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Article: A long road for the FIAU: meeting Malta’s anti-money laundering commitments

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A long road for the FIAU: meeting Malta’s anti-money laundering commitments

David Lindsay, 09 June 2021

Earlier this week the Council of Europe’s MONEYVAL published a progress report showing significantly improved ratings for Malta in its fight against money laundering and terrorist financing from a technical perspective. Thursday’s report clearly acknowledged the progress made since Malta’s earlier evaluation, at times doing so quite openly when confirming that, “Malta was among the first MONEYVAL countries to implement the regulatory and institutional framework and conduct assessment of money laundering and terrorist financing risks in this area. Malta’s rating on the implementation of this recommendation has been upgraded from ‘partially compliant’ to ‘largely compliant’.”

The government has undertaken several key reforms in the wake of MONEYVAL’s report two years ago, including the bolstering of Malta’s regulatory authorities, introducing new laws and strengthening the police force’s arm responsible for investigating financial crimes. Continue reading “Article: A long road for the FIAU: meeting Malta’s anti-money laundering commitments”

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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

Anna Fero, 09 June 2021

On May 17, 2021, Washington Governor Jay Inslee signed into law the Climate Commitment Act. The legislation creates a market-based, economy-wide cap-and-trade program for greenhouse gas emissions in Washington state. The legislation includes provisions ordering the Washington Department of Ecology (Ecology) to “consider opportunities to implement the [cap-and-trade] program in a manner that allows linking the state’s program with those of other jurisdictions.”

Until now, California has been the only state with a greenhouse gas emissions cap-and-trade program. California’s program began operation in 2013, and has been linked with Québec’s cap-and-trade system since 2014. Now, Washington’s new cap-and-trade legislation paves the way for a Washington-California linkage agreement. Continue reading “Article: Vatican financial crime charges are due to lack of experience”

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Article: Fortville woman convicted in $1.2M fraud case

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Fortville woman convicted in $1.2M fraud case

Kristy Deer, 09 June 2021

HANCOCK COUNTY — A Fortville woman accused of working with co-conspirators overseas in a scheme that scammed deaf and elderly people across the country out of about $1.2 million has been convicted on multiple federal charges in a federal court in Harrisburg, Pennsylvania.

Donna L. Summerlin, 62, Fortville, was found guilty late last week following a seven-day jury trial held before United States District Court Judge Jennifer P. Wilson, the Department of Justice announced in a news release. The case, dating to 2018, was brought by the U.S. District Attorney’s Office for the Middle District of Pennsylvania.

Summerlin, who was convicted of conspiracy to commit mail fraud and wire fraud and conspiracy to commit money laundering, faces a long prison sentence.

According to acting U.S. Attorney Bruce D. Brandler, Summerlin was charged with taking money from victims in a so-called advance-fee scheme. Many of the victims were either elderly, deaf or both.

In the schemes, victims were contacted through Facebook and told they were winners of a “deaf lottery” or that they had been selected for special and exclusive government grants or other programs.

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Article: Clover Health Short Sellers Lost $502M On Tuesday

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Clover Health Short Sellers Lost $502M On Tuesday

Wayne Duggan, 09 June 2021

Love it or hate it, Medicare insurance technology company Clover Health Investments Corp CLOV is the latest Reddit short squeeze stock ripping higher this week.

The stock gained 86% on heavy volume Tuesday as a massive short squeeze continued, and S3 Partners analyst Ihor Dusaniwsky said Clover short sellers are racking up major losses. Continue reading “Article: Clover Health Short Sellers Lost $502M On Tuesday”

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Letter: SEC Issues New Rules to Protect Investors Against Naked Short Selling Abuses

Letter

SEC Issues New Rules to Protect Investors Against Naked Short Selling Abuses

Alert Reader Comment:
And yesterday they said they will protect investors.  Its 2021 this is from 2008.  People ask me all the time. Stop the fraud.
This is the Police of the stock market. They protect the crooks    NOT anymore everyone knows the game will end fast now for BAD GUYS

Read full release.

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Tweet by 1tallflyer: Buy it and they will come. on Twitter

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Article: Tesla, Delta and Target Rise Premarket; Fastly Falls

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Tesla, Delta and Target Rise Premarket; Fastly Falls

Peter Nurse, 08 June 2021

Investing.com — Stocks in focus in premarket trade on Tuesday, June 8th. Please refresh for updates.

Tesla (NASDAQ:TSLA) stock rose 2.9% on strong sales in China, a major market for the electric vehicle maker, shrugging off the news that long-time executive Jerome Guillen, who headed up the commercial truck sector of the company, has left the company.

Clover Health (NASDAQ:CLOV) stock rose 35% as small-time retail investors again piled into some of the most heavily shorted U.S. stocks. The U.S. Securities and Exchange Commission has said it was looking into signs of market manipulation following the social-media driven rally of a number of so-called meme stocks. Continue reading “Article: Tesla, Delta and Target Rise Premarket; Fastly Falls”

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Article: GWFS Equities Fined $1.5M For Failure To Report Suspicious Activity On Accounts

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GWFS Equities Fined $1.5M For Failure To Report Suspicious Activity On Accounts

Harion Camargo, 08 June 2021

Thanks to its ‘significant’ cooperation with investigating authorities, and subsequent implementation of remedial measures, GWFS Equities Inc. (GWFS) appears to have been spared some embarrassment and possibly stiffer penalties as the Securities Exchange Commission (SEC) accepted its offer of a settlement.

Colorado-based GWFS is a subsidiary of Great-West Life & Annuity Insurance Company and services retirement plans sponsored by employers. It has been under investigation for violation of federal securities laws related to filing reports of suspicious activities. Continue reading “Article: GWFS Equities Fined $1.5M For Failure To Report Suspicious Activity On Accounts”

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Article: Wall Street languid as “meme stock” frenzy hogs spotlight

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Wall Street languid as “meme stock” frenzy hogs spotlight

Stephen Culp, 08 June 2021

Wall Street stocks wavered near the starting line on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders kept the rally of so-called meme stocks alive. All three major U.S. stock indexes were little changed, with the S&P (.SPX) and the Dow (.DJI) hovering within 1% of their record closing highs.

The tech-laded Nasdaq (.IXIC) fared best, with Amazon.com Inc (AMZN.O) and Apple Inc (AAPL.O) providing the biggest boost. The CBOE volatility index (.VIX), a measure of investor anxiety, touched its lowest level in over a year. Continue reading “Article: Wall Street languid as “meme stock” frenzy hogs spotlight”

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Article: Clover Health jumps 13% as ‘meme stock’ rally builds

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Clover Health jumps 13% as ‘meme stock’ rally builds

Aaron Saldanha, 08 June 2021

The social-media driven rally has sent shares of companies including AMC Entertainment Holdings Inc and GameStop Corp zooming this year in a bid to squeeze Wall Street short-sellers, and has prompted the U.S. Securities and Exchange Commission to say it was looking into signs of market manipulation.

Medicare-backed insurance seller Clover and electric-truck maker Workhorse Group Inc are among the most shorted stocks across U.S. exchanges, with Clover being the target of short seller Hindenburg in February. Continue reading “Article: Clover Health jumps 13% as ‘meme stock’ rally builds”

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Article: Are the big meatpackers corrupt? Growing consensus in Congress

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Are the big meatpackers corrupt? Growing consensus in Congress

David Murray, 08 June 2021

A different decade, a new administration, a shuffle in Congressional leadership. Much has changed across the U.S. political landscape in the last several years, yet one concerning issue has lingered for nearly half a century … corporate concentration within the meatpacking industry.

“The time has come for the government to determine whether the stranglehold large meatpackers have over the beef processing market violate our antitrust laws and principles of fair competition,” states a recent congressional letter to U.S. Attorney General Merrick Garland. “… four large meat packing companies control over 80% of the processing market in today’s economy and are seemingly able to control prices at their will, or even defy expectations of market fundamentals. Continue reading “Article: Are the big meatpackers corrupt? Growing consensus in Congress”