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Post by kc on Jun 4, 2015 19:24:55 GMT -5
SEC investigation. Does this involve trading of MannKind stock. Or the former head of the FDA and her hedge fund husband. Oh my! This will make their weekends very difficult at the Hamptons this summer for the Hedge fund traders.. They will have to watch what they say as they won't know which one of their friends is wearing the wire for the SEC. video.cnbc.com/gallery/?video=3000385896 |
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Post by kc on Jun 4, 2015 21:14:46 GMT -5
Press Release SEC Charges Four With Insider Trading Ahead of Secondary Offerings FOR IMMEDIATE RELEASE 2015-107 Washington D.C., June 3, 2015 — The Securities and Exchange Commission today announced insider trading charges against four individuals stealing confidential information from investment banks and their public company clients in order to trade in advance of secondary stock offerings. The scheme allegedly involved at least 15 stocks and generated more than $4.4 million in illegal trading profits. The SEC alleges that a former day trader living in California, Steven Fishoff, schemed with two friends and his brother-in-law to pose as legitimate portfolio managers and induce investment bankers to bring them “over the wall” and share confidential information about an upcoming secondary offering. After promising they wouldn’t disclose the nonpublic information to others or trade an issuer’s stock before an offering was announced, they violated the agreements and tipped each other about the upcoming offerings expected to inherently depress the price of the issuer’s stock. The tippees then shorted the stock before an offering was publicly announced and assured themselves profits on the short sales after the stock price dropped. According to the SEC’s complaint filed in U.S. District Court for the District of New Jersey, they eventually expanded the scope of their scheme from short selling to buying stock in advance of a positive corporate news announcement based on confidential information obtained about secret negotiations between two large pharmaceutical companies. Charged along with Fishoff in the SEC’s complaint is his brother-in-law Steven Costantin of New Jersey, his friend and California neighbor Ronald Chernin, and his friend Paul Petrello, also a former day trader who resides in Florida. In a parallel action, the U.S. Attorney’s Office for the District of New Jersey today announced criminal charges against Fishoff, Petrello, Chernin, and Costantin. “We allege an insider trading scheme based on a short-selling business model designed to systematically profit on confidential information obtained under false pretenses,” said Sanjay Wadhwa, Senior Associate Director for Enforcement in the SEC’s New York Regional Office. “But the defendants’ short selling proved to be short-sighted as they overlooked the fact that their trading patterns would be detected and they would be caught by law enforcement.” The SEC’s complaint charges Fishoff, Petrello, Chernin, and Costantin as well as seven entities they collectively controlled with illegal insider trading in violation of the antifraud provisions of the Securities Act of 1933 and Securities Exchange Act of 1934. The complaint also charges Fishoff, Petrello, Chernin, Costantin, and three associated entities with violations of Rule 105 of Regulation M of the Exchange Act in connection with certain short sales made in advance of public securities offerings in which they purchased shares. The SEC’s investigation is continuing and being conducted by Dominick Barbieri, David Austin, Matthew Lambert, Stephen Johnson and George Stepaniuk. The litigation will be led by Todd Brody, Dominick Barbieri, and David Austin. The case is being supervised by Mr. Wadhwa. The SEC appreciates the assistance of the Financial Industry Regulatory Authority, U.S. Attorney’s Office for the District of New Jersey, Federal Bureau of Investigation, and Options Regulatory Services Authority. ### Related Materials SEC complaint COMPLAINT : www.sec.gov/litigation/complaints/2015/comp-pr2015-107.pdf
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Post by kc on Jun 5, 2015 9:25:38 GMT -5
Need to keep up the Heat on FINRA and the SEC . This will not make the boys happy as they make their plans against MannKind this weekend at the Hamptons. We must put some heat on the Feds and Media to investigate the share manipulation of MannKind.
www.cnbc.com/id/102734760
SEC investigating whether activist funds colluded: Report
Everett Rosenfeld | @ev_Rosenfeld
The U.S. Securities and Exchange Commission is reportedly probing whether funds run by some activist investors worked together without disclosing their partnerships.
The Wall Street Journal, citing sources familiar with the matter, reported Thursday that the agency was investigating if such team-ups occurred and if they could have violated securities rules.
The report said that the agency's enforcement division has "recently opened multiple investigations and sent requests for information to a number of hedge funds." The Journal said it could not immediately determine the funds or the companies they could have targeted
WSJ article:
www.wsj.com/articles/sec-probes-activist-funds-over-whether-they-secretly-acted-in-concert-1433451205 SEC Probes Activist Funds Over Whether They Secretly Acted in Concert
Federal securities rules require shareholder activists to disclose joint campaigns
June 4, 2015 4:53 p.m. ET
1 COMMENTS
The Securities and Exchange Commission is investigating whether some activist investors teamed up to target companies without disclosing their alliances, potentially in violation of federal securities rules, according to people familiar with the matter.
The SEC’s enforcement division has recently opened multiple investigations and sent requests for information to a number of hedge funds, according to some of the people. Neither the names of the funds nor the companies they targeted could immediately be ascertained.
SEC representatives didn’t immediately respond to requests for comment.
As part of a broader effort to promote transparency, the SEC is looking at whether certain investors coordinated their efforts without filing appropriate disclosures. Federal securities regulations require investors who jointly agree to buy, sell or vote securities to disclose those arrangements, and to designate themselves as a group if they together own at least 5% of a company’s stock
Coming Clean
The SEC is investigating whether activist investors skirted rules on disclosure of investments made with other funds. Some of the main hedge-fund disclosure rules:
5% Threshold: Activists have to disclose once they cross 5% ownership of a company within ten days
Work in Concert: Activists must disclose any agreements to work with other funds on an investment. If no single fund owns 5% but the group owns that much collectively, that must be disclosed.
Groups: Generally a group is considered to exist if the investors have reached any sort of agreement on how they will vote their shares or when they will trade the stock.
Please write to the folks at the WSJ below and let them know to check into the trading on MannKind
Write to Liz Hoffman at liz.hoffman@wsj.com and David Benoit at david.benoit@wsj.com
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Post by thekindaguyiyam on Jun 5, 2015 17:11:40 GMT -5
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Post by tmann on Jun 6, 2015 22:28:26 GMT -5
You can also send any information pertinent to the history of shorting in Mannkind to the reporters for Rolling Stone, Evan Wright and Ted Mann at cleanupmarkets2015 at gmail dot com.
We are interested in anything related to Mannkind's difficulties with the FDA during the approvals process as well as the social media campaigns or "psy-ops" conducted by "paid bashers" and the like.
Thanks alot, TM and EW
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Post by lynn on Jun 6, 2015 22:56:40 GMT -5
You can also send any information pertinent to the history of shorting in Mannkind to the reporters for Rolling Stone, Evan Wright and Ted Mann at cleanupmarkets2015 at gmail dot com. We are interested in anything related to Mannkind's difficulties with the FDA during the approvals process as well as the social media campaigns or "psy-ops" conducted by "paid bashers" and the like. Thanks alot, TM and EW Are you This Ted Mann ? I did a google search and found a Ted Mann who is a staff reporter for the WSJ ( didn't see Rolling Stone tho ) If you are a reporter who's interested in telling the true story of Mannkind , without any ulterior motives , Just facts , it'd be almost worthy of a movie script ( the only reason for the " almost " is because the story is still unfolding ) . But what a crazy ride it's been  Lynn |
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Post by tmann on Jun 7, 2015 10:44:56 GMT -5
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Post by ashiwi on Jun 7, 2015 13:22:39 GMT -5
Welcome Ted, an honor to have you here. I'm sure that there's enough corruption and Wall Street shenanigans to put together a very interesting documentary using MNKD as an example. It's been rampart for years. If it wasn't for Al Mann financing this company, Afrezza might not have made it to the market.
It's a shame that it cost $2 billion to get here. The process is going to make ground breaking pharmaceuticals impossible to bring to the market.
There are hedge funds out there that will stoop to any low to make a buck. As you probably know most hedge fund CEO's make in the 8 figures.
The greed is just horrendous.
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Post by kball on Jun 7, 2015 13:39:14 GMT -5
Welcome tmann. Big Fan of HOMELAND...even when it was about to jump the shark. Still my favorite drama. Nice reboot. Full Disclosure...LOUIE is my other favorite show/comedy |
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