Foreign Collusion, Naked Shorting (Counterfeiting) & Money Laundering — All Illicit Wealth
Interactive Brokers Fined $5.5 Million for Naked Short Selling Violations
Alexander Osipovich
The Wall Street Journal, 20 August 2018
A unit of Interactive Brokers Group Inc., one of the largest U.S. retail brokerages, has been fined $5.5 million over allegations that it broke federal rules on the “naked” short selling of stocks thousands of times over a three-year period.
TILRAY: NEXT IN LINE IN A BUDDING CANNABIS INDUSTRY
Citron Research, 15 August 2018
On Jan 3, 2018, Citron predicted that Aurora Cannabis would fall from the then $14 to $6.50. It currently trades at $6.19.
Today we state that you would have to be ‘high’ to short any of the marijuana names based on the recent investment by Constellation in to Canopy Growth, the largest investment in the space ($4bn).The premium paid to market shows confidence by Constellation that could rattle any short seller.
The opportunity now lies in finding the next company to get a white knight at a premium to market and to Citron that answer is easy- Tilray.
Citron believes that Tilray is best in class and if it were to get the same multiple we are assigning to Canopy, the stock would be trading at $45 a share.
Continue reading “Article: TILRAY: NEXT IN LINE IN A BUDDING CANNABIS INDUSTRY”
Tatar activist detained in Kazan, questioned in financial fraud probe
RFE/RL’s Tatar-Bashkir Service, 15 August 2018
A Tatar activist says he has been detained for questioning by Russian police as part of an investigation into suspected financial fraud.
Nail Nabiullin told RFE/RL by telephone that he was detained on August 15 in Kazan, the capital of Russia’s Tatarstan region, and brought to a police station.
There, Nabiullin said he was told that a person resembling him had taken out a loan of 30,800 rubles ($460) in 2017 from a local bank and failed to pay it back.
Police officers showed Nabiullin a photo of the suspect, who the activist said did not look like him at all. Continue reading “Article: Tatar activist detained in Kazan, questioned in financial fraud probe”
Fraudsters using Shopify to scam people, and critics say the company isn’t doing enough to stop them
Gerrit De Vynck and Alistair Barr, 09 August 2018
Shopify’s fight against fake users echoes similar battles being waged at Facebook, Twitter and YouTube. And like those companies, Shopify is contending with the same conundrum: Is a so-called platform company responsible for the behaviour of those who use it? Shopify must police users without limiting its ability to make fistfuls of cash from them.
“We can ensure that there are fewer bad actors on our platform every single day,” says Shopify Chief Operating Officer Harley Finkelstein. “Do some sneak in from time to time? It could happen, just like it could happen on any platform.”
Continue reading “Article: Fraudsters using Shopify to scam people, and critics say the company isn’t doing enough to stop them”
Credit Suisse charged with rigging foreign exchange rates
Reuters Staff, 01 August 2018
Credit Suisse has been charged by European Union antitrust regulators with rigging foreign exchange rates, the Swiss bank said on Tuesday, a sign that the five-year long EU investigation may reach a conclusion in the coming months.
Credit Suisse said in its quarterly report it received notification from the European Commission on July 26 alleging that it “engaged in anticompetitive practices in connection with its foreign exchange trading business”. EU enforcers typically lay out charges of illegal activities conducted by companies before imposing fines which can reach 10 percent of their global turnover. Continue reading “Article: Credit Suisse charged with rigging foreign exchange rates”
EU Regulators Charge Credit Suisse with Rigging FX Markets
Celeste Skinner, 01 August 2018
Credit Suisse Group AG announced on Tuesday that it has been charged by European Union antitrust regulators with manipulating forex rates. The charges signal the five-year-long investigation might be coming to a close in the near future.
In a regulatory filing, the allegations state that Credit Suisse “engaged in anti-competitive practices in connection with its foreign exchange trading business.” Now, the Wall Street bank will need to wait and see if the EU regulators will impose a fine, which could be up to 10% of its global turnover. Continue reading “Article: EU Regulators Charge Credit Suisse with Rigging FX Markets”
Why Rewalk Robotics (RWLK) Stock Is Skyrocketing Today
Karl Utermohlen, 20 July 2018
Rewalk Robotics (NASDAQ:RWLK) had a good day as the company’s stock was skyrocketing following a revision to the company’s national policies from the U.S. Department of Veterans Affairs (VA)
The Israel-based company said that the aforementioned agency issued a revision to the company’s national policy regarding its exoskeleton medical device training and procurement for qualifying Veterans with spinal cord injury (SCI). The new policy includes additional guidance throughout the evaluation process of this treatment.
Plus, the announcement also means that more veterans will have access to Rewalk Robotics training program locations across the VA network, as well as expanded access to private rehabilitation centers through the company’s Veterans Choice Program
17 CFR § 242.204 – Close-out requirement.
Legal Information Institute, 19 July 2018
A participant of a registered clearing agency must deliver securities to a registered clearing agency for clearance and settlement on a long or short sale in any equity security by settlement date, or if a participant of a registered clearing agency has a fail to deliver position at a registered clearing agency in any equity security for a long or short sale transaction in that equity security, the participant shall, by no later than the beginning of regular trading hours on the settlement day following the settlement date, immediately close out its fail to deliver position by borrowing or purchasing securities of like kind and quantity; Provided, however: Continue reading “Article: 17 CFR § 242.204 – Close-out requirement.”
Ex-Deutsche Bank Traders Charged in Expanding Spoofing Probe
Chris Dolmetsch, 25 June 2018
Two former Deutsche Bank AG employees were charged with fraudulent and manipulative trading involving precious metals futures contracts through a practice known as spoofing as a federal probe on illegal market practices continues to widen.
James Vorley, 38, of the U.K., and Cedric Chanu, 39, of France and the United Arab Emirates, were indicted Tuesday for conspiracy and wire fraud by a grand jury in Chicago.
The two men are accused of engaging in a multiyear scheme to defraud other traders on the Commodity Exchange Inc., a venue run by the Chicago Mercantile Exchange Group. Prosecutors said they worked with another Deutsche Bank trader, David Liew, to place fraudulent orders that they didn’t intend to execute to create a false sense of supply and demand and induce other traders to enter into transactions they wouldn’t have otherwise made.
Should You Buy Crius Energy Trust (TSE:KWH.UN) At This PE Ratio?
Kristin Rankin, 21 June 2018
Crius Energy Trust (TSE:KWH.UN) is currently trading at a trailing P/E of 5.7x, which is lower than the industry average of 101.3x. While this makes KWH.UN appear like a great stock to buy, you might change your mind after I explain the assumptions behind the P/E ratio. Today, I will deconstruct the P/E ratio and highlight what you need to be careful of when using the P/E ratio. The P/E ratio is one of many ratios used in relative valuation. By comparing a stock’s price per share to its earnings per share, we are able to see how much investors are paying for each dollar of the company’s earnings.
Continue reading “Article: Should You Buy Crius Energy Trust (TSE:KWH.UN) At This PE Ratio?”
Deutsche Bank to Pay $205M for Forex Trading Manipulation
Zacks, 21 June 2018
Deutsche BankDB has been imposed a penalty of $205 million by the New York regulator for improper foreign exchange trading activities it conducted in the period between 2008 and 2013.
Lately, Deutsche Bank has been cutting back its failing operations globally with a view to save itself from a serious downturn. However, it still remains exposed to a horde of investigations and legal matters that might dent its financials. Continue reading “Article: Deutsche Bank to Pay $205M for Forex Trading Manipulation”
Deutsche Bank fined $205 mn in US for forex manipulation
Phys.org, 20 June 2018
US officials fined embattled German banking giant Deutsche Bank $205 million in a settlement to resolve foreign exchange market manipulation violations, New York’s top banking regulator announced Wednesday. Continue reading “Article: Deutsche Bank fined $205 mn in US for forex manipulation”
Deutsche Bank fined $205 million for currency manipulation
APNews, 20 June 2018
New York regulators are slapping a $205 million fine on Deutsche Bank, following allegations that traders at Deutsche manipulated the foreign exchange market for years.
Deutsche Bank is the latest Wall Street firm to face penalties for manipulating the $5.3 trillion currency market. Banks such as Barclays, Citigroup and several others have paid hundreds of millions of dollars in fines since the scandal broke several years ago. Continue reading “Article: Deutsche Bank fined $205 million for currency manipulation”
Deutsche Bank fined $205m in the US for foreign exchange manipulation
AGENCY STAFF, 20 June 2018
New York — US officials fined embattled German banking giant Deutsche Bank $205m in a settlement to resolve foreign exchange market manipulation violations, New York’s top banking regulator announced on Wednesday. Deutsche Bank’s violations included improperly co-ordinating trading activity with other financial institutions to boost the bank’s own profits, the New York state department of financial services (DFS) said. Continue reading “Article: Deutsche Bank fined $205m in the US for foreign exchange manipulation”
Penalties for Naked Shorting Selling Too Light
Yoon Youngsai
BusinessKorea, 15 June 2018
The Seoul branch of Goldman Sachs placed short selling orders for 350 KOSPI and KOSDAQ stocks on May 30. Of the 350 stocks, the Seoul branch failed to buy back 20 stocks totaling about 1.38 million shares in time until the deadline for settlement on June 1, indicating the 20 stocks were not in its possession at the time. Each of the 350 stocks can be considered a separate transaction.
THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?
