Fraudsters Siphon $100 Million In COVID Relief Through Online Investment Platforms
PYMNTS, 30 March 2021
Scammers stealing from government-funded pandemic relief programs have found a new trick — opening accounts with at least four online investment platforms, CNBC reported Monday (March 29).
Law enforcement officials say digital platforms are an easy way to dump money into stolen identity accounts.
Authorities say over $100 million in fraudulent funds reportedly passed through investment accounts in the time since Congress passed the CARES Act last March.
Among the platforms allegedly used by thieves are Robinhood, TD Ameritrade, E-Trade and Fidelity, according to law enforcement.
“The thieves are loving this stuff. This has been the financial crime bonanza act of 2021,” said Charles Intriago, a money-laundering expert and former federal prosecutor, according to CNBC. Continue reading “Article: Fraudsters Siphon $100 Million In COVID Relief Through Online Investment Platforms”
Trading hot stocks like GameStop seems fun until you look beneath the surface
Congress is asking questions about whether middlemen or “market makers” like Citadel that execute stock trades really give small investors the best prices.
Gretchen Morgenson, ABCNews, 18 February 2021
Market makers like Citadel make money by pocketing the difference between the price at which they buy shares — the bid — and the price they receive from selling them to Robinhood clients, the offer. Other firms in the business are Virtu Americas, G1X Execution Services and Two Sigma Securities.
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The Stock Market Is Broken, Now For All To See
Authored by Wolf Richter via WolfStreet.com,
The historic short squeeze, engineered by a bunch of deeply cynical small traders, exposed just how rigged the market has been…
Joseph Saveri Law Firm | 21.02.02
On January 28, many brokerages abruptly and unilaterally restricted retail investors’ ability to buy long positions—in some cases removing the option to buy shares of the relevant securities while openly permitting them to sell their existing shares or prohibiting users from viewing the tickers for some or all of the relevant securities.
Continue reading “Article: Short Squeeze Stockbrokers And Hedge Funds Face Proposed Antitrust Class Action”
“For Guys Like Me, It’s All About Sheer Luck”: Why Retail Traders Are Facing “Catastrophic Losses”
Comment: Zero Hedge is such a shit rag when it comes to honesty about how the system works. Day Traders / retail traders you can they are facing major losses The poor bastards stand a better chance at a casino at least they will give you a FREE DRINK.. Wall St little known secret is BIG Players will counterfeit shares into their buying and when they run our of money the stocks will go straight down WELCOME TO FRAUD ST. Poor Retail investors you know them Fireman, Police ,Nurses ,Teachers, military it goes on and on we all tell them what a great job,, BUT not on our field we will take your heads off But Thanks for playing
TD Ameritrade, Inc. Fined by FINRA
An AWC was issued in which the firm was censured and fined $250,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it created inaccurate order memoranda on options orders for customers whose orders should have been coded as Professional Customers. The findings stated that these orders were entered through the firm’s internal trading platform and routed to option exchanges through third party broker-dealers.
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VirnetX Class Accuses Big Brokers of Naked Short Sales
Courthouse News Service, 19 December 2016
Investors claim in a federal class action that Goldman Sachs and other banking giants suppressed the share price of VirnetX, “a leader in mobile security technology.”
In addition to Goldman Sachs, the Dec. 14 complaint in Bergen County Superior Court takes aim at Merrill Lynch, Credit Suisse, TD Ameritrade, Charles Schwab and the Bank of New York Mellon. The case is the Top Download for Courthouse News on Monday.
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