methodology governing the execution and priority of all pending orders that it received for handling and execution.

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Barred: Shlomo Strugano Barred by FINRA

Barred

Shlomo Strugano Barred by FINRA

An AWC was issued in which Strugano was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Strugano consented to the sanction and to the entry of findings that he failed to appear and provide testimony requested by FINRA in connection with an investigation into whether he had forged or falsified customer signatures and initials on account and transaction documents.

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Barred: John A. Chrysadakis Barred by FINRA

Barred

John A. Chrysadakis Barred by FINRA

An AWC was issued in which Chrysadakis was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Chrysadakis consented to the sanction and to the entry of findings that he refused to produce information and documents requested by FINRA after his member firm submitted a Uniform Termination Notice for Securities Industry Registration (Form U5) wherein it disclosed that he was permitted to resign while under internal review.

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Article: Silver Law Group Investigates Marijuana Company HEXO Corp. (HEXO)

Article - Media, Publications

Silver Law Group Investigates Marijuana Company HEXO Corp. (HEXO)

Silver Law Group, 06 January 2020

On October 4, 2019, HEXO Corp. announced the sudden resignation of its Chief Financial Officer (FCO), Michael Monahan, after four months in the position. The next trading day, the company’s stock closed down 6.4%. A few days after that, Bank of America analyst Christopher Carey downgraded the stock from “buy” to “underperform” and said that such an abrupt resignation from an experienced CFO would cause investors to wonder what they didn’t know. On October 10, 2019, HEXO released preliminary revenue data for the fourth quarter of 2019 that were almost 50% lower than their previous guidance. They also withdrew guidance for fiscal 2020 of up to $400 million in revenue.
Continue reading “Article: Silver Law Group Investigates Marijuana Company HEXO Corp. (HEXO)”

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Fined: Wintrust Investments LLC fka Wayne Hummer Investments L.L.C. Fined by FINRA

Fined

Wintrust Investments LLC fka Wayne Hummer Investments L.L.C. Fined by FINRA

An AWC was issued in which the firm was censured, fined $35,000 and required to revise its WSPs. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that in transactions involving municipal securities, it failed to exercise reasonable diligence in ascertaining the best market, and sell in such a market, so that the resultant price to the customer was as favorable as possible under prevailing market conditions.

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Fined: Merrill Lynch, Pierce, Fenner & Smith Incorporated Fined by FINRA

Fined

Merrill Lynch, Pierce, Fenner & Smith Incorporated Fined by FINRA

An AWC was issued in which the firm was censured and fined $150,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it executed municipal securities transactions with customers in an amount below an issue’s minimum denomination without an exception.

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Fined: Dash Financial Technologies LLC Fined by FINRA

Fined

Dash Financial Technologies LLC Fined by FINRA

A Letter of Acceptance, Waiver and Consent (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 transmitted inaccurate Reportable Order Events (ROEs) to the Order Audit Trail System (OATS™), primarily due to the failure to append the correct special handling code to directed orders.

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