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Article: Why SAC Capital’s Steven Cohen Isn’t in Jail

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Why SAC Capital’s Steven Cohen Isn’t in Jail

Sheelah Kolhatkar, 03 January 2014

Ten thousand dollars an hour worth of lawyers filed into a courtroom in lower Manhattan on the morning of Nov. 8. The legal team represented Steven Cohen’s hedge fund, SAC Capital Advisors, which had agreed to pay $1.2 billion to settle criminal charges that it had engaged in securities fraud. The hearing was the culmination of a long legal struggle between SAC and the government that has dramatically altered what was once one of Wall Street’s most powerful firms. Eight former or current SAC employees have been charged with insider trading. Six of them have pleaded guilty; one, Mathew Martoma, is due to go on trial on Jan. 6, and another, Michael Steinberg, was convicted on Dec. 18 of insider trading in two technology stocks. Continue reading “Article: Why SAC Capital’s Steven Cohen Isn’t in Jail”

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Article: Russian Gang Netted $3M Daily via Video Ad Fraud

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Russian Gang Netted $3M Daily via Video Ad Fraud

Jeremy Kirk, 22 December 2016

An expansive botnet run by a Russian cybercriminal gang netted more than $3 million a day by generating fake views of online video advertisements. The finding is already reinforcing concerns over the prevalence of fraud in online marketing. Continue reading “Article: Russian Gang Netted $3M Daily via Video Ad Fraud”

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Article: Overstock CEO Patrick Byrne Talks Blockchain and Making History With t0

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Overstock CEO Patrick Byrne Talks Blockchain and Making History With t0

Rob Marvin, 22 December 2016

Blockchain is racking up all kinds of firsts. The distributed immutable ledger now has its own blockchain-as-a-service market, a host of new blockchain startups, coalitions, and open-source projects, and is seeing adoption in countless industries from global banking and finance to the legal cannabis space. The latest first for the buzzy emerging technology comes in digital stock trading. Continue reading “Article: Overstock CEO Patrick Byrne Talks Blockchain and Making History With t0”

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Article: VirnetX Class Accuses Big Brokers of Naked Short Sales

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VirnetX Class Accuses Big Brokers of Naked Short Sales

Chris Fry

Courthouse News Service, 19 December 2016

Investors claim in a federal class action that Goldman Sachs and other banking giants suppressed the share price of VirnetX, “a leader in mobile security technology.”

In addition to Goldman Sachs, the Dec. 14 complaint in Bergen County Superior Court takes aim at Merrill Lynch, Credit Suisse, TD Ameritrade, Charles Schwab and the Bank of New York Mellon. The case is the Top Download for Courthouse News on Monday.

Read full article.

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Web: Canadian Court Wallops Overstock.com CEO Patrick Byrne

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Canadian Court Wallops Overstock.com CEO Patrick Byrne

Gary Weiss

gary-weiss.com, 19 December 2016

A Canadian appellate court has a lump of coal for the Christmas stocking of Overstock.com CEO Patrick Byrne: pay a libel judgment for lying on a fake news website, or your appeal will be kicked out of court.

Last May, Byrne was hit with a C$1.2 million judgment for outlandish lies about a Canadian stock promoter, Aly Nazerali, on “Deep Capture,” a website that retails fake news, conspiracy theories and personal attacks on journalists and whistleblowers. The court’s scathing decision found that Byrne and right-wing conspiracy theorist Mark Mitchell maliciously fabricated wild accusations against Nazerali.

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Article: Two traders arrested over alleged manipulation of more than 2,000 stocks

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Two traders arrested over alleged manipulation of more than 2,000 stocks

Francine McKenna, MarketWatch, 13 December 2016

Joseph Taub and Elazar Shmalo allegedly used dozens of accounts at several brokerage firms in bouts of manipulative trading activity

Read full article.

Comment: We are shocked, shocked.  But this is just a cover-up. Martha Stewart Plus One. SEC and DOJ are RICO organizations overseen by the Senate Banking Committee, the Deep State’s enabler of white collar treason and crime.

 

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Article: Japanese regulator looks to fine Morgan Stanley for market manipulation

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Japanese regulator looks to fine Morgan Stanley for market manipulation

Hayley McDowell

The Trade, 6 December 2016

Japan’s Securities and Exchange Surveillance Commission (SESC) has recommended that Morgan Stanley be fined based on the findings of an investigation into market manipulation.

The SESC found a trader at Morgan Stanley had placed orders and conducted trades on the Tokyo Stock Exchange over a 14-day period in October 2015, without intention to execute.

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Article: Cohen, SAC Capital reach $135M insider-trading settlement

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Cohen, SAC Capital reach $135M insider-trading settlement

Kevin McCoy, 01 December 2016

Investment billionaire Steven Cohen and his former SAC Capital Advisors hedge fund have reached a preliminary $135 million settlement of insider-trading allegations filed by investors in Ireland drugmaker Elan. Continue reading “Article: Cohen, SAC Capital reach $135M insider-trading settlement”

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Article: Steven Cohen and SAC reach $135m insider-trading settlement

Article - Media, Publications

Steven Cohen and SAC reach $135m insider-trading settlement

Rob Copeland, The Wall Street Journal, 01 December 2016

Billionaire Steven A. Cohen and his former hedge fund SAC Capital Advisors agreed to a $135 million class-action settlement on November 30, bringing legal costs tied to SAC-related insider-trading cases close to $2 billion. Continue reading “Article: Steven Cohen and SAC reach $135m insider-trading settlement”

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Article: Steve Cohen’s former hedge fund settles insider trading suit for $135M

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Steve Cohen’s former hedge fund settles insider trading suit for $135M

Carleton English, 30 November 2016

Steve Cohen’s former hedge fund agreed to pay $135 million to shareholders of Elan Corp. to settle claims that the fund’s alleged insider trading caused them to lose money.

The shareholders claimed that SAC Capital used insider information to trade shares in the pharmaceutical company — now owned by Perrigo — between 2006 and 2008. SAC got the inside info from doctors involved in the clinical trials of Elan’s Alzheimer’s drug, it was alleged. Continue reading “Article: Steve Cohen’s former hedge fund settles insider trading suit for $135M”

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Article: Financial fraud involving illegal withdrawal of over RUB 1 bn abroad was solved by Russian MIA General Administration for Economic Security and Combating Corruption

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Financial fraud involving illegal withdrawal of over RUB 1 bn abroad was solved by Russian MIA General Administration for Economic Security and Combating Corruption

THE MINISTRY OF INTERNAL AFFAIRS OF THE RUSSIAN FEDERATION, 16 November 2016

“Employees of the General Administration for Economic Security and Combating the Corruption of the Russian MIA detected an illegal scheme for withdrawal of money in foreign currency abroad through many-fold overstatement of the cost of imported goods,” said Russian MIA official representative Irina Volk.

According to the available information confirmed by documents, the malefactors had used banking details of dummy entities registered in the Kaliningrad Region to transfer funds to the bank accounts of the controlled non-resident under the guise of fulfillment of foreign trade contracts for supply of computer hardware and components. For that purpose, they had provided financial institutions acting as currency control agents with documents that contained false information about grounds, purposes and nature of transfers, namely about the cost of goods that had been artificially overstated hundreds of times subject to forged shipping documents – invoices. Continue reading “Article: Financial fraud involving illegal withdrawal of over RUB 1 bn abroad was solved by Russian MIA General Administration for Economic Security and Combating Corruption”

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Article: Overstock’s Blockchain and the War Against Naked Shorting

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Overstock’s Blockchain and the War Against Naked Shorting

Jacob Dienelt

coindesk, 14 November 2016

Sometimes called the “Pariah of Wall Street”, Overstock CEO Patrick Byrne has spent decades fighting against a suspect practice known as “naked short selling”.

Naked short selling, or a naked short, occurs when a trader sells a share of stock without first procuring a “borrow” – an assurance that the shares are available to be delivered. This can lead to more shares being shorted than can actually be delivered to the buyers.

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Article: Osiris Therapeutics: Regenerative Technologies And Restated Financials

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Osiris Therapeutics: Regenerative Technologies And Restated Financials

Cannell Capital LLC, 10 November 2016

Investing in oil exploration, gold prospecting and biotechnology is high-risk/high-return speculation. Such plays are about getting rich quick, and high hopes and dreams often attract scallywags – a desirable ingredient in short-selling candidates. We think Osiris Therapeutics, Inc. (“OSIR” – $5.18), a Columbia, Maryland-based trafficker in used human tissue, is flailing and infested with vermin.

December 14, 2015 – OSIR’s auditor, BDO USA, resigns in the wake of questions about OSIR’s accounting and business practices.[1] As of November 8, 2016, Osiris had yet to file its financial results for the year 2015 or for any quarter in 2016.

March 15, 2016 – Unable to file its Form 10-K, OSIR files the esoteric mea culpa Form 10-NT instead.[2] In its last timely filed Form 10-Q [3] (August 10, 2015), the company reported 47% year-over-year sales growth that yielded a 121 days sales outstanding and 232 days in inventory! Amongst the reasons for the inflated receivables was a one-year extension of payment terms which were expected to come due in the end of 2015. It remains unclear whether these payments were ever collected.
Continue reading “Article: Osiris Therapeutics: Regenerative Technologies And Restated Financials”

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Article: Cohodes vs Home Capital: Testing the short seller’s claims

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Cohodes vs Home Capital: Testing the short seller’s claims

Amber Kanwar, 27 October 2016

San Francisco-based short seller Marc Cohodes has been shorting Home Capital Group since 2014. He made a number of claims, and raised questions, about Home Capital in an interview with BNN this week. We gave the mortgage lender an opportunity to respond. Below, you’ll find Home Capital’s comments.

Cohodes says Operation Trillium was Home Capital’s response to discovering mortgages that had poor underwriting standards. He believes it was initiated a year before the suspended brokers were announced. “[Operation Trillium] is somewhere between a cover up and a remediation effort,” said Cohodes in an interview with BNN. He believes it was initiated a year before Home Capital disclosed the suspended brokers.

Home Capital did not confirm the existence of Operation Trillium and instead provided this comment: “We refer investors who are interested in the facts to our quarterly disclosure, which includes information on the performance of the mortgages originated by the suspended brokers, the value of loans outstanding that were originated by those brokers, and the progress of our review of those mortgages.”
Continue reading “Article: Cohodes vs Home Capital: Testing the short seller’s claims”

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Article: Investigators track millions of dollars from Russian tax fraud coming to Canada

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Investigators track millions of dollars from Russian tax fraud coming to Canada

DANIEL LEBLANC, 27 October 2016

Investigators have tracked millions of dollars associated with an elaborate tax fraud in Russia to bank accounts in Canada, bolstering their call for Ottawa to adopt legislation to freeze the assets of corrupt foreign officials.

Anglo-American financier Bill Browder and a team of investigators and lawyers compiled the data on the transfers of the funds, which indicate a clear Canadian connection to a $230-million (U.S.) swindle in 2007 by Russian officials who used his Russian-based hedge fund, Hermitage Capital Management. Continue reading “Article: Investigators track millions of dollars from Russian tax fraud coming to Canada”