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China market regulator in new show of strength
China’s new securities regulator alleges “biggest-ever case of stock market manipulation.”
Italy police raid offices in Parmalat probe-sources
Probe reportedly involves potential market-rigging and insider trading in Lactalis’ takeover of Parmalat.
France: Former Vivendi Execs Messier and Bronfman Must Stand Trial
Lawyers for Messier and Bronfman declare their clients innocent.
Turkey: Police Discover Unusual Written “Manipulation Protocol” Signed by Four Suspects
We’re really not sure what to even say about this bizarre story out of Istanbul, Turkey other than this: If you and three others are going to conspire to manipulate stock prices, the four of you should NOT sign a written “manipulation protocol” among yourselves stating that a stock manipulated by one member cannot be [...]
Beijing: “Richest Person in China” Detained for Questioning in Alleged Market Manipulation
Wong Kwong-yu, Chairman of Gome Electrical Appliances and said to be the richest person in China, was detained and questioned by police a few days ago, the official China Securities Journal reported, quoting an industry insider. The Standard reports that according to influential mainland financial magazine Caijing, the billionaire is being investigated for allegedly manipulating [...]
Germany: BaFin Investigating Surge and Fall of VW Shares for Manipulation
Germany’s financial regulator, BaFin, has announced that it will investigate whether the huge jump and subsequent decline in Volkswagen’s share price was due to market manipulation, Citywire reports. Earlier this week, Volkswagen’s share price more than quadrupled after it was revealed that Porsche had built up a much larger stake in VW than was previously [...]
Report: Fake “Steve Jobs Heart Attack” Story Spread by Teenager
Apple Inc. shareholders looking for an SEC enforcement action against the person who spread a false story that Apple CEO Steve Jobs had suffered a heart attack— which briefly knocked nearly $5 billion off of the company’s market cap when the stock promptly dove 5%— may have to settle for something else: perhaps a stern talking-to [...]
Tracking Down Smoke: The SEC’s Campaign to Stomp Out False Rumors
By Bruce Carton The manipulation of securities prices has been illegal under federal securities law for more than 70 years. Surprisingly, however, the Securities and Exchange Commission had never brought an enforcement action alleging market manipulation through the intentional spreading of false rumors until this past April. That’s when the SEC filed a settled case [...]
SEC Voluntarily Dismisses Manipulation Claim Against Masri
Nine years after alleging that Mexican business owner Moises Saba Masri engaged in the manipulation of securities, the SEC has decided to voluntarily dismiss its lawsuit against him with prejudice. According to a presss release yesterday, the stipulation was initiated voluntarily by the SEC, and came in the absence of any settlement agreement. Roger Crane, Masri’s counsel [...]