Howard W. Lutnick is Chairman & CEO of Cantor Fitzgerald L.P., and Chairman & CEO of BGC Partners Inc. Lutnick graduated from Haverford College in 1983 with a degree in economics and joined Cantor Fitzgerald the same year. Mr. Lutnick served on the Haverford College Board of Managers for 21 years, including as vice-chair and chair. He has also served on the boards of the Zachary and Elizabeth M. Fisher Center for Alzheimer’s Disease Research and the Intrepid Museum Foundation. Mr. Lutnick is a member of the Board of Trustees for the National September 11 Memorial and Museum at the World Trade Center.
Subject: Anshu Jain
Subject of Interest
Anshu Jain is the President of Cantor Fitzgerald L.P., he works alongside Howard W. Lutnick, Chairman and Chief Executive Officer. Mr. Jain was Co-CEO of Deutsche Bank from June 2012 to June 2015. Prior to that, he worked at Merrill Lynch He served on the International Advisory Panel of the Monetary Authority of Singapore. Mr. Jain received his Bachelor’s degree in Economics, with honors, from the University of Delhi and his MBA in Finance degree, Beta Gamma Sigma, from the University of Massachusetts Amherst.
Subject: Stephen Merkel
Subject of Interest
Stephen Merkel is the Executive Managing Director, General Counsel and Secretary of Cantor Fitzgerald, L.P. He joined the firm in 1993. He is also Executive Vice-President, General Counsel and Secretary of BGC Partners, Inc. Previously, he was the Director, Senior Vice-President, General Counsel and Secretary of eSpeed. Prior to joining Cantor Fitzgerald, Mr. Merkel was Vice-President and Assistant General Counsel at Goldman Sachs & Co., dedicated to the J. Aron Division. Mr. Merkel graduated with a B.A. Magna Cum Laude from the University of Pennsylvania and received his law degree from the University of Michigan School of Law.
Subject: Mark Kaplan
Subject of Interest
Mark Kaplan is a Senior Managing Director and Chief Operating Officer of Cantor Fitzgerald & Co. Prior to that position, Kaplan was the General Counsel for Société Générale for the Americas, leading its Legal and Compliance departments. Before joining Société Générale, he was the General Counsel for CIBC World Markets Corp.’s U.S. operations, and previously served as the Director of Litigation at Oppenheimer & Co., Inc. Mr. Kaplan holds a B.A. from Bucknell University, where he graduated Magna Cum Laude and Phi Beta Kappa, and a J.D. from Columbia University Law School.
Subject: Steven Bisgay
Subject of Interest
Steven Bisgay is an executive member of Cantor Fitzgerald, L.P. BATPrior to joining Cantor, Mr. Bisgay was the Chief Financial Officer of KCG Holdings. Before his appointment as Chief Financial Officer, he served as Knight Capital Group, Inc.’s Executive Vice-President, Chief Operating Officer and Chief Financial Officer. Prior to these appointments, Mr. Bisgay served as Senior Manager at PricewaterhouseCoopers LLP. He has also served on the Board of Managers of Direct Edge Holdings LLC, until its merger with BATS Global Markets, Inc. Mr. Bisgay is a Certified Public Accountant and holds a BS in Accounting from Binghamton University and an MBA from Columbia University. He is also registered with FINRA and holds a Series 27 Financial Operations Principal License.
Subject: Lori Pennay
Subject of Interest
Lori Pennay is a Senior Managing Director and Global Head of Human Resources and Partnership for Cantor Fitzgerald and BGC Partners, Inc. Previously, Ms. Pennay served as a Vice-President and Assistant General Counsel, where she provided legal advice and representation to Cantor and BGC with respect to employment and partnership matters. Prior to joining Cantor Fitzgerald, Ms. Pennay served as employment counsel for Credit (USA) LLC, where she was primarily responsible for providing legal advice and representation for the private banking and certain back office divisions. She began her career as an employment lawyer with the law firm of Akin, Gump, Strauss, Hauer & Feld, LLP. Ms. Pennay holds a B.A. from Pennsylvania State University with High Distinction honors and a J.D. from the University of Pennsylvania Law School.
Subject: James Buccola
Subject of Interest
James Buccola is currently the Head of Fixed Income at Cantor Fitzgerald & Co., which he joined in December 2017, focusing on all Fixed Income Sales & Trading globally, as well as oversees CCRE, the Firm’s Commercial Mortgage Securities business.Prior to joining Cantor Fitzgerald & Co., Mr. Buccola was the Head of Securitized Products Trading at Credit Suisse Group AG.
Subject: Sage Kelly
Subject of Interest
Sage Kelly is a Senior Managing Director and Head of Investment Banking at Cantor Fitzgerald. Mr. Kelly has over 20 years of experience in investment banking, most recently serving as the Head of Healthcare Investment Banking at Jefferies from 2009 to 2015. Prior to Jefferies, Mr. Kelly served as a Managing Director at UBS where he worked from 1999-2009, and at Salomon Smith Barney in the Healthcare Investment Banking Group from 1994-1999. Mr. Kelly graduated from Boston College with a bachelor’s degree in chemistry, finance, and economics.
Subject: Pascal Bandelier
Subject of Interest
Pascal Bandelier is the Senior Managing Director, Head of Equities. He joined the Cantor Fitzgerald based in New York. Bandelier was the Head of Equity Execution Trading at Barclays, where he was responsible for the trading, sales trading, desk analyst and low-touch electronic businesses during his tenure at Barclays since 2013. Prior to Barclays, Bandelier was Head of TMT Cash Equity Trading, at Morgan Stanley, and Head of Cash Equity Trading & Risk at Nomura. From 2001 to 2010, Mr. Bandelier worked at Barclays/Lehman Brothers. Bandelier graduated from Northwestern University with a Bachelor’s degree in economics.
Subject: Jon Yalmokas
Subject of Interest
Jon Yalmokas is Global Head of Prime Services at Cantor Fitzgerald. Most recently, he was the Americas Head of Prime Services at Bank of America Merrill Lynch (BAML). Prior to BAML, he was at UBS, Goldman Sachs, and Merrill Lynch. Yalmokas holds a B.A. from Boston College.He is a 2017 board member of the Managed Funds Association.Subject: Karen Laureano-Rikardsen
Subject of Interest
Karen Laureano-Rikardsen is the Chief Communications and Marketing Officer for Cantor Fitzgerald, L.P. Prior to joining Cantor, Laureano-Rikardsen held various senior communications and marketing roles at financial services firms, including CRT Capital Group, Credit Suisse and Dresdner Kleinwort Wasserstein. Ms. Laureano-Rikardsen earned a Bachelor’s Degree in International Affairs from the University of Maryland UC in Schwäbisch Gmünd Germany.
Subject: Paul M. Pion
Subject of Interest
Paul M. Pion has served as Chief Administrative Officer and Senior Managing Director of Cantor Fitzgerald & Co. (“Cantor”) since August 2010. Mr. Pion is also the Chief Financial Officer of Cantor Fitzgerald’s real estate business and CF Acquisition Company (SPAC). Mr. Pion previously served in numerous positions for Cantor including Global Director of Internal Audit from 2002 to 2010. Mr. Pion has been a director of Tower Bridge GP Limited since November 2010, BGC European GP Limited since January 2012 and was a director of BGC Brokers GP Limited from April 2012 until December 2019. Prior to joining Cantor, Mr. Pion served for approximately 14 years with the accounting firm Deloitte & Touche Pion holds Series 7 and 27 licenses and is a Certified Public Accountant in the State of New York. He received a B.S. in Accounting from the State University of New York at Albany.
Release: Explains Illegal Naked Shorting Being Perpetrated By Major Market Makers on MAXD Shares
ReleaseExplains Illegal Naked Shorting Being Perpetrated By Major Market Makers on MAXD Shares
8,117,878,650 shares shorted in the past year, which is more than 40% of MAXD’s total trading volume
We have analyzed the last year of daily short volume data and correlated it to recent market making activity in MAXD. In 27 of the past 31 trading days, 87% of the time, the combined selling and short selling in MAXD has far exceeded the amount of buying (See NetNet column below). Market makers, by definition, are required to PROVIDE LIQUIDITY not extract or remove liquidity. The math provided below demonstrates that instead of matching orders, market makers, Knight/Virtu, Cantor Fitzgerald, Canaccord Genuity, Citadel, eTrade/G1 are heavily shorting MAXD stock BOTH on the offer and on the bid, which by definition means they have a “speculative short selling strategy” running on MAXD. They are carrying net short positions overnight and continuing to claim the market maker’s exemption, which is in VIOLATION of the Fair Market Making Requirements of Regulation SHO. We are able to mathematically prove this because there is not enough BuyVol (buy volume) to match the amount of selling and short selling. The chart below identifies the top 5 market makers, in MAXD for May 2018 (highlighted below) accounting for 2,257,870,595 shares of trading, or 88.22% of total trading volume in May.
Total Volume Name
(Last Month)
643,662,180 Knight/Virtu,
154,447,100 Cantor Fitzgerald,
203,762,081 Canaccord Genuity,
769,731,954 Citadel,
247,276,817 Trade/G1
As is common during these orchestrated short selling campaigns, bad actors with no real interest in MAXD’s success, or any small public company for that matter, has consistently engaged in false accusations and libel on the Company’s stock chat boards in attempts to scare and demoralize MAXD’s legitimate shareholders. It is noteworthy that as soon as Max Sound sent this report to the market makers perpetrating the naked short sales on the company, the bad actors disappeared at least for the time being.
