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Article: The Story of Steve Cohen and SAC Capital

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The Story of Steve Cohen and SAC Capital

RICHMAN CENTER NEWS, 30 October 2017

On October 30, 2017, the Richard Paul Richman Center for Business, Law, and Public Policy held a fireside chat with Sheelah Kolhatkar, author of Black Edge: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street. In her book, Kolhatkar relives the challenges faced by federal prosecutors while investigating insider trading by SAC Capital, a hedge fund headed by Steve Cohen—a secretive, intense, and highly successful trader who made billions from short term investments and trading. Continue reading “Article: The Story of Steve Cohen and SAC Capital”

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Article: WSJ editorial board calls for Mueller’s resignation and accuses Clinton campaign and DNC of collusion

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WSJ editorial board calls for Mueller’s resignation and accuses Clinton campaign and DNC of collusion

Sonam Sheth , 29 October 2017

The Wall Street Journal’s editorial board called this week for a full Russia investigation — not into President Donald Trump’s campaign, but into the Democratic Party, the FBI, and the special counsel Robert Mueller. Continue reading “Article: WSJ editorial board calls for Mueller’s resignation and accuses Clinton campaign and DNC of collusion”

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Article: Marc Cohodes On The EIC Ponzi Scheme

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Marc Cohodes On The EIC Ponzi Scheme

ValueWalk, 15 October 2017

Farmer Marc Cohodes is one of the world’s most feared short sellers. Former General Partner of Rocker Partners/ Copper River from 1985 to 2009, Cohodes has made a name for himself by focusing on the details. He calls out companies where the numbers don’t add up, and he’s usually right. In the financial crisis, he hit the jackpot when he correctly called the demise of Lehman Brothers. After retiring in 2009, Cohodes has since returned to the markets, betting against Canadian mortgage lender Home Capital and Valeant Pharmaceuticals among others.
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Article: BlackRock CEO: Bitcoin is an index of money laundering

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BlackRock CEO: Bitcoin is an index of money laundering

ALI BRELAND, 13 October 2017

Larry Fink, CEO of the investment management company BlackRock, hammered bitcoin on Friday. “Bitcoin just shows you how much demand for money laundering there is in the world,” Fink said at the Institute of International Finance on Friday. “It’s an index of money laundering. That’s all it is.” Continue reading “Article: BlackRock CEO: Bitcoin is an index of money laundering”

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Paper: Counterfeiting Stock

Paper

Counterfeiting Stock

Anna McParland

The Creation of Counterfeit Shares — There are a variety of names that the securities industry has dreamed up that are euphemisms for counterfeit shares. Don’t be fooled : Unless the short seller has actually borrowed a real share from the account of a long investor, the short sale is counterfeit. It doesn’t matter what you call it and it may become non–counterfeit if a share is later borrowed, but until then, there are more shares in the system than the company has sold.

The magnitude of the counterfeiting is hundreds of millions of shares every day, and it may be in the billions. The real answer is locked within the prime brokers and the DTC. Incidentally, counterfeiting of securities is as

It is estimated that 1000 small companies have been put out of business by the shorts.

PDF (12 Pages): Paper Counterfeiting Stock

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Article: Shopify stock drops $1.5B thanks to a lone blogger

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Shopify stock drops $1.5B thanks to a lone blogger

Zachary Crockett, 06 October 2017

On Wednesday, investment site Citron Research published a scathing accusation that ecommerce platform Shopify — one of 2017’s best-performing tech stocks — is actually a “completely illegal get-rich-quick scheme.” According to Citron, Shopify’s method of recruiting (which involves marketing their service as a way for “partners” to easily make millions) flagrantly violates FTC rules. Shortly after the post and video were published, Shopify’s stock plummeted as much as 11.6%, chopping about $1.5B off the company’s market value.
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Article: Activist short-sellers are increasingly targeting Canadian companies — is Canada ready?

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Activist short-sellers are increasingly targeting Canadian companies — is Canada ready?

Barbara Shecter, 06 OCtober 2017

Early on the morning of May 31, San Francisco-based short-selling firm Muddy Waters LLC, best known in this country for the short report that toppled stock market darling Sino-Forest Corp. in 2011, posted a tantalizing message on the firm’s Twitter account.

“Good morning, Canada! MW is about to release a new short that we think is on its way to Zero,” the tweet read. Continue reading “Article: Activist short-sellers are increasingly targeting Canadian companies — is Canada ready?”

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Article: Short seller Andrew Left says he’s found a ‘business dirtier than Herbalife’

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Short seller Andrew Left says he’s found a ‘business dirtier than Herbalife’

Joe Ciolli, 04 October 2017

Andrew Left is back at it again. The Citron Research founder tweeted on Wednesday that the Canadian e-commerce company Shopify was a “business dirtier than Herbalife.” He also posted a seven-minute YouTube video outlining his bear case, titled “Citron Exposes the Dark Side of Shopify — The FTC Will Take Notice,” and posted a report to his firm’s website.

In the video, Left lays out the big question he has around the company: Outside the roughly 50,000 verifiable merchants working with Shopify, who are the other 450,000 the company says it has? According to Left, many of them are, among other things, influencers paid to promote the company.
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Article: Steven Cohen’s Dubious Rerun?

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Steven Cohen’s Dubious Rerun?

Leo Kolivakis, 26 September 2017

Don’t call it a comeback just yet.

As Bloomberg News reported on Tuesday, hedge fund manager Steven A. Cohen is preparing to raise as much as $10 billion from outside investors in 2018 for a new fund. Combined with his personal fortune of $11 billion, the fund could oversee more than $20 billion, which would make it the largest U.S. hedge fund launch in history. Continue reading “Article: Steven Cohen’s Dubious Rerun?”

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Article: The Astonishing Return Of Steven Cohen

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The Astonishing Return Of Steven Cohen

RONALD OROL, 26 September 2017

In 2013, an insider-trading scandal took apart billionaire Steve Cohen’s otherwise incredibly successful hedge fund.

But surprising, perhaps shockingly, at least for those who haven’t followed the situation closely, Cohen is back. A 2016 settlement with the Securities and Exchange Commission will allow the beleaguered money-manager to accept outside money starting in January. Cohen hasn’t said whether he wants to take on other investors, but the consensus opinion is that he will the second he’s permitted. Expect to find lots of willing investors ready to allocate capital to his funds – and the intense glare of the nation’s securities regulator watching his every move. Continue reading “Article: The Astonishing Return Of Steven Cohen”

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Article: Jamie Dimon is being accused of market abuse in Sweden for badmouthing bitcoin

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Jamie Dimon is being accused of market abuse in Sweden for badmouthing bitcoin

Joon Ian Wong, 21 September 2017

Remember when Jamie Dimon called bitcoin “a fraud” a week ago? Well, it turns out that the JPMorgan chief executive could have been flouting European market abuse laws by shooting his mouth off. At least, that’s what one complaint to the Swedish financial regulator alleges.

The complaint was lodged by Florian Schweitzer, the managing partner of a London firm called Blockswater, a bitcoin market-maker that trades about $25 million a month. At issue is an alleged link between Dimon’s comments and, a few days later, JPMorgan emerging as one of the most active buyers of a bitcoin tracker fund called Bitcoin XBT. Bitcoin XBT is an exchange-traded note that’s listed on Nasdaq Nordic in Stockholm. It effectively lets clients hold bitcoin without worrying about how to store it securely.

The price of bitcoin fell as much as 24% between the day Dimon verbally thrashed it and the day of the XBT trades. Widely followed finance blog Zero Hedge seized on this and accused JP Morgan of either buying bitcoin on the cheap for itself, or helping its clients do so.

But before we get carried away with notions of Dimon playing the media to pick up bitcoin on the cheap, there’s a less nefarious reason for the XBT trade: JPMorgan told Reuters that it was just acting as a broker for clients who wanted to buy into the fund. “They are not JPMorgan orders,” a JPMorgan spokesperson told Reuters. “These are clients purchasing third-party products directly.”

In any case, Schweitzer has presented the facts to the Swedish regulator and asked them to investigate. He notes in his complaint that market abuse in Sweden is punishable by up to two years in jail. The Swedish regulator said it does not comment “if we are looking into matters like this or not.” We’ve contacted JPMorgan but have not heard back.

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Article: TTC suing Manulife for alleged negligence related to benefits fraud scheme

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TTC suing Manulife for alleged negligence related to benefits fraud scheme

The Canadian Press, 21 September 2017

TORONTO — The Toronto Transit Commission is suing Manulife Financial for alleged negligence in connection with a benefits fraud scheme that first came to light three years ago. To date, 170 TTC employees have been dismissed, retired or have resigned to avoid dismissal, and 10 former employees are facing criminal charges for their part in the alleged fraud. In a statement of claim — filed in the Ontario Superior Court of Justice — the TTC alleges Manulife Financial did not have appropriate fraud management controls in place nor were there systems in place to detect and analyze unusual trends or patterns that might indicate fraud or abuse.
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Article: TTC suing Manulife for up to $5M over failure to spot employee fraud

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TTC suing Manulife for up to $5M over failure to spot employee fraud

NEWS STAFF, 21 September 2017

The TTC is suing Manulife Financial for up to $5 million for failing to spot and stop a large-scale scheme that saw employees allegedly bilk the transit agency with phony benefits claims. An investigation into the allegations of mass fraud are ongoing, but the TTC says so far 170 employees have been fired or resigned. Ten former employees are facing criminal charges in connection with the probe.

The TTC has filed a statement of claim in the Ontario Superior Court of Justice against Manulife. (Read full document below.) The claim alleges Manulife, which provided group benefits for the TTC, represented itself as an industry leader in combating fraud and benefits abuse. It also claimed to have systems in place to detect irregularities and weed out employee fraud.
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Article: Rewalk Robotics Ltd (RWLK)

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Rewalk Robotics Ltd (RWLK)

SEC, 20 September 2017

We are offering ordinary shares, par value NIS 0.01 per ordinary share. The offering price is $ per ordinary share. Our ordinary shares are listed on the NASDAQ Capital Market under the symbol “RWLK.” The last reported sales price of our ordinary shares on September 19, 2017 was $1.70 per ordinary share.

We are an “emerging growth company” as defined under the federal securities laws and, as such, may continue to elect to comply with certain reduced public company reporting requirements in future reports.

Investing in our ordinary shares involves a high degree of risk. See “Risk Factors” beginning on page 6 of this prospectus as well as the risk factors and other information in any documents we incorporate by reference into this prospectus. See “Where You Can Find More Information” and “Incorporation of Certain Documents by Reference.”

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