Article: Hedge Fund Sues Brokers Alleging Naked Shorting In Now Defunct Concordia Health

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Hedge Fund Sues Brokers Alleging Naked Shorting In Now Defunct Concordia Health

Tyler Durden, Zero Hedge, 16 February 2021

Several major international brokers have been sued by a Bermuda hedge fund that claims the brokerages coordinated “abusive” naked short selling and spoofing strategies in US and Canadian markets. The suit revolves around the former Concordia Health, which was highly leveraged and ultimately went bankrupt after controversy about price gouging.

CIBC, Bank of America, UBS and TD Bank are among those named as defendants in a lawsuit filed by Harrington Global Opportunity Fund in the US District Court for the Southern District of New York, according to Securities Finance Times.

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Article: CIBC, Bank of America, UBS and TD Bank stand accused of coordinating “abusive” naked short selling and spoofing strategies

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CIBC, Bank of America, UBS and TD Bank stand accused of coordinating “abusive” naked short selling and spoofing strategies

onlymadethistoupvote, 12 February 2021

International brokers sued over naked short selling allegations CIBC, Bank of America, UBS and TD Bank stand accused of coordinating “abusive” naked short selling and spoofing strategies in US and Canadian stock markets by a Bermuda hedge fund that claims to have lost tens of millions of dollars as a result.

Harrington Global Opportunity Fund has filed a suit at the US District Court for the Southern District of New York alleging that various US and Canadian financial institutions, through their broker divisions, manipulated markets and drove down pharmaceutical company ADVANZ PHARMA’s (formerly Concordia) share price in 2016. Continue reading “Article: CIBC, Bank of America, UBS and TD Bank stand accused of coordinating “abusive” naked short selling and spoofing strategies”

Article: CIBC responds to $1M sexual harassment lawsuit launched by ex-worker Diane Vivares

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CIBC responds to $1M sexual harassment lawsuit launched by ex-worker Diane Vivares

The Canadian Press, 18 May 2016

The CEO of CIBC sent a note to all employees Wednesday, reiterating the company’s non-tolerance for workplace harassment after a former worker filed a wrongful dismissal lawsuit against the bank and a former executive director that alleges she was sexually assaulted and harassed. Diane Vivares, a former associate in the bank’s equity markets group, is seeking more than $1 million in damages from CIBC World Markets and Kevin Carter, a former executive director at the bank. In a lawsuit filed with the Ontario Superior Court in December, about two months after she was let go, Vivares alleges Carter sexually assaulted her at a company Christmas party in 2007 by shoving his hand down her skirt twice.
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Article: CIBC will pay $125M US fine to settle mutual fund trading investigation

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CIBC will pay $125M US fine to settle mutual fund trading investigation

CBC News, 20 July 2005

CIBC confirmed Wednesday it will pay out $125 million US to settle an investigation into the bank’s role on behalf of hedge funds that engaged in improper mutual fund market timing and late trading. The bank said the deal was reached with the U.S. Securities and Exchange Commission and the New York Attorney General’s Office.

The agreement will see two of the bank’s subsidiaries, CIBC World Markets Corp. and Canadian Imperial Holdings Inc., pay a penalty of $25 million US and disgorgement of $100 million US related to financing and brokerage services provided to the hedge funds.
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Article: How CIBC Cashed In on Mutual Fund Fraud

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How CIBC Cashed In on Mutual Fund Fraud

MATTHEW GOLDSTEIN, 20 July 2005

One of the darkest realms of the mutual-fund trading scandal was laid bare Wednesday as state and federal prosecutors detailed how a Toronto financial company served as broker, banker and back office in a hedge fund scheme that victimized thousands of retail investors. The Canadian Imperial Bank of Commerce agreed to pay $125 million to settle the charges, which included fraud and deceptive business acts. The allegations cover a five-year period in which dozens of hedge funds used the bank’s money and connections to make abusive trades that resulted in huge profits to them but diluted other investors’ overall returns. From 1998 to 2003, regulators say, CIBC lent up to $2 billion to such traders, generating more than $75 million in fees. The bank neither admitted nor denied guilt in the settlement.
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Article: CIBC division fined $700,000 over trades

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CIBC division fined $700,000 over trades

PAUL WALDIE, 22 December 2004

The brokerage arm of Canadian Imperial Bank of Commerce has agreed to pay a $700,000 fine and change the way it supervises clients who have direct market access accounts. The agreement is part of a settlement approved yesterday between CIBC World Markets Inc. and Market Regulation Services Inc., or RS, over allegations the brokerage failed to stop alleged manipulative trading by a pair of clients. Two Toronto-based CIBC World Markets employees, Scott Mortimer and Carl Irizawa, also agreed to pay fines of $50,000 and $20,000 respectively. The firm and the two individuals will also pay an additional $115,000 to cover the costs of the investigation.
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Article: CIBC Mellon stock scam probe linked to Angels

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CIBC Mellon stock scam probe linked to Angels

KAREN HOWLETT, 09 December 2004

A former executive of the securities custody firm co-owned by Canadian Imperial Bank of Commerce is under RCMP investigation over his alleged involvement in a penny stock scam police allege is linked to the Hell’s Angels biker gang. Alnoor Jiwan, former manager of CIBC Mellon Global Securities Services Co.’s Vancouver office, is under investigation for allegedly taking bribes in 1999 to issue bogus stock certificates and pocketing ill-gotten gains in a so-called pump-and-dump scheme involving defunct telecom firm Pay Pop Inc. Bill Majcher, head of the RCMP’s Integrated Market Enforcement Team in Vancouver, said his office has recommended to Crown prosecutors that charges be laid in connection with the scam. He also said individuals behind the scam have ties to organized crime.
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Article: Ex-CIBC executive arrested

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Ex-CIBC executive arrested

SINCLAIR STEWART, 04 February 2004

A former executive at Canadian Imperial Bank of Commerce was arrested yesterday and slapped with criminal charges for allegedly bankrolling clients who participated in an illegal mutual fund trading scheme. Paul Flynn, who served as a managing director in CIBC’s U.S. arbitrage business before leaving the bank in December, was charged with five felonies by New York State Attorney-General Eliot Spitzer. If convicted on two counts of grand larceny, he could face up to 25 years in state prison.

Mr. Flynn arranged financing for a pair of hedge funds — Canary Capital Partners LLC and Samaritan Asset Management — that engaged in late-trading and “deceptive” market-timing practices, according to regulatory allegations. Mr. Spitzer’s office accused Mr. Flynn of “stealing” more than $1-million (U.S.) from mutual fund investors by providing the financial backing for these trades.
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