| From: kidl | 8/11/2022 8:26:14 AM | | | | | |
Metallic spoofing
Following a three-week trial and more than eight days of deliberations, two former JPMorgan ( JPM) employees have been found guilty in a landmark case over futures market manipulation. Michael Nowak, the former head of the bank's precious-metals business, was convicted on 13 charges including spoofing and fraud, while his top gold trader, Gregg Smith, was also convicted on 11 charges that included spoofing. A third defendant, Jeffrey Ruffo, who was a salesman on JPMorgan's precious-metals desk, was acquitted entirely.
What is spoofing? The manipulative tactic, which was outlawed by the Dodd-Frank Act in 2010, involves rapidly placing orders with the intent to cancel them before they trade, creating the illusion of demand and influencing prices.
The case is a big victory for the U.S. Justice Department and marks the most aggressive lawsuit brought to date that targets spoofing. Sentences have not yet been handed down, but Nowak and Smith were acquitted of racketeering and conspiracy allegations that would have charged them as an organized criminal enterprise. Back in 2020, JPMorgan also agreed to pay $920M to settle DOJ spoofing allegations, which is by far the largest fine paid by any bank accused of market manipulation since the financial crisis.
Quote: "Today's jury verdict demonstrates that those who seek to manipulate our public financial markets will be held accountable and brought to justice," said Assistant Attorney General Kenneth A. Polite, Jr. of the Justice Department's Criminal Division. "With this verdict, the Department has secured convictions of ten former traders at Wall Street financial institutions, including JPMorgan, Bank of America/Merrill Lynch, Deutsche Bank, The Bank of Nova Scotia, and Morgan Stanley. These convictions underscore the Department's commitment to prosecuting those who undermine the investing public's trust in the integrity of our commodities markets." ( 5 comments)
  
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| To: ralfph who wrote (295796) | 8/11/2022 9:43:10 AM | | From: kidl | | | | STLC ... Speaking of using profits.
Globe says Algoma, Stelco hear Evraz to sell N.A. ops
Algoma Steel Group Inc (C:ASTL)
Shares Issued 146,384,819
Last Close 8/10/2022 $12.00
Thursday August 11 2022 - In the News
Also Stelco Holdings Inc (C:STLC) In the News
The Globe and Mail reports in its Thursday edition that Evraz PLC is looking to sell its Canadian and U.S. operations as the Russian steelmaker struggles with the fallout from Moscow's invasion of Ukraine, which includes sanctions against the company and its major shareholder, Roman Abramovich. The Globe's Jeffrey Jones writes that Evraz said in a statement Wednesday it would solicit proposals for the North American operations, which include steel plants in Alberta and Saskatchewan that serve the oil and gas industry. The Canadian business employs 1,800 people and Evraz has another 1,400 workers in the U.S., where it has plants in Oregon and Colorado and a head office in Chicago. A sale would allow the company to "unlock the stand-alone value of the North America business," Evraz said in the statement. The company did not respond to a request for details. In March, weeks after Russian troops invaded Ukraine, Canada imposed sanctions on Mr. Abramovich as a crony of Russian President Vladimir Putin. "Recent geopolitical tensions have given rise to significant corporate governance and operating challenges for Evraz," chief executive officer Aleksey Ivanov said in a statement with Evraz's financials earlier this month.
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| To: ralfph who wrote (295886) | 8/11/2022 11:23:06 AM | | From: kidl | | | | | I suspect private equity will clinch this deal. They can be more “flexible” in terms of what Abramovich gets out of it. |
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| From: ralfph | 8/11/2022 12:32:25 PM | | | | | | OT - very good take on the so called "trump raid" they now have recovered 27 boxes of government material from the former president. The response by the right is notable - certainly a double standard and the discourse is indicative of how out of touch many right wangers are.
I was in conversation with an American vet last week - what stuck out was " You think what you read is nuts you should hear and see what I have to deal with in the vet community"
Just do not count on sound minds, rationality and self preservation to be the fall back position that voters in the US will take. Crazy seems to be the go to position in these times. No clue what this means for investing, certainly beyond my comprehension. cnn.com |
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| From: ralfph | 8/11/2022 1:59:17 PM | | | | | | HND - watching for an entry point. Wish I was doing as well as a couple of day traders who have been following me - one of them is darn happy with BHC and is up a few grand from Friday. The other one bought HND when I blew it off, he had done quite well but missed a sell, he then got stuck averaging down, he missed the sell by one cent (who has done that before) and would be a happy camper if he had just hit the bid.
Interesting enough these guys do not follow any threads - just text amongst themselves and I get updates on evening walks or the odd text every week or so. |
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| From: ralfph | 8/12/2022 11:04:47 AM | | | | | | MDNA once again from the "go figure" dept comes this bit of news
Medicenna Therapeutics Corp. has closed its previously announced marketed underwritten public offering of units of the company in Canada and in the United States at a price to the public of $1.50 (U.S.) per unit for aggregate gross proceeds to the company of approximately $20-million (U.S.), before deducting underwriting commissions and offering expenses, and excluding any proceeds the company may receive from the exercise of the underlying warrants. Pursuant to the Offering, the Company issued a total of 13,333,334 Units.
The stock is trading at $1.30 Canadian - the raise was done at $1.91 Canadian. Got to wonder why the 60 cent discount. So is the stock a good deal and going to run or is there bad news in the pipe? At this stage what is happening makes little sense. |
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| To: ralfph who wrote (295890) | 8/12/2022 11:57:16 AM | | From: kidl | | | | Pondering these sort of questions paves the path to insanity.
I have a similar situation with KRR. Recent oversubscribed $4.80 bought deal now trading at $3.28 with a recent (likely overbought) high of $7.50. Even after considering reduced POG and increased COVID and energy related costs, I can’t make sense of it and I have actually stopped trying. |
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