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Article: After the Boss Calls Bitcoin a ‘Fraud’ — JP Morgan Buys the Dip

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After the Boss Calls Bitcoin a ‘Fraud’ — JP Morgan Buys the Dip

Jamie Redman, 16 September 2017

Just recently news.Bitcoin.com reported on JP Morgan executive Jamie Dimon calling bitcoin a “fraud” and claiming he would fire any employee from his firm who traded the digital currency for being “stupid.” Now it seems JP Morgan has been caught red-handed purchasing a bunch of XBT shares, otherwise known as exchange-traded-notes, that track the price of Bitcoin.

According to public records of Nordnet trading logs, the two associated firms JP Morgan Securities Ltd., and Morgan Stanley bought roughly 3M euro worth of XBT note shares. Interestingly after the recent regulatory crackdown in China, and the statements from JP Morgan’s senior executive Jamie Dimon talking trash about bitcoin, his firm bought the dip on September 15. In fact, out of all the companies on the list, like Goldman Sachs and Barclays, the JP Morgan team of buyers purchased the most XBT notes.

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Release: RM LAW Announces Class Action Lawsuit Against Health Insurance Innovations, Inc.

Release

RM LAW Announces Class Action Lawsuit Against Health Insurance Innovations, Inc.

15 September 2017

RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Health Insurance Innovations, Inc. (NASDAQ: HIIQ) (“Health Insurance Innovations” or the “Company”) securities between August 2, 2017 and September 11, 2017, inclusive (the “Class Period”).

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Article: Steven Cohen’s Billions Complicate Return of Glory Days

Article - Media, Publications

Steven Cohen’s Billions Complicate Return of Glory Days

Nir Kaissar, 08 September 2017

(Bloomberg Gadfly) — 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 Billions Complicate Return of Glory Days”

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Article: 11810. Buy-In Procedures and Requirements

Article - Government, Publications

11810. Buy-In Procedures and Requirements

Finra, 05 September 2017

(a) A securities contract that has not been completed by the seller according to its terms may be closed by the buyer not sooner than the third business day following the date delivery was due, in accordance with this Rule.

However, this Rule shall not apply:
(1) where the contract is subject to the “buy-in” requirements of a national securities exchange or a registered clearing agency, in which case, the requirements of the national securities exchange or registered clearing agency, as applicable, would apply;
(2) to transactions in securities exempted under Section 3(a)(12) of the Exchange Act; Continue reading “Article: 11810. Buy-In Procedures and Requirements”

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Article: SPRUCE POINT CAPITAL ISSUES “STRONG SELL” RESEARCH OPINION ON TSO3

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SPRUCE POINT CAPITAL ISSUES “STRONG SELL” RESEARCH OPINION ON TSO3

ValueWalk, 23 August 2017

TSO3 Inc. (“TSO3” or “the Company”) makes low-temperature sterilization systems to eliminate microbial contaminants that cause infection. Founded in 1998, TSO3 is a regular stock promotion that has repeatedly disappointed investors by failing to broadly commercialize its product and show a profit. Déjà vu, now on its 3rd attempted generation STERIZONE VP4 and its 3rd sales/distribution partner Getinge (previous partner 3M sued it), TSO3 is again baiting investors, who’ve bid its share price up 6x since 2014. Our fundamental and forensic analysis suggests investors should brace for disappointment and >80% downside.

The Canadian markets are littered with recent examples of healthcare stocks in need of urgent medical attention, wounded from over-promotion, questionable practices, and poor performance. Short sellers made early warning calls on many names down >80%: Valeant, Concordia, Nobilis, CRH Medical.
Continue reading “Article: SPRUCE POINT CAPITAL ISSUES “STRONG SELL” RESEARCH OPINION ON TSO3”

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Article: Spruce Point Capital Releases a Strong Sell Research Opinion on TSO3, Inc. (CN:TOS, OTC:TSTIF)

Article - Media, Publications

Spruce Point Capital Releases a Strong Sell Research Opinion on TSO3, Inc. (CN:TOS, OTC:TSTIF)

Spruce Point Capital Management, 23 August 2017

In late January 2021, GameStop experienced a once-in-a-decade squeeze that has captivated the world’s attention. It was a premeditated and programmatic exercise, orchestrated by coordinated stock and option buying across the retail and professional community, resulting in large institutional entities losing billions of dollars. Investment houses with significant short positions did not expect a stock with GameStop’s fundamental profile to increase +2,500% in price over less than three weeks; therefore, they did not have the controls in place to handle the incredible levels of stock and call option purchases. The frenzy drew comments from the White House, provoked a social media crackdown, caused brokerage units to restrict trading, and has led to a Congressional hearing on GameStop on Thursday, February 18th.
Continue reading “Article: Spruce Point Capital Releases a Strong Sell Research Opinion on TSO3, Inc. (CN:TOS, OTC:TSTIF)”

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Article: Ridgefield hedge fund manager, firms to pay nearly $13 million in SEC case

Article - Media, Publications

Ridgefield hedge fund manager, firms to pay nearly $13 million in SEC case

Kevin Zimmerman , 22 August 2017

U.S. District Judge for the District of Connecticut Robert N. Chatigny has ordered hedge fund manager Stephen Hicks of Ridgefield and his investment advisory businesses to pay nearly $13 million in a case where the Securities and Exchange Commission alleged he illegally diverted investor money for use by other hedge funds that were illiquid and in need of cash.

The SEC has been actively litigating the case since filing its complaint in 2010 against Hicks and his firms Southridge Capital Management LLC and Southridge Advisors LLC, maintaining that investors were defrauded because they were not told about the transfers of hedge fund assets while they were taking place. Continue reading “Article: Ridgefield hedge fund manager, firms to pay nearly $13 million in SEC case”

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Article: Court Orders Hedge Fund Advisers to Pay $12.9 Million in SEC Fraud Case

Article - Media, Publications

Court Orders Hedge Fund Advisers to Pay $12.9 Million in SEC Fraud Case

Elizabeth Dalziel, 22 August 2017

On August 2, 2017, a federal court in Connecticut ordered Steven Hicks (“Hicks”), a hedge fund manager, and his hedge fund advisory firms to pay almost $13 million. This payment includes disgorgement and a penalty. In 2010, the Securities and Exchange Commission (“SEC”) filed a complaint against Hicks and his two hedge fund advisers, Southridge Capital Management LLC (“Southridge Capital”) and Southridge Advisors, LLC (“Southridge Advisors”).

The complaint alleged that Hicks, Southridge Capital, and Southridge Advisors committed fraud by placing investor money in illiquid securities when investors were told that “at least 75% of their money would be invested in unrestricted, free-trading shares.” Continue reading “Article: Court Orders Hedge Fund Advisers to Pay $12.9 Million in SEC Fraud Case”

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Article: Top Wall Street Banks Accused of Conspiracy to Control Stock Lending Market Via Threatening Tactics and Boycotts

Article - Media

Top Wall Street Banks Accused of Conspiracy to Control Stock Lending Market Via Threatening Tactics and Boycotts
Cohen Milstein, 17 August 2017

Goldman Sachs, JP Morgan, UBS, Credit Suisse, Morgan Stanley and Bank of America Face Antitrust Allegations

NEW YORK—Several of the world’s largest investment banks have colluded, in violation of federal antitrust laws, to create and maintain exclusive control of the more than $1 trillion stock loan market, reaping massive profits at the expense of investors, according to three public employees’ pension funds which today filed a federal class action lawsuit. The suit alleges that since at least 2009, six of the world’s largest investment banks—Bank of America, Credit Suisse, Goldman Sachs, JP Morgan, Morgan Stanley and UBS—have illegally conspired to overcharge investors and maintain the power they hold over the stock loan market, obstructing multiple efforts to create competitive electronic exchanges that would benefit both stock lenders and borrowers. Continue reading “Article: Top Wall Street Banks Accused of Conspiracy to Control Stock Lending Market Via Threatening Tactics and Boycotts”

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Article: Feds file fraud charge in Columbia Sportswear hacking case

Article - Media, Publications

Feds file fraud charge in Columbia Sportswear hacking case

Jeff Manning, 11 August 2017

Federal prosecutors sent a message to would-be hackers Thursday, filing a single count of computer fraud against Michael Leeper, the former Columbia Sportswear information technology manager who allegedly continued to log in to the company’s computer system for years after he quit.

Leeper worked for Columbia for 14 years, topping out as director of technical infrastructure, which gave him virtually unlimited access to Columbia’s computer systems. Leeper quit in 2014 to join a Seattle technology company. Prosecutors claim he continued to access Columbia’s system for more than two years with the hopes of commercial gain
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Release: Callidus Statement Regarding Allegations in The Wall Street Journal

Release

Callidus Statement Regarding Allegations in The Wall Street Journal

Callidus Capital, 2017

Callidus Capital Corporation (the “Company” or “Callidus”) today provided the statement below in response to media reports containing allegations regarding the Company and its majority shareholder, The Catalyst Capital Group Inc. (“Catalyst”).

The Wall Street Journal today published allegations about Callidus and Catalyst that are completely false. Callidus is particularly concerned that the Wall Street Journal chose to publish these allegations after a comprehensive briefing held with them on August 8, 2017. For example, as part of that meeting it was made clear that the treatment of the Catalyst guarantee for Callidus loans made to Xchange Technology Group was in accordance with all applicable accounting requirements. As well, full disclosure was contained in both Catalyst’s financial reports to its limited partners and through Callidus’ public disclosures on an ongoing basis. The accounting treatment and disclosure were entirely appropriate and there is no basis for allegations to the contrary, facts the Wall Street Journal chose to ignore.

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Article: JPMorgan Fined for Bad Trade Surveillance Parameter Settings

Article - Media

JPMorgan Fined for Bad Trade Surveillance Parameter Settings

Trillium, 1  August 2017

Last week, the enforcement divisions of the three major exchange groups released a settlement agreement with JP Morgan Securities imposing an $800,000 fine for inadequate pre-trade controls and post-trade surveillance.

The post-trade surveillance portion of the settlement agreement revealed that JPMS used an unnamed “commercial non-proprietary Third-Party Surveillance System” (it wasn’t Surveyor), but set the parameters of that system “at levels that were unreasonable to detect activity that may be indicative of layering and spoofing activity.”

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Article: Morgan Stanley, 4 others settle forex-rigging case for $111.2M

Article - Media

Morgan Stanley, 4 others settle forex-rigging case for $111.2M

Katherine Dela Cruz

S&P Global, 30 July 2017

Morgan Stanley, Standard Chartered Plc, Bank of Tokyo-Mitsubishi UFJ Ltd., Société Générale SA and RBC Capital Markets LLC agreed to pay a total of $111.2 million to settle a U.S. lawsuit accusing them of manipulating prices in the foreign exchange market, pending court approval.

The lawsuit was filed in 2014 against 12 companies, including Morgan Stanley, for allegedly conspiring to fix artificial prices on foreign exchange markets. In 2015, Standard Chartered, Bank of Tokyo-Mitsubishi, Société Générale and RBC Capital Markets were added as defendants in the case.

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Article: TOP 20 HEALTHCARE FRAUD CASES OF 2017

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TOP 20 HEALTHCARE FRAUD CASES OF 2017

WALTER EISNER, 28 July 2017

It has been a busy year so far on the healthcare fraud and settlements front. Our friends at HealthFinance compiled a lengthy list of healthcare frauds and settlements to date for 2017. We’ve culled the list and report on the top 20 fraud allegations and settlements ranked according to the amount of money involved. 20. $6.5 Million Carolinas Healthcare System Upcoding Settlement.
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Article: Short-seller calls Manitoba-based company ‘ticking time bomb’

Article - Media, Publications

Short-seller calls Manitoba-based company ‘ticking time bomb’

Kristin Annable, Katie Nicholson, Vera-Lynn Kubinec, 20 July 2017

A Manitoba-based company targeted by a U.S short-seller put on a brave face for investors Thursday, presenting a second-quarter report it says shows it’s on the path to a record-breaking year Exchange Income Corp.’s quarterly results were released under a cloud, announced ahead of schedule after Marc Cohodes revealed he was betting against EIC’s stock earlier this month.

“The reason to report earlier was driven by the uncertainty in the marketplace, and we felt the best way to relieve this uncertainty was with facts,” CEO Michael Pyle said Thursday in a teleconference with investors. The uncertainty was driven by Cohodes’s aggressive short campaign, dubbed Mayday EIF Dividend (the company’s name on the stock market), which carries a host of allegations against the company.
Continue reading “Article: Short-seller calls Manitoba-based company ‘ticking time bomb’”