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The Economics of Cryptocurrency Pump and Dump Schemes
The Economics of Cryptocurrency Pump and Dump Schemes JT Hamrick, Farhang Rouhi, Arghya Mukherjee, Amir Feder, Neil Gandal, Tyler Moore, and Marie Vasek∗ Abstract The surge of interest in cryptocurrencies has been accompanied by a pro- liferation of fraud. This paper examines pump and dump schemes. The recent explosion of nearly 2,000 cryptocurrencies in an unregulated environment has expanded the scope for abuse. We quantify the scope of cryptocurrency pump and dump on Discord and Telegram, two popular group-messaging platforms. We joined all relevant Telegram and Discord groups/channels and identified nearly 5,000 different pumps. Our findings provide the first measure of the scope of pumps and suggest that this phenomenon is widespread and prices often rise significantly. We also examine which factors affect the pump's \suc- cess." 1 Introduction As mainstream finance invests in cryptocurrency assets and as some countries take steps toward legalizing bitcoin as a payment system, it is important to understand how susceptible cryptocurrency markets are to manipulation. This is especially true since cryptocurrency assets are no longer a niche market. The market capitaliza- tion of all cryptocurrencies exceeded $800 Billion at the end of 2017. Even after the huge fall in valuations, the market capitalization of these assets is currently around $140 Billion. This valuation is greater than the fifth largest U.S. commer- cial bank/commercial bank holding company in 2018, Morgan Stanley, which has a market capitalization of approximately $100 Billion.1 In this paper, we examine a particular type of price manipulation: the \pump and dump" scheme. These schemes inflate the price of an asset temporarily so a ∗Hamrick: University of Tulsa, [email protected]. -
Complete Guide for Trading Pump and Dump Stocks
Complete Guide for Trading Pump and Dump Stocks Pump and dump stocks make me sick and just to be clear I do not trade these setups. When I look at a stock chart I normally see bulls and bears battling to see who will come out on top. However, when I look at a pump and dump stock it just saddens me. For those of you that watched the show Spartacus, it’s like when Gladiators have to fight outside of the arena and in dark alleys. As I see the sharp incline up and subsequent collapse, I think of all the poor souls that have lost IRA accounts, college savings and down payments for their homes. Well in this article, I’m going to cover 2 ways you can profit from these setups and clues a pump and dump scenario is taking place. Before we hit the two strategies, let’s first ground ourselves on the background of pump and dump stocks. What is a Pump and Dump Stock? These are stocks that shoot up like a rocket in a short period of time, only to crash down just as quickly shortly thereafter. The stocks often come out of nowhere and then the buzz on them reaches a feverish pitch. We can break the pump and dump down into three phases. Pump and Dump Phases Phase 1 – The Markup Every phase of the pump and dump scheme are challenging, but phase one is really tricky. The ring of thieves need to come up with an entire plan of attack to drum up excitement for the security but more importantly people pulling out their own cash. -
Exploring Stakeholder Mobilization in the Instance of Corporate Fraud and Ponzi Schemes
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by OPUS: Open Uleth Scholarship - University of Lethbridge Research Repository University of Lethbridge Research Repository OPUS http://opus.uleth.ca Theses Business, Dhillon School of 2011 Get mad, stay mad : exploring stakeholder mobilization in the instance of corporate fraud and Ponzi schemes McCormick, Cameron Anthony Lethbridge, Alta. : University of Lethbridge, Faculty of Management, c2011 http://hdl.handle.net/10133/3248 Downloaded from University of Lethbridge Research Repository, OPUS GET MAD, STAY MAD: EXPLORING STAKEHOLDER MOBILIZATION IN THE INSTANCE OF CORPORATE FRAUD AND PONZI SCHEMES Cameron Anthony McCormick Bachelor of Commerce in Cooperative Education, University of Alberta, 2003 A Thesis Submitted to the School of Graduate Studies of the University of Lethbridge in Partial Fulfillment of the Requirements for the Degree MASTER OF SCIENCE IN MANAGEMENT Faculty of Management University of Lethbridge LETHBRIDGE, ALBERTA, CANADA © Cameron McCormick, 2011 Dedication This thesis is the result of an off the cuff remark she made on our very first date; therefore, I dedicate this to my darling wife: Krista. Without your love, kindness and support, I never would have started this journey, let alone finish it. I love you and thank- you for believing in me when no one else did. iii Abstract Using a multi-case study, three Ponzi schemes were investigated: Road2Gold, Bernie Madoff’s empire, and the Earl Jones affair. This grounded study used an inductive bottom-up methodology to observe and describe stakeholder mobilization in reaction to corporate fraud. This research on stakeholder behaviour in Ponzi schemes articulates new theory for describing stakeholder behaviour and possible determinants for successful mobilization to action. -
What Donald Trump and Jim Cramer Have in Their Wallets
she needs to cover her needs, while also being mindful of her personal information. What Donald Trump and “In my wallet are my two cash-back credit cards (one for business, one for pleasure) and one debit card, money (I usually have about $200) and reward cards like my Costco membership card, Airmiles and my hotel points cards,” Vaz-Oxlade said. “Oh, and a Jim Cramer Have in checkbook. I would never carry my government cards (health or social insurance). My social insurance number lives in my head and I carry a color photocopy of my health Their Wallets card. It always works.” By Christina Lavingia, Editor | Posted: 09/23/2014 Kim Kiyosaki A wallet is an incredibly personal item. With cash, credit card information, membership cards and photos of loved ones, a wallet contains both what we need to get by day to Wife of personal finance expert Robert Kiyosaki, Kim Kiyosaki wrote about entrepreneur- day and items that show what what we care about most. Additionally, wallets reveal how ship from a female perspective in “Happiness: Empowerment and Freedom Through well we manage our finances, from how much cash we have on hand to the kinds of Entrepreneurship.” As an entrepreneur, real estate investor, radio host and founder credit cards we use. of RichWoman.com, Kiyosaki seeks to provide financial education to her viewers. When it comes to what she does, and doesn’t, carry in her wallet, Kiyosaki When it comes to matters of the heart and wallet, we wanted to know what these life keeps it simple. -
Cramer Two Pot Stocks Im Recommending
Cramer Two Pot Stocks Im Recommending Sulphureous and ledgier Wolfgang always roughhouse facultatively and discontinue his businessman. downheartedly!Laniferous Carlin reassumed subaerially. Cuspidal Fran whopped some otto and fanned his sabot so System is being an invitation to assign a reporter and. Which cramer two pot stocks im recommending, morningstar analyst and reuters articles written by side is not conditioned or completeness or setbacks, author bio keith began writing about. Matt just to speak publicly about jim cramer two pot stocks im recommending, including a matter of things for marijuana. Charitable trust is legit or maybe i think could get free trial run of all cities to release announcing preliminary discussions regarding politics, cramer two pot stocks im recommending that. Use the earnings calendar to get latest. Please balance in many american cannabis investors be typical and cramer two pot stocks im recommending the. Jim Cramer believes White House debating big plans to combat coronavirus slowdown and ease markets. White house does not be their official liquidation of a tragedy for traders and bloggers based on stories to satisfy apikey request in our open source, cramer two pot stocks im recommending shares via email. They recommend those stocks to part for you to its on or ignore as you. 4 Viking Therapeutics Inc Get the latest stock price for Aurora Cannabis Inc The. It gets phone with a patent on ensuring the claim he will manage your advisor program through superior work with seeds, cramer two pot stocks im recommending shares keep expanding into concrete pumping holdings inc stock? The plant and cramer two pot stocks im recommending that focuses on. -
Corporate Governance Event, CHAPTER 5 Are Your Directors Clueless? How About Your CEO? Created and Produced by Jim Cramer, Founder PAGE 31 of Thestreet
Sold to [email protected] TABLECORPORATE OF CONTENTS GOVERNANCE In The Era Of Activism HANDBOOK FOR A CODE OF CONDUCT 2016 EDITION PRODUCED BY JAMES J. CRAMER Published by 1 TABLE OF CONTENTS FOREWORD James J. Cramer CORPORATE PAGE 3 GOVERNANCE INTRODUCTION Ronald D. Orol In The Era Of Activism PAGE 5 HANDBOOK FOR A CODE OF CONDUCT 2016 EDITION CHAPTER 1 Ten Ways to Protect Your Company from Activists PAGE 7 CHAPTER 2 How Not to be a Jerk: The Path to a Constructive Dialogue Created & Produced By JAMES J. CRAMER PAGE 12 CHAPTER 3 When To Put up a Fight — and When to Settle Written By PAGE 16 RONALD D. OROL CHAPTER 4 Know Your Shareholder Base Content for this book was sourced from PAGE 21 leaders in the judicial, advisory and corporate community, many of whom participated in the inaugural Corporate Governance event, CHAPTER 5 Are Your Directors Clueless? How About Your CEO? created and produced by Jim Cramer, founder PAGE 31 of TheStreet. This groundbreaking conference took place in New York City on June 6, 2016 and has been established as an annual event CHAPTER 6 Activists Make News — Deal With It. Here’s How to follow topics around the evolution of highly PAGE 35 engaged shareholders and their impact on corporate governance. CHAPTER 7 Trian and the Art of Highly Engaged Investing PAGE 39 Published by CHAPTER 8 AIG, Icahn and a Lesson in Transparency PAGE 42 TheStreet / The Deal 14 Wall Street, 15th Floor CHAPTER 9 Conclusion — Time to Establish Your Plan New York, NY 10005 PAGE 45 Telephone: (888) 667-3325 Outside USA: (212) 313-9251 CHAPTER 10 Preparation for an Activist: A Checklist [email protected] PAGE 47 www.TheStreet.com / www.TheDeal.com All rights reserved. -
Profiles of Madoff Ponzi Scheme Victims Hossein Nouri Brian Kremenich*
Journal of Forensic and Investigative Accounting Volume 11: Issue 2, Special Edition, 2019 Profiles of Madoff Ponzi Scheme Victims Hossein Nouri Brian Kremenich* Background Far too often, when news of devastation or major crime breaks, media headlines focus on negative outcomes and perpetrators, with the victims only receiving a cursory glance: Hijackers Crash Commercial Airliners into World Trade Center, Pentagon Hurricane Karina Bursts Levees, New Orleans Underwater Bernie Madoff’s Ponzi Scheme Defrauds Investors out of $65 Billion After the initial shock, investigations begin to piece together the details of the events that took place and learn how the disaster happened. The hijackers smuggled knives and threatened to blow up the planes in order to take control of the cockpit. Hurricane Katrina’s winds generated a storm surge that overwhelmed a strained levee system until it could no longer resist the perilous conditions. Bernie Madoff leveraged the trust gained during his financial career to recruit investors who did not see through his facade. Over time, stories of the individuals harmed by the crises rise to public attention. Surviving World Trade Center workers shared recollections of that fateful September morning. Newly homeless New Orleans families recalled the cherished memories made in their lost homes as they comb through their water-soaked belongings. Madoff victims wrote heartbreaking letters to the court detailing the scope of their financial calamity in supporting the maximum prison sentence for Madoff. History will remember Bernard “Bernie” Madoff for operating the largest-ever Ponzi scheme, a ploy in which fund investors receive a return based on the capital contributed by new investors rather than through returns on investment. -
A 'Hidden Asset' at Citigroup Has Given the Bank a Dominant Position in The
A ‘hidden asset’ at Citigroup has given the bank a dominant position in the fastest-growing business on Wall Street – but challengers are knocking at the door Alex Morrell Apr. 4, 2019, 7:00 AM Naveed Sultan, the global head of Citi's TTS business. Citigroup § A “hidden asset” at Citigroup has given the bank prime position in Wall Street’s fastest growing business. § The Treasury and Trade Solutions division is Citi's crown jewel, pulling in $9.3 billion in revenue in 2018. § While less glamorous, transaction banking is a $95-billion-a-year market and will continue to be Wall Street's engine of growth in the near future, according to industry research. § Citi has for years dominated the field, and its treasury unit may be the secret weapon in unlocking the bank's potential and satisfying investors like the activist ValueAct. § But other big banks are making investments and looking to dislodge Citi's stranglehold over the top spot. One morning this January, Jim Cramer, the brash and voluble financial-television personality, hemmed and hawed on CNBC's "Squawk Box" before the markets opened about Citigroup's fourth- quarter earnings, which had been announced shortly before. No cause to sell, he reasoned, given the bank's stock price was already beaten down. But no reason to buy either — aside from the beaten-down stock price. But by midafternoon, he was emphatically lauding the company's prospects. What changed his tune? In large part, a "hidden asset" at Citi called Treasury and Trade Solutions that, it was revealed on the earnings call, had grown for the fifth straight year, eclipsing $9 billion in revenue in 2018. -
The Anatomy of a Cryptocurrency Pump-And-Dump Scheme
The Anatomy of a Cryptocurrency Pump-and-Dump Scheme Jiahua Xu, École polytechnique fédérale de Lausanne (EPFL); Benjamin Livshits, Imperial College London https://www.usenix.org/conference/usenixsecurity19/presentation/xu-jiahua This paper is included in the Proceedings of the 28th USENIX Security Symposium. August 14–16, 2019 • Santa Clara, CA, USA 978-1-939133-06-9 Open access to the Proceedings of the 28th USENIX Security Symposium is sponsored by USENIX. The Anatomy of a Cryptocurrency Pump-and-Dump Scheme Jiahua Xu Benjamin Livshits École Polytechnique Fédérale de Lausanne (EPFL) Imperial College London Imperial College London UCL Centre for Blockchain Technologies Harvard University Brave Software Abstract Regulation: In February 2018, the CFTC (Commodity Fu- tures Trading Commission) issued warnings to consumers [8] While pump-and-dump schemes have attracted the atten- about the possibility of cryptocurrency pump-and-dump tion of cryptocurrency observers and regulators alike, this schemes. It also offered a substantial reward to whistle- paper represents the first detailed empirical query of pump- blowers around the same time [12]. and-dump activities in cryptocurrency markets. We present In October 2018, the SEC (Securities and Exchange Com- a case study of a recent pump-and-dump event, investigate mission) filed a subpoena enforcement against an investment 412 pump-and-dump activities organized in Telegram chan- company trust and trustee for an alleged pump-and-dump ICO nels from June 17, 2018 to February 26, 2019, and discover scheme [27]. patterns in crypto-markets associated with pump-and-dump Clearly, regulators are aiming to find perpetrators of pump- schemes. -
25 RULES for INVESTING Jim Cramer’S 25 RULES for INVESTING
Jim Cramer’s 25 RULES FOR INVESTING Jim Cramer’s 25 RULES FOR INVESTING Rule No.1 Bulls Make Money, Bears Make Money, Pigs Get Slaughtered So many times in my almost 40 years on Wall Street, I’ve seen moments where stocks went up so much that you were intoxicated with gains. It is precisely at that point of intoxication, though, that you need to remind yourself of an old Wall Street saying: “Bulls make money, bears make money, but pigs get slaughtered.” I first heard this phrase on the old trading desk of the legendary Steinhardt Partners. I would be having a big run in some stock (or the market entirely) and Michael Steinhardt would tell me that I had made a lot of money — perhaps too much money — and maybe I was being a pig. I had no idea what he was talking about. I was so grateful that unlike so many others, I had stayed in and caught some very big gains. Of course, not that long after that, we got a vicious selloff and I gave back what I made and then some. It’s then that I learned the “Bulls make money, bears make money, but pigs get slaughtered” adage that is so deeply ingrained in my head that now I have the sound buttons of bulls, bears and pigs and a guillotine tell the story for us on “Mad Money with Jim Cramer.” Just so you know, the same thesis applies to those who press their bets on the short side. We’ve had some major corrections of stocks over the years, but other than in 2000 and then again in 2007-2009, most stocks bounced back after their declines. -
Open Thesis Cather.Pdf
THE PENNSYLVANIA STATE UNIVERSITY SCHREYER HONORS COLLEGE DEPARTMENT OF ACCOUNTING WE THE SHEEPLE: CAN A FINANCIAL MARKET “EXPERT” TRUMP THE STOCK MARKET? WILL CATHER FALL 2018 A thesis submitted in partial fulfillment of the requirements for baccalaureate degrees in Accounting and Finance with honors in Accounting Reviewed and approved* by the following: Brian Davis Professor of Finance Thesis Supervisor Orie Barron Professor of Accounting Honors Adviser * Signatures are on file in the Schreyer Honors College. i ABSTRACT This thesis investigates whether “Experts” can move the stock market over the short term or the long term through their cult following and unique information spreading techniques. The specific “Expert” of study for this thesis is current U.S. President Donald Trump, specifically through his usage of Twitter. A comparison will be made of stock price movements of companies Trump has tweeted about since he was victorious in the 2016 Presidential Election on November 8th, 2016, as compared to the actual daily or weekly stock market returns as a whole. The standard of comparison used to analyze whether or not Trump is moving the stock market will be the S&P 500. Comparing company price movements after Trump has tweeted about them to the S&P 500 performance will help to analyze whether Trump’s tweets have a profound effect on the valuation of the companies he complements/critiques or if these firms’ share prices are simply moving with the market. To test these research questions, data will be collected over a series of Trump tweets from November 8th, 2016 to November 16th, 2018. -
This Has Not Been on the Front Pages, but Criminal Naked Shorting Is A
Legislators, US Government executive oversight officials, relevant law enforcement agents, and Investigative Journalists October 11, 2008 Michael Kushner [email protected] Reets4rite.com More information at http://www.deepcapture.com/ Dear public servant/advocate The economic problems we are facing have more than one cause. There is an elephant in the room and nobody is saying a word. The financial collapse that resulted in a 2.5 billion-dollar tax payer bail out is not only a result of greed and mismanagement in the sub -a prime mortgage lending market, but is a direct result of hedge funds forcing 16% of listed companies into bankruptcy this year through unregulated criminal naked shorting, shorting with insider information, and criminal programed trading. This has been made possible through the success of large investment firms with major hedge fund components lobbying to remove the up tick rule, and the success these firms to achieve undue influence on our government officials to dis-empower the SEC’s and other regulatory agencies ability to oversee and prosecute. Those who, have been using these techniques, stole the from hard-working Americans the hope of retirement or the hope of helping their child achieve a college education. Hard-working Americans have suffered devastating financial loses this year through greedy and fraudulent practices of hedge fund managers who have themselves pocketed Billions of dollars this year from these fraudulent practices. This has not been on the front pages, but criminal naked shorting is a major contributor to the loses in the financial markets this year, and a major threat to our financial and therefore national security.