Article: Merrill Lynch Traders Can’t Avoid Spoofing, Fraud Charges

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Merrill Lynch Traders Can’t Avoid Spoofing, Fraud Charges

Law360, 21 May 2020

The government’s June 2018 indictment says the traders’ scheme between June 2009 and October 2014 created the illusion of market movement by using large orders to inflate the price, with no intention of filling the orders, thus committing wire fraud, commodities fraud and conspiracy to commit commodities fraud.

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Subject: Richard Choo-Beng Lee

Subject of Interest

Richard Choo-Beng Lee, who co-founded Spherix Capital and once was an analyst at SAC Capital, pled guilty in 2009 along with Spherix co-founder Ali Far, admitting to engaging in an insider trading scheme that enabled Spherix to make $5 million. Lee secretly informed on various individuals and recorded several  phone calls with 28 people, including billionaire Steven A. Cohen, whose SAC Capital employed Lee as an analyst from 1999 to 2004, prosecutors said. Lee was also ordered by U.S. District Judge Kevin Castel in Manhattan to pay a $100,000 fine in light of his 2009 guilty plea.

Three weeks prison for key informant in U.S. insider-trading cases

Galleon Group

Subject: Ali Far

Subject of Interest

Ali Far is a former employee at the Galleon Group. He left in 2008 to start his own Hedge fund (Spherix Capital Partners) with his Partner, Richard Choo-Beng Lee, aka “C.B.” Far was sentenced to one year of probation for his participation in multiple insider trading schemes during which he obtained, shared, and traded based on material, non-public information (“inside information”) stolen from several public companies. Far pled guilty in October 2009 to one count of conspiracy to commit securities fraud and one count of securities fraud pursuant to a cooperation agreement with the government. Together, he and his co-conspirator at Spherix gained approximately $5,209,464 for their hedge fund by placing trades in Spherix accounts based on Inside Information.

Former Galleon Group Employee and Hedge Fund Founder Ali Far Sentenced in Manhattan Federal Court for Insider Trading

Galleon Group

Subject: Brian J. Lee

Subject of Interest

Brian J. Lee is the firm’s Chief Risk Officer of Goldman Sachs. He is a member of the Management Committee, Firmwide Risk Committee, Firmwide Asset Liability Committee, Firmwide Enterprise Risk Committee and Firmwide Investment Policy Committee. Previously, Mr. Lee was the firm’s Controller and Chief Accounting Officer from 2017 to 2019.  He joined Goldman Sachs in 1994 and held numerous management roles within Controllers, including as Deputy Controller, before assuming his role as Controller and Chief Accounting Officer in 2017. Lee was named Managing Director in 2002 and Partner in 2008.  Prior to joining the firm, he worked at Price Waterhouse from 1989 to 1994.

Biography

Goldman Sachs

Subject: Allison Herren Lee

Subject of Interest

Allison Herren Lee is a  Commissioner of the Securities and Exchange Commission (SEC). She was appointed by President Donald Trump to the U.S. Securities and Exchange Commission, unanimously confirmed by the U.S. Senate, and sworn into office on July 8, 2019. Commissioner Lee brings to the SEC over two decades of experience as a securities law practitioner. Most recently, she has written, lectured, and taught courses internationally in Spain and Italy on financial regulation and corporate law.

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Article: In Money Laundering Cover Up Federal Reserve Withholds 133 Pages About BB&T Releases 1 Page

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In Money Laundering Cover Up Federal Reserve Withholds 133 Pages About BB&T Releases 1 Page

Matthew R. Lee

Inner City Press, 3 May 2019

When BB&T announced a $66 billion proposal to take over Suntrust Bank, which would close a still undisclosed number of branches and extend BB&T disparate lending patterns, many linked it to deregulatory moves in Washington. Then two days after Federal Reserve Governor Lael Brainard was asked by Inner City Press about the Fed’s lax review of previous mergers, including WSFS on which the Fed still hasn’t ruled on the bank’s withholding of information after rubber stamping the deal, the Fed announced public hearings. But the fix it seems it still in.

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Article: How Wall Street Is Using the Bailout to Stage a Revolution

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How Wall Street Is Using the Bailout to Stage a Revolution

Matt Taibbi

Rolling Stone, 2 April 2009

It’s over – we’re officially, royally fucked. no empire can survive being rendered a permanent laughingstock, which is what happened as of a few weeks ago, when the buffoons who have been running things in this country finally went one step too far. It happened when Treasury Secretary Timothy Geithner was forced to admit that he was once again going to have to stuff billions of taxpayer dollars into a dying insurance giant called AIG, itself a profound symbol of our national decline – a corporation that got rich insuring the concrete and steel of American industry in the country’s heyday, only to destroy itself chasing phantom fortunes at the Wall Street card tables, like a dissolute nobleman gambling away the family estate in the waning days of the British Empire.

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