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Preface Patrick Besha, Editor Alexander Macdonald, Editor in The
EARLY DRAFT - NASAWATCH.COM/SPACEREF.COM Preface Patrick Besha, Editor Alexander MacDonald, Editor In the next decade, NASA will seek to expand humanity’s presence in space beyond the International Space Station in low-Earth orbit to a new habitation platform orbiting the moon. By the late 2020’s, astronauts will live and work far deeper in space than ever before. The push to cis-lunar orbit is part of a stepping-stone approach to extend our reach to Mars and beyond. This decision to explore ever farther destinations is a familiar pattern in the history of American space exploration. Another major pattern with historical precedent is the transition from public sector exploration to private sector commercialization. After the government has developed and demonstrated a capability in space, whether it be space-based communications or remote sensing, the private sector has realized its market potential. As new companies establish a presence, the government withdraws from the market. In 2015, we are once again at a critical stage in the development of space. The most successful long-term human habitation in space, orbiting the Earth continuously since 1998, is the International Space Station. Currently at the apex of its capabilities and the pinnacle of state-of-the-art space systems, it was developed through the investments and labors of over a dozen nations and is regularly re-supplied by cargo delivery services. Its occupants include six astronauts and numerous other organisms from Earth’s ecosystems from bacteria to plants to rats. Research is conducted on the spacecraft from hundreds of organizations worldwide ranging from academic institutions to large industrial companies and from high-tech start-ups to high-school science classes. -
SEC Complaint
Case 2:11-cv-10403-RHC -PJK Document 1 Filed 02/01/11 Page 1 of 56 UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MICIDGAN SOUTHERN DIVISION SECURITIES AND EXCHANGE COMMISSION, Plaintiff, C.A. No. v. GREGG M.S. BERGER, FRANCIS A. TRIBBLE, HOW WAI HUI, a.k.a. JOHN HUI, KWONG-CHUNG CHAN, a.k.a. BERNARD CHAN, XIAOQING DU, a.k.a. ANGELA DU, GLOBAL PEOPLELINE TELECOM, INC., CHI SHING NG, a.k.a. DANIEL NG, CHINA DIGITAL MEDIA CORPORATION, MORDECHAI BROUDO, SHAY BEN-ASULIN, and M-WISE, INC., Defendants. COMPLAINT PlaintiffSecurities and Exchange Commission ("Commission") alleges as follows: SUMMARY 1. This matter involves international schemes to fraudulently pump and dump the publicly traded securities ofeight U.S. microcap companies headquartered in the People's Republic of China ("PRC"), Canada and Israel (hereinafter "the Public Companies") through spam e-mail campaigns which generated proceeds in excess of$33.6 million. Each scheme was primarily organized and devised either by defendant Francis A. Tribble ("Tribble"), a stock promoter, defendants How Wai Hui, a.k.a. "John Hui" ("Hui") and Kwong-Chung Chan, a.k.a., Case 2:11-cv-10403-RHC -PJK Document 1 Filed 02/01/11 Page 2 of 56 "Bernard Chan" ("Chan"), prominent Chinese businessmen and former officers ofChina World Trade Corporation, or defendant Gregg M.S. Berger ("Berger"), a New York-based stockbroker and long-time friend ofTribble. Between at least January 2005 through in or around December 2007 ("relevant time period"), these defendants, along with certain corporate officers and directors, engaged in a scheme to pump up the price and volume ofthe securities ofone or more ofthe issuers by paying for false spam e-mail campaigns that touted the securities ofthe Public Companies. -
AIP-Client-List.Pdf
Weekly Update 2021-09-27 #DTCC Public (White) AIP Member List (Distributors - Broker-Dealers/ Custodians / Clearing Firms) Participant Name Participant Type NSCC AIP Number Membership Live Date American Enterprise Investment Services Inc. {Ameriprise} Firm 3433 2/17/2012 American Portfolios Financial Services, Inc. Firm 9846 12/21/2015 Axos Clearing LLC Firm 0648 10/31/2016 Beta Capital Securities, LLC Firm 4394 12/9/2019 Cetera Investment Services LLC Firm 1768 9/5/2018 Charles Schwab & Co, Inc. Firm 3401 12/31/2009 Crowdkey, Inc. Firm 7291 12/13/2016 Dempsey Lord Smith, LLC Firm 5261 11/7/2016 Edward D. Jones & Co., L.P. Firm 1871 1/16/2013 Grove Point Investments, LLC Firm 3911 5/6/2021 HD Vest Investment Securities, Inc Firm 7242 7/24/2018 Hilltop Holdings, Inc. (formerly Southwest Securities, Inc.) Firm 1956 4/19/2013 ICapital Securities, LLC Firm 6523 5/18/2018 J.W.Korth & Company Limited Partnership Firm 9893 3/3/2016 Janney Montgomery Scott, LLC Firm 4073 4/16/2019 LPL Financial LLC Firm 3477 6/19/2013 LPL Financial LLC (AXA) Firm 6989 8/24/2015 # DTCC Public (White) AIP Member List (Distributors - Broker-Dealers/ Custodians / Clearing Firms) Participant Name Participant Type NSCC AIP Number Membership Live Date Matrix Trust Company Firm 1531 5/26/2015 Millennium Trust Company, LLC Firm 1659 7/20/2020 Morgan Stanley Smith Barney LLC Firm 1287 8/29/2014 National Financial Services LLC (NFS) Firm 3409 2/22/2011 National Securities Corporation Firm 9389 5/12/2016 Orion Advisor Services, LLC. Firm 8843 6/8/2018 Pershing LLC Firm 0838 10/1/2008 Provident Trust Group, LLC Firm 1237 7/11/2014 RBC Capital Markets, LLC Firm 3428 2/11/2011 Robert W. -
Mutual Funds As Venture Capitalists? Evidence from Unicorns1
Mutual Funds as Venture Capitalists? Evidence from Unicorns1 Sergey Chernenko Josh Lerner Yao Zeng Purdue University Harvard University University of Washington and NBER December 2018 Abstract Using novel contract-level data, we study open-end mutual funds investing in unicorns—highly valued, privately held start-ups—and their association with corporate governance provisions. Larger funds and those with more stable funding are more likely to invest in unicorns. Both mutual fund participation and the mutual fund share of the financing round are strongly correlated with the round’s contractual provisions. Compared to venture capital groups, mutual funds are underrepresented on boards of directors, suggesting less direct monitoring. However, rounds with mutual fund participation have stronger redemption and IPO-related rights, consistent with mutual funds’ liquidity needs and vulnerability to down-valuation IPOs. 1 We thank Francesca Cornelli, Slava Fos, Jesse Fried, Will Gornall, Jarrad Harford, Michelle Lowry, William Mann, John Morley, Ramana Nanda, Clemens Sialm, Morten Sorensen, Ilya Strebulaev, Xiaoyun Yu, and conference and seminar participants at the 2017 LBS Private Equity Symposium, the 2018 NYU/Penn Conference on Law and Finance, the 2017 Southern California Private Equity Conference, the 2018 Stanford Financing of Innovation Summit, the 2018 UNC Private Capital Spring Research Symposium, and the 2018 Western Finance Association meetings. We thank Michael Ostendorff for access to the certificates of incorporation collected by VCExperts. We are grateful to Jennifer Fan for constantly helping us better interpret and code the certificates of incorporation. We thank Quentin Dupont, Luna Qin, Kathleen Ryan, Michael Sibbett, Bingyu Yan, and Wyatt Zimbelman for excellent research assistance. -
Securities Regulation
SMU Law Review Volume 56 Issue 3 Annual Survey of Texas Law Article 29 2003 Securities Regulation George Lee Flint Jr. Follow this and additional works at: https://scholar.smu.edu/smulr Recommended Citation George Lee Flint, Securities Regulation, 56 SMU L. REV. 1995 (2003) https://scholar.smu.edu/smulr/vol56/iss3/29 This Article is brought to you for free and open access by the Law Journals at SMU Scholar. It has been accepted for inclusion in SMU Law Review by an authorized administrator of SMU Scholar. For more information, please visit http://digitalrepository.smu.edu. SECURITIES REGULATION George Lee Flint, Jr.* ECURITIES regulation deals primarily with the laws preventing and providing remedies for fraud in the sale of stocks and bonds. Since business entities issue most of the securities, the prior annual Surveys treated securities regulation as a subset of corporate law.' This article initiates the separate treatment of the subject. Due to the minimal coverage of securities developments in past annual Surveys, this article will discuss previous years' changes as they impinge on current trends. Immediately before this Survey period, the 77th Texas Legislature passed Sunset Legislation with respect to the Texas State Se- curities Board (the Board). 2 This legislation's impact appears in the Board's new rules and enforcement proceedings. Past annual Surveys discussing developments for securities included developments in federal law.3 This article will similarly mention major federal statutory and regulatory developments since they impact Texas issuers. Congress passed the Sarbanes-Oxley Act of 20024 during the Sur- vey period. The Texas Legislature based portions of the Texas Securities * H. -
Profiles in Innovation: Artificial Intelligence
EQUITY RESEARCH | November 14, 2016 Artificial intelligence is the apex technology of the information era. In the latest in our Profiles in Innovation Heath P. Terry, CFA series, we examine how (212) 357-1849 advances in machine [email protected] learning and deep learning Goldman, Sachs & Co. have combined with more Jesse Hulsing powerful computing and an (415) 249-7464 ever-expanding pool of data [email protected] to bring AI within reach for Goldman, Sachs & Co. companies across Mark Grant industries. The development (212) 357-4475 [email protected] of AI-as-a-service has the Goldman, Sachs & Co. potential to open new markets and disrupt the Daniel Powell (917) 343-4120 playing field in cloud [email protected] computing. We believe the Goldman, Sachs & Co. ability to leverage AI will Piyush Mubayi become a defining attribute (852) 2978-1677 of competitive advantage [email protected] for companies in coming Goldman Sachs (Asia) L.L.C. years and will usher in a Waqar Syed resurgence in productivity. (212) 357-1804 [email protected] Goldman, Sachs & Co. PROFILESIN INNOVATION Artificial Intelligence AI, Machine Learning and Data Fuel the Future of Productivity Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. -
View July 2014 Report
MOBILE SMART FUNDAMENTALS MMA MEMBERS EDITION JULY 2014 messaging . advertising . apps . mcommerce www.mmaglobal.com NEW YORK • LONDON • SINGAPORE • SÃO PAULO MOBILE MARKETING ASSOCIATION JULY 2014 REPORT The Playbook Over the last few months we’ve been building a unique resource that will help our brand marketer members successfully develop and execute a mobile strategy, allowing them to deliver a consistent mobile brand experience on a global scale. Enter our Mobile Marketing Playbook (Press Release). Launched last week and created in partnership with global sporting goods giant, adidas, it aims to explain when, where and how companies can use mobile as core to their marketing efforts. Whilst we’ve seen some incredible work this year, as evidenced by the many great mobile campaigns submitted to our 2014 Smarties Awards Program (currently in pre-screening), one of the challenges marketers still face is how to make mobile an integral part of their mix. The Playbook takes marketers through the process of mobile strategy development from start to finish. It provides best practices around mobile executions, ways to leverage the myriad mobile vehicles, insights into mobile creative effectiveness and how companies can effectively measure and optimize mobile. To address the ever changing needs of and challenges faced by marketers, the Playbook will be regularly updated to reflect shifts in consumer behavior, mobile trends as they are introduced, and innovations that are continuously being developed through and with mobile. This will be accomplished in part by the annual addition of well over 500 case studies into our Case Study Hub, helping to define best practice and to serve as a source of inspiration to our marketer members Members can access the entire Playbook by logging in using your member login and password where directed. -
The Penny Stock Rules, Online Microcap Fraud, and the Unwary Investor
"Click Here to Buy the Next Microsoft": The Penny Stock Rules, Online Microcap Fraud, and the Unwary Investor KEVIN C. BARTELS" I. INTRODUCTION Investment fraud is a time-honored tradition. As far back as the 1700s, con artists on London's Exchange Alley were using a "pump and dump" scheme to defraud investors.' The "pump and dump" scheme used by con artists in eighteenth century London was simple but effective: the price of worthless shares of the "South Sea Bubble," a South American trading company, was inflated by false rumors of profitability spread about the company by owners of the shares, who then sold the shares at a substantial profit after the price of the shares increased.2 The "pump and dump?' scheme has since continued through the present day and has enriched a very few unscrupulous sellers at the cost of tens of thousands of investors Recently, though, the age-old schemes used by swindlers to sell phony or vastly inflated shares of stock have moved fully into the digital age: investors are now being duped over the Internet.4 In fact, the number of fraudulent offerings of securities is predicted to grow as the number of investors trading online grows. 5 Historically, the existence of securities fraud in the United States has led to attempts by Congress to stem its growth, but what can or will be done about securities fraud conducted over the new medium of the Internet remains a matter of some speculation. Indeed, much of U.S. securities regulation has focused on the prevention and punishment of fraud, and it was the abuses -
Fraud in the Micro-Capital Markets Including Penny Stock Fraud
S. Hrg. 105±266 FRAUD IN THE MICRO-CAPITAL MARKETS INCLUDING PENNY STOCK FRAUD HEARING BEFORE THE PERMANENT SUBCOMMITTEE ON INVESTIGATIONS OF THE COMMITTEE ON GOVERNMENTAL AFFAIRS UNITED STATES SENATE ONE HUNDRED FIFTH CONGRESS FIRST SESSION SEPTEMBER 22, 1997 Printed for the use of the Committee on Governmental Affairs ( U.S. GOVERNMENT PRINTING OFFICE 44±227 cc WASHINGTON : 1997 For sale by the Superintendent of Documents, Congressional Sales Office U.S. Government Printing Office, Washington, DC 20402 1 VerDate 22-SEP-99 11:58 Sep 28, 1999 Jkt 010199 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 E:\HEARINGS\44227 txed02 PsN: txed02 COMMITTEE ON GOVERNMENTAL AFFAIRS FRED THOMPSON, Tennessee, Chairman SUSAN M. COLLINS, Maine JOHN GLENN, Ohio SAM BROWNBACK, Kansas CARL LEVIN, Michigan PETE V. DOMENICI, New Mexico JOSEPH I. LIEBERMAN, Connecticut THAD COCHRAN, Mississippi DANIEL K. AKAKA, Hawaii DON NICKLES, Oklahoma RICHARD J. DURBIN, Illinois ARLEN SPECTER, Pennsylvania ROBERT G. TORRICELLI, BOB SMITH, New Hampshire New Jersey ROBERT F. BENNETT, Utah MAX CLELAND, Georgia HANNAH S. SISTARE, Staff Director and Counsel LEONARD WEISS, Minority Staff Director MICHAL SUE PROSSER, Chief Clerk PERMANENT SUBCOMMITTEE ON INVESTIGATIONS SUSAN M. COLLINS, Maine, Chair SAM BROWNBACK, Kansas JOHN GLENN, Ohio PETE V. DOMENICI, New Mexico CARL LEVIN, Michigan THAD COCHRAN, Mississippi JOSEPH I. LIEBERMAN, Connecticut DON NICKLES, Oklahoma DANIEL K. AKAKA, Hawaii ARLEN SPECTER, Pennsylvania RICHARD J. DURBIN, Illinois BOB SMITH, New Hampshire ROBERT G. TORRICELLI, New Jersey ROBERT F. BENNETT, Utah MAX CLELAND, Georgia TIMOTHY J. SHEA, Chief Counsel and Staff Director JEFFREY S. ROBBINS, Chief Counsel to the Minority MARY D. -
16-10324 Date Filed: 12/15/2016 Page: 1 of 37
Case: 16-10324 Date Filed: 12/15/2016 Page: 1 of 37 [PUBLISH] IN THE UNITED STATES COURT OF APPEALS FOR THE ELEVENTH CIRCUIT ________________________ No. 16-10324 ________________________ D.C. Docket No. 1:15-cv-00029-SCJ In Re: Galectin Therapeutics, Inc. Securities Litigation, MARISSA BALLESTEROS, et al., Plaintiffs, GLYN HOTZ, Lead Plaintiff, Plaintiff - Appellant, versus GALECTIN THERAPEUTICS, INC., JAMES C. CZIRR, PETER G. TRABER, JACK W. CALLICUTT, 3:14-cv-402-RCJ-WGC, ROD D. MARTIN, JOHN F. MAULDIN, 10x FUND L.P. Member Case 3:14-cv-402-RCJ-WGC, et al., Defendants - Appellees, Case: 16-10324 Date Filed: 12/15/2016 Page: 2 of 37 GILBERT F. AMELIO, Member Case 3:14-cv-402-RCJ-WGC, et al., Defendants. ________________________ Appeal from the United States District Court for the Northern District of Georgia ________________________ (December 15, 2016) Before TJOFLAT and HULL, Circuit Judges, and BYRON,* District Judge. HULL, Circuit Judge: Appellee-defendant Galectin Therapeutics, Inc. (“Galectin”) is a small biopharmaceutical company headquartered in Norcross, Georgia. On February 26, 2014, Appellant-plaintiff Glynn Hotz purchased 16,000 shares of Galectin common stock at $17.90 per share. On July 25, 2014, news outlets began to report that Galectin had paid promotional firms to write flattering articles about Galectin and to “tout” Galectin’s stock price. On July 28, 2014, Galectin’s stock price crashed. Galectin’s stock lost over half its value, falling from a price of $15.91 per share to $7.10 per share in one day. *Honorable Paul G. Byron, United States District Judge, for the Middle District of Florida, sitting by designation. -
The Final Frontier a NEW SPACE RACE HAS BEGUN, with HELP from WHARTON ALUMNI
WHARTON MAGAZINE Return To the Final Frontier A NEW SPACE RACE HAS BEGUN, WITH HELP FROM WHARTON ALUMNI Astronaut Garrett Reisman NEWS ENG90 W90 Summer Programs On Campus 18 (And Beyond) IDEAS Is Your Business Ready 28 To Scale? PEOPLE Inspiring the Women Leaders 50 Of Tomorrow SPRING/SUMMER 2019 “More than ever, YOUR Wharton allowed me to bridge my MORE THAN EVER entrepreneurial, MOMENT? analytical, and leadership interests beyond my wildest “…taking my life to a whole new level…” — Davit Ninikelashvili WG19 expectations!” —Jamison “JJ” Vulopas W19 Author and James G. Dinan Endowed “…pivoting into a new career…” Scholarship II Recipient — Milo Tong WG19 “…learning I can achieve so much more…” — Jerina Coku WG19 Watch JJ’s interview with Jamie Dinan Investor, philanthropist, and More Than Ever co-chair Jamie Dinan W81, has supported the dreams of nearly two dozen students, including JJ Vulopas, MORE THAN EVER through his contributions to financial aid. The historic $1 billionMore Than Ever MOMENT: comprehensive fundraising campaign is supercharging Wharton’s ability to create leaders who will change the world. whr.tn/my-mte whr.tn/my-mte #MoreThanEver spring/summer 2019 wharton magazine 1 from the dean the inbox ulty director and Ronald O. Perelman Professor in Finance David Musto, the Stevens Center will work editor’s letter The Future to ensure that innovation in finance is a force for good among businesses and communities around Of Finance the globe. harton alumni often find themselves standing at the vanguard—of industry, social change, global progress. In With the partnership of alumni and friends our cover story on the new space race, we hear from some graduates with front-row seats as private companies like Josh and Ross, Wharton will always be compete against each other and work with public entities to reenergize our collective wonder about what lies far “The Finance School.” Their support adds to beyond Earth. -
Mohammadreza Farahi About Me
Startup-Investor Negotiations MohammadReza Farahi About me MohammadReza Farahi Finance Advisor at Rahnema Ventures Besides academic education in finance in France and Spain, he has a great experience of valuation and investment affairs with tens of startups in Rahnema ventures. Notice All rights reserved. This document is an exclusive property of Charkh Academy . No part of it may be reproduced or quoted, in any form or by any means, electronic or mechanical, without the prior written permission of the owner. Copyright © 2018. For a list of references, you can contact the author via [email protected] or [email protected] Investment • How people manage their wealth? 3 Investment history • Code of Hammurabi(1700 BC) provided a legal framework for investment by codifying debtor and creditor rights. • First venture investors: maritime expeditions were first case; navigators were the most adventurous entrepreneurs, and ship owners were first VCs. • Why investment emerged? Because of specialization; some people have expertise without capital. Some other people have capital, but not enough time or expertise in lucrative fields 4 Traditional Investment vs. VC • The main difference is between Risk & Reward • Risk factors in ventures are: • Innovation risk • Business model risk • Operation and scale up risk • +90% of Ventures have no earning for investor • VC is a Knowledge-base investor, you need to be expert in some fields. • So, you can help out and control management. • Also, you are doing something unique, so it has social impacts and personal identity 5 Risk in traditional company vs. digital company Relative weight of technological risk and marketing risk, as company grows 6 Why VC emerged in 20 century • In the past, Information from inside company could not effectively communicate to outside; so investors didn’t know what they are investing in.