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Article: SEC Launches Review Of High-Frequency Traders’ Market Abuses

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SEC Launches Review Of High-Frequency Traders’ Market Abuses

Tyler Durden, 09 June 2021

Nearly 8 years have passed since Michael Lewis published “Flash Boys”, raising awareness of the relatively new practice of high-frequency trading and its transformative impact on markets, allowing the most technologically-advanced traders to effectively see a picture of the market that’s nanoseconds ahead of what their non-NFT peers see, giving them a massive advantage.

Now, the SEC is finally considering changing the rules of how stocks are priced and traded to stop exchanges from incentivizing brokers (nowadays, particularly retail trading brokerages that have seen an explosion of activity in the past couple of years).

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Article: SEC sues over Marin Ponzi scheme, seeking $10 million

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SEC sues over Marin Ponzi scheme, seeking $10 million

Braden Cartwright, 09 June 2021

Details of the largest financial crime in Marin’s history were revealed in a lawsuit filed last week by the Securities and Exchange Commission against the estate of Ken Casey, who operated a Ponzi-like scheme and stole more than $10 million until his death in May 2020. Mr. Casey’s two Novato-based companies, Professional Financial Investors and Professional Investors Security Fund, brought in hundreds of millions of dollars from more than 1,300 victims. Investors believed they were financing a part of 70 residential and commercial properties in the area; in reality, their money was being used to pay prior investors and line the pockets of Mr. Casey and his co-conspirator, Lewis Wallach. “Many of the investors were elderly, retired and relying on their investment income for daily living expenses,” attorney Bernard Smyth wrote. Several West Marin residents were snared in the scheme, and some were given a commission to bring in more investors. Continue reading “Article: SEC sues over Marin Ponzi scheme, seeking $10 million”

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Article: US Attorney General Warns Ransomware ‘Getting Worse and Worse’

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US Attorney General Warns Ransomware ‘Getting Worse and Worse’/strong>

Masood Farivar, 09 June 2021

U.S. Attorney General Merrick Garland warned Wednesday that ransom-motivated cyberattacks are “getting worse and worse,” echoing other top Biden administration officials who have sounded the alarm about the problem in recent weeks.

“We have to do everything we possibly can here,” Garland told lawmakers. “This is a very, very serious threat.” Continue reading “Article: US Attorney General Warns Ransomware ‘Getting Worse and Worse’”

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Article: U.S. stocks end lower ahead of inflation report

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U.S. stocks end lower ahead of inflation report

Stephen Culp, 09 June 2021

NEW YORK (Reuters) – Wall Street ended a see-saw session lower on Wednesday as market participants awaited inflation data for clues as to when the U.S. Federal Reserve might tighten its dovish monetary policy.

The retail “meme stock” craze continued unabated. All three major U.S. stock indexes reversed earlier gains, but remained range-bound in the absence of any clear market catalysts. Continue reading “Article: U.S. stocks end lower ahead of inflation report”

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Article: Vatican financial crime charges are due to lack of experience

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Vatican financial crime charges are due to lack of experience

daviddalpe, 09 June 2021

Rome – European evaluators said Wednesday the false belief that Vatican financial crime investigation and prosecution efforts not only suffer from understaffed and inexperienced, but also that their cardinals and bishops are unaffected by criminal activity. Warned that he was suffering from.

The Council of Europe’s Monetary Commission has issued a long report on the adherence to the Holy See to international norms for fighting money laundering and terrorist financing. Overall, the evaluator is good for the Holy See, recognizing that it complies with most standards, has taken steps to improve the law, and has achieved an effective level of international cooperation. Gave a rating. Continue reading “Article: Vatican financial crime charges are due to lack of experience”

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Article: NorthRow: The Challenge of Beneficial Ownership – How to Unravel Complex Money Laundering Webs

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NorthRow: The Challenge of Beneficial Ownership – How to Unravel Complex Money Laundering Webs

Gina Clarke, 09 June 2021

Identifying Ultimate Beneficial Owners can be challenging for many regulated firms. Financial criminals are adept at obscuring the true identities of Beneficial Owners by using complex legal structures and shell companies to launder illicit funds. Cross border corruption and money laundering is happening on a much wider scale with fraudsters hiding behind complex corporate structures.

Greater transparency and public access for company registries is a key focus for both the UK and European Union (EU). However, the latest Transparency International report highlights the lack of availability and accessibility of beneficial ownership data in some EU countries. Continue reading “Article: NorthRow: The Challenge of Beneficial Ownership – How to Unravel Complex Money Laundering Webs”

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Article: Vatican financial crime charges are due to lack of experience

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Vatican financial crime charges are due to lack of experience

Thomas Yeung, 09 June 2021

Early investors in AMC (NYSE:AMC) got their payday last week when the stock jumped from low double-digits to $72. Anyone who bought $20 options before the Memorial Day weekend would have turned $1,000 into $116,000.

But Wall Street still seems to get one thing wrong: it’s not about an investment story. If it were, Cinemark (NYSE:CNK) and Imax (NYSE:IMAX) would have also gone up; they were both down for the week. Continue reading “Article: Vatican financial crime charges are due to lack of experience”