Foreign Collusion, Naked Shorting (Counterfeiting) & Money Laundering — All Illicit Wealth
Goldman Sachs affiliate again faces fine for naked short selling
Bae Hyunjung
The Korea Herald, 9 April 2019
South Korea’s financial authority has fined a Goldman Sachs affiliate 72 million won ($63,000) for naked short selling, marking the third case of the US-based investment bank facing sanctions here.
Goldman Sachs affiliate again faces fine for naked short selling
Bae Hyunjung, 09 April 2019
South Korea’s financial authority has fined a Goldman Sachs affiliate 72 million won ($63,000) for naked short selling, marking the third case of the US-based investment bank facing sanctions here.
The Securities and Futures Commission of the Financial Services Commission judged earlier this year that Singapore-based Goldman Sachs India Investments conducted short selling without securing underlying assets, officials said Monday.
Naked short selling refers to the sale of borrowed shares in order to profit by buying them back at a lower price, but without actually borrowing the stocks first. Unlike short selling, naked short selling has been prohibited in Korea since 2008. Continue reading “Article: Goldman Sachs affiliate again faces fine for naked short selling”
Solidus Raises $3 Million in Seed Financing to Tackle Digital Asset Market Manipulation
Business Wire, 25 February 2019
Solidus Labs, provider of a machine learning-powered trade surveillance platform tailored for digital assets, secured a $3 million seed round of financing led by Hanaco Ventures. Additional participants in the round include Global Founders Capital, as well as angel investors and Wall Street veterans David Krell and Norman Sorensen. With the proceeds Solidus’ team of former Goldman Sachs engineers is set to address a major challenge preventing greater institutional and mainstream adoption of digital assets – trade manipulation and market integrity.
Solidus’ web-based platform is already deployed with diverse clients including exchanges, broker-dealers, hedge funds and market makers in Europe, the United States and Israel. The funding round will be used to continue expanding the company’s engineering and machine learning teams, as well as sales, marketing and customer success operations. Solidus is accommodating growing demand from digital asset firms, as those strive to satisfy intensifying regulatory oversight and high compliance standards of traditional financial institutions. Continue reading “Article: Solidus Raises $3 Million in Seed Financing to Tackle Digital Asset Market Manipulation”
Goldman Sachs Fined 7.5 Bil. Won for Naked Short Selling of Stocks in S. Korea
Yoon Young-sil, 29 November 2018
South Korea’s financial authorities have imposed the biggest ever fine on Goldman Sachs Group for its naked short selling activities.
The Securities & Futures Commission (SFC), an investigative body of the Financial Services Commission (FSC), decided on Nov. 28 to impose a 7.5 billion won ($6.65 million) in fine on Goldman Sachs Group’s subsidiary Goldman Sachs International for violating the short selling rules. Continue reading “Article: Goldman Sachs Fined 7.5 Bil. Won for Naked Short Selling of Stocks in S. Korea”
Goldman Sachs hit with £5.2m fine for short selling
James Booth, 28 November 2018
South Korea’s financial regulator has hit Goldman Sachs with a 7.5bn won (£5.2m) fine for breaking rules on short-selling.
The fine is for short-selling without securing underlying assets, the Financial Services Commission (FSC) said in a statement. Continue reading “Article: Goldman Sachs hit with £5.2m fine for short selling”
(LEAD) Goldman Sachs fined 7.5 bln won for illegal naked short selling in S. Korea
Yonhap News Agency, 28 November 2018
South Korea’s financial regulator said Wednesday it decided to fine the Seoul branch of Goldman Sachs Group Inc. 7.5 million won (US$6.66 million) for carrying out naked short selling, which is illegal here.
It marked the largest fine against a financial institution for violating the rules that ban such short selling in South Korea.
Market watchers had expected the Financial Services Commission (FSC) to slap a fine of up to 1 billion won against Goldman Sachs for naked short selling, which was carried out in late May. Continue reading “Article: (LEAD) Goldman Sachs fined 7.5 bln won for illegal naked short selling in S. Korea”
S.Korea’s regulator fines Goldman Sachs 6.7 mln USD for naked short selling
Shi Yinglun, 28 November 2018
South Korea’s financial regulator said Wednesday that it fined the Seoul branch of U.S.-based Goldman Sachs Group 7.5 billion won (6.7 million U.S. dollars) for the naked short selling that is illegal in the country.
The Financial Services Commission (FSC) said the fine was imposed as the U.S.-based investment bank violated the local rules that ban financial institutions from making a sell order without borrowed stocks.
Short selling, which is legal here, refers to the sale of borrowed stocks on expectations for a price fall. The borrowers are required to return back the borrowed stocks by buying back the stocks when the price falls, making a profit of the price gap. Continue reading “Article: S.Korea’s regulator fines Goldman Sachs 6.7 mln USD for naked short selling”
Goldman Sachs fined for illegal naked short selling by mistake in S. Korea
Lim Chang-won, 28 November 2018
South Korea’s financial watchdog slapped the local branch of Goldman Sachs, an American multinational investment bank and financial services group, with a fine of 7.5 billion won ($6.6 million) for naked short selling. It’s the biggest fine against a financial institution for naked short selling.
Short selling refers to the sale of borrowed shares in the hope of making a profit from a price fall by buying the shares back at a lower price. Naked short selling, a practice of short selling without borrowing shares, is illegal in South Korea.
The Financial Services Commission (FSC) said Wednesday that Goldman Sachs issued a sell order of stocks worth 40.1 billion won without borrowing stocks for two days on May 30 and 31. As a result, the commission said that about 145 million shares were not delivered for settlement. Continue reading “Article: Goldman Sachs fined for illegal naked short selling by mistake in S. Korea”
CORRECTED-S.Korea fines Goldman Sachs’ unit $6.7 mln for naked short selling
Reuters Staff, 18 November 2018
SEOUL, Nov 28 (Reuters) – South Korea’s financial regulator said on Wednesday it has imposed a 7.5 billion won ($6.66 million) fine on Goldman Sachs Group’s subsidiary Goldman Sachs International for violating short-selling rules.
The fine is for its short selling activities without securing underlying assets, the Financial Services Commission (FSC) said in a statement, noting the U.S.-based international investment bank’s unit conducted short sales worth 40.1 billion won in May.
Naked short selling, which occurs when an investor sells stock that has not yet been borrowed, is illegal in South Korea. ($1 = 1,126.5500 won)
Goldman Sachs may face $1.76 mn fine for naked short selling
Jin Young-tae and Choi Mira, 10 October 2018
The U.S. investment banking giant Goldman Sachs could face a fine of up to 2 billion won ($1.76 million) by the South Korean financial authorities for conducting more than 100 naked short selling transactions banned by the Korean law.
This would be the biggest fine to be slapped for a financial institution in short-sale transactions in the country.
According to sources from the investment banking industry on Tuesday, the financial authority decided to impose a 2 billion won fine on Goldman Sachs for illegally shorting more than 100 local stocks on May 30, and will submit its finding to the top decision-making Securities & Futures Commission of the Financial Services Commission (FSC) within this week. Continue reading “Article: Goldman Sachs may face $1.76 mn fine for naked short selling”
Penalties for Naked Shorting Selling Too Light
Yoon Youngsai
BusinessKorea, 15 June 2018
The Seoul branch of Goldman Sachs placed short selling orders for 350 KOSPI and KOSDAQ stocks on May 30. Of the 350 stocks, the Seoul branch failed to buy back 20 stocks totaling about 1.38 million shares in time until the deadline for settlement on June 1, indicating the 20 stocks were not in its possession at the time. Each of the 350 stocks can be considered a separate transaction.
Goldman Sachs Fined $110 Million to Settle New York FX Probe
Aziz Abdel-Qader, 01 May 2018
Goldman Sachs has been slapped with a $110 million fine by New York regulator and Federal Reserve in an antitrust lawsuit alleging that the bank’s traders routinely manipulated the forex market for their profit.
New York’s Department of Financial Services also ordered the investment bank to put in place a program to ensure that the alleged violation doesn’t happen again. However, Goldman is not required to hire an outside consultant to review its practices, a condition sometimes imposed on banks fined for compliance violations.
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The DFS said Goldman Sachs had insufficient oversight and controls over its FX traders, who allegedly discussed trading positions with competitors, using electronic chatrooms. The traders frequently tried to trade ahead of big foreign-exchange transactions by their clients, a practice known as front-running.
The order released Tuesday detailed multiple instances of improper behavior, which occurred from at least 2008 to 2015.
5,000 Reasons Why the Overstock.com Saga is Crazier Than Ever
Gary Weiss
gary-weiss.com, 30 January 2018
It’s been a long time since the financial press has cast a skeptical eye on Overstock.com and its CEO, Patrick Byrne, Yet there are multiple reasons to do so. Five thousand to be exact. So I’ve dusted off my blog for an update on my favorite fraudulent stock.
As in all soap operas, its continuing story line is not new: Byrne wants the stock to go up. The stock has a history of manipulation, mainly through cooking the books, resulting in multiple restatements. But it takes an expert to sniff out accounting irregularities. All you need to detect the latest Overstock scam is a working pair of eyes and an Internet connection.
Deutsche Bank Securities Fined $70 Million in Manipulation Case
TOM BEMIS, 02 January 2018
Deutsche Bank Securities Inc., a unit of Deutsche Bank (DB) – Get Report , was fined $70 million as part of a settlement of charges by the Commodity Futures Trading Commission that it attempted to manipulate a key foreign exchange benchmark.
The CFTC found that DBSI made false reports and sought to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix, used as a daily reference in a wide variety of interest-rate products.
The manipulations between 2007 and 2012 sought to benefit DBSI’s derivative positions, the CFTC said in a statement. Continue reading “Article: Deutsche Bank Securities Fined $70 Million in Manipulation Case”
Will Overstock Revolutionize the Stock Exchanges Business with Blockchain?
Ross Pilot, 17 November 17 2017
Do you believe in the long-term future of initial coin offerings but can’t stomach the lack of regulation, wild-west mentality, and outright scams in the marketplace? There are just not a lot of good deals out there.
Nano-caps have turned overnight-blockchain with a signed MOUs or JVs that lets them put out a news release with words “blockchain” just to cash in on the hype.But there have been very few options to bet on a true blockchain based application that is in development and not just written up in whitepaper or PowerPoint presentation. Continue reading “Article: Will Overstock Revolutionize the Stock Exchanges Business with Blockchain?”
THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?
