Mirror: Melissa Lee & Naked Shorts – Naked Ape Ep. 01
VideoArticle: Indian-Origin Husband Of Ex-Amazon Employee Jailed For Securities Fraud In US
Article - MediaIndian-Origin Husband Of Ex-Amazon Employee Jailed For Securities Fraud In US
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”
Article: Musk Denies Bitcoin ‘Pump And Dump’—And Says Tesla Will Resume Transactions Once This Mining Goal Is Reached
Article - MediaJonathan 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”
Article: GME Stock News: GameStop Corp plummets on share sale and SEC investigation
Article - MediaGME Stock News: GameStop Corp plummets on share sale and SEC investigation
Stocks Reporter, 11 June 2021
NYSE:GME may be seeing the beginning of the end of its coordinated short squeezes as the SEC and big banks are closing in. Shares of GameStop went into freefall on Thursday, dropping by more than 27% to close the day at $220.39, as investors were less than thrilled following GameStop’s annual shareholder meeting. We previously mentioned that GameStop has a habit of plunging the day after its annual meeting, and it is interesting to see that this year was no different. Continue reading “Article: GME Stock News: GameStop Corp plummets on share sale and SEC investigation”
Matt Taibbi: Let the Apes Have Wall Street
Article - Media
Let the Apes Have Wall Street
Matt Taibbi, 10 June 2021
The much-publicized war over “meme stocks” drags a longstanding Wall Street ripoff out of the shadows, to hilarious results
On CNBC’s Fast Money last week, anchor Melissa Lee appeared to mention the unmentionable. She was talking with Tim Seymour, CEO of Seymour Asset Management, who made offhand mention of the hedge funds shorting now-infamous stocks like AMC and GameStop. “Look, there are a lot of short sellers out there who have been borrowing stock they didn’t have,” Seymour said.
“Naked shorts, yeah,” said Lee.
Tweet by Melissa Lee on Twitter
TweetWhy isn’t the SEC going after naked shorts? ⬇️ https://t.co/0LVvo3L2gH
— Melissa Lee (@MelissaLeeCNBC) June 10, 2021
Article: Husband of Amazon employee sentenced to prison for insider trading in Amazon stock
Article - MediaHusband of Amazon employee sentenced to prison for insider trading in Amazon stock
SDepartment of Justice, 10 June 2021
Seattle – A 37-year-old Bothell, Washington man was sentenced today in U.S. District Court in Seattle to 26 months in prison for securities fraud due to his insider trading activity, announced Acting U.S. Attorney Tessa M. Gorman. Viky Bohra 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 $1,428,264. At the sentencing hearing U.S. District Judge James L. Robart noted that Bohra had turned his wife and father into criminals and added “I firmly believe white collar crime deserves equal treatment to what we call street crime.”
“This defendant and his wife were earning hundreds of thousands of dollars in salary and bonuses from their jobs in tech – but he was not content with that – greedily scheming to illegally profit by trading Amazon stock,” said U.S. Attorney Tessa M. Gorman. “This case should stand as a warning to those who try to game the markets with insider trading: there is a heavy price to pay with a felony conviction and prison sentence.”
According to records filed in the case, Bohra’s wife had access to confidential information regarding Amazon revenue and expenses. Because of that work, Bohra and his wife were subject to blackout periods during which no Amazon stock could be traded. Bohra’s wife was advised of insider trading policies making it clear the responsibility to safeguard confidential financial information. Despite those warnings, Bohra obtained his wife’s confidential information and traded in Amazon stock and options in accounts tied to him and his father. Trades occurred during blackout periods and, from 2016 to 2018, relied in part on information from his wife to make successful trades in advance of Amazon earnings announcements.
“Mr. Bohra knew exactly what he was doing and was driven solely by greed,” said Donald M. Voiret, FBI Special Agent in Charge of the Seattle Field Office. “With his nearly unlimited access and knowledge of securities trading, he undermined public trust in our financial markets.”
Mirror: ‘Trey’s Trades’ host talks Reddit revolution, SEC
Video
Mirror: No one makes a name for himself taking action against naked shorts: Former SEC lawyer
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Article: SEC Launches Review Of High-Frequency Traders’ Market Abuses
Article - Media
SEC Launches Review Of High-Frequency Traders’ Market Abuses
Tyler Durden, 09 June 2021
Nearly 8 years have passed since Michael Lewis published “Flash Boys”, raising awareness of the relatively new practice of high-frequency trading and its transformative impact on markets, allowing the most technologically-advanced traders to effectively see a picture of the market that’s nanoseconds ahead of what their non-NFT peers see, giving them a massive advantage.
Now, the SEC is finally considering changing the rules of how stocks are priced and traded to stop exchanges from incentivizing brokers (nowadays, particularly retail trading brokerages that have seen an explosion of activity in the past couple of years).
Article: SEC sues over Marin Ponzi scheme, seeking $10 million
Article - MediaSEC sues over Marin Ponzi scheme, seeking $10 million
Braden Cartwright, 09 June 2021
Details of the largest financial crime in Marin’s history were revealed in a lawsuit filed last week by the Securities and Exchange Commission against the estate of Ken Casey, who operated a Ponzi-like scheme and stole more than $10 million until his death in May 2020. Mr. Casey’s two Novato-based companies, Professional Financial Investors and Professional Investors Security Fund, brought in hundreds of millions of dollars from more than 1,300 victims. Investors believed they were financing a part of 70 residential and commercial properties in the area; in reality, their money was being used to pay prior investors and line the pockets of Mr. Casey and his co-conspirator, Lewis Wallach. “Many of the investors were elderly, retired and relying on their investment income for daily living expenses,” attorney Bernard Smyth wrote. Several West Marin residents were snared in the scheme, and some were given a commission to bring in more investors. Continue reading “Article: SEC sues over Marin Ponzi scheme, seeking $10 million”
Tweet by Bob Pisani on Twitter – SEC Chair Gary Gensler V
TweetSEC Chair Gary Gensler @PiperSandler Exchange Conf:
Payment for order flow raises a number of important questions. Do broker-dealers have inherent conflicts of interest? If so, are customers getting best execution in the context of that conflict?
@SEC_News @CNBC— Bob Pisani (@BobPisani) June 9, 2021
Tweet by Bob Pisani on Twitter – SEC Chair Gary Gensler IV
TweetSEC Chair Gary Gensler @PiperSandler Exchange Conf:
Gamification of trading has features that may encourage investors to trade more, leading to more payment for order flow for the brokers. more active trading may result in lower returns for the average trader.@SEC_News @CNBC— Bob Pisani (@BobPisani) June 9, 2021
Tweet by Bob Pisani on Twitter – SEC Chair Gary Gensler III
TweetSEC Chair Gary Gensler @PiperSandler Exchange Conf: public exchanges account for only 53% of trading volume. 9% from dark pools, 38% from off-exchange wholesalers. Exchanges compete to offer best price, but wholesalers use a less competitive benchmark.@SEC_News @CNBC
— Bob Pisani (@BobPisani) June 9, 2021
Tweet by Bob Pisani on Twitter – SEC Chair Gary Gensler II
TweetSEC Chair Gary Gensler @PiperSandler Exchange Conf:
there are signs hat the NBBO [National Best Bid and Offer] is not a complete enough representation of the market with half of the trading interest either in dark pools or is internalized by wholesaler.@SEC_News @CNBC— Bob Pisani (@BobPisani) June 9, 2021
