How Citigroup, Morgan Stanley Are Returning to Offices in Asia (Bloomberg by Cathy Chan and Alfred Liu)The Work-From-Home Trader Who Shook Global Markets / A new book reveals fresh details about the man authorities blamed for the Flash Crash that erased $1 trillion of value in a matter of minutes. (Bloomberg)
In Hong Kong, Citigroup Inc. is planning to install plastic partitions in some work stations as it ramps up office staff. At Bank of China's Beijing hub, the staff kitchen is closed, forcing employees to take turns getting boxed lunches for their colleagues. Morgan Stanley has recalibrated the elevator in its Hong Kong skyscraper for faster rides and fewer passengers.
In 2016, Sarao struck a plea deal with U.S. authorities, agreeing to tell the authorities everything he knew in exchange for a more lenient sentence. The information he provided on the dark arts of electronic trading proved so useful that the government incorporated it into its detection software, helping to lead to spoofing convictions for more than a dozen traders from banks, hedge funds, and high-frequency trading firms. In recognition of his cooperation and a diagnosis of Asperger's, Sarao was spared jail in January, sentenced instead to a year under house arrest-a month before the entire world went into lockdown. More painful for him, Sarao was also banned from trading during the kind of wildly careening markets he relished. This is the story of how Sarao first discovered his knack for playing that game.
"I think he's dead right," Cramer said, in reaction to Musk saying that Tesla restarted production at its Fremont factory on Monday, in violation of a county coronavirus mitigation order against reopening nonessential businesses.
[B]urkholz, Bianco, and their companies Palm Financial Management and Shore Management Systems solicited investors by falsely representing that their proprietary options trading strategies were highly profitable. In reality, as alleged in the complaint, the defendants invested less than half of investor funds and those investments resulted in near-total losses. The complaint alleged that the defendants misappropriated the remaining funds by using them to repay other investors and by transferring approximately $880,000 of investor funds to Burkholz, Bianco, and their spouses for personal use. According to the SEC's complaint, the defendants sent false reports to investors to conceal their fraudulent conduct and give the investors the false impression they were generating positive returns.
My $1.75 Million Irrevocable Compensation Payment (A Securities Industry Commentator Exclusive from Bill Singer, Esq.)[TCA] improperly recognized revenue in order to fraudulently inflate net asset values and performance for several funds it managed, resulting in the funds always reporting positive returns. TCA allegedly distributed promotional materials to current and prospective investors that included the inflated asset values and false performance results. According to the complaint, the funds' reported net asset value of $516 million as of November 2019 was inflated by at least $130 million. TCA and TCA-GP also allegedly distributed monthly account statements to investors falsely representing monthly returns and investment balances based on the inflated asset values. The complaint further alleges that the funds paid inflated management fees to TCA and inflated performance fees to TCA-GP.
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