RSF man dealt $337 million fraud, DOJ says
Special to The Grapevine, 10 July 2021
The United States District Court for the Northern District of California this week unsealed an indictment returned by a federal grand jury in San Francisco charging Rancho Santa Fe resident Racho Jordanov with conspiracy to commit trade secret theft and wire fraud, international money laundering, and related charges including obstruction of justice.
Jordanov was the co-founder and former Chief Executive Office of JHL Biotech. He was charged along with Rose Lin, another of the company’s co-founders and former Chief Operating Officer Continue reading “Article: RSF man dealt $337 million fraud, DOJ says”
Taiwan Calls on U.S. to Suspend Currency Manipulation Criteria
Miaojung Lin and Samson Ellis, 18 April 2021
Taiwan urged the U.S. to temporarily ease its monitoring of trading partners for currency manipulation during the ongoing Covid pandemic.
The U.S. Treasury should suspend its three criteria for designating major trading partners currency manipulators while the world battles the coronavirus, Taiwan’s central bank said in a statement on its website Sunday in response to the latest U.S. foreign-exchange policy report.
The U.S. refrained from labeling any economy a currency manipulator in the Biden administration’s first report published Friday, despite acknowledging that Taiwan, Switzerland and Vietnam all met the threshold. Continue reading “Article: Taiwan Calls on U.S. to Suspend Currency Manipulation Criteria”
A Big Fund Bought Up Marijuana Stock Aurora Cannabis and Mastercard.
Ed Lin, 15 February 2021
A large pension recently made big changes in its U.S.-traded investments. British Columbia Investment Management raised its investment in marijuana stock Aurora Cannabis (ticker: ACB), and bought more Mastercard (MA) stock, while it cut positions in Visa (V) and Shopify (SHOP) stock in the fourth quarter. The manager of the Canadian province’s public funds disclosed the trades, among others, in a form it filed with the Securities and Exchange Commission.
BCI, as the pension is known, declined to comment on the investment changes. It manages $135 billion in assets. BCI bought 232,058 additional shares of Aurora Cannabis to end 2020 with 290,404 shares.
Continue reading “Article: A Big Fund Bought Up Marijuana Stock Aurora Cannabis and Mastercard.”
Naked Short Selling: The Truth Is Much Worse Than You Have Been Told
By James Stafford – Feb 02, 2021, 3:20 PM CST, OilPrice.com
There is a massive threat to our capital markets, the free market in general, and fair dealings overall. And no, it’s not China. It’s a homegrown threat that everyone has been afraid to talk about.
Until now. That fear has now turned into rage.
The naked truth is this: Investors stand no chance in the face of naked short sellers. It’s a game rigged in the favor of a sophisticated short cartel and Wall Street giants.
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Gold price manipulation is real; JPMorgan’s spoofing case explained
David Lin, 02 October 2020
JPMorgan settled a $920 million fine with U.S. authorities on charges of precious metals price manipulation last week. This is significant because rumors and speculation about metals manipulation is confirmed in such a large profile case for the first time, said Will Rhind, CEO of GraniteShares.
“Throughout my career, there have always been these kind of mutterings of manipulation of the gold market. A lot of people that were talking about that were really written off as fringe or conspiracy theorists [with an] extreme view, and those people have been right,” Rhind told Kitco News.
Spoofing entails putting in fake orders in the markets to buy or sell and then withdrawing those orders before they are executed with the intention of moving the price.
“I think it’s the largest fine that’s ever been paid for spoofing and market manipulation in this particular order and really sets a massive precedent,” Rhind said.
Regulatory changes are likely to follow after this case, Rhind added.
“Hopefully it doesn’t happen again. $920 million is not a small amount, even for a bank of the size of JPMorgan. I’m sure you will see wholesale changes made on the compliance side and all sorts of other controls put in place to make sure that this doesn’t happen again,” he said.
Rhind noted that the extent to which spoofing has significantly suppressed the free market movement of precious metals prices is “almost impossible to determine.”
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Edwin Lin is Head of Global Fixed Income at Citadel and is a member of Citadel’s Portfolio Committee. He first joined Citadel in 2011 as a Senior Portfolio Manager focused on global linear relative value strategies. Prior to joining Citadel, he was at Credit Suisse for 10 years where he most recently served as Head of USD Short-end and Basis Trading and as Head of Canadian Rates. Lin received a bachelor’s degree from Harvard College.
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