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Article: German Attorney Pleads Guilty to Money Laundering

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German Attorney Pleads Guilty to Money Laundering

Eastern District of New York, 24 March 2021

Earlier today, at the federal courthouse in Brooklyn, Henning Schwarzkopf, a citizen of Germany and an attorney licensed to practice in Germany, pleaded guilty before United States Magistrate Judge Ramon E. Reyes, Jr., to money laundering by transferring funds that he believed to be the proceeds of a securities fraud scheme through the bank account of a Hong Kong shell company controlled by the defendant. Schwarzkopf was arrested on a criminal complaint in October 2020. When sentenced, Schwarzkopf faces up to 20 years in prison, as well as forfeiture and a fine of up to $250,000.

Mark J. Lesko, Acting United States Attorney for the Eastern District of New York, and William F. Sweeney, Jr., Assistant Director-in-Charge, Federal Bureau of Investigation, New York Field Office (FBI), announced the guilty plea. Continue reading “Article: German Attorney Pleads Guilty to Money Laundering”

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Article: FinCEN Signals Suspicion of Art Market Even Before AML Study Begins

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FinCEN Signals Suspicion of Art Market Even Before AML Study Begins

Nicholas O’Donnell, 24 March 2021

In connection with the late-2020 amendment to the Bank Secrecy Act (BSA) to include “dealers in antiquities” as a result of its inclusion in the National Defense Authorization Act (NDAA), the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued a notice of “Efforts Related to Trade in Antiquities and Art.”

The notice is a combination of guidance to entities now covered by the BSA, but it is also a potential backdoor around the entities that Congress chose not to regulate with respect to potential or perceived money laundering risks: art dealers. It also raises concerns about the objectivity of the forthcoming study of the art market that Congress instructed FinCEN to conduct. In either event, it is further evidence that momentum continues to gather for stricter oversight and regulation of the U.S. art market, and the importance of the art trade demonstrating more transparency and diligence if it hopes to modify or mitigate that regulation. Continue reading “Article: FinCEN Signals Suspicion of Art Market Even Before AML Study Begins”

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Article: SEC Confirms Probe of SoftBank

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SEC Confirms Probe of SoftBank

Michelle Celarier, 24 March 2021

SoftBank is the subject of an active investigation by the Securities and Exchange Commission, according to PlainSite, a legal transparency initiative.

The research provider on Wednesday shared the SEC’s response to a Freedom of Information Act request by Aaron Greenspan, the founder of PlainSite, a joint venture of Think Computer Corporation and Think Computer Foundation.

Greenspan said the SEC probe appears to be related to SoftBank’s trading unit, SB Northstar. He told Institutional Investor that news last year about SoftBank’s options trading triggered his initial FOIA request, which was dated December 2, 2020. Continue reading “Article: SEC Confirms Probe of SoftBank”

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Article: Former Glencore Oil Trader Charged With Manipulation of Fuel Prices

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Former Glencore Oil Trader Charged With Manipulation of Fuel Prices

Dave Michaels, 23 March 2021

WASHINGTON—A former oil trader at mining company Glencore PLC was charged with manipulating fuel oil prices, in a case that echoes claims investigated in Europe seven years ago.

The ex-trader, Emilio Heredia, was charged under a document that prosecutors typically use when a defendant is to plead guilty. He is to be arraigned Tuesday in San Francisco federal court on one count of conspiracy related to trading through a process managed by oil-price benchmark publisher S&P Global Platts. Mr. Heredia directed other traders to submit orders that would push up or down prices, to engineer a move that would improve the profitability of other transactions in physical fuel oil, according to the charging document filed in court last week. Continue reading “Article: Former Glencore Oil Trader Charged With Manipulation of Fuel Prices”

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Article: Form 8-K Global Tech Industries Group, Inc.

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Form 8-K Global Tech Industries Group, Inc.

SEC, 23 March 2021

WARRANT AGREEMENT, dated as of March 22, 2021 (this “Agreement”), between GLOBAL TECH INDUSTRIES GROUP, INC., a Nevada corporation (the “Company”), and LIBERTY STOCK TRANSFER, INC, as Warrant Agent (the “Warrant Agent”) (each a “Party” and collectively, the “Parties”).

The Company has declared a dividend (the “Dividend”) to the holders of record of the Company’s common stock, par value $0.001 per share (the “Common Stock”), as of 5:00 P.M., New York City time, on April 1st, 2021 (such date and time, the “Dividend Record Date”), in the form of warrants to purchase shares of Common Stock. The Company desires to issue the warrants on the terms and conditions described herein (the “Warrants”) in satisfaction of the Dividend. Each holder of record of Common Stock as of the Dividend Record Date is entitled to 0.10 Warrants per share of Common Stock held of record by such holder as of the Dividend Record Date; provided, however, that no fractional Warrants will be issued. The Warrants will be issued on or about April 8, 2021 (the “Issue Date”).

The Company desires the Warrant Agent to act on behalf of the Company in connection with the issuance, registration, transfer, exchange, exercise and cancellation of the Warrants as provided herein, and the Warrant Agent is willing to so act.

Each Party agrees for the benefit of the other Party and for the equal and ratable benefit of the registered holders of the Warrants (the “Holders”):

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Article: Huge Winter Storm Gas Bills Push Cities to the Brink

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Huge Winter Storm Gas Bills Push Cities to the Brink

Alex Brown,  23 March 2021

The tiny city of Denison, Kansas, came to the brink of insolvency so fast last month that its leaders hadn’t figured out how to begin the bankruptcy process.

“We don’t even know how to go under,” said Vickie Wold, the city council president. “How the city fails, what happens here—we’re just hoping and praying.”

Denison has fewer than 200 residents, and in a typical February, the city pays about $4,000 to provide them with natural gas to heat their homes. Last month, the bill came to $242,498.

“We can’t write that check,” Wold said. “There’s no way we can pay that, and we can’t pass it on to these people, some of whom are struggling to keep their utilities paid as it is.”

Many cities in the Midwest are facing a similar crisis. A variety of towns large and small operate their own municipal utilities, providing services such as gas, electricity and water to residents. Some small towns exist as political entities primarily to provide those services. Continue reading “Article: Huge Winter Storm Gas Bills Push Cities to the Brink”

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Article: Form 424B5 Farmmi, Inc.

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Form 424B5 Farmmi, Inc.

Toppan Merrill/FA, 23 March 2021

We are offering 6,469,467 ordinary shares, at a public offering price of $1.15 per ordinary share, pursuant to this prospectus supplement and the accompanying prospectus. See “Description of Ordinary Shares” in the accompanying prospectus for more information.

The ordinary shares trade on The Nasdaq Capital Market, or Nasdaq, under the symbol “FAMI”. On March 18, 2021, the last reported price of the ordinary shares on Nasdaq was $1.38 per ordinary share.

On March 19, 2021, the aggregate market value of our ordinary shares held by non-affiliates was approximately $16,260,024, based on 21,114,303 ordinary shares outstanding, 11,614,303 of which are held by non-affiliates, and a per ordinary share price of $1.40 based on the closing sale price of our ordinary shares on Nasdaq on March 19, 2021. We have not sold any of our ordinary shares pursuant to General Instruction I.B.5 on Form F-3 during the prior 12 calendar month period that ends on and includes the date hereof (but excluding this offering).

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Article: Why Benitec Biopharma (BNTC) Stock Is Skyrocketing Today

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Why Benitec Biopharma (BNTC) Stock Is Skyrocketing Today

Neer Varshney, 23 March 2021

The shares of Benitec Biopharma Inc BNTC 1.02% are trading 92.5% higher at $6.14 in the early pre-market session on Tuesday. What Happened: Benitec shares had closed at $3.19 on Monday. The surge follows Morgan Stanley MS 0.49% disclosing in a filing with the U.S. Securities and Exchange Commission after the markets closed on Monday that it had increased its stake by about 5.2% in the Australian biotechnology company.

Morgan Stanley disclosed in the 13G filing it now owned 249,174 shares in Benitec, compared to about 13,100 earlier.

Benitec is engaged in providing gene silencing therapies, combining RNA interference with gene therapy.

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Article: Former Citgo exec pleads guilty in $7 million international bribery, money laundering scheme

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Former Citgo exec pleads guilty in $7 million international bribery, money laundering scheme

Alison Medley, 23 March 2021

A federal investigation has revealed an elaborate scheme involving millions in international bribes and Houston-based oil company, Citgo, according to a U.S. Justice Department report.

At the heart of a federal investigation was Petroleos de Venezuela S.A. PDVSA, which owns the Houston-based subsidiary Citgo. Continue reading “Article: Former Citgo exec pleads guilty in $7 million international bribery, money laundering scheme”

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Article: Federal Prosecutors allege credit union CEO embezzled $2M

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Federal Prosecutors allege credit union CEO embezzled $2M

ACG, 23 March 2021

In May 2017, five months after Stacey Shaw became president and CEO of the International Brotherhood of Electrical Workers Local Union 712 Federal Credit Union in Beaver, Pennsylvania, she opened credit cards issued by the union. Federal prosecutors allege she made more than $2 million in charges and cash advances through March 2020, according to a report in the Pittsburgh Post-Gazette.

Court documents filed by prosecutors in U.S. District Court in Pittsburgh charged Shaw with one felony count of embezzlement from a federal credit union and two felony counts of failing to file federal income tax returns. Continue reading “Article: Federal Prosecutors allege credit union CEO embezzled $2M”

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Article: Taiwan Regulators Steps Up Scrutiny of Clubhouse App

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Taiwan Regulators Steps Up Scrutiny of Clubhouse App

Ranamita Chakraborty, Regulation Asia, 23 March 2021

The social media app restricts voice recording without the consent of every speaker in a chat room, which may create a loophole for stock manipulators.

Taiwan’s FSC (Financial Supervisory Commission) is reportedly looking into ways to monitor suspected stock market manipulation on Clubhouse, an exclusive invitation-only social networking app based on audio-chat. Continue reading “Article: Taiwan Regulators Steps Up Scrutiny of Clubhouse App”

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Article: GameStop hearing targets stock lending, social media

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GameStop hearing targets stock lending, social media

Michael Shaw, 23 March 2021

Two issues emerged from a congressional hearing on the volatile trading of GameStop Corp. shares: Lawmakers and regulators need a greater understanding of how technology helped foster the frenzy, and regulators need systems to understand such events — and possibly to manage them.

House Financial Services members and witnesses spent most of their time at the hearing last week focusing on the role of short-selling in the GameStop trading frenzy in January. They specifically looked at the source of securities used to take short positions, and they looked at how a bunch of retail investors seemingly were able to outmaneuver the professionals. Continue reading “Article: GameStop hearing targets stock lending, social media”

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Article: Form 8-K American Acquisition Opportunity Inc.

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Form 8-K American Acquisition Opportunity Inc.

EDGAR AGENTS LLC, 23 March 2021

On March 22, 2021, American Acquisition Opportunity Inc. (the “Registrant”) consummated its initial public offering (the “IPO”) of 10,000,000 units (the “Units”), each Unit consisting of one share of common stock of the Registrant, par value $0.0001 per share (the “Common Stock”) and one-half of one redeemable warrant (“Warrant”), each whole Warrant entitling the holder thereof to purchase one share of Common Stock for $11.50 per share. The Units were sold at a price of $10.00 per Unit, generating aggregate gross proceeds to the Registrant of $100,000,000.

In connection with the IPO, the Registrant entered into the following agreements, forms of which were previously filed as exhibits to the Registrant’s Registration Statement on Form S-1 (File No. 333-252751) related to the IPO, originally filed with the U.S. Securities and Exchange Commission (the “Commission”) on February 5, 2021 (as amended, the “Registration Statement”): Continue reading “Article: Form 8-K American Acquisition Opportunity Inc.”

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Article: American Acquisition Opportunity Inc – Units (1 Ord Class A & 1/2 War) (AMAOU)

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American Acquisition Opportunity Inc – Units (1 Ord Class A & 1/2 War) (AMAOU)

Seeking Alpha, 23 March 2021

An Underwriting Agreement, dated March 17, 2021 by and between the Registrant and Kingswood Capital Markets, division of Benchmark Securities, Inc., a copy of which is attached as Exhibit 1.1 hereto and incorporated herein by reference.

A Warrant Agreement, dated March 17, 2021, by and between the Registrant and Continental Stock Transfer & Trust Company, LLC as warrant agent, a copy of which is attached as Exhibit 4.1 hereto and incorporated herein by reference. Continue reading “Article: American Acquisition Opportunity Inc – Units (1 Ord Class A & 1/2 War) (AMAOU)”