The playboy trader, the nickel scheme and Singapore’s banks
CHRIS WRIGHT, 21 July 2021
Ng Yu Zhi claimed he had a get-rich-quick scheme for the ages. It was so, so easy, he allegedly told investors. He would buy physical nickel from Poseidon, an Australian Securities Exchange-listed company, at a discount; then he would sell it to a buyer at a profit.
Investors would fund the purchases, and would receive handsome rewards from the resulting profits.
The potential returns: how does 15% a quarter sound? Continue reading “Article: The playboy trader, the nickel scheme and Singapore’s banks”
‘I regret any harm:’ Short seller compensates target in rare move
Lawrence Delevingne, 22 June 2021
BOSTON, June 21 (Reuters) – A small Texas investor who caused shares of a real estate investment trust to plunge 39 percent in a day has agreed to pay the company restitution to settle a lawsuit against him, a rare development that could embolden other companies to pursue such claims.
Quinton Mathews, who published his research on companies online under the pseudonym Rota Fortunae, will pay Farmland Partners Inc (FPI.N) “a multiple” of the profits on his short bet in 2018, according to the terms of the legal settlement announced late Sunday. His research had helped wipe as much as $115 million off Farmland’s market value. Continue reading “Article: ‘I regret any harm:’ Short seller compensates target in rare move”
Sygnia CEO criticizes Elon Musk for alleged Bitcoin pump and dump
SoTURNER WRIGHT, 11 June 2021
Magda Wierzycka, one of the richest women in South Africa and CEO of financial services company Sygnia, said Tesla CEO Elon Musk would likely have been investigated by authorities regarding recent allegations over his manipulation of crypto prices — if his target had been almost anything other than Bitcoin.
In an interview with Bruce Whitfield at the Money Show this week, Wierzycka said Musk’s recent social media activity on the price of Bitcoin (BTC) should have made him the subject of investigation by the U.S. Securities and Exchange Commission, or SEC, if Bitcoin were more of a traditional company. The SEC previously accused the Tesla CEO of fraud for issuing false and misleading tweets in 2018, and was rumored to be investigating him for his pro-Dogecoin (DOGE) tweets earlier this year. Continue reading “Article: Sygnia CEO criticizes Elon Musk for alleged Bitcoin pump and dump”
Greg Wright was the former Chief Executive at ThinkEquity, a Division of Fordham Financial Management, Inc. Wright is a Global investment banker, entrepreneur, and investor. He is currently the President and Head of Banking and Advisory of Zanbato, Inc., which designed and developed ZX, a trading platform for private securities. Wright previously was the managing director at Weild & Co., Inc. From 1999-2003, he was the Managing Director, Head of Corporate Finance for Europe, the Middle East. and Africa. He graduated from Princeton University (BA).
Fordham Financial Management, Inc
COURTS WIELD HARSH PENALTIES FOR ABUSING THE DISCOVERY PROCESS
Evelyn Alfonso , 30 January 2004
A federal district court last summer issued the ultimate sanction of dismissal due to plaintiffs= abuse of the discovery process and persistent refusal to abide by the court=s discovery orders. Internet Law Library, Inc. v. Southridge Capital Management, 2003 WL 21537782 (S.D.N.Y. July 8, 2003). ITIS, Inc., formerly known as Internet Law Library, Inc., and its CEO, along with several of its shareholders, brought an action against defendant investors alleging their involvement in a scheme to defraud plaintiffs and to manipulate downward the price of ITIS stock in
violation of federal and state laws. Internet Law Library, Inc. v. Southridge Capital Management, 223 F. Supp. 2d 474, 477-78 (S.D.N.Y. 2002).
Judge Robert L. Carter of the United States District Court for the Southern District of New York dismissed the suit with prejudice as to all defendants due to plaintiffs= repeated attempts to expand and misconstrue the court=s orders on the ground that Federal Rule of Civil Procedure 37(b)(2)(C) authorizes dismissal of a plaintiff=s complaint along with other sanctions if a party Afails to obey an order to provide or permit discovery.@ Internet Law Library, 2003 WL 21537782 at *3. While dismissal is indeed the harshest sanction available to a court, it is appropriate where a party who has disobeyed an order has done so willfully, in bad faith, or is in some way at fault. Id. The court held that plaintiffs= failure to respect the court and its orders justifies dismissal of the complaint as both a remedy and a deterrent to future misconduct. Id. at *4. Continue reading “Article: COURTS WIELD HARSH PENALTIES FOR ABUSING THE DISCOVERY PROCESS”
CANADA’S MANULIFE HIT WITH CLASS-ACTION SUIT
ASSOCIATED PRESS, 21 October 1996
A class-action suit has been launched against Manufacturers Life Insurance Co. over its ”vanishing premium” policies. A multimillion-dollar lawsuit has been filed in Ontario Court General Division on behalf of a group of Manulife’s Ontario policyholders. Lawyer Charles Wright said the judge will be asked to establish the suit as a class action, where the claims and rights of many people with common interests are decided in a single-court proceeding. Toronto-based Manulife is already facing class actions in the United States pertaining to vanishing premium policies.
”There are thousands of people behind this suit,” Mr. Wright said. The suit bears the name of Bernard McKrow, 75, of Windsor, Ontario, who alleges he bought a $100,000 vanishing premium policy in 1986 after being told he would only have to make seven premium payments because money earned on the relatively high premiums would cover payments in the future.
Continue reading “Article: CANADA’S MANULIFE HIT WITH CLASS-ACTION SUIT”