Thomas Yeung, 16 July 2021
When Keith “Roaring Kitty” Gill announced he was buying GameStop (NYSE:GME) shares and options on Reddit’s r/WallStreetBets, regulators might have considered his outrageous claims as parody — speech protected by First Amendment rights. Who could take $20 calls on GME seriously when the stock was trading at $5?
Since then, other social media forums have blurred the lines between satire and intentional deception. This week, shares in SCWorks (NASDAQ:WORX) doubled after traders on Discord and Twitter banded together to push prices higher. MINM, DTSS and an alphabet soup of other small-cap stocks have followed the same path Continue reading “Article: Want to Make $1 Million? Market Manipulation Is Back! (Thanks to Social Media)”
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”
Richard Lawler, 10 July 2021
Nearly four years after the lights went out at AlphaBay, the feds are still charging people with criminal activities linked to the dark web marketplace. On Friday the SEC and the Department of Justice announced charges against Apostolos Trovias, a Greek national who they allege posted on dark web marketplaces using the nickname “The Bull.”
However, unlike drug dealers targeted in previous actions, the authorities allege Trovias used dark web forums as a way to troll for people willing to buy or sell insider trading information while hiding behind “anonymizing software, screen names, and bitcoin payments.” Continue reading “Article: Feds indict ‘The Bull’ for selling insider trading info on the dark web”
Alert Reader writes in:
GTII.. The stock was trading like a normal stock even with all the naked shorting going on Then they sold 55,000 at the market down from $1.55 ot
$1.37 Just to try and get longs to panic. Who takes a $10K just to do that? A naked short in Huge trouble, Anyway they changed the price for a few and buyers
Stepped back in to close it back to $1.47 instead of a day ion the Black we closed in the Red down a penny To longs a nonevent day BUT the short is 1000%
In a panic They sold 166,000 more our of 233,000 that traded. another BIG short day. 72,000,000 is my final # why change it. I haven’t in weeks
Thats Big enough to make everyone happy when they fold
Working on a conference call with a former SEC enforcement Lawyer. Who I was told has spread our story to many People who Like to know fraud. ( GTII story is 100% is being told in DC)
I want him to tell all of you NOT from me. Working on it. Will keep you up
NOW if you thought GTII was manipulated yesterday this is even better
FNGR I knew buyers who were paying up to $6.50 like 15K. The naked short sold it to them and then the NEXT
OFFER in the stock was $5.33 on 13,000 down over $1.10 Think about that That The offer was taken and even
I had enough money To buy 84 shares at $5.33 to join in the fun. Then the stock moved back up
and closed at $6.25
THE NAKED SOLD 52,000 out of 61,000 that traded or 85.5%. Watching it was insane
I do believe. The naked short in Both GTII and FNGR have a margin problem from the new SEC rules
The TRADING tells the story and Its wild for sure When they Fold Both may go at the same time
Lets hope so. Good luck today
Market Frauds, 28 June 2021
Note to all readers: The Canadian regulators (OSC and IIROC) are asking people for information on illegal trading strategies. If you or a company or investor have been hurt by Anson Funds please do not remain silent. Get in touch with the OSC and file a formal complaint. This really is your only chance to be heard. Make it count! You can also send information to the SEC here: https://www.sec.gov/whistleblower Continue reading “Article: Moez Kassam & Anson Funds Part II: Rotten To The Core”
Lucy Komisar, 22 June 2021
I have written previously for the Prospect about the frenzy over GameStop (GME), the video game and electronics company. By now, you know the story. Millions of retail investors made the stock soar by over 1,000 percent in January 2021. This brought disaster upon a handful of hedge funds that had bet on GameStop’s stock to drop. According to Markets Insider, one analyst estimated losses in February of roughly $19 billion. The hedge fund Melvin Capital reportedly closed out its position after taking a drubbing of 51 percent. Another fund, Maplelane, lost 40 percent.
Eric Rosenbaum, 20 June 2021
The Wall Street establishment and the Reddit, Robinhood-fueled meme stock traders don’t see eye to eye, on just about anything. In fact, rolling eyes at the stock market’s traditional ways is inherent in trades like GameStop and AMC Entertainment.
Warnings from the market greats, like Warren Buffett, may as well be a badge of honor among the new traders. But one thing Buffett hasn’t noted in his criticisms of the “casino” atmosphere of this bull market and companies like Robinhood, which he has thoroughly beat on, is that when he was a young investor himself he had a fondness for “cigar butt” stocks — the dregs of the market, companies with a few puffs left in them — before he graduated to a more refined kind of investing that made him a billionaire. And that Buffett footnote raises an important point about the market’s newest investors. Continue reading “Article: Former SEC chair on the market risks even meme stock traders can’t afford to ignore”
Dan Mangan, 18 June 2021
Three men engaged in a brazen scheme to “surreptitiously hijack” and take over dormant shell companies, whose stock they then fraudulently inflated to dump to unwitting investors, according to charges in an indictment that was unsealed Friday.
The men from 2017 through 2019 allegedly used fake resignation letters to seize control of four shell companies and then used the Securities and Exchange Commission’s EDGAR public filing system and bogus press releases to fraudulently “pump up” their share prices by claiming new business opportunities, the indictment says. Continue reading “Article: Shell company hijack: Men used SEC filings, fake press releases for stock pump-and-dump scam, feds say”
The Tribune, 16 June 2021
Two Indian-Americans were among six members of a Silicon Valley trading ring against which the US’ Securities and Exchange Commission has slapped charges for generating nearly USD 1.7 million in illegal profits by trading on the confidential earnings information of two local technology companies.
According to the SEC complaint on Tuesday, Nathaniel Brown, 49, who served as the revenue recognition manager for Infinera Corporation, repeatedly tipped Infinera’s unannounced quarterly earnings and financial performance to his best friend, Benjamin Wylam, 42, from April 2016 until Brown left the company in November 2017. Continue reading “Article: 2 Indian-Americans among six charged in Silicon Valley insider trading ring”
Press Trust of India, 14 June 2021
Washington: The Indian-origin husband of a former Amazon employee has been sentenced to 26 months in prison by a US court for securities fraud and illegally making a profit of USD 1.4 million by using inside trading information from his wife.
Viky Bohra, 37, from Bothell, Washington state, pleaded guilty in November 2020, admitting that between 2016 and 2018, he used Amazon inside information he obtained from his wife, an Amazon finance employee, to place trades in Amazon stock-making a profit of $1.4 million, acting US Attorney Tessa M Gorman said. Continue reading “Article: Indian-Origin Husband Of Ex-Amazon Employee Jailed For Securities Fraud In US”
Jonathan Ponciano, 13 June 2021
As the cryptocurrency market’s weeks-long rout continues, Tesla’s billionaire CEO Elon Musk took to Twitter Sunday afternoon to refute claims that he engaged in a bitcoin pump-and-dump scheme earlier this year and said the electric-vehicle company would once again invest in the world’s largest cryptocurrency once its mining operations constitute a “reasonable” amount of clean energy usage. Continue reading “Article: Musk Denies Bitcoin ‘Pump And Dump’—And Says Tesla Will Resume Transactions Once This Mining Goal Is Reached”