Article: Facing $50B Trial, Drugmakers Minimize Roles In Opioid Sales

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Facing $50B Trial, Drugmakers Minimize Roles In Opioid Sales

Emily Field and Jeff Overley, 20 April 2021

Allergan PLC on Tuesday downplayed its Golden State opioid sales, echoing the strategies of fellow drugmaker defendants from the day before in a closely watched trial where major California counties are seeking $50 billion over the addiction epidemic.

Donna Welch of Kirkland & Ellis LLP, counsel for Allergan, said during the livestreamed bench trial that the company was responsible for one brand-name opioid, Kadian, from 2009 until it was taken off the market in 2020, and that its market share during that time was minuscule — less than a fraction of 1%.

In addition, Allergan stopped marketing the drug in 2012, and even before then, the marketing was conservative and had little if any impact on sales, Welch said. Continue reading “Article: Facing $50B Trial, Drugmakers Minimize Roles In Opioid Sales”

Article: CFTC Obtains Another Guilty Plea of Market Manipulation, Makes Criminal Referral

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CFTC Obtains Another Guilty Plea of Market Manipulation, Makes Criminal Referral

Levi McAllister, Patrick R. Pennella, 31 March 2021

The Commodity Futures Trading Commission (CFTC) announced last week that it has obtained another admission from a trader of violations of the Commodity Exchange Act and CFTC regulations, demonstrating its continued aggressive enforcement of its market anti-manipulation provisions.

Emilio José Heredia Collado (Heredia) of Lafayette, California, admitted to engaging in the manipulation of a US price-assessment benchmark relating to physical fuel oil products for more than four years while employed as a fuel oil trader for a trading company. The CFTC imposed a permanent ban from trading commodity interests or engaging in other related activities and a $100,000 civil monetary penalty and made a criminal referral to the US Department of Justice. Continue reading “Article: CFTC Obtains Another Guilty Plea of Market Manipulation, Makes Criminal Referral”

Article: Former Glencore trader charged in global oil price manipulation scam

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Former Glencore trader charged in global oil price manipulation scam

THOMAS BIESHEUVEL AND JAVIER BLAS, 23 March 2021

(Bloomberg) –A former Glencore Plc trader was charged by U.S. authorities with conspiracy to manipulate a key oil price benchmark, the latest sign that prosecutors around the world are stepping up their scrutiny of the notoriously opaque commodity trading industry.

U.S. prosecutors alleged that Emilio Heredia, a former Glencore employee, directed buy and sell orders that would push fuel oil prices up and down. That allowed the companies he worked for to profit from the price swings, between 2012 and 2016, according to a filing at a U.S. District Court in San Francisco on March 15.

The investigation is the latest legal setback for Glencore, already embroiled in a wide-ranging probe by the U.S. Department of Justice on allegations of bribery and money laundering. The UK, Swiss and Brazilian authorities are also investigating the commodity trader. Continue reading “Article: Former Glencore trader charged in global oil price manipulation scam”

Article: Column: Forget GameStop and short sellers — the SEC says ‘OCMillionaire’ manipulated a worthless stock higher

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Column: Forget GameStop and short sellers — the SEC says ‘OCMillionaire’ manipulated a worthless stock higher

Michael Hiltzik, 17 March 2021

If you’ve been following the ludicrous saga of trading in GameStop shares, you’ve probably heard about how short sellers try to profit by manipulating stocks to fall in price.

But that’s not the only way people try to play the market.

The Securities and Exchange Commission just unveiled fraud charges against a trader allegedly trying to profit by manipulating a stock higher.

He’s Andrew Fassari, a 33-year-old Orange County resident. According to the SEC, he staged a vigorous campaign in December using the Twitter handle “OCMillionaire” to suck penny-stock investors into shares of Arcis Resources Corp., which had been defunct for years.

Fraudsters can use online platforms (including social news aggregators, investment research websites, online investment newsletters, ratings websites, message boards, chat rooms, and discussion forums) to spread false or misleading information.

Securities and Exchange Commission

Fassari made $929,693 in his first round of trading in Arcis shares from Dec. 9 through Dec. 16, the SEC says in a complaint unsealed in Los Angeles federal court Monday. He bought back in on Dec. 17 and sold his entire stake the next day, sustaining a loss of $436,312.

Fassari’s overall net gain was $493,381, the SEC says. The agency notes that Arcis never traded higher than about 5 1/2 cents while Fassari was buying, selling and promoting, and often traded for a few tenths of a cent.

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Article: Forget GameStop and short sellers — the SEC says ‘OCMillionaire’ manipulated a worthless stock higher

Article - Media, Publications

Forget GameStop and short sellers — the SEC says ‘OCMillionaire’ manipulated a worthless stock higher

Erin Clark, 16 March 2021

Fool’s gold? The SEC alleges that a stock manipulator sucked investors into a worthless company by claiming it was about to become a big player in cannabis.

If you’ve been following the ludicrous saga of trading in GameStop shares, you’ve probably heard about how short sellers try to profit by manipulating stocks to fall in price.

But that’s not the only way people try to play the market.

The Securities and Exchange Commission just unveiled fraud charges against a trader allegedly trying to profit by manipulating a stock higher.

He’s Andrew Fassari, a 33-year-old Orange County resident. According to the SEC, he staged a vigorous campaign in December using the Twitter handle “OCMillionaire” to suck penny-stock investors into shares of Arcis Resources Corp., which had been defunct for years.

Read Full Article