Big Short: UBS, Top Broker Face $23 Million Claim over Tesla Trades
Miriam Rozen, 26 April 2021
A UBS financial advisor in Madison, Wisconsin who oversees a 35-person team “repeatedly promoted the idea of short selling” shares of the electric car company Tesla, Inc., triggering more than $23 million in losses for four couples—all members of an extended family—and another investor, according to an arbitration claim filed with the Financial Industry Regulatory Authority.
The complaint cites Tesla short-selling recommendations–betting on the stock price’s decline–allegedly made in 2019 and 2020 by Andrew Burish, a 38-year industry veteran who started at UBS in 1984 and leads The Burish Group, one of the firm’s largest and most profitable teams in the Midwest. The team employs 14 advisors and manages more than $4 billion in client assets, according to its website. Continue reading “Article: Big Short: UBS, Top Broker Face $23 Million Claim over Tesla Trades”
VANCOUVER — The politician who set the wheels in motion for the money laundering inquiry in British Columbia will testify before the commission today. 
Commenting on the issue, former B.C. finance minister Mike de Jong argued that the allegations mounted against the province were “offensive,” missing to mention the fact that Ross Alderson, the former director of anti-money laundering (AML) at the B.C. Lottery Corporation (BCLC) has been missing since March.
Chabad of Poway’s former head rabbi faces a maximum five-year prison sentence for tax-evasion and other financial crimes he pled guilty to last July.
It never ceases to amaze me how tone deaf those with power are. 
Is George Sherman one of the greatest public-company chief executive officers in American history? He became CEO of GameStop Corp. on April 15, 2019. The stock closed at $8.94 per share that day. On April 19, 2021 — almost exactly two years later — GameStop announced that he will be stepping down by July. The stock closed at $164.37 that day. That’s a 1,739% return over his two-year term, or about 325% annualized. (The S&P 500 index was up 43%, or about 20% a year, over those two years.) GameStop’s market capitalization went from about $900 million to about $11.5 billion; Sherman added about $10.5 billion of shareholder value in two years. 1 
(CNN) — A Utah man promised investors his business could turn dirt into gold and swindled millions of dollars from them over several years, according to federal officials. Now, he has been sentenced to prison for his role in an $8 million telemarketing fraud scheme.
During 2007-09 credit crisis the global banking system suffered from a grand-mal seizure. Trillions in their reserves becoming insolvent. The global payment system broke down. There was no way the big Wall Street banks and the financial markets would be spared from his slaughter unless Dr Bernanke and his FOMC began “stabilizing” the financial markets with a brilliant new contrivance; a QE.
The GameStop story returned short-sellers to the front pages of the global financial press. The Reddit crowd’s “Main Street Takes Revenge on Wall Street” narrative cast these short sellers as the villains of the financial markets. It also created enough consensus buying pressure to squeeze their positions into margin calls and realized losses.
Jung Eui-Jung, a former South Korean bank employee, recalls his bitter experience as a novice stock trader more than a decade ago, when he lost Won25m ($22,000) after the small metal group he invested in was delisted.
Ending the use of dollar Libor, the scandal-tinged benchmark bank funding rate, was always going to be problematic. Some Libor traders went to jail for collusion and self-enrichment. The Fed and its fellow regulators put together a public-private committee on Libor replacement big enough to swamp a ferry boat.