Article: Is Another Family Office Blowing Up: JPM Dumps 9MM Share Block Of ASO After Hours

Article - Media, Publications

Is Another Family Office Blowing Up: JPM Dumps 9MM Share Block Of ASO After Hours

TYLER DURDEN, 07 April 2021

In the aftermath of the Archegos blow up, the biggest nightmare on Wall Street – where there is never just one cockroach – is that (many) more Archegos-style, highly levered “family office” blow ups are waiting just around the corner.

Well, in a transaction after the close that is sure to spark much heated controversy tonight and tomorrow morning, Bloomberg announced that JPMorgan was offering a 9 million block of Academy Sports and Outdoors (ASO) stock. Since this is virtually identical to what happened two Fridays ago when similar public BWICs by Goldman and other banks proceeded to unwind the Archegos portfolio, the immediate question on everyone’s lips is whether a second highly levered family office has blown up. Continue reading “Article: Is Another Family Office Blowing Up: JPM Dumps 9MM Share Block Of ASO After Hours”

Article: The Vitol Enforcement Action: Part 1 – Market Manipulation Through Corruption

Article - Media, Publications

The Vitol Enforcement Action: Part 1 – Market Manipulation Through Corruption

Thomas Fox, 07 December 2020

Last week the Department of Justice (DOJ) settled a multi-part enforcement action, partly involving the Foreign Corrupt Practices Act (FCPA), with Vitol Inc. (Vitol), the US subsidiary of Vitol Holding II SA. Vitol agreed to pay a combined $135 million to resolve matters.

Interestingly, also included in the overall settlement was a disgorgement of more than $12.7 million to the Commodity Futures Trading Commission (CFTC) in a related matter and a penalty payment to the CFTC of $16 million related to trading activity. The FCPA component was settled via a Deferred Prosecution Agreement (DPA) and Criminal Information (Information). Continue reading “Article: The Vitol Enforcement Action: Part 1 – Market Manipulation Through Corruption”

Article: Lululemon Athletica Inc. Provides Update on Phased Global Store Reopening Plan

Article - Media, Publications

Lululemon Athletica Inc. Provides Update on Phased Global Store Reopening Plan

Business Wire, 21 May 2020

VANCOUVER, British Columbia — lululemon athletica inc. (NASDAQ:LULU) today provided details on the company’s phased reopening plan for its global store operations.

After closing the majority of lululemon stores globally outside of Greater China in mid-March, the company is gradually welcoming guests back to select locations where it is permitted to do so. lululemon’s phased reopening approach incorporates key learnings from its successful reopening in Greater China and is being carried out week-by-week, market-by-market in accordance with local government and public health authority guidelines. As of today, lululemon has reopened over 150 store locations across North America, Europe, Asia, New Zealand and Australia, with approximately 200 additional locations set to reopen over the next two weeks. Continue reading “Article: Lululemon Athletica Inc. Provides Update on Phased Global Store Reopening Plan”

Article: CFTC Settles With Morgan Stanley & Mitsubishi, $1.4 & $0.4 Million Fines For Spoofing Gold & Silver

Article - Media

CFTC Settles With Morgan Stanley & Mitsubishi, $1.4 & $0.4 Million Fines For Spoofing Gold & Silver

Ottawa Bullion, 3 October 2019

The U.S. Commodity Futures Trading Commission today announced that civil enforcement actions were filed and simultaneously settled against two trading firms and one bank for violating the Commodity Exchange Act’s (CEA) prohibition on spoofing (bidding or offering with the intent to cancel the bid or offer before execution). These cases were brought in connection with the Division of Enforcement’s Spoofing Task Force.

Read full article.

Article: J.P. Morgan is only the start as DOJ and CFTC crack down on spoofing

Article - Media

J.P. Morgan is only the start as DOJ and CFTC crack down on spoofing

Neils Christensen

Kitco News, 19 September 2019

Three traders charged with manipulating precious metals markets for nearly a decade could be only the start of a larger market-wide crackdown on previously-unchecked illegal market behavior.

According to media reports, federal prosecutors and regulators are intensifying their investigations of allegedly fraudulent precious metals trades at J.P. Morgan Chase to other U.S. markets and financial firms.

Read full article.

 

Article: Merrill Lynch Commodities receives $25m fine for spoofing and market manipulation (15 July 2019)

Article - Media

Merrill Lynch Commodities receives $25m fine for spoofing and market manipulation (15 July 2019)

Jennie Clarke

Behavox15 July 2019

Merrill Lynch Commodities Inc has received a $25m charge from the US Commodity Futures Trading Commission (CFTC) for spoofing, manipulation and attempted manipulation, with respect to certain precious metals futures.

The CFTC found that Merrill Lynch Commodities traders placed orders to buy and sell precious metals futures contracts with the intent to cancel their orders before execution. The traders employed a specific spoofing strategy in which they would place a small bid or offer with the intent to execute that order. Prior to the execution of that order, they would place a larger order on the opposite side of the same market with the intent to cancel that order before execution. This manipulated market prices and created artificial and fluctuating prices.

Read full article.

Article: Catch of the Week — Merrill Lynch Commodities Inc.

Article - Media, Publications

Catch of the Week — Merrill Lynch Commodities Inc.

CONSTANTINE CANNON, 28 June 2019

Merrill Lynch Commodities Inc (“Merrill”), a commodity trading subsidiary of Bank of America Corporation, agreed on June 25th to two $25 million settlements with both the Department of Justice (“DOJ”) and the Commodity Futures Trading Commission (“CFTC”) to resolve allegations it conducted deceptive trading practices in United States commodities markets. Continue reading “Article: Catch of the Week — Merrill Lynch Commodities Inc.”

Article: Merrill Lynch fined $25 million for multi-year spoofing scheme

Article - Media, Publications

Merrill Lynch fined $25 million for multi-year spoofing scheme

Hayley McDowell, 26 June 2019

Merrill Lynch has been fined $25 million by authorities in the US after admitting it engaged in a multi-year spoofing scheme in the precious metals futures market.

The global commodities trading arm of Merrill Lynch agreed to pay the fine to resolve the US Department of Justice’s investigation into the scheme which saw the firm’s metals traders deceive market participants by placing fraudulent orders for futures contracts.

Merrill Lynch Commodities admitted that from at least 2008 until 2014, its precious metals traders placed orders for futures with intentions to cancel before execution, in a bid to create a false impression of increased supply and demand and manipulate the market. Continue reading “Article: Merrill Lynch fined $25 million for multi-year spoofing scheme”

Article: CFTC Orders Merrill Lynch Commodities, Inc. to Pay Approximately $25 Million for Spoofing, Manipulation, and Attempted Manipulation in Precious Metals Futures

Article - Media, Publications

CFTC Orders Merrill Lynch Commodities, Inc. to Pay Approximately $25 Million for Spoofing, Manipulation, and Attempted Manipulation in Precious Metals Futures

CFTC , 25 June 2019

The Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Merrill Lynch Commodities, Inc. (MLCI), a provisionally registered swap dealer, for spoofing, manipulation, and attempted manipulation over a six-year period with respect to certain precious metals futures contracts traded on the Commodity Exchange, Inc. (COMEX).

The CFTC Order imposes monetary sanctions totaling approximately $25 million, which includes a civil monetary penalty of $11.5 million dollars, over $2.3 million in restitution, and disgorgement of $11.1 million. The Order also requires MLCI to cooperate with the CFTC in matters related to this action and the underlying conduct, and to comply with certain obligations in connection with its corporate compliance program and reporting requirements. Continue reading “Article: CFTC Orders Merrill Lynch Commodities, Inc. to Pay Approximately $25 Million for Spoofing, Manipulation, and Attempted Manipulation in Precious Metals Futures”

Article: Deutsche Bank Ordered to Pay $70 Million for Manipulation of USD Swap Rates

Article - Media, Publications

Deutsche Bank Ordered to Pay $70 Million for Manipulation of USD Swap Rates

Finance Magnates Staff, 02 February 2018

The Commodity Futures Trading Commission (CFTC) issued an order directed at Deutsche Bank Securities Inc. (DBSI), to pay a $70 million civil monetary penalty over charges of attempted manipulation of the ISDAFIX benchmark, between 2007 and 2012.

The US Dollar International Swaps and Derivatives Association Fix is a global benchmark, used in the settlement of various interest rate products, including cash settlement of options on interest rate swaps. The allegations indicate that Deutsche Bank and some of its traders intentionally attempted to manipulate the benchmark, in an effort to benefit the bank’s positions. The specific USD ISDAFIX rates and spreads that the bank attempted to alter are the ones issued at 11:00 a.m. Eastern Time each day, and act as a mid-market rate to accommodate settlements across various financial markets. Continue reading “Article: Deutsche Bank Ordered to Pay $70 Million for Manipulation of USD Swap Rates”

Article: US fines Deutsche Bank, UBS and HSBC over market manipulation

Article - Media, Publications

US fines Deutsche Bank, UBS and HSBC over market manipulation

Agence France-Presse, 30 January 2018

US authorities on Monday announced fines and charges against three major European banks and eight individuals accused of manipulating futures markets for precious metals.

Deutsche Bank, UBS and HSBC will together pay a total of $46.6 million to settle allegations that traders at the banks worked to manipulate futures markets in precious metals through a process known as “spoofing,” the Justice Department and Commodity Futures Trading Commission said.Seven former traders, including ex-UBS trader Andre Flotron, who was indicted last year, as well as a technology consultant, also face charges of “spoofing” — in which traders place and then abort trades to manipulate prices — on markets for various precious metals including gold and silver between early 2008 and about 2014. Continue reading “Article: US fines Deutsche Bank, UBS and HSBC over market manipulation”

Release: CFTC Orders Deutsche Bank to Pay $30 Million Penalty for Manipulation, Attempted Manipulation, and Spoofing In the Precious Metals Futures Markets

Release

CFTC Orders Deutsche Bank to Pay $30 Million Penalty for Manipulation, Attempted Manipulation, and Spoofing In the Precious Metals Futures Markets

CFTC, 29 January 2018

The Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Deutsche Bank AG (DB AG) and Deutsche Bank Securities Inc. (DBSI) (collectively, DB), requiring DB to pay a $30 million civil monetary penalty and to undertake remedial relief. The Order finds that from at least February 2008 and continuing through at least September 2014, DB AG, by and through certain precious metals traders (Traders), engaged in a scheme to manipulate the price of precious metals futures contracts by utilizing a variety of manual spoofing techniques with respect to precious metals futures contracts traded on the Commodity Exchange, Inc. (COMEX), and by trading in a manner to trigger customer stop-loss orders.

Read full release.

Article: CFTC Orders Deutsche Bank to Pay $30 Million Penalty for Manipulation, Attempted Manipulation, and Spoofing In the Precious Metals Futures Markets

Article - Media, Publications

CFTC Orders Deutsche Bank to Pay $30 Million Penalty for Manipulation, Attempted Manipulation, and Spoofing In the Precious Metals Futures Markets

CFTC Regulations, 29 January 2018

The Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Deutsche Bank AG (DB AG) and Deutsche Bank Securities Inc. (DBSI) (collectively, DB), requiring DB to pay a $30 million civil monetary penalty and to undertake remedial relief. The Order finds that from at least February 2008 and continuing through at least September 2014, DB AG, by and through certain precious metals traders (Traders), engaged in a scheme to manipulate the price of precious metals futures contracts by utilizing a variety of manual spoofing techniques with respect to precious metals futures contracts traded on the Commodity Exchange, Inc. (COMEX), and by trading in a manner to trigger customer stop-loss orders. Continue reading “Article: CFTC Orders Deutsche Bank to Pay $30 Million Penalty for Manipulation, Attempted Manipulation, and Spoofing In the Precious Metals Futures Markets”

Article: Deutsche Bank hit with spoofing fine by US Justice Department

Article - Media, Publications

Deutsche Bank hit with spoofing fine by US Justice Department

Deutsche Welle, 29 January 2018

US authorities have fined Deutsche Bank and two other European finance institutions for manipulating markets. Germany warned its best-known bank not to overdo bonuses — it’d be bad for its already soured image. Continue reading “Article: Deutsche Bank hit with spoofing fine by US Justice Department”

Article: U.S. CFTC to fine UBS, Deutsche Bank, HSBC for spoofing, manipulation: sources

Article - Media, Publications

U.S. CFTC to fine UBS, Deutsche Bank, HSBC for spoofing, manipulation: sources

Reuters, 27 January 2018

The U.S. derivatives regulator is set to announce it has fined European lenders UBS, HSBC and Deutsche Bank millions of dollars each for so-called “spoofing” and manipulation in the U.S. futures market, three people with direct knowledge of the matter told Reuters.

The enforcement action by the Commodity Futures Trading Commission (CFTC) is the result of a multi-agency investigation that also involves the Department of Justice (DoJ) and the Federal Bureau of Investigation (FBI) – the first of its kind for the CFTC, the people said.

The fines for UBS and Deutsche Bank will be upward of ten million, while the fine for HSBC will be slightly less than that, the people said, without providing exact figures. Continue reading “Article: U.S. CFTC to fine UBS, Deutsche Bank, HSBC for spoofing, manipulation: sources”