#UNRIG Video (34:46): Naked Short Selling Interview #3 – Susanne Trimbath on $100 Trillion Wall Street Crime Spree
VideoArticle: Breakwater Trading sues JPMorgan for alleged manipulation of prices of US Treasury futures
Article - MediaBreakwater Trading sues JPMorgan for alleged manipulation of prices of US Treasury futures
Maria Nikolova
FinanceFeeds, 6 May 2020
Breakwater Trading LLC has launched a civil lawsuit against JPMorgan Chase & Co. (NYSE:JPM), JP Morgan Clearing Corp., JP Morgan Securities LLC, and JP Morgan Securities LLC, accusing them of manipulating the US Treasuries futures market. The complaint, seen by FinanceFeeds, was filed on May 5, 2020, with the New York Southern District Court.
#UNRIG Video (39:06) Naked Short Selling Interview #1 – Wes Christian, pioneering attorney on the big picture
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#UNRIG Video (8:20) Stop Naked Short Selling — the $100 Trillion Wall Street Crime Against the 99%
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Article: The Tide Is Going Out and JPMorgan, Deutsche Bank and AIG Appear to Be Swimming (Read Trading) Naked
Article - MediaThe Tide Is Going Out and JPMorgan, Deutsche Bank and AIG Appear to Be Swimming (Read Trading) Naked
Pam Martens, Russ Martens
Wall Street on Parade, 29 March 2020
Warren Buffet is credited with the quote: “Only when the tide goes out do you discover who’s been swimming naked.”
Friday’s closing prices among some of the heavily interconnected mega Wall Street banks and insurance companies known to be counterparties to Wall Street’s derivatives appeared to show who’s swimming naked in the realm of derivatives – naked meaning who has sold derivative protection (gone short the risk) on something that is blowing up.
Article: Foreign IBs face flak for short selling stocks in Korea
Article - MediaForeign IBs face flak for short selling stocks in Korea
Jie Ye-eun
The Korea Herald, 23 March 2020
Despite a six-month ban on short selling, foreign investment banking houses remain dominant players betting on falling prices of South Korean shares, raising hackles due to stock market volatility.
Article: Government Is Broadening Investigations of Spoofing-Like Practices
Article - Media, PublicationsGovernment Is Broadening Investigations of Spoofing-Like Practices
Dave Michaels, 17 March 2020
WASHINGTON—Authorities are investigating whether traders at JPMorgan Chase & Co. manipulated the market for Treasury securities and futures contracts, according to regulatory disclosures and people familiar with the matter.
The investigation shows that federal prosecutors and regulators continue to expand a campaign against an illicit practice known as spoofing, which has mainly focused on wily trading in derivatives. A move to scrutinize whether similar practices have affected the $17 trillion market for Treasury securities would open a new, and potentially more complicated, front in the war on spoofing.
The bank disclosed in a Feb. 25 regulatory filing that it is dealing with “related requests concerning similar trading-practices issues in markets for other financial instruments, such as U.S. Treasurys.” According to people familiar with the matter, the investigation also is probing the bank’s trading in futures. It couldn’t be learned which time period authorities are focusing their investigation on.
The Justice Department’s Fraud Section and regulators at the Commodity Futures Trading Commission are involved, the people said. A spokeswoman for JPMorgan declined to comment. A spokesman for the Justice Department declined to comment.
Regulators and other authorities cracked down on spoofing after Congress specifically outlawed the feinting strategy in 2010. Citigroup Inc. paid $25 million in 2017 to settle regulatory claims that five traders spoofed Treasury futures. The same year, the Bank of Tokyo-Mitsubishi UFJ, Ltd. paid $600,000 to resolve CFTC claims over similar misconduct.
Article: US Authorities Build Case Against JP Morgan Over Market Manipulation For Precious Metals
Article - Media, PublicationsUS Authorities Build Case Against JP Morgan Over Market Manipulation For Precious Metals
Mike Papantonio, 29 February 2020
Via America’s Lawyer: RT correspondent Michele Greenstein joins Mike Papantonio to walk us through a developing criminal case against bank behemoth JPMorgan, which is being accused yet again of manipulating precious metals markets for the express profit of its own clients and investors.
Mike Papantonio: Federal prosecutors are turning their attention towards bank behemoth JP Morgan, which is accused of manipulating gold and silver prices for the benefit of their clients and their shareholders. Michele Greenstein joins me now to explain what’s happening with this case. First off, run us through these allegations, Michele, you’ve covered this story a fair amount. It’s, it’s a story that again, corporate media isn’t covering this one. What is your take on this story?
Michele Greenstein: Well, US authorities are building a case, although formal accusations have not been made against the bank, but according to two people who are familiar with the matter who spoke with Bloomberg news, US authorities, like we said, are building a criminal case against JP Morgan. Now both the bank and the DOJ declined to comment, but a bank spokesperson did confirm that the DOJ is investigating “trading practices in the metal market and related conduct.” So Pap, what we’re talking about here is metal market manipulation that is intentionally misleading or spoofing members of the metals market. So gold, silver, platinum, palladium, all of these are the precious metals, right? And what market manipulation looks like is this.
Article: Bank of America Eroded U.S. Spoof Case, Laying Path for JPMorgan
Article - MediaBank of America Eroded U.S. Spoof Case, Laying Path for JPMorgan
Tom Schoenberg
Bloomberg, 20 February 2020
Bank of America Corp.’s lawyers came through big for their client last year when they whittled down a U.S. case over precious metals spoofing.
Justice Department prosecutors wanted to bring criminal charges, but bank lawyers asked for none and prevailed. Prosecutors named Bank of America throughout the draft settlement document but not in the final version.
Article: Largest Silver Gold Manipulation Criminal Case Coming
Article - Media, PublicationsLargest Silver Gold Manipulation Criminal Case Coming
James Anderson, 08 February 2020
This week we learned that U.S. authorities at the DoJ, who have for years not only accused various JPMorgan Chase & Co. employees of rigging precious-metals futures but also got many to plead guilty. The US Department of Justice (DoJ) is now, more importantly, building a criminal case against America’s biggest bank itself.
The previously unreported investigation of the global bank’s parent company, part of a wide-ranging attempt by the Federal government to maintain shreds of its former financial market credibility, raises the now new prospect of criminal charges against higher up executives within the United States’ largest bank.
And perhaps even larger implications are coming to this once considered too big to fail, therefore we must bail them out bank.
One which today in 2020, and seemingly year after year the Bank for International Settlements’ Financial Stability Board ascribes as being the #1 Global-Sytimatic Important Bank (G-SIB). In terser terms, JP Morgan’s stability is consistently ranked by the central bank of central banks, as being the largest threat to our global financial system functioning smoothly (new Bank Bail-In Laws on the books still).
Today we will dig into some details about this coming criminal case against JP Morgan Chase.
Article: JPMorgan Facing Suit Over Spoofing Metals
Article - MediaJPMorgan Likely to Face Lawsuit for Precious Metal Spoofing
Zacks Equity Research, February 6, 2020
Per a Bloomberg’s article, JPMorgan Chase JPM is likely to face a criminal lawsuit over rigging precious-metals futures. The authorities that had previously accused six of the bank’s employees of the same misconduct are now planning to charge the company.
The Department of Justice and the Commodity Futures Trading Commission have been investigating the company’s precious metals desk’s trading practices for the past two years.
Continue reading “Article: JPMorgan Facing Suit Over Spoofing Metals”
Article: FINRA sanctions Citi, JPMorgan, LPL Financial, Morgan Stanley Smith Barney, and Merrill Lynch
Article - MediaFINRA sanctions Citi, JPMorgan, LPL Financial, Morgan Stanley Smith Barney, and Merrill Lynch
Mario Nikolova
Finance Feeds, 26 December 2019
The United States Financial Industry Regulatory Authority (FINRA) today announces that it has sanctioned Citigroup Global Markets Inc.; J.P. Morgan Securities LLC; LPL Financial LLC; Morgan Stanley Smith Barney LLC; and Merrill Lynch, Pierce, Fenner & Smith Incorporated, over the firms’ failure to reasonably supervise compliance with FINRA’s “Know Your Customer” rule.
In settling this matter, the five firms paid combined fines totaling $1.4 million, and agreed to review their policies, systems, and procedures to ensure that they are reasonably designed to supervise custodial accounts and to achieve compliance with FINRA Rule 2090. The firms neither admitted nor denied the charges, but consented to the entry of FINRA’s findings.
Article: South Africa should restrict rand access for offending foreign banks
Article - Media, PublicationsSouth Africa should restrict rand access for offending foreign banks
David Whitehouse, 19 December 2019
A call from South Africa’s competition regulator to be given extra-territorial powers to prosecute foreign banks whose actions affect South Africans has drawn short shrift from investors.
After an investigation into alleged collusion by 23 banks, ten of which have no presence in South Africa, to co-ordinate on spot dollar and rand prices, the Competition Commission recommended fines totalling 10% of the banks’ global revenues.
The banks involved, which include JPMorgan Chase, Bank of America Merrill Lynch and Credit Suisse, argue that the case should be dropped. The country’s Competition Tribunal in July ruled that the commission had no jurisdiction to impose the fines. Continue reading “Article: South Africa should restrict rand access for offending foreign banks”
Article: Berkshire Hathaway Bet Big on Dialysis Giant DaVita. Jim Chanos Thinks It’s a Scam
Article - MediaBerkshire Hathaway Bet Big on Dialysis Giant DaVita. Jim Chanos Thinks It’s a Scam.
Christine Idzelis, Institutional Investor, 4 December 2019
DaVita provides life-extending dialysis treatment to more than 200,000 patients. But is it gaming the system through questionable donations to the American Kidney Fund?
Comment: Chanos is calling DVA a fraud. Stock was $59 it fell to $53. Then it went to $115. NICE WORK. Buffet too big to cheat?
Article: These Are the Banks that Own the New York Fed and Its Money Button
Article - MediaThese Are the Banks that Own the New York Fed and Its Money Button
Pam Martens, Russ Martens
Wall Street on Parade, 20 November 2019
The New York Fed has now pumped out upwards of $3 trillion in a period of 63 days to unnamed trading houses on Wall Street to ease a liquidity crisis that has yet to be credibly explained. In addition, it has launched a new asset purchase program, buying up $60 billion each month in U.S. Treasury bills. Based on the continuing escalation of its plans, it appears to be testing the limits of what the public will tolerate. We thought it was time to answer the question: who exactly owns the New York Fed and its magical money spigot that can pump trillions of dollars into Wall Street at the press of a button.
