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Web: Wikipedia – Naked Short Selling
WebNaked short selling, or naked shorting, is the practice of short-selling a tradable asset of any kind without first borrowing the security or ensuring that the security can be borrowed, as is conventionally done in a short sale. When the seller does not obtain the shares within the required time frame, the result is known as a “failure to deliver” (“FTD”). The transaction generally remains open until the shares are acquired by the seller, or the seller’s broker settles the trade.
Web: SEC – Naked Short Selling
WebIn a “naked” short sale, the seller does not borrow or arrange to borrow the securities in time to make delivery to the buyer within the standard three-day settlement period. As a result, the seller fails to deliver securities to the buyer when delivery is due; this is known as a “failure to deliver” or “fail.”
For further information on short selling, naked short selling, and threshold securities, please see the Division of Trading and Markets’ Key Points About Regulation SHO. Additional information relating to the SEC’s activities relating to short selling can be found in the SEC Spotlight on Short Sales.
Data: SEC Fails-to-Deliver
DataFebruary 2004-April 2020
This text file contains the date, CUSIP numbers, ticker symbols, issuer name, price, and total number of fails-to-deliver (i.e., the balance level outstanding) recorded in the National Securities Clearing Corporation’s (“NSCC”) Continuous Net Settlement (CNS) system aggregated over all NSCC members. Data prior to September 16, 2008 include only securities with a balance of total fails-to-deliver of at least 10,000 shares as of a particular settlement date. Data on or after September 16, 2008 include all securities with a balance of total fails-to-deliver as of a particular settlement date. The data include fails-to-deliver in equity securities.
Article: BIONANO GENOMICS ANNOUNCES PRICING OF $18 MILLION UNDERWRITTEN PUBLIC OFFERING
Article - Media, PublicationsBIONANO GENOMICS ANNOUNCES PRICING OF $18 MILLION UNDERWRITTEN PUBLIC OFFERING
GLOBE NEWSWIRE, 02 April 2020
BIONANO GENOMICS, INC. (BNGO), a genome analysis company that provides tools and services based on its Saphyr® system to scientists and clinicians conducting genetic research and patient testing, today announced the pricing of an underwritten public offering of 54,546,000 shares of its common stock (or pre-funded warrants to purchase common stock in lieu thereof) and common warrants to purchase up to an aggregate of 54,546,000 shares of common stock. Each share of common stock and, as applicable, each pre-funded warrant is being sold together with a common warrant to purchase one share of common stock at a combined effective price to the public of $0.33 per share and accompanying common warrant. For each pre-funded warrant Bionano sells, the number of shares of common stock Bionano is offering will be decreased on a one-for-one basis. Continue reading “Article: BIONANO GENOMICS ANNOUNCES PRICING OF $18 MILLION UNDERWRITTEN PUBLIC OFFERING”
Web: Short Sales Bans in Response to the COVID-19 Pandemic
WebShort Sales Bans in Response to the COVID-19 Pandemic
Barnabas Reynolds, Thomas Donegan, Russell Sacks
Shearman & Sterling, 1 April 2020
In the wake of the COVID-19 pandemic, numerous European jurisdictions, including France, Italy, Spain, Greece and Belgium have enacted short sale bans in an attempt to stabilize financial markets and maintain investor confidence. The following note provides an overview of these bans as well as an overview of the 2008 partial ban(s) on short selling by the U.S. in response to the financial crisis. To date, the United States has not yet indicated that it is considering a ban on short selling in response to market volatility due to the COVID-19 pandemic.
Continue reading “Web: Short Sales Bans in Response to the COVID-19 Pandemic”
Article: How phantom shares on Wall Street threaten U.S. companies and investors
Article - MediaHow phantom shares on Wall Street threaten U.S. companies and investors
Lucy Komisar
The Komisar Scoop, 26 March 2020
As stocks are in free fall, a scam run by the big banks/broker-dealers for the benefit of themselves and their hedge fund clients threatens to worsen the situation of large and small American companies and investors.
It’s when the bank/broker-dealers buy stocks, pocket the money and fail to deliver to clients the shares they are supposed to settle through the national stock clearing house. In another industry that might be called embezzling.
Article: Virus Prompts SEC To Ease Deadlines For Delayed Audit Trail
Article - MediaVirus Prompts SEC To Ease Deadlines For Delayed Audit Trail
Law360.com, 18 March 2020
The U.S. Securities and Exchange Commission is extending a deadline for stock exchanges and other entities to enforce compliance rules involving a market surveillance project known as the “consolidated audit trail,” noting the massive stress on market participants caused by the coronavirus pandemic.
The consolidated audit trail, or CAT, is a massive database that will track real-time trading in the securities market. The project, which has been riddled with delays for years, is intended to help regulators prevent future market shocks like the May 6, 2010, “flash crash,” a brief but deep plunge in which the stock market lost about $1 trillion in wealth before recovering in 36 minutes.
Article: SEC Charges Russian National for Defrauding Older Investors of Over $26 Million in Phony Certificates of Deposit Scam
Article - Media, PublicationsUS SEC, 13 March 2020
The Securities and Exchange Commission today announced charges against Denis Georgiyevich Sotnikov and entities he controlled for allegedly participating in a fraudulent scheme to lure U.S. investors into buying fictitious Certificates of Deposit (CDs) promoted through internet advertising and “spoofed” websites that mimic the actual sites of legitimate financial institutions.
According to the SEC’s complaint, the scheme involved purchasing internet ads that targeted investors who were searching for CDs with high rates. The ads allegedly included links to phony websites, which falsely claimed that the firms offering the CDs were members of FINRA and the FDIC, and that deposits were FDIC-insured. When investors called the phone number on the websites, an “account executive” impersonating a real registered representative directed investors to wire funds to so-called “clearing” partners. These alleged clearing partners were entities used by Sotnikov to launder and misappropriate investor funds. Since November 2014, the alleged scheme involved spoofing the websites of at least 24 actual financial firms or using at least 8 fictitious entities, resulting in over $26 million in known investor losses – with many of those losses from older investors who used their retirement savings. Continue reading “Article: SEC Charges Russian National for Defrauding Older Investors of Over $26 Million in Phony Certificates of Deposit Scam”
Paper: Market Manipulation and Directors Fiduciary Duty of Care
PaperMarket Manipulation and Directors Fiduciary Duty of Care
Market manipulation of emerging or small cap companies is pervaasive on Wall Street and according to the SEC has increased over 37% in the last decade. The nature and scope of market manipulation schemes is limited only by the creativity and audacity of their perpetrators. While the substance and mechanics of market manipulation schemes may differ, the objective is the same – to inject false information into the marketplace that artificially affects the price of the target companies securities by “interfering with the natural interplay of the forces of supply and demand.” The proliferation of market manipulation scshemes has created challenging risk-management and best practice issues for the directors of targeted companies, which require directors to continuously assess the nature and scope of their fiduciary duty of care.
Continue reading “Paper: Market Manipulation and Directors Fiduciary Duty of Care”
Article: JPMorgan Facing Suit Over Spoofing Metals
Article - MediaJPMorgan Likely to Face Lawsuit for Precious Metal Spoofing
Zacks Equity Research, February 6, 2020
Per a Bloomberg’s article, JPMorgan Chase JPM is likely to face a criminal lawsuit over rigging precious-metals futures. The authorities that had previously accused six of the bank’s employees of the same misconduct are now planning to charge the company.
The Department of Justice and the Commodity Futures Trading Commission have been investigating the company’s precious metals desk’s trading practices for the past two years.
Continue reading “Article: JPMorgan Facing Suit Over Spoofing Metals”
Article: Metals Trader Says Deutsche Bank Used Him as Spoofing Scapegoat
Article - MediaMetals Trader Says Deutsche Bank Used Him as Spoofing Scapegoat
Janan Hanna
Bloomberg, 13 January 2020
A former Deutsche Bank AG precious-metals trader accused by the U.S. of manipulating commodity markets claims the bank used him as a scapegoat to curry favor with regulators investigating the company.
James Vorley, who is awaiting trial in Chicago, said in a court filing Friday that the bank was acting at the request of federal investigators when it conducted an internal investigation of possible unlawful trading, or spoofing, on its precious-metals desk and obtained a recorded statement from him.
Article: Berkshire Hathaway Bet Big on Dialysis Giant DaVita. Jim Chanos Thinks It’s a Scam
Article - MediaBerkshire Hathaway Bet Big on Dialysis Giant DaVita. Jim Chanos Thinks It’s a Scam.
Christine Idzelis, Institutional Investor, 4 December 2019
DaVita provides life-extending dialysis treatment to more than 200,000 patients. But is it gaming the system through questionable donations to the American Kidney Fund?
Comment: Chanos is calling DVA a fraud. Stock was $59 it fell to $53. Then it went to $115. NICE WORK. Buffet too big to cheat?
Article: Ex-Deutsche Bank Traders Must Face Spoofing Case, Judge Says
Article - MediaEx-Deutsche Bank Traders Must Face Spoofing Case, Judge Says
Janan Hanna
Bloomberg, 21 October 2019
The criminal case against two former Deutsche Bank AG employees accused of fraudulent and manipulative precious-metals trading can proceed, after a federal judge on Monday rejected their request for dismissal.
U.S. District Judge John J. Tharp in Chicago said prosecutors had properly used the wire-fraud statute to charge James Vorley and Cedric Chanu with spoofing, part of an alleged multiyear scheme to defraud other traders on the Commodity Exchange Inc., a venue run by CME Group Inc.’s Chicago Mercantile Exchange.
Article: Part 10 of Illegal Naked Shorting Series: Legal Shorting of Stocks is a Loser’s Game but Illegal Naked Shorting Transforms It into a Winner’s Game
Article - MediaLarry Smith
Smith On Stocks, 24 July 2019
When I launched my research on stock manipulation and the prominent role played by illegal naked shorting, I believed that I had a fair understanding of the subject and could knock out comprehensive research in just a few blogs. However, as I dug in I was taken aback at how complex and widespread this subject is. I think that a team of hundreds of experts with unlimited resources would have difficulty ferreting out all of the details on a scam that Wall Street has been perpetrating and perfecting for over 40 years.