After JPMorgan Chase Admits to Its 4th and 5th Felony Charge, Its Board Gives a $50 Million Bonus to Its CEO, Jamie Dimon
Pam Martens and Russ Martens, 23 July 2021
The unthinkable is happening with alarming regularity at the Frankenbank JPMorgan Chase. Over the last seven years, with Chairman and CEO Jamie Dimon at the helm, JPMorgan Chase has managed to do what no other federally-insured American bank has managed to do in the history of banking in the United States. The bank has admitted to five separate felony countsbrought by the U.S. Department of Justice, while regulators took no action to remove the Board of Directors or Jamie Dimon.
Now, once again, the outrageous hubris of this Board is on display. Just last fall the bank forked over $920 million of shareholders moneyto settle its fourth and fifth felony counts brought by the Department of Justice, this time for rigging the precious metals and U.S. Treasury market. Now, in the dog days of summer, rarely a time for bonuses on Wall Street, the Jrgan Chase board announced on July 20 that it is giving Dimon 1.5 million stock options which, according to a specialist cited at Bloomberg News, have a total value of $50 million on paper.
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Robinhood said it expects to pay a $30 million fine as part of anti-money laundering probe of its crypto business
Matthew Fox, 20 July 2021
Robinhood said it expects to pay a $30 million penalty in relation to an anti-money laundering probe of its cryptocurrency business, according to an amended S-1 filed with the SEC on Monday.
The online trading app said that in July of 2020, the New York Department of Financial Services said Robinhood’s crypto unit had a number of “matters requiring attention,” primarily focused on anti-money laundering and cybersecurity-related issues. Continue reading “Article: Robinhood said it expects to pay a $30 million fine as part of anti-money laundering probe of its crypto business”
Oil Leads Market Plunge as Virus Rattles Faith in Recovery
Jill R Shah, 19 July 2021
Oil was the biggest loser in a broad market selloff after OPEC+ agreed to boost crude supply as a resurgent virus shook investor confidence in the global economic recovery.
Futures in New York fell 7.5% on Monday, the largest decline since September. OPEC and its allies agreed to monthly supply hikes of 400,000 barrels a day. At the same time, the spread of the delta variant is stoking a risk-off mood in broader markets and threatening oil demand with fresh mobility restrictions around the world. The dollar also rose, reducing the appeal of commodities priced in the currency. Continue reading “Article: Oil Leads Market Plunge as Virus Rattles Faith in Recovery”
Three Sued Over Blockchain Firm Trading
Matthew Heller, 12 July 2021
The controlling shareholder of Long Blockchain has been charged with tipping off his broker about the company’s pivot to blockchain technology before it was publicly announced.
The U.S. Securities and Exchange Commission said Eric Watson, a New Zealand national, engaged in an insider trading scheme with Oliver Barret-Lindsay, his friend and broker, and stock promoter Gannon Giguiere, that allegedly resulted in Giguiere making a profit of $162,500 on Long Blockchain shares.
According to the SEC, Watson tipped off Lindsay in December 2017 that the company formerly known as Long Island Tea would be switching from making iced tea and lemonade to providing blockchain technology and Lindsay passed the tip on Giguiere. Continue reading “Article: Three Sued Over Blockchain Firm Trading”
New Mexico State Investment Council v Bank of America
Since 2005, the Wall Street banks that comprise the major dealers of credit default swaps (“CDS”) have been engaged in a conspiracy to manipulate the CDS “final auction price,” the benchmark price used to value all CDS contracts market-wide at settlement.
PDF (133 pages): New Mexico State Investment Council v Bank of America
The ‘king of fraud’ who commanded an army of millions
Joel Khalili, 11 July 2021
Earlier this year, the self-described “king of fraud” stood trial in a federal court in Brooklyn, New York. Aleksandr Zhukov was said to have defrauded the advertising industry of upwards of $7 million dollars, in what has been described as one of the most sophisticated ad fraud campaigns to date.
Although he pled not guilty, unlike his co-conspirators, Zhukov was ultimately convicted of four charges related to wire fraud and money laundering, and now awaits sentencing. Continue reading “Article: The ‘king of fraud’ who commanded an army of millions”
Dark Web User Known As “The Bull” Charged In Insider Trading Scheme
Department of Justice, 09 July 2021
Audrey Strauss, the United States Attorney for the Southern District of New York, and William F. Sweeney Jr., Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), announced today the unsealing of a criminal indictment and a criminal complaint charging APOSTOLOS TROVIAS, a/k/a “The Bull,” with securities fraud and money laundering in connection with his scheme to solicit and sell stock trading tips and pre-release earnings and deal information regarding public companies.
Manhattan U.S. Attorney Audrey Strauss said: “Today’s charges demonstrate our Office’s continuing commitment to stopping those who pursue and use inside information to gain an illegal edge in the stock market. As alleged, Apostolos Trovias attempted to hide his insider trading scheme behind anonymizing software, screennames, and bitcoin payments. The Indictment and Complaint unsealed today show that committing insider trading using new technologies still produces a decidedly traditional outcome: a criminal indictment.” Continue reading “Article: Dark Web User Known As “The Bull” Charged In Insider Trading Scheme”
Anti-Money Laundering Issues, Robinhood Crypto To Pay Fine
Syed Ahad, 08 July 2021
Anti-Money Laundering Issues Robinhood Crypto to Pay $15M fine Over Security to resolve a legal dispute with NYDFS (New York State Department of Financial Services) over charges related to crypto unit’s handling of cybersecurity and anti-money laundering.
The $15 million fine by New York State is the newest in a series of consequences to hit Robinhood. It also highlights the governing risk of operating in the crypto circle. Continue reading “Article: Anti-Money Laundering Issues, Robinhood Crypto To Pay Fine”
Didi Loses $22 Billion in Market Cap After China Crackdown
Divya Balji and Filipe Pacheco, 06 July 2021
Didi Global Inc. plunged in premarket trading after a Chinese regulator ordered the removal of the company’s platform from app stores, days after a $4.4 billion initial public offering in the U.S.
Shares of the China-based tech firm fell as much as 30% to $10.90, wiping out about $22 billion of market value and taking the stock below the $14 IPO price. They traded at $12.17 as of 6 a.m. in New York. Continue reading “Article: Interpol issues red notice for Guptas and associates”
Gamestop – Exchange leaders say GameStop saga highlights regulatory challenges
ALEX LOWE, 06 July 2021
NEW YORK (Reuters) – The recent trading frenzy around GameStop Corp and other so-called “meme” stocks highlights shortcomings and challenges in the U.S. markets as retail investors become a bigger presence, exchange leaders said on Tuesday.
“The regulatory structure of the U.S. equity markets, in my mind, is flawed,” Jeff Sprecher, chief executive of New York Stock Exchange owner Intercontinental Exchange Inc, said on a panel at the Future Industry Association’s virtual FIA Boca conference. Continue reading “Article: Gamestop – Exchange leaders say GameStop saga highlights regulatory challenges”
Coupang faces probe over alleged manipulation of search algorithms
julesmenten, 05 July 2021
According to industry figures with research knowledge, South Korea’s Coupang is being investigated for allegations that it has manipulated search algorithms to prioritize its products over its suppliers’ products.
The Korea Fair Trade Commission conducted an on-the-spot inspection last month at the headquarters of an e-commerce group in Seoul after being accused of abusing market dominance by increasing exposure to its own branded products rather than third parties. went. Continue reading “Article: Coupang faces probe over alleged manipulation of search algorithms”
Robinhood Says U.S. Demanded Access to CEO Tenev’s Phone Records
Jesse Westbrook, 02 July 2021
Robinhood Markets Inc., dogged by fines and regulatory scrutiny, revealed several new inquires from state and federal watchdogs as it seeks to sell shares in one of the year’s most anticipated public offerings.
Among the fresh disclosures made in its registration statement: U.S. prosecutors demanded access to Chief Executive Officer Vlad Tenev’s mobile phone, New York is poised to penalize the brokerage for alleged money-laundering lapses and brokerage regulators called it out for not reporting trades. Continue reading “Article: Robinhood Says U.S. Demanded Access to CEO Tenev’s Phone Records”
U.S. stocks end lower ahead of inflation report
Stephen Culp, 09 June 2021
NEW YORK (Reuters) – Wall Street ended a see-saw session lower on Wednesday as market participants awaited inflation data for clues as to when the U.S. Federal Reserve might tighten its dovish monetary policy.
The retail “meme stock” craze continued unabated. All three major U.S. stock indexes reversed earlier gains, but remained range-bound in the absence of any clear market catalysts. Continue reading “Article: U.S. stocks end lower ahead of inflation report”
Romance Scammers Charged with Laundering $3.5 Million Stolen from Victims
JULETT PINEDA SLEINAN, 05 June 2021
U.S. prosecutors have charged six people for conspiring to launder US$3.5 million in proceeds derived from romance scams, a profitable fraud scheme on the rise that defrauded hundreds of millions of dollars from American victims last year.
Authorities said the scammers preyed on vulnerable people by using online aliases on multiple dating sites and convinced victims to transfer funds to bank accounts controlled by the gang, a complaint unsealed by the U.S. Attorney for the Southern District of New York last week revealed.
Under the aliases ‘Diego Francisco’, ‘Richard Francisco’ and ‘Tom Francisco’, the scammers used photos of male models to engage in conversations with the victims and ask them for money. Continue reading “Article: Romance Scammers Charged with Laundering $3.5 Million Stolen from Victims”
Fed Warned Deutsche Bank Over Anti-Money-Laundering Backsliding
Patricia Kowsmann and Jenny Strasburg, 30 May 2021
The Federal Reserve told Deutsche Bank AG DB 0.40% in recent weeks that the lender is failing to address persistent shortcomings in its anti-money-laundering controls, according to people familiar with the matter.
The Fed’s frustration has escalated to a point that the bank could be fined, the people said.
Deutsche Bank has poured massive resources into addressing repeated shortcomings and penalties related to allowing suspect transactions. The Fed told Deutsche Bank that instead of making progress, the German lender with a large Wall Street presence is backsliding. The regulator has said that some of the anti-money-laundering control problems require immediate attention, according to the people. Continue reading “Article: Fed Warned Deutsche Bank Over Anti-Money-Laundering Backsliding”