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Article: FCA comes down on Wirex after allegations of turning a blind eye to money laundering

Article - Media, Publications

FCA comes down on Wirex after allegations of turning a blind eye to money laundering

Michael Asaro and Richard Williams,  19 July 2017

New York Law Journal has published the article “‘Spoofing’: The SEC Calls It Manipulation, But Will Courts Agree?” written by Michael Asaro and Richard Williams Jr., partner and associate, respectively, in the litigation practice at Akin Gump.

Asaro and Williams analyze the act of spoofing, which they describe as “a relatively new form of alleged market manipulation,” under the open-market manipulation case law. They focus on a decision by the U.S. Court of Appeals for the 2nd Circuit in ATSI Communications v. Shaar Fund, which is seen as binding precedent. Continue reading “Article: FCA comes down on Wirex after allegations of turning a blind eye to money laundering”

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Article: ‘Spoofing’: The SEC Calls It Manipulation, But Will Court Agree?

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‘Spoofing’: The SEC Calls It Manipulation, But Will Court Agree?

Michael A. Asaro,  17 July 2017

In recent years, the U.S. Securities and Exchange Commission (SEC), Commodity Futures Trading Commission, and the Department of Justice have pursued an increasing number of cases involving a relatively new form of alleged market manipulation known as “spoofing.” See, e.g., U.S. v. Coscia, No. 14-cr-00551 (N.D. Ill.); In re Panther Energy Trading, CFTC Docket No. 13-26 (2013); CFTC v. Nav Sarao Futures, No. 15-cv-03398 (N.D. Ill.); In re Hold Brothers On-Line Investment Services, Exchange Act Release No. 67924 (SEC Sept. 25, 2012); SEC v. Lek Secs., No. 17-cv-1789 (S.D.N.Y.). Continue reading “Article: ‘Spoofing’: The SEC Calls It Manipulation, But Will Court Agree?”

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Article: Meet the new CEO of Vanguard

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Meet the new CEO of Vanguard

Becky Pritchard, 14 July 2017

Mortimer “Tim” Buckley, 48, was born in Boston, the child of a nurse and a surgeon. He studied economics at Boston’s Harvard University and in his final year of university considered following in his parents’ footsteps and pursuing a career in medicine. But fate stepped in and he met Jack Bogle, then chairman and founder of Vanguard. Continue reading “Article: Meet the new CEO of Vanguard”

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Article: Merrill Lynch salesman describes shock, anger after Shkreli lost $7 million for Merrill on short trade and then threatens firm if it tries to collect

Article - Media

Merrill Lynch salesman describes shock, anger after Shkreli lost $7 million for Merrill on short trade and then threatens firm if it tries to collect

Dan Mangan

CNBC, 5 July 2017

A Merrill Lynch salesman Wednesday described his shock at learning in February 2011 that Martin Shkreli’s hedge fund was unable cover a short trade that left Merrill Lynch with a $7 million loss a day after assuring the firm the trade could be covered.

Paywall access to article.

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Article: Short seller Marc Cohodes now bets against Exchange Income Corp.

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Short seller Marc Cohodes now bets against Exchange Income Corp.

Jonathan Ratner, 05 July 2017

Exchange Income responded, calling the attack a “short and distort campaign” aimed at undermining the value of the company’s shares. “The short report was deliberately released immediately following the end of the company’s second quarter when EIC is in a quiet period, and is based on a number of statements, assumptions and opinions with which we strenuously disagree,” Exchange Income said in a press release. Cohodes said the company has increased its debt load by $427 million over the past five years, and issued more than $230 million of shares to fund its roughly $700 million deficit.
Continue reading “Article: Short seller Marc Cohodes now bets against Exchange Income Corp.”

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Article: Former Deutsche Bank trader banned for ‘spoofing’

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Former Deutsche Bank trader banned for ‘spoofing’

Dave Michaels

MarketWatch, 2 June 2017

A former futures trader at Deutsche Bank AG was permanently barred from the industry after admitting he conspired to manipulate the price of gold and silver futures contracts.

David Liew, a trader who was based in Singapore, also pleaded guilty in federal criminal court in Illinois on Thursday to using illegal spoofing techniques from 2009 to 2012. Regulators and prosecutors have cracked down on spoofing, which involves sending fake offers intended to push prices in a direction that benefits the trader’s other orders. Congress made it illegal through the 2010 Dodd Frank financial overhaul law.

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Article: 180 Life Sciences Corp.

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180 Life Sciences Corp.

EDGAR AGENTS LLC, 01 June 2017

KBL Merger Corp. IV is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this prospectus as our initial business combination.

This is an initial public offering of our securities. Each unit has an offering price of $10.00 and consists of one share of our common stock, one right and one redeemable warrant. Each right entitles the holder thereof to receive one-tenth (1/10) of one share of common stock upon the consummation of an initial business combination, as described in more detail in this prospectus. Each redeemable warrant entitles the holder thereof to purchase one-half of one share of our common stock at a price of $5.75 per half share, subject to adjustment as described in this prospectus. Warrants may be exercised only for a whole number of shares of common stock. We have also granted the underwriters a 45-day option to purchase up to an additional 1,500,000 units to cover over-allotments, if any.

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Article: Germany: Russian Mafia Plundering Billions Through Nursing Services

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Germany: Russian Mafia Plundering Billions Through Nursing Services

German authorities are investigating some 230 nursing services believed to be charging the government more than €1.2 billion annually for fictitious staff and hours spent on caring for the elderly and sick, media reported Tuesday.

maxpixel.freegreatpicture.com-Elderly-Old-Patient-Caring-Hospice-Healthcare-1761276Elderly Care (Max Pixel CC0 1.0)A police report leaked to Die Welt am Sonntag allegedly linked the services to the Russian mafia. Its network of companies allegedly routinely defraud insurance providers, patients and pharmacies by claiming for services they are not providing, falsifying documents, employing unqualified carers and making multiple claims for a single patient.

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Article: In conversation with Thomas Ronk of Buyins.net

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In conversation with Thomas Ronk of Buyins.net

Leonard Zehr

BioTuesdays, 30 May 2017

As the founder and CEO of Buyins.net, Thomas Ronk has created a proprietary database and trading strategy based on short sale timing and sales data that was not accessible to anyone prior to January 2005. As a registered representative of Transamerica Financial Resources, a division of Transamerica, Mr. Ronk managed more than $150-million in equity accounts from 1993 until 1998. He has 27 years of trading experience and is the principal of Century Pacific Investments, a registered investment advisor in California. Prior to the investment business, Mr. Ronk studied Electrical Engineering and Computer Science at the University of California in San Diego. In this interview with BioTuesdays, Mr. Ronk discusses manipulative short selling and how his company helps clients to analyze and develop a plan to deal with it.

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Article: Steve Cohen reportedly plans record-breaking $20 billion hedge-fund comeback

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Steve Cohen reportedly plans record-breaking $20 billion hedge-fund comeback

Lauren Thomas, 30 May 2017

Steve Cohen, whose former investment firm pleaded guilty to criminal insider trading charges, plans to return to hedge funds with a $20 billion goal in mind, The Wall Street Journal reports.

The new hedge fund could launch as early as 2018, according to recent conversations Cohen and his representatives have had with bankers, colleagues and potential investors, the Journal says. Continue reading “Article: Steve Cohen reportedly plans record-breaking $20 billion hedge-fund comeback”

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Article: STEVE COHEN IS PLANNING A $20 BILLION MIDDLE FINGER FOR HIS CRITICS

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STEVE COHEN IS PLANNING A $20 BILLION MIDDLE FINGER FOR HIS CRITICS

BESS LEVIN, 30 May 2017

While SAC Capital pleaded guilty to insider trading in 2013, paying $1.8 billion in fines, the hedge fund’s founder, Steven A. Cohen, walked away relatively unscathed. In 2016, he agreed to a temporary, two-year ban by the Securities and Exchange Commission that prevents him from supervising a registered fund until January 1, 2018. He never faced criminal charges despite years of being investigated by the government and then-U.S. Attorney Preet Bharara, who appeared at one point to make jailing Cohen his life’s work; he wasn’t banned from the securities industry for life; and his net worth, which these days is said to hover around $13 billion, was barely affected.

Still, the downfall of SAC Capital hit Cohen in other ways. SAC, which took its name from Cohen’s initials, was converted into a family office and renamed the sterile-sounding Point72 Asset Management, rendering many a fleece jacket worthless. Outside money had to be returned to investors. And, as a family office, Cohen was unable to charge the high fees SAC once commanded. Top talent proceeded to exit the new firm. Continue reading “Article: STEVE COHEN IS PLANNING A $20 BILLION MIDDLE FINGER FOR HIS CRITICS”

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Article: CEO fires back at short-seller Citron on live TV: ‘Mr. Left is dead wrong’

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CEO fires back at short-seller Citron on live TV: ‘Mr. Left is dead wrong’

Berkeley Lovelace Jr.

CNBC, 15 May 2017

Exact Sciences Chairman and CEO Kevin Conroy fired back at a bearish assessment made by Citron Research’s Andrew Left, who predicted a long-term drop in the cancer testing company’s stock to a near-zero single digit.

Citron said in a report on Monday that Exact Sciences’ Cologuard cancer test, an at home screening for colon cancer, is “inferior” and shouldn’t be pitching it as an alternative to a colonoscopy.

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Comment: Andrew Left’s Citron appears to be a front for naked short sellers.

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Article: Citron Research “Exposes” Exact Sciences – Short Term Target $20

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Citron Research “Exposes” Exact Sciences – Short Term Target $20

Guest

ValueWalk.com, 15 May 2017

Citron Research exposes Exact Sciences and PROVES beyond ANY doubt why this stock will soon be cut in half  – so says a new reprot from Citron Research – Citron founder Andrew Left  battled the CEO of Exact on CNBC on that topic for CNBC pro sub subscribers you can find that video here

Comment:  Knocked stock down from $30 to $22. They needed to cover, stock then went to $125.

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Article: Forfeiture Case Based on Alleged Elaborate $230 Million Russian Laundering and Fraud Scheme to Settle

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Forfeiture Case Based on Alleged Elaborate $230 Million Russian Laundering and Fraud Scheme to Settle

Peter D. Hardy & Priya Roy, 15 May 2017

On the eve of trial this past Friday, the government announced an agreement to settle, subject to court approval, a major civil forfeiture action in the Southern District of New York. In the case, United States v. Prevezon Holdings, Ltd. et al., the government alleged an elaborate scheme involving money laundering and other offenses committed in Russia, Cyprus, and Manhattan. The case gained some notoriety in the press due to lurid allegations of the suspicious death while in pretrial detention in Moscow of a Russian lawyer who had uncovered the tax refund fraud scheme, and the alleged defenestration earlier this year of a lawyer working for the decedent’s family. Although the civil forfeiture complaint filed in 2013 sought to forfeit at least $230 million worth of assets, the parties settled for approximately $5.9 million. In the wake of this settlement, both the defense and the government now appear to be claiming victory. Continue reading “Article: Forfeiture Case Based on Alleged Elaborate $230 Million Russian Laundering and Fraud Scheme to Settle”