Article: Merrill Lynch fined by DOJ, CFTC for ‘spoofing’ in precious metals futures

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Merrill Lynch fined by DOJ, CFTC for ‘spoofing’ in precious metals futures

Francine McKenna, 25 June 2019

Merrill Lynch’s global commodities trading business agreed to pay $25 million and enter into a non-prosecution agreement with the Department of Justice on Tuesday to settle charges regarding a multi-year scheme by its precious metals traders to mislead the market for precious metals futures contracts traded on the Commodity Exchange Inc. Merrill Lynch admitted to the allegations that beginning by at least 2008 and continuing through 2014, its precious metals traders schemed to deceive other market participants by injecting materially false and misleading information into the precious metals futures market by placing fraudulent “spoof” orders for precious metals futures contracts that, at the time the traders placed thousands of fraudulent orders, they intended to cancel before execution. Continue reading “Article: Merrill Lynch fined by DOJ, CFTC for ‘spoofing’ in precious metals futures”

Article: Key to catching the traders charged with manipulating metals futures: electronic chatter

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Key to catching the traders charged with manipulating metals futures: electronic chatter

Francine McKenna

MarketWatch, 30 January 2018

The Commodity Futures Trading Commission announced criminal and civil enforcement actions on Monday against Deutsche Bank AG and Deutsche Bank Securities Inc, UBS AG and HSBC Securities (USA) Inc. and six individuals involved in spoofing and stop loss collusion schemes. The criminal and civil enforcement actions were filed in conjunction with the Department of Justice and Federal Bureau of Investigation’s Criminal Investigative Division.

Deutsche Bank AG and Deutsche Bank Securities Inc. were hit the hardest, agreeing to pay a $30 million penalty while neither admitting or denying they failed to supervise precious metals traders who allegedly schemed to manipulate the price of precious metals futures contracts and allegedly colluding to trigger customer stop-loss orders. The fraud allegedly ran from Feb. 2008 to at least Sept. 2014.

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Article: Two traders arrested over alleged manipulation of more than 2,000 stocks

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Two traders arrested over alleged manipulation of more than 2,000 stocks

Francine McKenna, MarketWatch, 13 December 2016

Joseph Taub and Elazar Shmalo allegedly used dozens of accounts at several brokerage firms in bouts of manipulative trading activity

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Comment: We are shocked, shocked.  But this is just a cover-up. Martha Stewart Plus One. SEC and DOJ are RICO organizations overseen by the Senate Banking Committee, the Deep State’s enabler of white collar treason and crime.

 

Article: Merrill Lynch Fined by FINRA

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SEC charges Merrill Lynch, fines firm $11 million for short sales violations

Francine McKenna

MarketWatch, 1 June 2015

The Securities and Exchange Commission announced charges Monday against Bank of America’s Merrill Lynch subsidiary for using bad data since 2012 to “locate” stock for short sales, violating Rule 203(b) of Regulation SHO. That rule prevents “naked” short sales, shorting shares that are not “easy to borrow.” The firm admitted the wrongdoing and will pay a $9 million penalty plus interest and give up $1.6 million in profits. Merrill Lynch must also submit to a compliance review by an independent consultant.

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Article: SEC charges Merrill Lynch, fines firm $11 million for short sales violations

Article - Media, Publications

SEC charges Merrill Lynch, fines firm $11 million for short sales violations

Francine McKenna, 01 June 2015

The Securities and Exchange Commission announced charges Monday against Bank of America’s BAC, +1.88% Merrill Lynch subsidiary for using bad data since 2012 to “locate” stock for short sales, violating Rule 203(b) of Regulation SHO. That rule prevents “naked” short sales, shorting shares that are not “easy to borrow.” The firm admitted the wrongdoing and will pay a $9 million penalty plus interest and give up $1.6 million in profits. Merrill Lynch must also submit to a compliance review by an independent consultant. Continue reading “Article: SEC charges Merrill Lynch, fines firm $11 million for short sales violations”