Harrington – Financial Treason & Crime

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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Hedge Fund Says Banks’ Spoofing, Naked Shorting Cost It Big

Jon Hill, 29 January 2021

A Bermuda-based hedge fund has accused several major financial institutions’ U.S. and Canadian securities arms of engaging in spoofing and naked short-selling, alleging in a new Manhattan federal court lawsuit that their tactics caused it to suffer losses in the tens of millions of dollars back in 2016.

In a complaint filed Thursday, Harrington Global Opportunity Fund Ltd. said U.S. and Canadian broker-dealer affiliates of Bank of America, TD Bank, UBS and several other large financial institutions drove down the stock price of the former Concordia International Corp. through illegal trading practices, forcing the hedge fund to sell its own shares in the pharmaceutical company at artificially low prices. Continue reading “Article: Hedge Fund Says Banks’ Spoofing, Naked Shorting Cost It Big”

Tag: Harrington

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

Article: Hedge Fund Says Banks’ Spoofing, Naked Shorting Cost It Big