Foreign Collusion, Naked Shorting (Counterfeiting) & Money Laundering — All Illicit Wealth
Three J.P. Morgan precious metals traders charged as criminal probe continues
Dawn Giel
CNBC, 16 September 2019
Federal prosecutors on Monday accused three J.P. Morgan precious metals traders, including the global head of base and precious metals trading, of participating in a racketeering conspiracy in connection with a multiyear scheme to manipulate the markets and defraud customers.
The alleged scheme saw the nation’s largest bank by assets profit handsomely, while investors suffered losses.
Testimony Concerning The Involvement of Organized Crime on Wall Street
Richard H. Walker, 13 September 2019
The government has charged affiliates of organized crime families with securities law violations in several recent cases. While any unlawful activity by organized crime on Wall Street is cause for concern, the Commission believes such activity to be limited and not a threat to the overall integrity of our nation’s securities markets. The Commission’s experience shows that the activities of organized crime have been confined to the “microcap” securities market1 and taint only a small fraction of that sector. Moreover, through joint prosecutions with various United States Attorney’s Offices and state and local prosecutors, as well as the adoption of regulatory initiatives designed to safeguard the microcap market, the Commission has made significant strides in curtailing organized crime activity on Wall Street. Continue reading “Article: Testimony Concerning The Involvement of Organized Crime on Wall Street”
Ace Diversified Capital, Inc. Fined by FINRA
An AWC was issued in which the firm was censured, fined $20,000, ordered to pay $9,442, plus interest, in restitution to customers and required to revise its supervisory systems, including its written procedures, to address the deficiencies described in the AWC as they related to the sale of non-traditional exchange-traded funds and notes; quantitative suitability related to potentially excessive trading; and options trading. A lower fine was imposed after considering, among other things, the firm’s revenue and financial resources. 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 representative’s sale of non-traditional exchange-traded funds (ETFs) and exchangetraded notes (ETNs) to his customers.
Ken Griffin’s many many mansions: Billionaire’s latest is a $99M Palm Beach estate
Katherine Kallergis
TheRealDeal, 9 September 2019
Just when it looked like billionaire hedge funder Ken Griffin was taking a breather from assembling pricey property in Palm Beach — and the world — he has paid $99.1 million for an oceanfront estate.
The seller was billionaire real estate investor Frank McCourt, who unloaded the 18,452-square-foot mansion at 60 Blossom Way. Griffin acquired the estate through Providencia Partners LLC, property records show. McCourt, the former Los Angeles Dodgers owner, turned a 30 percent profit on the property, which he bought two years ago.
Comments: This marks the second most expensive residential sale in history for the exclusive island. Griffin has now spent at least $350 million on land in Palm Beach alone.
Kalos Capital, Inc. Fined by FINRA
A Letter of Acceptance, Waiver and Consent (AWC) was issued in which the firm was censured, fined $30,000 and ordered to pay $86,614, plus interest, in restitution to customers. Kubiak was fined $5,000 and suspended from association with any FINRA® member in all capacities for three months. Without admitting or denying the findings, the firm and Kubiak consented to the sanctions and to the entry of findings that Kubiak recommended the purchase of leveraged and inverse exchange traded funds (LIETFs) to customers without having a sufficient understanding of the risks and features associated with the LIETFs.
Court Dismisses Some FX Rigging Claims Against Credit Suisse
Aziz Abdel-Qader, 04 September 2019
A New York judge overseeing litigation accusing 16 banks of rigging prices in the foreign exchange market on Wednesday narrowed, but refused to dismiss antitrust lawsuits against Credit Suisse Group AG.
A group of investors has sued the global banks back in May for allegedly rigging prices for their own benefit by sharing confidential orders and trading positions. Continue reading “Article: Court Dismisses Some FX Rigging Claims Against Credit Suisse”
SUMMARY REVIEW
Seven Stars Life Transformational — Sickening Detailed Account of Trillion Dollar Crimes by Bankers Ignored While Black and Latino Workers are Beaten Daily for Profit at the Bottom of the Injustice Pyramid
Review by Robert David Steele
Continue reading “Book: The Divide – American Injustice in the Ago of the Wealth Gap by Matt Taibbi”
Another ex-JP Morgan precious metals trader pleads guilty to ‘spoofing,’ is cooperating with Feds
Dawn Giel
CNBC, 26 August 2019
Innovation Partners LLC Fined by FINRA
An Offer of Settlement was issued in which the firm was censured, fined $60,000 and required to certify that it has reviewed and revised, as necessary, its systems, policies, and procedures regarding preventing unregistered persons from acting in a capacity that requires registration and statutorily disqualified individuals from associating with the firm and that the firm’s systems, policies and procedures are reasonably designed to achieve compliance with the applicable FINRA rules.
Overstock’s Patrick Byrne: the rise and fall of a blockchain pioneer
Scott Thompson, 25 August 2019
Patrick Byrne this week resigned as CEO of US online retailer Overstock. The move closely followed the announcement of disappointing Q2 2019 financial results.
In a letter, he said it was impossible to continue due to distraction and fallout related to his involvement in a Federal Bureau of Investigation Russian espionage probe. Continue reading “Article: Overstock’s Patrick Byrne: the rise and fall of a blockchain pioneer”
Windsor Street Capital, LP fka Meyers Associates, L.P. Fined by FINRA
23 August 2019
A Securities and Exchange Commission (SEC) decision became final in which the firm was fined $500,000. The SEC affirmed the findings and modified the sanctions following an appeal of a National Adjudicatory Council (NAC) decision. The SEC set aside the requirement ordered by the NAC that the firm hire an independent consultant because it has ceased its broker-dealer business.
Remarkable Admission from Overstock.com CEO
Kathleen Mary Willis, 23 August 2019
Overstock.com, Inc. (NASDAQ:OSTK) CEO Patrick M. Byrne has released the following statement:
“Sara Carter has published two articles relating the following claims of mine:
Starting in 2015 I (operating under the belief that I was helping legitimate law-enforcement efforts) assisted in what are now known as the ‘Clinton Investigation’ and the ‘Russian Investigation’ (in fact, I am the notorious ‘missing Chapter 1’ of the Russian investigation). It was the third time in my life I helped the Men in Black: the first was when my friend Brian Williams was murdered, and the second was when I helped the M.I.B. shake up Wall Street a decade ago. Unfortunately, this third time turned out to be less about law enforcement and more about political espionage conducted against Hillary Clinton and Donald Trump (and to a lesser degree, Marco Rubio and Ted Cruz). Continue reading “Article: Remarkable Admission from Overstock.com CEO”
JD Alois, 22 August 2019
Former Overstock (NASDAQ:OSTK) CEO Patrick Byrne was visiting with the studios of Fox News today following his abrupt resignation earlier today from the company he founded.
Byrne is widely recognized as a pioneer in the blockchain sector having launched several companies, including tZero, targeting the issuance of digital assets/security tokens.
Byrne, interviewed on The Story with Martha MacCallum, went on the air making serious allegations against former Obama Administration officials. The entire proceedings were shocking.
Byrne explained that he has been troubled by the chain of events and he recently spoke to long-time family friend Warren Buffett for advice – who told him to come forward. Continue reading “Article: Patrick Byrne Goes on Fox News Making Serious Allegations Against Former Obama Administration Officials”
Another ex-JP Morgan precious metals trader pleads guilty to ‘spoofing,’ is cooperating with Feds
Dawn Giel
CNBC, 20 August 2019
Another former J.P. Morgan precious metals trader pleaded guilty Tuesday to criminal charges of manipulating the precious metals markets for nine years, marking the latest conviction in the Justice Department’s crackdown in the commodities markets.
Christian Trunz, 34, of London is cooperating with an ongoing federal criminal investigation, the Justice Department said. He pleaded guilty to one count of conspiracy and one count of spoofing in the U.S. District Court in Brooklyn.
A Short-Seller Goes Too Far to Beat the ‘Bullies’
Joe Nocera
Bloomberg, 19 August 2019
The first line in Marc Cohodes’s Twitter ID reads: “No Greater Motivator Than Disrespect.”
It’s a sentiment you often hear from athletes, but rarely from an investment professional like Cohodes. And with good reason. Although being “disrespected” can be a powerful spur, it also creates blind spots that can lead one astray. You won’t find a better example of this than Cohodes’s efforts over the last year to destroy — yes, destroy — MiMedx Group Inc., a biomedical company that makes products that heal wounds and treat serious inflammation.
THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?
