DSI accuses 12 of share manipulation
16 September 2015
The Nation12 called to report after new evidence in share case
THE Department of Special Investigation (DSI) has filed criminal charges against Chai Bunnag and 11 accomplices over the alleged manipulation of Solution Corner 1988 (SLC) shares back in 2010.
DSI sources said notices have been issued for the accused to report to DSI officials by the end of this week. The investigation into this case moved forward after authorities found new evidence that was not known in 14 previous and related cases dropped by public prosecutors. Continue reading
| Sep 10 10:45 | 1 comment | Share
If you’re thinking about stock fraud, you don’t want to do it in the US where the SEC has both prosecutorial power and a desire to exercise it.
One other point to consider from the SEC’s latest prosecution: it is possible to pursue individual auditors for missing signs of fraud they should have caught, without destroying the audit firm in a repeat of the Arthur Andersen collapse.
Washington D.C., Sept. 9, 2015 — The Securities and Exchange Commission today charged national audit firm BDO USA with dismissing red flags and issuing false and misleading unqualified audit opinions about the financial statements of staffing services company General Employment Enterprises. Continue reading
Adviser on Chinese Reverse Mergers Is Charged in a Securities Fraud Case
By ALEXANDRA STEVENSONSEPT. 10, 2015
Benjamin Wey has described himself as a “leading Wall Street American financier” who helped Chinese companies sell shares in the United States. Federal prosecutors call him something else: a “master of manipulation” who reaped tens of millions of dollars in illegal profits. The F.B.I. arrested Mr. Wey at his Manhattan home on Thursday and charged him with securities fraud, wire fraud, conspiracy and money laundering in an eight-count indictment unsealed in a federal court in Manhattan. Continue reading
Fri Sep 11, 2015 4:23pm EDT
SEC can pursue insider trading case against brokers: judge
NEW YORK | BY JOSEPH AX
Two New York stockbrokers must face civil insider trading charges brought by U.S. securities regulators, a U.S. judge ruled on Friday, despite a landmark appellate ruling that torpedoed the criminal case against them. Continue reading
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.
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
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