Call Me Stormy

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Archive for the tag “SEC”

Bahamas Rounds Up FTX Execs

FTX former CEO Sam Bankman-Fried, co-founder Gary Wang and director of engineering Nishad Singh are understood to be in the Bahamas, where they are now all “under supervision” by the local authorities. What’s not clear? The current location of Dan Friedberg, the company’s chief regulatory officer. Who’s Friedberg?

He was the guy responsible for a 2008 online betting scandal involving the theft of $50 million in bettors’ funds, using “god mode.” He installed a back door in the system and was caught on camera saying as much. He never went to jail and somehow ended up at FTX, where billions are now gone.

Here, he admits to how easy it is to create counterfeit money. This is an interview where he explains how FTX basically stole Nucoin, which is a NuGenesis blockchain currency. Nugenesis is a blockchain run by AI. Very smart. The AI caught FTX stealing Nucoins’ value, so the company’s executives confronted Friedberg about it. More from NuGenesis.

Here is an interview conducted between Hedgeye TV CEO Keith McCullough and veteran investor Marc Cohodes, who was among the first to blow the whistle and expose the shenanigans surrounding FTX. Cohodes clearly delineates SBF as a crook and says the CEO, along with his lieutenants, ran a “massive, money laundering, ponzi scheme fraud with a crypto wrapper.”

Cohodes says he presented these facts to Bloomberg News in July, but they passed on covering the story, saying it would take too long to research. No doubt, they also would have had to run loggerheads with their leftist political allies!

Here, Cohodes calls for Friedberg to be brought in for questioning, saying he could well be the mastermind behind what’s happened at FTX. Cohodes also discusses Silvergate Bank, the La Jolla, California-based bank that held the reserves of FTX. The bank saw its stock — SI — lose nearly 12 percent of its value Thursday on the New York Stock Exchange. Look for continuing losses for financial institutions, especially those that are closely tied to cryptocurrencies.

Cohodes is a legendary short-seller who got involved the hard way — he invested tons of his own money as well as convinced family and friends to invest in Data Access Systems, a fraudulent company that went belly-up. He says he’d love to run the U.S. Securities and Exchange Commission (SEC) — even just for a year or two — to “clean up lots of frauds that are out there.”

Following the collapse of FTX, several other cryptocurrency exchanges teetered on the brink and wrestled with financial instability and possible insolvency. BlockFi has declared bankruptcy and the largest cryptocurrency platform, the Gemini Exchange, run by the Winklevoss Twins, suffered a $563 million rush in outflows on Wednesday vs. $78 million in inflows over the same 24-hour period.

Gemini did not dissolve but took supposedly “temporary” steps to limit customers’ ability to withdraw their funds. You might remember the Winklevoss twins, Cameron and Tyler, from their monumental battle with Mark Zuckerberg over Facebook.

Also on the chopping block: The Salt Lending platform. Again, it has not declared bankruptcy, but has halted withdrawals.”The collapse of FTX has impacted our business,” SALT CEO Shawn Owen said.”Until we are able to determine the extent of this impact with specific details that we feel confident are factually accurate, we have paused deposits and withdrawals on the SALT platform effective immediately.”

Here, Scott Shafer addresses the continuing financial fallout while also addressing rumors of drug-filled sexual romps and an explicit video that could be released later today.

Musk Cancels Twitter Deal

Elon Musk has withdrawn his offer to buy Twitter for $44 billion, citing Twitter’s troubling spam bots. The stock price plunged in the wake of the deal cratering. More from The Quartering.

Pfizer’s Double Standard

Clayton Morris reports Pfizer has admitted in its own documents to the SEC that due to safety concerns and the efficacy deficiency of its vaccines, they are unlikely to gain regulatory approval.

Shockingly, Morris says, no matter the adverse affects of withholding such information, Pfizer is protected by the government from being sued by victims. On the other hand, investors in the company could take them to court if the info isn’t disclosed in their filing to the SEC. Talk about double standards. Here’s more with Clayton and Natali Morris.


Dominion Paid Off Bill Barr

Dan Radiostyle is reporting that former Attorney General Bill Barr accepted mounds of cash from Dominion Voting Systems, according to SEC filings. Radiostyle says Dominion paid Barr $1.2 million in cash and granted him another $1 million in stock awards.

Radiostyle says the Deep State actors are revealing themselves and there is no hiding it anymore. They continue to alter the narrative, yet the truth continues to creep out. “No wonder Barr couldn’t seem to find any voter fraud anywhere,” Radiostyle says. “This guy built a  $40 million fortune while he was in office. He got his book deal and was doing everything else behind the scenes. And, I think Trump knew this. It was no surprise.” Here’s Radiostyle’s report, along with other news of the day.

DTCC Major Wall St. Culprit

The Depository Trust and Clearing Corporation (DTCC) is the real culpit in the illegal manipulation of Wall Street. A self-governing organization, the DTCC is able to thumb its nose at the SEC, and is basically responsible for covering up all the stock transactions that fail to settle. For example, if Wall Street sells stock to a pension fund or individual investor and the stock isn’t delivered, the DTCC covers it up like it never happened.

Says Robert David Steele, “What it boils down to, is the DTCC is at the heart of gutting the American economy, of gutting American pension funds, of killing companies with life-saving technologies, just because you can profit from their death.” He adds the sinister DTCC also was prominent in undermining President Trump’s effort to reboot the economy in the wake of the disastrous COVID-19 pandemic. Here’s more from Stephen E. Arnold and Steele, who says he’s part of a team who has documented that more than $100 million has been stolen from Main Street, America.

Chinese Companies Face Ban

The SEC and U.S. Securities and Exchange Commission have turned their regulatory radar on China and are considering a potential ban of Chinese companies from U.S. stock markets for failing to comply with auditing rules and regulations. The move would be another giant step toward a conscious decoupling between the countries.

The scrutiny follows President Trump’s executive order, banning U.S. investment in several companies linked to the Chinese military and has sent the China Communist Party into a panic. The SEC intends to propose a regulation by the end of the year that would delist Chinese companies from the stock exchanges who are not in compliance with U.S. auditing rules.

The move would be catastrophic for the companies and the Chinese economy in general. There are more than 200 Chinese companies on U.S. stock exchanges, with a combined market cap of $2.2 trillion. This year alone, Chinese companies have raised $12 billion in initial public offerings, all while essentially ignoring U.S. law. According to the Wall Street Journal, tens of billions of dollars in U.S. market value have disappeared as more than 170 U.S.-listed Chinese companies have faced scrutiny for embezzlement, theft, misrepresentation and other alleged abuses.

Fang Xinghai, vice-chairman of China’s Security Regulatory Commission, said they are desperately hoping to resolve the problem with a Joe Biden Administration. We shall see. Here’s more with Chris Chappell on China Uncensored.

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