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Showing posts from September, 2014

SEC | Enforcement Actions - September 30, 2014: SEC Charges Two with Insider Trading on Pershing Square’s Announcement on Herbalife.

SEC Charges Two with Insider Trading on Pershing Square’s Announcement on Herbalife 09/30/2014  The Securities and Exchange Commission today announced charges against two individuals for insider trading on a prominent hedge fund manager’s announcement that his hedge fund had formed a negative view of Herbalife Ltd. and taken a $1 billion short position in its securities. The SEC’s orders find that Filip Szymik of New York City and Jordan Peixoto of Toronto engaged in insider trading in Herbalife securities in advance of hedge fund manager William Ackman’s December 20, 2012 announcement of the views of his hedge fund, Pershing Square Management, L.P. According to the SEC’s orders, Szymik learned from his roommate, then a Pershing analyst, that Pershing planned to publicly announce its negative view of Herbalife.  Szymik tipped Peixoto, who purchased Herbalife put options on December 19, 2012, one day before the announcement. As a result of his unlawful trading, Peixoto reaped

SEC | Litigation Release - September 30, 2014: Court Imposes Injunctions and Monetary Sanctions of Nearly $30 Million Against Former CEO and CFO of Electronic Game Card.

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 23099 / September 30, 2014 Securities and Exchange Commission v. Lee Cole, et al. , Civil Action No. 12-CV-8167 Court Imposes Injunctions and Monetary Sanctions of Nearly $30 Million Against Former CEO and CFO of Electronic Game Card The United States Securities and Exchange Commission announced that, on September 22, 2014, Judge Richard J. Sullivan of the U.S. District Court for the Southern District of New York issued an opinion and order imposing financial sanctions of more than $29.6 million on Lee Cole and Linden Boyne, the former CEO and CFO of Electronic Game Card Inc. (EGMI).

SEC | Litigation Release - September 30, 2014: SEC Charges General Partner and Investment Advisers to the Stealth and Adamas Funds with Fraud.

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 23098 / September 30, 2014 Securities and Exchange Commission v. Wealth Strategy Partners, LC, et al. , Civil Action No. 14-CV-02427-JDW-TGW SEC Charges General Partner and Investment Advisers to the Stealth and Adamas Funds with Fraud The Securities and Exchange Commission filed a civil injunctive action on September 25, 2014 charging Wealth Strategy Partners, LC ("Wealth Strategy"), a Sarasota, Florida company, and its principal, Harvey Altholtz of Sarasota, Florida, and Stevens Resource Group, LLC ("Stevens Resource"), a Washington company, and its principal, George Stevens of Lacey, Washington, with securities fraud involving the fraudulent offers and sales of securities in two investment funds - The Stealth Fund, LLLP and The Adamas Fund, LLLP. Wealth Strategy and Altholtz controlled and managed the two funds and later served as investment advisers to the funds. Stevens Resource and Steve

SEC | Litigation Release - September 30, 2014: SEC Charges Pennsylvania-Based Registered Representative with Stealing Funds from Customers.

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 23100 / September 30, 2014 Securities and Exchange Commission v. Dennis F. Wright , Civil Action No. 1:14-cv-01896-SHR SEC Charges Pennsylvania-Based Registered Representative with Stealing Funds from Customers On September 30, 2014, the Securities and Exchange Commission charged Dennis F. Wright, a former registered representative based in Lewistown, Pennsylvania, with defrauding his customers by stealing their funds for his personal use and falsifying their account statements to cover up his fraud.

DealBook P.M. Edition - September 30, 2014: S.E.C. Accuses 2 of Insider Trading in Herbalife.

For the latest updates, go to  dealbook.nytimes.com » TUESDAY, SEPTEMBER 30, 2014 TOP STORY S.E.C. Accuses 2 of Insider Trading in Herbalife   In an apparent first for the S.E.C., the agency built the case on the premise that a hedge fund's private investment playbook amounted to inside information. DEALBOOK » For the latest updates, go to  dealbook.nytimes.com » DEALBOOK HIGHLIGHTS EBay to Spin Off PayPal, Adopting Icahn's Strategy   The move, which the activist hedge fund magnate Carl C. Icahn had called for, will cleave eBay almost in half and separate it from a company that generates almost half its revenue. DEALBOOK »   |   DEALBOOK: ICAHN PRAISES BREAKUP OF EBAY   |   DEALBOOK: EBAY'S PAYPAL PLANS BOLSTER GOLDMAN'S STATUS AS TOP SPINOFF ADVISER Icahn Praises Breakup of eBay   The activist investor said on Tuesday that it was "almost a 'no brainer'" that eBay spin off PayPal, even if he couldn

CMI | Spot Prices as of Close of Trading in New York on September 30, 2014.

Spot Prices as of close of trading in New York Tuesday, September 30, 2014 GOLD TODAY CHANGE WEEK AGO MONTH AGO YEAR AGO $1,211.65 -$7.40 $1,222.35 $1,287.65 $1,286.45 SILVER TODAY CHANGE WEEK AGO MONTH AGO YEAR AGO $17.09 -$0.51 $17.81 $19.51 $21.17 PLATINUM TODAY CHANGE WEEK AGO MONTH AGO YEAR AGO $1,302.30 -$9.20 $1,334.70 $1,426.60 $1,385.80 PALLADIUM TODAY CHANGE WEEK AGO MONTH AGO YEAR AGO $775.10 -$18.90 $819.00 $911.20 $723.00 GOLD/SILVER RATIO 70.90

WSJ | Biggest Decliners Closing on September 30, 2014.

THE WALL STREET JOURNAL Biggest Decliners Closing Biggest Decliners 4:31 pm ET 09/30/2014 NYSE ISSUE VOLUME PRICE CHG % CHG TravelCenters of America (TA) 1,588,633 $9.88 -1.74 -14.97 Transcontinental Realty Investors (TCI) 18,714 10.00 -1.44 -12.59 Midstates Petroleum (MPO) 691,222 5.05 -0.55 -9.82 Civeo (CVEO) 11,085,004 11.61 -1.23 -9.58 First Marblehead (FMD) 62,725 2.84 -0.30 -9.55 Resolute Energy (REN) 957,284 6.27 -0.65 -9.39 L.S. Starrett Cl A (SCX) 31,929 13.84 -1.43 -9.36 Tower International (TOWR) 403,379 25.19 -2.48 -8.96 Trina Solar ADS (TSL) 9,232,864 12.07 -1.13 -8.56 Coeur Mining (CDE) 3,858,485 4.96 -0.42 -7.81 Harvest Natural Resources (HNR) 582,674 3.67 -0.31 -7.79 Clayton Williams Energy (CWEI) 162,081 96.45 -8.00 -7.66 E.W. Scripps Cl A (SSP) 943,694 16.31 -1.34 -7.59 voxeljet ADS (VJET) 451,289 13.87 -1.13 -7.53 EXCO Resources (XCO) 7,355,944 3.34 -0.27 -7.48 Natuzzi ADS (NTZ) 2,591 2.03 -0.15 -6.88 Miller Energy Resources (MILL) 58