Tag: SEC

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Article: Elizabeth Warren Demands SEC Response To GameStop Frenzy After It Vows To Protect Retail Traders From ‘Abusive Or Manipulative’ Activity

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Elizabeth Warren Demands SEC Response To GameStop Frenzy After It Vows To Protect Retail Traders From ‘Abusive Or Manipulative’ Activity

Jonathan Ponciano, 29 January 2021

TOPLINE As calls heighten for regulators to investigate the retail trading frenzy–and resulting market madness–spurred by Reddit users this week, Sen. Elizabeth Warren (D-Mass.) is urging the Securities and Exchange Commission, which regulates the stock market, to provide specific details about its investigatory steps–hours after the agency issued a vague statement saying it was still “closely monitoring” the recent market volatility. Continue reading “Article: Elizabeth Warren Demands SEC Response To GameStop Frenzy After It Vows To Protect Retail Traders From ‘Abusive Or Manipulative’ Activity”

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Article: The Securities And Exchange Commission May Look Into Possible Market Manipulation Made By Reddit Day Traders Instead Of The Short-Selling Hedge Funds

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The Securities And Exchange Commission May Look Into Possible Market Manipulation Made By Reddit Day Traders Instead Of The Short-Selling Hedge Funds

Jack Kelly,  29 January 2021

It’s telling that regulators aren’t asking why high-end hedge funds were allowed to target vulnerable corporations, such as GameStop, in an alleged short-selling scheme to drive their victims into bankruptcy. As the stock price of their prey goes to nearly zero, the hedge fund honchos could earn multimillions—or billions of dollars–in profits off of the companies closing their doors and laying off thousands of employees into the worst job market in modern history.

Instead, according to the Wall Street Journal, the Securities and Exchange Commission (SEC) is looking into the young, goofy, fun-loving, scrappy and foul-mouthed novice investors on the r/wallstreetbets subreddit of Reddit. There is the feel of an institutional knee-jerk reaction to accept activities from established Wall Street professionals (no matter how odious it seems), while shining a harsh light on new—mostly naive—entrants into the financial community. Continue reading “Article: The Securities And Exchange Commission May Look Into Possible Market Manipulation Made By Reddit Day Traders Instead Of The Short-Selling Hedge Funds”

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Article: Form 8-K Bionano Genomics, Inc

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Form 8-K Bionano Genomics, Inc/strong>

EDGARFILINGS LTD, 21 January 2021

On January 20, 2021, Bionano Genomics, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Oppenheimer & Co. Inc., as representative of the several underwriters named therein (collectively, the “Underwriters”), relating to the issuance and sale in a public offering of 33,333,350 shares of the Company’s common stock, par value $0.0001 per share. The price to the public in the offering is $6.00 per share and the Underwriters have agreed to purchase the shares from the Company pursuant to the Underwriting Agreement at a price of $5.64 per share. The net proceeds to the Company from the offering are expected to be approximately $187.3 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The closing of the offering is expected to occur on January 22, 2021, subject to customary closing conditions. In addition, the Company granted the Underwriters a 30-day option to purchase up to 5,000,002 shares of the Company’s common stock at the public offering price, less the underwriting discounts and commissions. Continue reading “Article: Form 8-K Bionano Genomics, Inc”

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Article: Form 8-K Vinco Ventures, Inc.

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Form 8-K Vinco Ventures, Inc.

M2 Compliance, 21 January 2021

On January 19, 2021, Vinco Ventures, Inc. (“Vinco Ventures”), ZVV Media Partners, LLC (the “Company”) and Zash Global Media and Entertainment Corporation (“ZASH”) entered into a Contribution Agreement (the “Agreement”). Vinco Ventures and ZASH desire to establish the newly formed Company in order to engage in the development and production of consumer facing content and related activities.

Under the terms of the Agreement, Vinco Ventures and ZASH shall contribute certain assets (the “Contributed Assets”) to the Company. At Closing, Vinco Ventures and ZASH shall enter into a limited liability operating agreement of the Company and a content distribution agreement with American Syndication Media Corporation (“ASMC”). The Company shall not assume any liabilities of either Vinco Ventures or ZASH except those liabilities arising in or specifically relating to periods, events or occurrences happening with respect to the Contributed Assets on or after the Closing Date. In consideration of the Contributed Assets, the Company shall issue to Vinco Ventures and ZASH 5,000 Units. The transaction closed on January 19, 2021.

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Article: Video Tech Co. Founder Charged In Pump-And-Dump Scheme

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Video Tech Co. Founder Charged In Pump-And-Dump Scheme

Reenat Sinay, 15 January 2021

The founder of a Silicon Valley video streaming service and an investment manager have been indicted for allegedly orchestrating a pump-and-dump stock fraud scheme, Illinois federal prosecutors announced Friday.

David Foley and investment manager Bennie Blankenship allegedly conspired to manipulate the share prices of NanoTech Gaming Inc., a former unit of Nanotech Entertainment Inc., according to the 10-count Jan. 11 indictment.

Between 2013 and 2016, Foley acquired shares in NanoTech Gaming and issued them to a South Dakota corporation called Galaxy Entertainment Group Inc., purportedly run by a close relative of Foley’s, prosecutors said. Continue reading “Article: Video Tech Co. Founder Charged In Pump-And-Dump Scheme”

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MEMORANDUM FOR THE PRESIDENT OF THE UNITED STATES OF AMERICA: Subject: Immediate Opportunity to Confiscate $100 Trillion in Illicit Wealth from Wall Street

Book
Amazon Page

As delivered to POTUS, Patrick Byrne, Mike Flynn, & Sidney Powell. The Chief of Staff was not able to block this one.

FULL COLOR CARTOONS INCLUDED. Letter size for maximum effect. A collector’s item.

Wall Street has stolen over $100 trillion dollars from Main Street over the past fifteen years. They have also laundered over $100 trillion in dirty money from trafficking in children, drugs, and other contraband.

This means that there is $200 trillion in illicit wealth all of which is confiscatable by the President via civil and criminal forfeiture, without trial.

#MAGA is assured. This memorandum is worth $100 trillion to We the People. Share it broadly, please.

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Pedophilia & Empire Book 4 (North America) In Print Linked Table of Contents

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Article: Deutsche Bank To Pay Over $130M For FCPA, Fraud Violations

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Deutsche Bank To Pay Over $130M For FCPA, Fraud Violations

Jack Queen, 08 January 2021

Deutsche Bank AG agreed Friday to fork over more than $130 million to resolve separate yearslong bribery and commodities fraud schemes in a pair of agreements with the U.S. Department of Justice and the U.S. Securities and Exchange Commission.

Under the terms of a deferred prosecution agreement with the DOJ, the German bank will pay criminal penalties of $79.5 million for Foreign Corrupt Practices Act violations involving bribes to consultants in Saudi Arabia, Abu Dhabi and Italy in an effort to secure business there. Continue reading “Article: Deutsche Bank To Pay Over $130M For FCPA, Fraud Violations”

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Article: Deutsche Bank to pay nearly $125 million to resolve U.S. bribery, metals charges

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Deutsche Bank to pay nearly $125 million to resolve U.S. bribery, metals charges

Jonathan Stempel, Noor Zainab Hussain, 08 January 2021

NEW YORK (Reuters) – Deutsche Bank AG will pay nearly $125 million to avoid U.S. prosecution on charges it engaged in foreign bribery schemes and manipulated precious metals markets, the latest blow for the bank as it tries to rebound from a series of scandals.

Germany’s largest lender agreed to the payout as it entered a three-year deferred prosecution agreement with the U.S. Department of Justice, and a related civil settlement with the U.S. Securities and Exchange Commission.

Almost all of the payout relates to charges Deutsche Bank violated the federal Foreign Corrupt Practices Act (FCPA) over its dealings in Saudi Arabia, Abu Dhabi, China and Italy, court papers show. Nearly two-thirds of the payout is a criminal fine. Continue reading “Article: Deutsche Bank to pay nearly $125 million to resolve U.S. bribery, metals charges”

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Article: Market Manipulation and Trading Violations

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Market Manipulation and Trading Violations

MCONSTANTINE CANNON, 08 January 2021

Deutsche Bank Aktiengesellschaft entered into a deferred prosecution agreement and agreed to pay over $130 million to resolve charges that the financial services company violated the FCPA and engaged in a commodities fraud scheme. The SEC charged that Deutsche Bank made payments to individuals including foreign officials, their relatives, and their associates as third-party intermediaries and consultants to obtain and retain global business, and lacked sufficient internal accounting controls related to the use and payment of such intermediaries, resulting in millions in bribe payments or payments for unknown, undocumented, or unauthorized services that were inaccurately recorded as legitimate business expenses with documentation falsified by Deutsche Bank employees. The agreed payment represents a $79.6 million criminal penalty and $43.3 million in disgorgement in prejudgment interest to the SEC. Separately, in connection with a spoofing scheme undertaken by Deutsche precious metals traders in New York, Singapore, and London the bank agreed to a total of $7.5 million in criminal penalties, disgorgement, and restitution, the penalty amount of which will be credited against a 2018 $30 million CFTC civil penalty for substantially the same conduct.

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Article: In GameStop saga, U.S. regulator examining all aspects and parties: sources

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In GameStop saga, U.S. regulator examining all aspects and parties: sources

Chris Prentice, Pete Schroeder, 05 January 2021

WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission (SEC) is looking at every aspect of and parties involved in the “Reddit rally” of GameStop Corp and other stocks, said two people familiar with the matter, suggesting a swath of industry participants may be swept up in the regulator’s review of the trading frenzy.

The people added that the furious surge in shares of GameStop, AMC Entertainment Holdings and other stocks contained familiar patterns, in that it involves users of online platforms hyping up stocks – something seen in the past on bulletin boards and social media platforms.

However, manipulation cases can be complex and may rely on more than simply language posted on a message board, they said.

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Article: Canadian brokers pay US$1M to settle SEC charges

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Canadian brokers pay US$1M to settle SEC charges

THE CANADIAN PRESS, 23 December 2020

TORONTO — The U.S. Securities and Exchange Commission says Canadian broker-dealers Cormark Securities Inc. and ITG Canada Corp. have agreed to pay a total of US$1 million to settle charges of improper trading procedures. According to the regulator, the two firms provided incorrect order-marking information in a period from August 2016 through October 2017 that caused more than 200 sale orders from a single hedge fund, representing total sales of more than US$660 million, to be mismarked as “long” in violation of SEC regulations.

By definition, “long” means the seller actually owns the stock they are selling, as opposed to a “short” if the seller is borrowing stock to sell. The SEC says that because the hedge fund’s sale orders were, in fact, short sales, the incorrect order-marking caused the executing broker to violate regulations by failing to borrow or locate the shares prior to effecting those short sales.
Continue reading “Article: Canadian brokers pay US$1M to settle SEC charges”

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Filing: SEC VS. CORMARK SECURITIES INC.,

Filing

SEC VS. CORMARK SECURITIES INC.,

21 December 2020

These proceedings concern Cormark’s role in repeatedly causing a U.S. executing broker (the “Executing Broker”) to violate the order-marking and locate requirements of Regulation SHO of the Exchange Act.

From August 2016 to October 2017 (the “relevant period”), Cormark entered more than 200 sale orders for a hedge fund customer (the “Hedge Fund”) into an intermediary broker’s execution management system as “long” orders.2 At the time these orders were entered, the Hedge Fund was not “deemed to own” the stock being sold and did not have a net long position in the stock. Thus, the orders should have been marked as “short” sales under Regulation SHO. The intermediary broker, ITG Canada Corp. (“ITG Canada”), routed the sale orders, with the incorrect order-marking information provided by Cormark, to the Executing Broker, which in turn executed the orders as “long” sales on U.S. exchanges. As a result, Cormark caused the Executing Broker to mismark sale orders as “long,” in violation of Rule 200(g) of Regulation SHO.

PDF (8 pages): SEC VS. CORMARK SECURITIES INC.,

 

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Article: China’s Luckin Coffee fined $180m for accounting fraud

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China’s Luckin Coffee fined $180m for accounting fraud

Pat Sweet, 17 December 2020

The company, founded in 2017, was one of the few Chinese companies listed on the US NASDAQ exchange until it de-listed in July this year following the admission of a series of financial scandals. The US regulator said its investigation found Luckin had defrauded investors by materially misstating the company’s revenue, expenses, and net operating loss in an effort to falsely appear to achieve rapid growth and increased profitability and to meet the company’s earnings estimates.

The SEC alleged that, from at least April 2019 to January 2020, Luckin intentionally fabricated more than $300m in retail sales by using related parties to create false sales transactions through three separate purchasing schemes. Continue reading “Article: China’s Luckin Coffee fined $180m for accounting fraud”

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Article: 4 Things to Know From DoorDash’s IPO Filing

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4 Things to Know From DoorDash’s IPO Filing

Evan Niu, 17 November 2020

DoorDash has at long last filed the public version of its S-1 Registration Statement with the SEC, nearly nine months after submitting a confidential version to the SEC. The leading food delivery platform has opened its books for prospective investors ahead of going public through an IPO. The upcoming debut comes as Grubhub (NYSE: GRUB) is preparing to be acquired by Just Eat Takeaway. The company plans to list on the New York Stock Exchange under the symbol “DASH.”
Continue reading “Article: 4 Things to Know From DoorDash’s IPO Filing”

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