Day: March 12, 2015

U.S. regulator pushes reforms for microcap market-making brokers; Regulator Urges Tougher Rules for Microcap Market

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http://www.reuters.com/article/2015/03/04/sec-microcap-brokers-idUSL1N0W616J20150304

http://ww2.cfo.com/capital-markets/2015/03/regulator-urges-tougher-rules-microcap-market/

U.S. regulator pushes reforms for microcap market-making brokers

Wed, Mar 4 2015

By Sarah N. Lynch

WASHINGTON, March 4 (Reuters) – A top U.S. regulator is calling for new rules for brokers who make markets in over-the-counter microcap stocks, saying the current regulations are lax and may lead to poor-quality pricing. Continue reading →

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Stock manipulation: Atlas Jewellery India

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http://www.moneylife.in/article/stock-manipulation-atlas-jewellery-india/40679.html

Stock manipulation: Atlas Jewellery India

9 March 2015

Moneylife

After a sharp rise of more than 1970%, the stock price of Atlas Jewellery crashed by over 50%. Sebi is sleeping as usual

Atlas Jewellery India (Atlas) took over Gee El Woollens on 31 July 2013. After the current promoters acquired the controlling interest, the company’s name was changed. The present promoters, having an established jewellery business, started buying into Gee El Woollens since 2006. Was the takeover fair? Between 2006 and 2011, the company did not make any disclosure in compliance of the takeover regulations. The market regulator fined Atlas only Rs3 lakh for not complying with the regulations. Atlas effectively started its export business operations in January 2014. From February 2013 to October 2014, the stock price of Atlas shot up by around 350%, to Rs45 from around Rs10. This was not all. In a span of two months, the price shot up another 360% and peaked to Rs207 on 8 December 2014, from Rs45 on 1 October 2014, constantly hitting the upper circuit. The trend reversed soon. Just after hitting the peak, the stock price started falling sharply, constantly being locked in the lower circuit. The price crashed by 52%, to Rs100 on 18 February 2015. The exchanges and the regulator cannot see a clear case of market manipulation.

Accounting ‘Shenanigans’ Are More Common Than Investors Think

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http://www.businesswire.com/news/home/20150309005895/en/Accounting-%E2%80%98Shenanigans%E2%80%99-Common-Investors#.VQFQIfyUeCk

Accounting ‘Shenanigans’ Are More Common Than Investors Think

9 March 2015

Business Wire

Learn How to Navigate the Non-GAAP Smokescreen and Protect Client Capital

NEW YORK–(BUSINESS WIRE)–March 09, 2015–

The New York Society of Security Analysts (NYSSA) will shed light on the trickery some companies employ to mislead Wall Street and show how to spot the red flags before getting victimized with Financial Shenanigans March 12. Continue reading →

Dell Named 2015 World’s Most Ethical Company After 2010 $100 Million Fine For Acounting Fraud

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http://jewishbusinessnews.com/2015/03/10/dell-named-2015-worlds-most-ethical-company-nice-shift-from-2010-100-million-fine-for-fraud/

Posted by John SOH Yong Ye, Year 4 undergrad at the School of Economics, Singapore Management University

Dell Named 2015 World’s Most Ethical Company, Nice Shift From 2010 $100 Million Fine For Fraud

“Doing the right thing, and winning the right way is personal at Dell. It’s the way we do business,” said Michael McLaughlin, Dell’s chief ethics and compliance officer.

Dell announced that it has been recognized by the Ethisphere Institute, the global leader in defining and advancing the standards of ethical business practices, as a 2015 World’s Most Ethical Company. For the record, though: in July 2010 Dell Inc. agreed to pay a $100 million penalty to settle SEC charges of disclosure and accounting fraud in relation to undisclosed payments from Intel Corporation. Michael Dell and former CEO Kevin Rollins agreed to pay $4 million each, former CFO James Schneider to pay $3 million to settle the charges. Continue reading →

Jho Low and the Wolf of Wall Street: how Malaysian businessman ‘hooked up DiCaprio’

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Posted by Mildred LIANG Bei Yan, Year 4 undergrad at the School of Economics, Singapore Management University

http://www.scmp.com/print/business/article/1735821/jho-low-and-wolf-wall-street-how-malaysian-businessman-hooked-dicaprio

http://www.scmp.com/news/asia/south-east-asia/article/1735651/well-connected-malaysian-jho-low-living-hk-denies-fraud

Jho Low and the Wolf of Wall Street: how Malaysian businessman ‘hooked up DiCaprio’

Thursday, 12 March, 2015, 2:01pm

Business

Toh Han Shih

The movie “Wolf of Wall Street” had Leonardo DiCaprio in the starring role and high-living Malaysian businessman Low Taek Jho played a part in making it happen. Continue reading →

[Flashback] Banks sue Olympus for $273m over accounting fraud

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http://www.ft.com/intl/cms/s/0/bf18ab4a-bfce-11e3-b6e8-00144feabdc0.html#axzz3U9ofH6ce

Posted by LIM Hui Jie, Year 4 undergrad at the School of Economics, Singapore Management University

April 9, 2014

By Ben McLannahan in Tokyo

Olympus Corp has been hit with the biggest lawsuit stemming from its two-decade long accounting fraud, when banks joined forces to sue the company for a total of Y28bn ($273m) in damages. The civil lawsuit, filed on Monday by six trust banks, is a fresh setback for the Japanese group, which admitted in autumn 2011 that it had concealed losses dating back to the early 1990s by overpaying for acquisitions. Michael Woodford, the company’s British chief executive, turned whistleblower after being sacked for attempting to probe the cover-up. Continue reading →