'Fraud' lawsuit slams Plaid on eve of historic $5.3-billion payday; some experts say it's a 'fishing expedition,' but plaintiff's lawyers say, 'This is no shakedown' / It's been six months since Visa agreed to a wild valuation for the seven year-old Yodlee competitor that caused wealth fintechs to retain investment bankers left and right. (RIABiz by Oisin Breen)Uber likely to pull out out of its merger talks with GrubHub over antitrust concerns (CNBC by Lauren Feiner)A third of America's malls will disappear by next year, says ex-department store exec (CNBC by Lauren Feiner)Amazon unveils small business credit line with Goldman in latest tie-up between tech and Wall Street (CNBC by Hugh Son)Thematic investing is a growing trend in ETFs, researcher says, as sports betting fund launches (CNBC by Annie Pei)
Filed on May 5, the suit alleges that San Fransciso-based Plaid spoofs bank and investment firm logins to finagle a vast "trove" of "wrongfully obtained" data that it resells as "consumer behavioral insights." Plaid is also alleged to have failed to disclose its process.The suit is a potentially major blow to the company just six months after its sale to Visa effectively reset valuation expectations for wealth technology deals.
GrubHub will merge with Europe's Just Eat Takeaway.com to create one of the world's largest online food delivery marketplaces, the companies announced on Wednesday.The all-stock merger deal values GrubHub shares at $75.15 a piece, for a total equity value of $7.3 billion. Just Eat Takeaway.com already owns the leading Canadian brand SkipTheDishes, creating a food delivery powerhouse in the North American marketplace.
[U]krainian hackers used advanced techniques to hack into newswire services and steal hundreds of corporate earnings releases before the newswires released them publicly. The complaint alleged that the hackers created a secret web-based location to transmit the stolen data to traders in the United States and abroad. The traders allegedly used this nonpublic information in a short window of opportunity to place illicit trades in stocks, options, and other securities, sometimes funneling a portion of their illegal profits to the hackers.
A large majority of those malls are classified as so-called B- C- and D-rated malls, meaning they bring in fewer sales per square foot than an A mall. An A++ mall could bring in as much as $1,000 in sales per square foot, for example, while a C+ mall does about $320.Per Green Street's analysis, there are roughly 380 C- and D-rated malls out of the 1,000. And those are considered the most at risk of going dark, permanently, as they don't generate enough sales to maintain the property and have greater vacancy rates. Green Street has said C malls "are not viable retail centers long term."
The move is a coup for Goldman, which is working to expand its ecosystem of partners. Besides offering personal loans and deposits under its Marcus brand, CEO David Solomon said in January that the firm hoped to become a "banking-as-a-service" provider for big corporations. Last year, Goldman helped Apple launch its first iPhone-integrated credit card and followed that with a partnership with JetBlue. The bank also has deals with Intuit and AARP.By gaining data on thousands of Amazon merchants, Goldman can improve its lending models and accelerate its push into Main Street finance. For most of its 150-plus year history, the bank has focused on Wall Street clients and the ultra-wealthy. The bank started its Marcus business in 2016 to diversify from the capital markets-heavy businesses that generate most of its revenue.
FINRA Imposes Fine and Suspension for Rep's Non-Disclosures of Felony, Judgments, and Liens.Roundhill Investments, creator of BETZ, was previously most well known for its esports ETF (NERD), another area that investors are looking to with the advent of a number of ETFs that have tried to capture the growth of the gaming industry and its adjacent markets.VanEck's esports ETF (ESPO), for example, is another thematic ETF "capturing investor attention in a way that very few other things do," according to Dave Nadi, director of research at ETF Trends, in that same interview. And based on lockdowns that are still in place due to the coronavirus outbreak, Nadig said thematic ETFs like BETZ and esports ETFs really grab investor attention given how they cater to the current environment.
Separately, the AWC alleged that between March 2013 and August 2018, Kyburz learned that he had four reportable judgments and two reportable IRS liens. As alleged in part in the AWC:Kyburz was arrested on February 12, 2017, while associated with CFS, for driving under the influence. He was charged on March 5, 2017, in South Dakota Fifth Judicial Circuit Court with, among other things, felony driving under the influence. Although Kyburz was required to update his response to Question 14A within 30 days, or by April 4, 2017, he did not amend his Form U4 or report the charge to the Firm.On October 30, 2017, Kyburz pleaded guilty to the felony driving under the influence charge. Kyburz was sentenced the same day, and the felony conviction made him statutorily disqualified from associating with a member firm. Although Kyburz was required to update his response to Question 14A within ten days, or by November 9, 2017, he did not amend his Form U4 or report the conviction to the Firm.In 2017 and 2018, while completing CFS's annual compliance questionnaires, Kyburz also falsely stated that he had not been charged with, convicted of, or pled guilty to any felony.By willfully failing to disclose his felony charge, guilty plea, and conviction, Kyburz violated Article V, Section 2(c) of FINRA's By-Laws and FINRA Rules 1122 and 2010.
Kyburz was required to disclose the Reportable Events via the filing of an amended Form U4 within 30 days of receiving notice of their existence, but did not. Kyburz also did not disclose the Reportable Events to the Firm, and falsely stated on two annual compliance questionnaires that he did not have any unsatisfied liens or judgments other than those previously disclosed on his Form U4.By failing to disclose the Reportable Events, Kyburz violated Article V, Section 2(c) of FINRA's By-Laws and FINRA Rules 1122 and 2010.