Tag: UBS

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Release: President Trump Briefed on NSA Capabilities Against Financial Crime

Release

President Trump Briefed on NSA Capabilities Against Financial Crime

Senior-level sources confirm that President Trump is now fully aware of NSA holdings relevant to mapping all individuals on Wall Street engaged in organized financial crime.

WASHINGTON, D.C. Earth Intelligence Network has learned that President Donald Trump has been briefed on and is now fully aware of National Security Agency (NSA) holdings relevant to mapping all individuals on Wall Street who have communicated via any electronic channel to advance naked short selling and money laundering, both federal as well as state crimes.

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Subject: Ed O’Reilly

Subject of Interest

Ed O’Reilly is a Senior Managing Director and Global Head of the Client and Partner Group at Citadel. O’Reilly started his career at The O’Connor Partnership, Chicago. USB Throughout his career with O’Connor / Swiss Bank Corporation / UBS, he was based in a variety of financial centers: Chicago, Singapore, Zurich and London. O’Reilly is a member of The Economic Club of New York, The Aspen Institute Society of Fellows and The Development Board for the Brunswick School in Greenwich, Connecticut. He is also Chairman of the North American Standards Board for Alternative Investments. Mr. O’Reilly received his Master of Business Administration from Duke University.

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Subject: Sage Kelly

Subject of Interest

Sage Kelly is a Senior Managing Director and Head of Investment Banking at Cantor Fitzgerald. Mr. Kelly has over 20 years of experience in investment banking, most recently serving as the Head of Healthcare Investment Banking at Jefferies from 2009 to 2015. Prior to Jefferies, Mr. Kelly served as a Managing Director at UBS where he worked from 1999-2009,  and at Salomon Smith Barney in the Healthcare Investment Banking Group from 1994-1999. Mr. Kelly graduated from Boston College with a bachelor’s degree in chemistry, finance, and economics.

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Article: Hound of Hounslow: Who is Navinder Sarao, the ‘flash crash trader’?

Article - Media, Publications

Hound of Hounslow: Who is Navinder Sarao, the ‘flash crash trader’?

Andy Verity & Eleanor Lawrie, 28 January 2020

Former stock market trader Navinder Sarao has been sentenced to a year of home detention for helping trigger a brief $1tn (£770bn) stock market crash.

Dubbed the “Hound of Hounslow” in an ironic reference to the famous “Wolf of Wall Street” fraudster, the Briton was shown leniency by a Chicago judge due to the extraordinary circumstances of his case.

But who is he – and how did he help cause markets to plunge almost 4,000 miles away? Continue reading “Article: Hound of Hounslow: Who is Navinder Sarao, the ‘flash crash trader’?”

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Article: US charges another former JP Morgan exec with market manipulation

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US charges another former JP Morgan exec with market manipulation

Reuters . New York, 17 November 2019

The Department of Justice has charged another former JPMorgan Chase and Co executive with alleged racketeering and manipulating precious metals prices between 2008 and 2016, the latest in a string of similar prosecutions.

The indictment against Jeffrey Ruffo, who is also charged with other federal crimes including conspiracy to commit wire fraud, is the result of an ‘ongoing investigation’, federal prosecutors said in a statement. Ruffo is the sixth person to be charged with alleged fraud in connection to JPMorgan’s precious metals desk.

The case relates to spoofing, which involves placing bids to buy or offers to sell contracts with the intent to cancel them before execution, allowing spoofers to influence prices. In recent years there has a been a surge in spoofing related prosecutions in the United States by the Department of Justice and the Commodity Futures Trading Commission.

Ruffo could not immediately be reached for comment.

A JPMorgan spokesman did not immediately respond to a request for a comment. The US bank has said in recent regulatory filings that it is cooperating with various investigations relating to its metals trading practices.

According to the indictment, Ruffo worked at JPMorgan from 2008 to 2017 as a salesperson serving hedge funds investing in precious metals and he encouraged JPMorgan traders to place deceptive orders to create price advantages for his clients.

The indictment also alleged that Ruffo and his former colleagues defrauded JPMorgan’s clients who had invested in ‘barrier options’ by pushing option prices to levels that benefited the bank.

An option is a financial instrument that gives buyers the right to buy or sell an underlying asset at an agreed price and at a fixed time. Its value is tied to the value of the asset.

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Article: London Court Hears £1B Forex-Rigging Case Against Five Banks

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London Court Hears £1B Forex-Rigging Case Against Five Banks

Aziz Abdel-Qader, 05 November 2019

The case accusing Barclays, Citigroup, JPMorgan, Royal Bank of Scotland, and UBS of foreign exchange rigging is scheduled to be heard at London’s tribunal on Wednesday.

The five global banks are facing a £1 billion ($1.3 billion) class-action lawsuit that seeks to compensate pension funds, asset managers, hedge funds, and corporations that lost out because these banks participated in a market manipulation scheme between 2007 and 2013. However, the total value of potential fines will depend on the number of forex trades executed in London, and the proportional impact of rate-rigging on GBP trades. Continue reading “Article: London Court Hears £1B Forex-Rigging Case Against Five Banks”

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Article: Racketeering Law Makes Its Return to Wall Street

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Racketeering Law Makes Its Return to Wall Street

Peter J. Henning

The New York Times 24 October 2019

Prosecutors have not brought a case under the Racketeer Influenced and Corrupt Organizations Act, or RICO, against Wall Street traders since the investment firm Princeton Newport Partners was indicted in the mid-1980s. The RICO charges filed recently against three traders at JPMorgan Chase indicate that prosecutors may be resurrecting the law to target white-collar defendants.

Prosecutors accused Michael Nowak, who was the head of precious metals trading at the bank, along with Gregg Smith and Christopher Jordan, of organizing the precious metals desk as a RICO enterprise to engage in “spoofing,” as well as wire and bank fraud in which JPMorgan and its customers were the victims

“Spoofing,” which was made a crime by the Dodd-Frank Act, happens when traders are “bidding or offering with the intent to cancel the bid or offer before execution.”

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Article: Fincrime Briefing: UBS pays to settle laundering probe, U.S., South Korea take down largest crypto-fueled child exploitation site, DOJ guidance on fines when you can’t pay, and more

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Fincrime Briefing: UBS pays to settle laundering probe, U.S., South Korea take down largest crypto-fueled child exploitation site, DOJ guidance on fines when you can’t pay, and more

Brian Monroe, 17 October 2019

UBS pays $11 million to settle Italian money laundering probe, tied to tax fracas An Italian judge has accepted a request by UBS to pay more than 10 million euros ($11 million) to settle a money-laundering investigation, ending one of the Swiss bank’s biggest legal headaches in Europe, just the latest in a series of international probes and settlements tied to financial crime and compliance failures.

UBS has been grappling with two separate probes in Italy and a court case in France over allegations it enabled cross-border tax cheats to hide assets in Switzerland.

The judge on Thursday accepted the payment of 2.125 million euros as “agreed penalty” to close the case while also seizing 8.175 million euros as profit from the alleged money-laundering, two sources with direct knowledge of the matter said.

The settlement, which by Italian law is not an admission of guilt, was requested by UBS in July, after a deal with Italian prosecutors. Last June, the Swiss bank paid 101 million euros to settle its other Italian case, a related financial investigation, with tax authorities. Continue reading “Article: Fincrime Briefing: UBS pays to settle laundering probe, U.S., South Korea take down largest crypto-fueled child exploitation site, DOJ guidance on fines when you can’t pay, and more”

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Article: JPMorgan’s Metals Desk Was a Criminal Enterprise, U.S. Says

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JPMorgan’s Metals Desk Was a Criminal Enterprise, U.S. Says

By and

Bloomberg

  • U.S. invokes racketeering law in charging three metals traders
  • RICO statute is rarely used in cases involving big banks

The head of the bank’s global precious metals desk, Michael Nowak, 45, and two others ripped off market participants and even clients as they illegally moved prices for gold, silver, platinum and palladium, the Justice Department said Monday. Nowak was placed on leave last month, a person familiar with the matter has said. The other traders charged were Gregg Smith, 55 and Christopher Jordan, 47.

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Article: Form 6-K Inmode Ltd.

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Form 6-K Inmode Ltd.

TOPPAN MERRILL, 12 August 2019

On August 12, 2019, InMode Ltd., an Israeli company (the “Company”) closed its previously announced initial public offering (the “IPO”) in which the Company offered 5,000,000 ordinary shares. The aggregate gross proceeds, before deducting underwriting discounts and commissions and other offering expenses, to InMode from the offering were approximately $70.0 million. In connection with the sale of the ordinary shares on August 12, 2019, on August 7, 2019, the Company entered into an underwriting agreement (the “Underwriting Agreement”) by and among the Company, Barclays Capital Inc. and UBS Securities LLC, acting as representative of the several underwriters named on Schedule I thereto (the “Underwriters”), pursuant to which the Company agreed to issue and sell the ordinary shares to the Underwriters. A copy of the executed Underwriting Agreement is attached hereto as Exhibit 1.1 and is incorporated herein by reference.

On August 12, 2019, the Company issued a press release announcing the closing of the IPO. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

On July 29, 2019, the Company filed the form Amended and Restated Articles of Association. On August 7, 2019, they became effective. A copy of the Amended and Restated Articles of Association is attached hereto as Exhibit 3.1 and is incorporated by reference.

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