Stifel, Jefferies Exit Louisiana AG’s GSE Bond-Rigging Case
Jon Hill, 31 March 2021
A Baton Rouge federal judge has freed units of Stifel Financial and Jefferies Financial from Louisiana’s lawsuit alleging Wall Street firms conspired to rig prices of bonds issued by government-sponsored enterprises like Fannie Mae and Freddie Mac, ruling the state blew its last chance to keep them in the case.
In decisions filed Tuesday, U.S. District Judge Shelly D. Dick granted dismissal with prejudice for Stifel Nicolaus & Co. Inc. and Jefferies Group LLC, which were among a slew of financial institutions sued by Louisiana’s state attorney general for allegedly gouging the state on its GSE bond purchases and sales between 2009 and 2016 with a “persistent, pervasive and secret” price-fixing conspiracy. Continue reading “Article: Stifel, Jefferies Exit Louisiana AG’s GSE Bond-Rigging Case”
TWarren Seeks Answers From Robinhood Over Trading Limits
Jon Hill, 02 February 2021
Sen. Elizabeth Warren, D-Mass., is calling on Robinhood to more thoroughly explain its decision last week to restrict trading in shares of GameStop and other companies amid a frenzy of retail investor activity, saying the move has raised questions about potential conflicts of interest facing the trading platform.
In a Tuesday letter to Robinhood CEO Vladimir Tenev, Warren described the trading restrictions as an “abrupt” rules change that not only risked hurting Robinhood’s retail investor customers but has also led to concerns about how the platform’s ties to hedge funds and other bigger Wall Street players may have influenced its decision-making. Continue reading “Article: Warren Seeks Answers From Robinhood Over Trading Limits”
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”
Market Movers: Facedrive Inc.
Braden Maccke, 14 July 2020
Market movers joins the story of Richmond Hill, Ontario based nu-tech platform company Facedrive Inc. (TSXV: FD) just as it finishes a wild Monday, ultimately giving back -$4.92 (-19%) from last week’s $10.14 (+68%) vertical move in a 596,000 share session that landed it at $20.00 flat, after touching $28.00, an intra-day and all-time high.
The 92 million share company has kept tight lines and a clean hull on the boat that is its cap structure, and has trimmed its sails perfectly to capture this market’s strongest trade winds. The company purports to be advancing business units that the market understands, in a manner that socially and ecologically conscious investors and consumers appreciate.
Continue reading “Article: Market Movers: Facedrive Inc.”
French Hil (R-AR) is a committee member of the 116th Congress U.S. House Committee on Financial Services. He is an American politician who is the U.S. Representative for Arkansas’s 2nd congressional district. He was first elected in 2014 and took office on January 3, 2015. He is a member of the Republican Party. Hill served as executive secretary to President George H. W. Bush’s Economic Policy Council and as Deputy Assistant Secretary of the Treasury for Corporate Finance. Hill founded and was the CEO and chairman of the Board Delta Trust and Banking Corporation in Little Rock until its acquisition by Simmons Bank in 2014. He graduated from Vanderbilt University (BS).
U.S. House Banking Committee on Financial Services