PDF (5 Pages): 20210218-Cohodes Submission Against Petit
“Second, Mr. Cohodes has never engaged in naked short selling (that is, he trades through brokers who find shares for him to borrow and he pays high interest fees to maintain his short positions). He was never part of any concerted illegal campaign to target MiMedx; his actions were his own.”
Comment: The above statement by a lawyer is easily challenged in court with evidence. Mr. Cohodes appears to be panicking. This time around it will cost him 10X to 100X what he was forced to pay Patrick Byrne. We have it all. The matter of compromised judges and DOJ and SCC as a RICO organization are also on the table. DTCC will not survive a Special Prosecutor.
The Truth about Trade Deficits and Currency Manipulation
Michael Collins, 12 January 2021
The U.S. Treasury Department has finally determined that China is a currency manipulator, putting currency manipulation and trade deficits back in the news. Trade deficits, currency manipulation and the strong dollar are complicated economic forces that directly affect the future of American manufacturing. Let’s look at how they affect manufacturing and why we must face the truth and do something around these issues, regardless of the politics.
Trade Deficits: Let me begin by saying that, yes, trade deficits have and will continue to hurt American manufacturing, although many politicians, economists, and industry associations disagree.
Michael Froman, former trade representative: “Every legitimate economist said that measuring trade policy by the size of the goods deficit is probably not a passing grade in a basic economics class,”
Lawrence H. Summers, Harvard economist: “The trade deficit is a terrible metric for judging economic policy.” Continue reading “Article: The Truth about Trade Deficits and Currency Manipulation”
Investigations Newsletter: Russian National Sentenced to Prison for $100 Million Cyber Fraud Conspiracy
Arent Fox, 06 November 2020
On October 30, 2020, a Russian national was sentenced to eight years in prison for his role in a scheme to illicitly obtain and use sensitive personal and financial information online over the course of twelve years, resulting in more than $100 million in estimated losses. In February, the defendant pled guilty to conspiracy to commit bank and wire fraud.
The government alleged that, from 2007 through 2019, the defendant and other cybercriminals used “botnets,” or networks of infected computers, to engage in a large-scale scheme to steal and traffic sensitive information, such as personally identifiable information and online banking credentials. Continue reading “Article: Investigations Newsletter: Russian National Sentenced to Prison for $100 Million Cyber Fraud Conspiracy”
Denise Scott is the Chair and member of the board of directors at the Federal Reserve Bank of New York. She is executive vice president in charge of Local Initiatives Support Corporation’s (LISC) national and local programs. She served as a White House appointee to the United States Department of Housing and Urban Development (HUD), responsible for the daily operations of HUD’s six New York/New Jersey Regional offices. Prior to that, she served as the managing director/coordinator responsible for launching the Upper Manhattan Empowerment Zone Development Corporation; as the assistant vice president of the New York City Urban Coalition; as deputy director of the New York City Mayor’s Office of Housing Coordination from 1990-1992; and as the director of the New York City Department of Housing and Development’s Harlem Neighborhood Preservation Program office. Scott has a master’s degree in Urban Planning from Columbia University and has taught at its Graduate School of Architecture, Planning, and Preservation as a visiting assistant professor.
Federal Reserve Bank of New York
David Albert Scott (D-GA) – is a committee member of the 116th Congress U.S. House Committee on Financial Services. is the U.S. Representative for Georgia’s 13th congressional district, serving since 2003. The district includes the southern fourth of Atlanta, as well as several of its suburbs to the south and west. He is a member of the Democratic Party. He received a bachelor’s degree in finance from Florida A&M University, and a master’s degree in business from the Wharton School of the University of Pennsylvania.
U.S. House Banking Committee on Financial Services
United States Senator Tim Scott (R-SC) is a minority member of the US Senate Committee on Banking. He joined the Senate in 2013. He has many Committee Assignments including: Senate Finance Committee, Senate Committee on Health, Education, Labor and Pensions, Senate Committee on Banking, Housing & Urban Affairs, Senate Committee on Small Business and Entrepreneurship, and Senate Special Committee on Aging. He is a graduate of Presbyterian College Charleston Southern University (BS), Alumnus of South Carolina’s Palmetto Boys State program.
United States Senate Committee on Banking
London Court Hears £1B Forex-Rigging Case Against Five Banks
Aziz Abdel-Qader, 05 November 2019
The case accusing Barclays, Citigroup, JPMorgan, Royal Bank of Scotland, and UBS of foreign exchange rigging is scheduled to be heard at London’s tribunal on Wednesday.
The five global banks are facing a £1 billion ($1.3 billion) class-action lawsuit that seeks to compensate pension funds, asset managers, hedge funds, and corporations that lost out because these banks participated in a market manipulation scheme between 2007 and 2013. However, the total value of potential fines will depend on the number of forex trades executed in London, and the proportional impact of rate-rigging on GBP trades. Continue reading “Article: London Court Hears £1B Forex-Rigging Case Against Five Banks”
Lawyers Line Up to Sue Merrill Lynch for Alleged Deceptive Trading Practices in Commodities
29 July 2019
Join the queue if you are a plaintiff lawyer considering filing a proposed class action lawsuit against Merrill Lynch’s parent company, Bank of America, related to allegations of deceptive trading practices in the commodities markets.
Multiple plaintiff lawyers filed at least three such lawsuits in recent weeks after federal prosecutors secured a June 25 deal with another BofA unit, Merrill Lynch Commodities, to pay $25 million to resolve their investigation into alleged deceptive trading practices.
Read full article.
Barclays, RBS and other banks face £1bn forex rigging lawsuit
Sean Farrell, 29 July 2019
Barclays, Royal Bank of Scotland and three other banks are being sued by investors for at least £1bn over rigging of the foreign exchange market in a test case for US-style class actions in the UK.
A US law firm that specialises in stock market litigation has filed the claim at the Competition Appeal Tribunal. The claim also targets US investment banks JP Morgan and Citigroup, and Switzerland’s UBS. The legal action follows the European commission’s decision in May to fine five banks more than €1bn (£910m) for colluding to reduce competition in markets for 11 currencies, including the US dollar, the euro and the pound.
Cartels of traders with names such as the “Three-Way Banana Split” operated on chatrooms to rig the multitrillion-dollar foreign exchange market. UBS, which informed the commission about the collusion, was not fined but Japan’s MUFG received a penalty. Continue reading “Article: Barclays, RBS and other banks face £1bn forex rigging lawsuit”
FBI arrests senior HSBC banker accused of rigging multibillion-dollar deal
Rupert Neate in New York and Jill Treanor in London, 20 July 2016
Mark Johnson and a colleague allegedly defrauded clients and ‘manipulated the foreign exchange market to benefit themselves and their bank’
A senior HSBC banker has been arrested by the FBI as he attempted to board a transatlantic flight and charged him with fraudulently rigging a multibillion-dollar currency exchange deal.
Mark Johnson, a British citizen and HSBC’s global head of foreign exchange trading, and a colleague are accused of “defrauding clients” and alleged to have “corruptly manipulated the foreign exchange market to benefit themselves and their bank”.
He was arrested on Tuesday night shortly before he was due to fly to London from New York’s JFK airport, and was due to be formally charged by a judge at Brooklyn federal court later on Wednesday. He was later released on bail.
A second Briton, Stuart Scott, who was HSBC’s European head of foreign exchange trading in London until December 2014, is accused of the same crimes. A warrant was issued for Scott’s arrest.
They are the first people to be charged in connection with the US government’s long-running investigation into bankers’ alleged rigging of the $5.3tn (£4tn) per day forex market.
“The defendants allegedly betrayed their client’s confidence, and corruptly manipulated the foreign exchange market to benefit themselves and their bank,” said the US assistant attorney general Leslie Caldwell. “This case demonstrates the [US Department of Justice’s] criminal division’s commitment to hold corporate executives, including at the world’s largest and most sophisticated institutions, responsible for their crimes.”
Read Full Article
Barclays, Citicorp, JPMorgan, RBS, and UBS Enter Guilty Pleas Stemming from Collusion and Fraud in Foreign Exchange Market; Banks Agree to Pay More Than $5.8 Billion in Fines for Misconduct
GLOBE NEWSWIRE, 20 May 2015
Hausfeld, a global claimants’ firm dedicated to handling complex litigation, announced today that five defendants in In re Foreign Exchange Benchmark Rates Antitrust Litigation, 13-cv-7789 (S.D.N.Y.), have agreed with the U.S. Department of Justice to plead guilty to violating U.S. law through their conduct in the foreign exchange (“FX”) market. Barclays PLC, Citicorp, JPMorgan Chase & Co., and The Royal Bank of Scotland PLC pled guilty to violating U.S. antitrust laws. UBS AG pled guilty to wire and mail fraud after the DOJ determined that UBS’s misconduct in the FX market had breached UBS’s prior non-prosecution agreement for LIBOR-related misconduct. The guilty pleas entered today reflect widespread collusion in the FX market over a period of several years.
In addition to the guilty pleas, the banks agreed to pay more than $2.7 billion to the Department of Justice to resolve the DOJ’s FX investigations. The Federal Reserve imposed further fines of more than $1.6 billion on affiliates of the same five banks and a fine of $205 million on Bank of America Corporation for “unsafe and unsound practices.” Barclays will also pay a $1.3 billion fine as part of settlements with the New York Department of Financial Services, the Commodity Futures Trading Commission, and the Financial Conduct Authority. Continue reading “Article: Barclays, Citicorp, JPMorgan, RBS, and UBS Enter Guilty Pleas Stemming from Collusion and Fraud in Foreign Exchange Market; Banks Agree to Pay More Than $5.8 Billion in Fines for Misconduct”
Secrets and Lies of the Bailout
Rolling Stone, 4 January 2013
It has been four long winters since the federal government, in the hulking, shaven-skulled, Alien Nation-esque form of then-Treasury Secretary Hank Paulson, committed $700 billion in taxpayer money to rescue Wall Street from its own chicanery and greed. To listen to the bankers and their allies in Washington tell it, you’d think the bailout was the best thing to hit the American economy since the invention of the assembly line. Not only did it prevent another Great Depression, we’ve been told, but the money has all been paid back, and the government even made a profit. No harm, no foul – right?
Read full article.