Securities Fraud

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Phil Mickelson Charged In Insider Trading Scam, Accused Of Illegal $931,000 Profit





Having denied any investigation as "inflammatory and speculative" when the Phil Mickelson insider-trading brouhaha initialy erupted two years ago, it appears the golfer's lawyers may have to shift from the "deny deny deny" defense to "let's make a deal."  Having been unable to pin anything on Wall Street insider Carl Icahn, Vegas sports gambler Billy Walters, and pro-golfer Mickelson with regard their trading in Clorox (during Icahn's takeover bid); the SEC has arrested Walters and announced criminal charges against Dean Foods' Chairman Thomas Davis (who stepped down after suspicions of leaking insider tips) and after generating nearly $1million in profits from the Dean Foods trading tip Phil Mickelson is charged with insider trading and wilb be forced to disgorge ill-gotten gains.

 
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Obama: TTIP Necessary So As To Protect Megabanks From Prosecution





On May 7th, Deutsche Wirtschafts Nachrichten, or German Economic News, headlined, "USA planen mit TTIP Frontal-Angriff auf Gerichte in Europa” or “U.S. Plans Frontal Attack on Europe’s Courts via TTIP,” and reported that,America’s urgency to sign TTIP with Europe has solid reason: Megabanks must protect themselves from claims by European investors who allege that they were cheated during the debt crisis. … The U.S. Ambassador to Italy has now let the cat out of the bag on this — probably unintentionally.

 
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In Latest Blow To Hedge Funds, AIG Redeems $4 Billion; CALSTRS Says "2 And 20" Model Is "Off The Table"





The pain for hedge funds is only just starting: Chris Ailman, who runs investments at CALSTRS, said in a Bloomberg Television interview from the Milken conference that the hedge fund industry’s two-and-twenty fee model is “broken” and “off the table” for large institutional investors. And then the latest blow to the suddenly struggling industry came overnight from none other than the firm which started the bailout regime, AIG, which following its earnings report announced that the insurer - burned by losses on hedge funds - has submitted notices of redemption for $4.1 billion of those holdings. “As of today, we have received $1.2 billion of proceeds from those redemptions."

 
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Hillary Clinton's Full 'Speech' To Goldman Sachs





"Money was a lazy b*tch, until you put it to work! And look how it works! Look how it grows! Materializes out of nowhere! As leaders, innovators, captains of finance, you will always be subject of the jealous resentment, the petty tantrums of the unwashed masses, the insolvent, the irresponsible, the invidious, the losers. They will envy you, your successes, they will despise you, but they secretly want to be like you! Irresponsible single mothers, uneducated immigrants, lead-drinking ghetto-strutters, homeless, crying, babies, starving senior citizens, obnoxious, entitled African Americans who object to having bullets pumped into their bodies by police: all these people are angry, entitled, and making noise, and they are endangering our democracy and economy, our greatness."

 
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These SEC Insider Emails Reveal Why No Bankers Have Gone To Jail





Now that we are gearing up to bring a handful of cases in this area, I suggest that we keep in mind that the vast majority of the losses suffered had nothing to do with fraud and the like and are more fairly attributable to lesser human failings of greed, arrogance and stupidity of which we are all guilty from time to time.”

 
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Frontrunning: April 13





  • Gloomy start to results season hits shares (Reuters)
  • Stocks Rise Around World as Commodities Advance; Bonds, Yen Drop (BBG)
  • Oil hits 2016 high above $43 on producer meeting hopes (Reuters)
  • Rosneft chief Igor Sechin says low oil prices will not last (FT)
  • Banks Face Massive New Headache on Oil Loans (WSJ)
  • Wells Fargo Misjudged the Risks of Energy Financing (BBG)
 
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Here Are Some Of The Americans In The "Panama Papers"





Today we finally get some answers to the question on everyone's lips: who are the Americans in the Panama Papers? Surprisingly, there are no politicians of note are in files but plenty of others. Among them: retirees, scammers, and tax evaders, all of whom found a use for secrecy of offshore companies.

 
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Partner At Blackstone Spun-off Private Equity Firm Arrested, Charged With Stealing $95 Million





In a shocking development, earlier today a highly reputable executive with a just as reputable private equity firm was arrested and charged with securities fraud. Andrew Caspersen, a Harvard Law School graduate and a partner at the Park Hill Group, an advisory firm that up until last fall had been a part of the Blackstone Group, was accused of defrauding numerous institutional investors out of $95 million through fake private equity investments.

 
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The Hits Just Keep On Coming: Valeant CEO To Tesity Under Oath, Following Accusation Of Merger Agreement Violation





It's been a terrible month for investors in Valeant (and Pershing Square) and it is about to get even worse following news that the outgoing CEO of the troubled company, which is under scrutiny for dramatically hiking the price of older drugs, has been summoned to testify at a U.S. congressional hearing on April 27, the panel said on Monday.

 
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Frontrunning: February 5





  • January Jobs Report Closely Watched for Momentum, Wages (WSJ)
  • Oil prices steady, weak fundamentals weigh after volatile week (Reuters)
  • How Much Global Oil Output Halted Due to Low Prices? Just 0.1% (BBG)
  • Congress Tweet 'Unfortunate,' Lawyer Says as Shkreli Goes Online (BBG)
  • Syrians Flee Aleppo to Escape Damascus Offensive Against Rebels (WSJ)
  • Dollar Set for Biggest Weekly Loss Since 2009 Before Jobs Data (BBG)
 
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Frontrunning: January 8





  • U.S. jobs market seen fairly healthy despite slowing economy (Reuters)
  • China State Funds Said to Buy More Shares After Market Rout (BBG)
  • Global Stocks Gain Some Respite (WSJ)
  • U.S. Jobs Data Take on Added Importance With Markets in Turmoil (BBG)
  • GOP Health Plans Are Works in Progress (WSJ)
  • For economy czar of crisis-hit Venezuela, inflation 'does not exist' (Reuters)
 
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"Devastated" Short Who Launched Online Begging Campaign To Fund Margin Call Was Right: KaloBios Disintegrates





"... this until recently bankrupt company whose price has exploded in the past two days, has become not only a poster child for everything broken and manipulated with the market (think 2014's CYNK one year forward) but has the market following with morbid to find out how the tragicomedy of "Shkreli vs the Shorters" concludes." - November 20, 2015

 
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Frontrunning: December 22





  • Battered oil wins respite, lifts stocks (Reuters)
  • Oil Halts Decline as Emerging Market Stocks Climb on China (BBG)
  • Bonds Set to Beat Stocks Globally in 2015 After China Falters (BBG)
  • SpaceX Falcon rocket nails safe landing in pivotal space feat (Reuters)
  • China Leaders Flag More Stimulus After Top Economic Meeting (BBG)
  • SEC to Retrench Case Against SAC’s Steven A. Cohen (WSJ)
 
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Frontrunning: December 18





  • Oil heads for third straight weekly loss as supply weighs (Reuters)
  • BOJ's $2.5 Billion ETF Boost Seen Having Little Impact on Stocks (BBG)
  • Japan core CPI seen flat in November, household spending down (Reuters)
  • Dollar gets altitude sickness as BOJ disappoints (Reuters)
  • Fed Hikes, but Some Rates Veer Lower (WSJ)
  • White House calls for 'common sense steps' to help Puerto Rico (Reuters)
 
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