Foreign Collusion, Naked Shorting (Counterfeiting) & Money Laundering — All Illicit Wealth
These Defendants, acting in the course and scope of their employment by the United States of America as duly authorized Commissioners of the Securities and Exchange Commission, a federal agency, through their acts and omissions knowingly, consciously, wrongly, without compensation and without due process of law have effected a taking of property from each of the named Plaintiffs and all who are similarly situated.
PDF (18 Pages): CMKM Lawsuit Against the SEC 9 January 2010
New Evidence Raises Questions About Kingsford Capital – Links To TheStreet.com Inc., Others
Mark Mitchell
Market Rap, 7 January 2010
A blog published by the University of North Carolina School of Journalism reported recently that Steve Cohen of hedge fund SAC Capital managed to kill a story by Reuters reporter Matt Goldstein. It seems that Goldstein was going to shed some light on allegations that Cohen engaged in insider trading. Cohen didn’t like that, and got in touch with Goldstein’s superiors.
Credit Suisse Hit with $24 Billion Fraud Lawsuit
Toby Tobin
GoToby, 7 January 2010
January 6, 2010 – Credit Suisse Bank and real estate service firm Cushman & Wakefield defrauded developers and property owners at four luxury resorts; Ginn sur Mer (Grand Bahama Island in the Bahamas), Lake Las Vegas, Tamarack (Tamarac/Donnelly, Idaho), and Yellowstone Club (Montana), according to a lawsuit filed Sunday in the U.S. District Court for the District of Idaho. Plaintiffs, led by L.J. Gibson and Beau Blixseth seek $24 billion, including $16 billion in punitive damages.
This book is a non-fiction, painfully true account of an American whistle blower whose silencing was attempted by conflicted and vengeful bureaucrats. This work presents oversights within the regulatory Securities and Exchange Commission (SEC), The U.S. Justice Department, and The Bureau of Prisons penal systems (BOP); as an innocent former US Marine and 60 year old grandfather is actually placed in high security solitary confinement for trying to warn the country of the impending financial crisis (now current, admitted, acknowledged, and publicized) and how it could have been prevented.
Credit Suisse Is Accused of Defrauding Investors in 4 Resorts
Jim Robbins
New York Times, 4 January 2010
Investors at four high-end resorts have filed a class-action lawsuit against Credit Suisse and the real estate services company Cushman & Wakefield, contending that they conspired to inflate the value of the properties so they could take them over.
The suit, outlined in an 84-page complaint filed Sunday in federal court in Boise, Idaho, details what it calls a sweeping loan-to-own scheme. Credit Suisse, according to the complaint, raked in huge fees on loans against the properties, which it syndicated and sold to hedge fund managers. If the resorts could not pay back the hundreds of millions of dollars in loans, based on the inflated values, Credit Suisse could either assume ownership as the agent for the creditors or sell the resorts.
$24 billion lawsuit filed against Credit Suisse
Rebecca Boone
The Seattle Times, 4 January 2010
Property owners at four struggling and bankrupt resorts in Idaho, Montana, Nevada and the Bahamas have filed a $24 billion federal lawsuit against Credit Suisse Group, saying the banking giant gave predatory loans to the resorts’ investors as part of a scheme to take over the properties.
Property owners at Idaho’s Tamarack Resort, the Yellowstone Club in Montana, Nevada’s Lake Las Vegas resort and the Ginn Sur Mer Resort in the Bahamas contend that Credit Suisse set up a branch in the Cayman Islands to skirt U.S. federal bank regulations and appraised the resorts at artificially inflated values as part of a plan to foreclose.
Tālis Putniņš
Journal of Securities Operations & Custody, 1 January 2010
This paper outlines the process of clearing and settlement for stock trades in the USA. It pays particular attention to what happens when the seller of a stock fails to deliver that stock at settlement and describes the mechanisms to resolve delivery failures. Fails-to-deliver can occur for a number of reasons, such as human error, administrative delays and the controversial practice of naked short selling. This paper helps understand the implications of naked short selling for trade counterparties and, more generally, the effects of naked short selling on the clearing and settlement system.
Meet The Sith Lords: The 20 People Alleged To Be Part Of A Shadowy Short-Selling Conspiracy
Kamelia Angelova
Business Insider, 18 December 2009
Last week, a list of journalists appeared on the internet, along with every single one of their Facebook friends.
The list, which included John Carney, Henry Blodget, and Joe Weisenthal, was assembled by the folks at Deepcapture.com, anti-naked short selling site affiliated with Overstock.com CEO Patrick Byrne.
Overstock’s Byrne claims $5m scalp over short selling
Cade Metz, 09 December 2009
Overstock.com CEO Patrick Byrne has said that hedge fund Copper River Partners paid his company $5m this afternoon to settle claims it colluded to denigrate Overstock and then profit from short positions in the retailer’s shares.
Byrne – who has waged a very public battle over Wall Street short selling – tells The Reg that the $5m payment from Copper River (formerly Rocker Partners) arrived at about 2:30pm Pacific time on Tuesday. According to Byrne, it settles a 2005 lawsuit Overstock filed against the hedge fund. Continue reading “Article: Overstock’s Byrne claims $5m scalp over short selling”
Press Release
December 8, 2009 at 5:34 PM EST
Rocker Pays $5 Million to Overstock.com to Settle Lawsuit
‘A fine victory for Overstock, a triumph for the cause of cleaning up US capital markets’ says CEO Patrick Byrne.
Full text below the fold.
Continue reading “Press Release: Rocker Pays $5 Million to Overstock.com to Settle Lawsuit”
Authorities will look into O’Quinn’s speed in fatal crash
Force uprooted tree
Investigators said it appeared the SUV veered to the left in the 1900 block of Allen Parkway, jumped a curb and careened over a grassy median, crossed the eastbound traffic lanes and hopped another curb onto a second median before smashing into the tree on the south side of the road. Tire marks across the first median show the path of the hurtling Suburban.
Continue reading “Article: Was John O’Quinn Murdered by Wall Street?”
Patrick Byrne, Facing Dilemma, Lashes Out at Penson Financial
Gary Weiss
gary-weiss.com, 9 October 2009
Sam Antar today describes the serious dilemma facing Patrick Byrne, the wacky CEO of Overstock.com. Thanks to an SEC investigation instigated by Sam, who has posted frequently about how Overstock has systematically inflated its financial statements, Byrne is caught between the proverbial rock and a hard place.
He has to either restate Overstock’s recent earnings–including a much-ballyhooed “profit” in the fourth quarter that was actually a loss–or wait until the SEC forces him to do so.
SEC And Manhattan DA Investigate Southridge Capital
Nathan Vardi, 07 October 2009
Southridge Capital Management, a Ridgefield, Conn., hedge fund firm run by Stephen Hicks that primarily employs an investment strategy known as PIPEs, is under investigation by the Securities and Exchange Commission and Manhattan District Attorney Robert Morgenthau.
The SEC has opened an investigation into Southridge, according to two subpoenas the SEC sent in late July to companies that had received financing from the firm’s hedge funds.
In the five-page subpoenas, Vyta Corp. and Hyperdynamics Corp., two micro-cap companies that have been fighting Southridge for years in court, were asked by the SEC to produce documents reflecting all transfers of cash between them and the Southridge hedge funds over a four-year period. The companies were also told to provide documents relating to securities they issued to Southridge and communications between the companies and Southridge. Continue reading “Article: SEC And Manhattan DA Investigate Southridge Capital”
Byrne: SEC Enforcement Division Takes Orders From Short-Sellers
Gary Weiss
gary-weiss.com, 19 September 2009
Patrick Byrne has a new conspiracy theory to explain why his corporate crime petri dish Overstock.com is under investigation by the SEC. Seems that short sellers, in addition to having a fax machine at CNBC, also have a hotline to the SEC, in which they bark out orders to start investigations against innocent CEOs like Byrne.
Byrne made that comment on Fox Business News, where he is trotted out as an “internet retailing expert,” no doubt because of the skill at which he has eased Overstock into negative shareholder equity. He was brought out this time for a ritual denunciation of new bank compensation rules.
THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?
