Amtek Auto, Castex plunge on Sebi probe
10 September 2015
Press Trust of India
Mumbai, Sep 10 (PTI) Shares of Amtek Auto plunged 9 per cent, while that of its subsidiary Castex Technologies lost 5 per cent today after market regulator Sebi began a probe into alleged manipulation of the latter’s stock price. Sebi has begun a probe into alleged share price manipulation at Castex Technologies through forced conversion of foreign bonds. Continue reading
Stock manipulation: Asya Infosoft
2 September 2015
Moneylife
The share price of Asya Infosoft jumped 1085% in just about 17 months despite negligible profits
Asya Infosoft (Asya) has been involved in several failed business activities in the past. Formerly known as Saya Housing Finance, it was into providing home loans. In 2008, Saya was suspended for not complying with the listing agreement. In the following year, the name of the company was changed to Asya Infrastructure & Tourism. A few years later, in 2013, after acquiring Ideal Systems, the company decided to pursue information technology (IT) services. As per its website, Asya undertakes software development, web designing and web development for its clients. However, it had revenues of less than Rs1 crore in each of the past 12 quarters and negligible profits. But the share price of such a company has jumped 1085% in just about 17 months. From a low of Rs7.80 on 10 March 2014, the price shot up to Rs92.45 on 21 August 2015. Asya is trading at a PE (price to earnings) of 159 times (past four-quarter trailing earnings). Are the investors extremely bullish or is this another pump & dump operation? Asya had an average daily trading turnover of about Rs1.49 lakh in CY2013, with about 53 trades each day. In CY2014, the average trading turnover jumped to Rs3.69 lakh and the average number of daily trades increased to 94. From January 2015 up to mid-August 2015, the trading volume averaged over Rs11 lakh a day with nearly 160 trades each day. It has just about 2,000 shareholders. At the time of going for printing, the stock got suspended on BSE for penal reasons.
Sebi orders Satyam’s Raju, kin to return Rs 3,200 crore
11 September 2015
The Times of India – Pune Edition
Market regulator Sebi on Thursday ordered B Ramalinga Raju and his family, the former promoters of fraud-ridden erstwhile Satyam Computers, to return Rs 1,803 crore of their ill-gotten j money plus interest for over six-and-a-half years, which adds up to about Rs 3,200 crore. t Raju, chairman of Satyam Computers till early 2009, and some of his family members have also been banned from the market for seven years. Thursday’s order was issued as a rejoinder to Sebi’s own order of July 15, 2014. The Raju family had fudged the books at Satyamfor eight years till Raju admitted to the corporate and accounting frauds on January 7, 2009. Subsequent investigations revealed that directors and employees of Satyam, including its chairman, MD and CFO, had since January 2001 “connived and collaborated in overstatements, fabrication, falsification and misrepresentation of books of account and financial statements of Satyam Computers”, the Sebi order said.
The regulator found that the Rajus and their associates fudged the company’s accounts to “paint a rosy picture”, which helped maintain a healthy share price for Satyam. They then used unpublished price-sensitive information to sell those shares at a high price to make profits, Sebi said. Sebi has now ordered the Rajus to disgorge all their ill-gotten profits along with a simple interest at 12% per annum since January 7, 2009 till the day of payment. The regulator also said that since IL&FS Engineering & Construction in its former avatar as Maytas Infra had made unlawful gains, which still remain with the company under the new management, those gains should be returned.
NSEL investor group asks Sebi to probe FTIL role in NSEL scam
Ashish Rukhaiyar, Ami Shah
2 September 2015
Mint
Mumbai, Sept. 2 — The NSEL Investors Action Group has written to the Securities and Exchange Board of India (Sebi) asking the capital market watchdog to probe the role of Financial Technologies India Ltd (FTIL) in the Rs.5,574 crore settlement scam at the National Spot Exchange Ltd (NSEL). Issues related to the company siphoning off funds along with insider trading and stock price manipulation need to be probed by Sebi, said the investor group. Continue reading
Criminal Charges Filed Against Nomura Traders For Skimming Off Bid/Ask Spreads, Making Millions In The Process
Tyler Durden on 09/08/2015 11:46 -0400
Nearly three years ago, we explained why when it comes to fixed income traders in the traditional, and very lucrative, over the counter market, “the days of rampant skimming on top of the bid/ask spread, and with them record bonuses for bond traders and salesmen, may just ended with a whimper not a bang, and all bond traders hoping to make millions by misrepresenting what the true purchase or sale prices are to buysider clients, even if completely voluntary on both sides, may want to seek employment elsewhere. Continue reading
http://www.bloomberg.com/graphics/2015-spoofing/
How to Catch a Spoofer
September 4, 2015
By Matthew Leising, Mira Rojanasakul and Adam Pearce
What you just saw was buying and selling in the market for futures based on the U.S. government’s 10-year Treasury bond, which trades on the Chicago Board of Trade. This is where the spoofing alleged in HTG’s lawsuit took place. In that minute, orders were modified or executed more than 5,000 times. Continue reading
http://www.ft.com/intl/cms/s/0/febd9638-5506-11e5-b029-b9d50a74fd14.html#axzz3l3lpJGKE
Last updated: September 7, 2015 12:02 pm
Toshiba says it inflated profits by nearly $2bn over seven years
Kana Inagaki in Tokyo
Toshiba said it had inflated profits by nearly $2bn over seven years as it assessed the fallout from an accounting scandal that has wiped more than a third off the company’s share value. Continue reading
Choosing between protection and hard lessons
Saturday, 12 September 2015
By: OPTIMISTICALLY CAUTIOUS . . . ERROL OH
Assisiting investors: The Securities Commission building in Kuala Lumpur. There have been several cases of the commission going to court to seize the conmen’s ill-gotten gains so that it can be returned to the investors/victims.
Restitution offers relief to investors but will they learn enough?
PEOPLE who fall for investment scams and kids who write letters to Santa Claus have one thing in common – they belief in the promise of easy and seemingly magical rewards. When the lure of the sure thing is jiggled before them, the greedy and the ignorant quickly shed skepticism and caution.
When that happens, they are likely to lose money. In Malaysia, they sometimes get back part of it.
There have been several cases of the Securities Commission (SC) going to court to seize the conmen’s ill-gotten gains so that it can be returned to the investors/victims. This is called restitution. Continue reading
Goldman Sachs Investment Advisory closes Korean unit
28 August 2015
Maeil Business Newspaper
Goldman Sachs Investment Advisory has withdrawn its business from the Korean market amid criminal investigations into allegations of stock price manipulation. According to sources Thursday, Goldman Sachs Investment Advisory shut down its Korean business as of August 21. Regulatory approval to the business withdrawal was granted, which was posted on the Financial Services Commission website. Continue reading
AsianExtractor: Unearthing Accounting Fraud in Asia 