Let the Apes Have Wall Street
Matt Taibbi, 10 June 2021
The much-publicized war over “meme stocks” drags a longstanding Wall Street ripoff out of the shadows, to hilarious results
On CNBC’s Fast Money last week, anchor Melissa Lee appeared to mention the unmentionable. She was talking with Tim Seymour, CEO of Seymour Asset Management, who made offhand mention of the hedge funds shorting now-infamous stocks like AMC and GameStop. “Look, there are a lot of short sellers out there who have been borrowing stock they didn’t have,” Seymour said.
“Naked shorts, yeah,” said Lee.
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“Get Shorty” – FINRA Requests Comment on Proposed Significant Changes to Short Position and Stock Loan Reporting
Sidley Austin LLP, 07 June 2021
On June 4, 2021, the Financial Industry Regulatory Authority (FINRA) published Regulatory Notice 21-19 (the Notice), which requests comment on certain significant proposed changes to short position and stock loan reporting. Currently, FINRA Rule 4560 generally requires clearing firms/prime brokers that are FINRA members to report to FINRA twice per month aggregate settled short positions in firm and customer accounts, subject to certain exceptions. The short interest data collected by FINRA includes the reporting firm’s current aggregate settled short positions for each security and any short position changes at the firm since the prior reporting period. FINRA has requested comment on proposals that would, among other things, (i) increase the frequency of short interest reporting from twice per month to weekly or even daily; (ii) require clearing firms to report synthetic short exposure (e.g., long puts/short calls) in firm and customer accounts; (iii) require clearing firms to report loan obligations resulting from arranged financing and enhanced lending programs; (iv) require clearing firms to report to FINRA for regulatory purposes a report of daily allocations of fail to deliver positions under Rule 204(d) of Regulation SHO; and (v) consider requiring FINRA member firms to report to FINRA (for regulatory purposes but with an eye toward eventual public dissemination) certain information on stock loans.
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What is market manipulation?
Thomas Dixon, 25 May 2021
“The market is manipulated by big sharks.”
“The price isn’t moving when it should be.”
And a lot more. That’s how people on the internet speak about stock manipulation or market manipulation. But, what is it, really?
What is manipulation?
Psychologically speaking, manipulation is a form of social control that uses indirect, misleading, or underhanded techniques to alter the behavior or opinion of others. Such tactics could be called exploitative and devious since they further the manipulator’s objectives at the cost of others. Continue reading “Article: What is market manipulation?”
SEC chair Gensler says agency will enforce rules ‘aggressively’ against bad actors
Bob Pisani, 20 May 2021
Securities and Exchange Commission Chair Gary Gensler said he would be aggressively pursuing bad financial actors who were “playing with working families’ savings.”
Gensler made his remarks at a Financial Industry Regulatory Authority conference with Robert Cook, president and CEO of FINRA. FINRA is the agency that regulates broker-dealers and exchanges.
As he did in his recent Congressional testimony, Gensler emphasized that enforcement would be a key part of protecting the public.
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Its not done by Me way to much details.and zero errors BUT a great job
$GTII Naked Short Squeeze – Ultimate DD from GTII
Today GTII was Posted on REG SHO list. Means they are short so Much they cant hide it anymore. And the brokers cannot look the other way IT must be cleaned it. THE END IS NEAR. Today’s short was 300,000 out of 500,000 that traded wonder why it has taken so long. Maybe its was the 100’s of calls to SEC and FINRA
Continue reading “Anonymous Witness: GTII & FNGR In Deep Doo Doo”
FINRA Fines Credit Suisse $345K For Worker Oversight Lapse
Al Barbarino, 06 April 2021
Credit Suisse Securities failed to monitor thousands of its employees’ outside brokerage accounts for “potentially deceptive” trading practices, according to a Financial Industry Regulatory Authority settlement that censures the broker-dealer and slaps it with a $345,000 fine.
The New York-based subsidiary of Credit Suisse Group failed to adequately track whether its new employees had disclosed outside brokerage accounts, according to the settlement, which was published Monday. Continue reading “Article: FINRA Fines Credit Suisse $345K For Worker Oversight Lapse”
A Massive Increase in Trading in GameStop by Dark Pools Owned by the Mega Wall Street Banks Coincided with the Spike in its Share Price
Pam Martens and Russ Martens, 26 March 2021
If the Securities and Exchange Commission is not taking a hard look at the involvement of Dark Pools owned by the biggest banks on Wall Street during the meteoric spike in the price of GameStop shares in late January, then we have to conclude that it doesn’t want to actually get at the truth.
Wall Street On Parade spent one hour combing through the Dark Pool trading data available through Wall Street’s self-regulator, FINRA, and the evidence of Dark Pools’ involvement in the dodgy trading in GameStop is striking. (GameStop is a New York Stock Exchange listed company and it has been trading like a penny stock operated out of a boiler room – raising questions about the integrity of U.S. markets.
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A naked short selling Death spiral lending group EXPOSED and TRAPPED by a Public company GTII This Firm
GENEVA ROTH REMARK HOLDINGS, INC had their Convertible Debt retired and has no way to cover naked short Position The press release
Continue reading “Tip: A naked short selling Death spiral lending group EXPOSED and TRAPPED by a Public company GTII This Firm”
Mary Lovelace Schapiro (born June 19, 1955) served as the 29th Chair of the U.S. Securities and Exchange Commission (SEC). She was appointed by President Barack Obama, unanimously confirmed by the U.S. Senate, and assumed the Chairship on January 27, 2009. She is the first woman to be the permanent Chair of the SEC.
In 2009, Forbes ranked her the 56th most powerful woman in the world. Continue reading “Official: Mary Schapiro”
Robinhood Is In Talks With FINRA To Settle March 2020 Probe Into Options And Outages
Tyler Durden, Zero Hedge, 26 February 2021
At the center of the investigation was how Robinhood displays cash balances and buying power to its customers and the process that it undertakes to vet and approve traders for options trading. Continue reading “Article: Robinhood Is In Talks With FINRA To Settle March 2020 Probe Into Options And Outages”
Reddit Trader Roaring Kitty Accused Of Fraud In The Latest Wild Lawsuit Coming Out Of GameStop Saga
Jonathan Ponciano, 17 February 2021
One of the most outspoken retail traders on Reddit’s WallStreetBets discussion board has been targeted in a proposed class-action lawsuit alleging the 34-year-old securities broker behind the widely followed “Roaring Kitty” persona committed securities fraud for misrepresenting himself as an amateur trader online while pumping up GameStop stock prices.
“As a licensed securities professional, including the period he was licensed by and associated with MML and MassMutual, Gill was obligated to follow various securities laws, [SEC] rules and regulations and FINRA rules,” the 38-page suit says. The suit specifically references five securities rules, including one that requires licensed securities professionals to observe “high standards of commercial honor and just and equitable principles of trade” while conducting business and another saying that their public communications–on social media included–should “be fair and balanced” and “not omit any material fact or qualification” if the omission could mislead investors.
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Exposing The Robinhood Scam: Here’s How Much Citadel Paid To Robinhood To Buy Your Orders
Tyler Durden, Zero Hedge, 14 February 2021
Frankly, we’ve had it with the constant stream of lies from Robinhood and neverending bullshit from the company’s CEO, Vlad Tenev.
With Tenev scheduled to testify on Thursday, alongside the CEOs of Citadel, Melvin Capital and Reddit, the apriori mea culpas have started to emerge – if a little too late – the former HFT trader spoke late on Friday on the All-In Podcast hosted by Chamath Palihapitiya, who had strongly criticized Robinhood over the trading restrictions, and Jason Calacanis, a Robinhood investor, and said that “no doubt we could have communicated this a little bit better to customers.”
FINRA GameStop Probe May Put Firms’ Compliance In Focus
Al Barbarino, 09 February 2021
The Financial Industry Regulatory Authority is likely investigating the social media activity of brokers tied to the GameStop stock-trading frenzy, which could ultimately lead to scrutiny of firms’ supervisory procedures and require fine-tuning of their compliance policies.
The erratic trading that sent GameStop’s share price soaring to a high of $483 on Jan. 28 before crashing down was fueled in part by a Reddit board where users promoted the stock to counter Wall Street firms that had bet against it. After weeks of wild fluctuations, the stock closed Tuesday at just over $50. Continue reading “Article: FINRA GameStop Probe May Put Firms’ Compliance In Focus”