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Insider Trading While Posing As Your Mother Is Officially Illegal
February 1, 2017
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It's been awhile since we checked in on the strange case of John Afriyie.
The erstwhile hedge fund trader was picked up by the Feds last spring for trading on some inside information and trying disguise it all by running the trades through his mom's account. Preet Bharara did not fall for this elaborate ruse and Afriyie was ordered to stand trial in January of this year. And apparently, that's when things got even weirder.
Last Monday, according the NY Post, Afriyie decided to just not show up to his trial...and that went over as well as one would assume.
"A former analyst with billionaire Michael Dell's personal investment firm, MSD Capital, decided to play hooky on the morning of his Manhattan federal court trial - prompting a judge to issue a warrant for his arrest.
John Afriyie, charged with seeking to hide a $1.5 million insider trading scheme by using his mom's brokerage account, was nowhere to be found when his insider trading trial began on Monday.
"He has not agreed to join us today," his lawyer Ezra Spilke told the judge. "He is in New Jersey," Spilke told the judge."
To Read the full article click     here.
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FCA overhaul risks deluge of contested enforcement probes
             
The City watchdog has unveiled plans to overhaul the way it carries out enforcement investigations to make it easier for firms and individuals to dispute probes, sparking speculation the regulator could now become swamped in even lengthier cases.

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) yesterday outlined a wide-ranging revamp of their enforcement procedures, as part of efforts to make investigations more transparent in the wake of the now-dissolved Financial Services Authority's (FSA) botched probe into the HBOS collapse.
Read the article           here .
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U.S. fines Mastercard, UniRush $13 million for prepaid card breakdowns
             
The U.S. government on Wednesday fined Mastercard Inc and UniRush $13 million for a failure with prepaid cards that in 2015 left tens of thousands of people unable to pay bills and access cash.

The Consumer Financial Protection Bureau (CFPB) ordered the companies to pay $10 million in restitution to customers, with payments of around $100 to $250 depending on the harm the cardholders had suffered. They will pay another $3 million in civil penalties and create a plan for preventing future failures.
Read the article           here .
Global populism is about to hand investment banks a $27 billion bonus
             
Populist movements such as Brexit and the rise of US President Donald Trump will help strip away a major hindrance for global investment banks - rules.

Trump's plans to eliminate banking reforms put in place after the 2008 financial crisis could save US banks more than $27 billion (£22.6 billion), according to research house Opimas.
Read the article           here .
Trump Nominates Neil Gorsuch to the Supreme Court
             
President Trump on Tuesday nominated Judge Neil M. Gorsuch to the Supreme Court, elevating a conservative in the mold of Justice Antonin Scalia to succeed the late jurist and touching off a brutal, partisan showdown at the start of his presidency over the ideological bent of the nation's highest court.

Mr. Trump announced his selection during a much-anticipated evening ceremony that unfolded in prime time at the White House. He described Judge Gorsuch, a federal appeals court judge based in Denver, as "a man who our country really needs, and needs badly, to ensure the rule of law and the rule of justice."
Read the article         here .
Bitcoin Mining: Employee Of Federal Reserve Fined And Suspended For Using Government Server To Mine For Bitcoin
             
The United States Federal Reserve is used to dealing with money, but one employee decided to work with a currency less common than the U.S. dollar. An employee of the Federal Reserve was suspended and fined for using a server at the central bank to mine for bitcoin.

Nicholas Berthaume, a former communications analyst for the Federal Reserve's Board of Governors, used his access to the Fed's computers to install unauthorized software that was used to earn the cryptocurrency. His activity went undetected for nearly two years, as he ran his mining operation from March 2012 through June 2014.
Read the article         here .
Deutsche Bank hit with £500m money laundering fines
             
Deutsche Bank has been fined more than £500m by British and American authorities for anti-money laundering failings that allowed wealthy clients to transfer $10bn out of Russia in trades that were "highly suggestive" of financial crime.

Germany's biggest bank was today hit with a £163m penalty from the Financial Conduct Authority (FCA) and a $425m (£341m) fine from the New York State Department of Financial Services (DFS) after it was found to have carried out a series of "mirror trades" and other suspicious transactions through its Moscow, London and New York offices that shifted money from Russia to offshore bank accounts.

Read the article         here .
U.S. private sector adds 246,000 jobs in January, topping estimates: ADP
U.S. private employers added 246,000 jobs in January, above economists' expectations, a report by a payrolls processor showed on Wednesday.

Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 165,000 jobs, with estimates ranging from 140,000 to 200,000.

Private payroll gains in the month earlier were revised down to 151,000 from an originally reported 153,000 increase.
The report is jointly developed with Moody's Analytics.

Read the article         here .
"The great vampire squid" : 'Goldman Sachs' influence on America's future
             
Irony isn't a concept with which President Donald J. Trump is familiar. In his inaugural address, having nominated the wealthiest cabinet in American history, he proclaimed, "For too long, a small group in our nation's capital has reaped the rewards of government while the people have borne the cost. Washington flourished - but the people did not share in its wealth." Under Trump, an even smaller group will flourish - in particular, a cadre of former Goldman Sachs executives. To put the matter bluntly, two of them (along with the Federal Reserve) are likely to control our economy and financial system in the years to come.

Read the article         here .
Ex-JP Morgan analyst largely cleared in U.S. of insider trading
             
A former JPMorgan Chase & Co (JPM.N) investment banking analyst has been largely cleared of U.S. charges that he disclosed information about upcoming mergers that allowed a friend and another man to make over $600,000 through insider trading.

Ashish Aggarwal, who previously worked at J.P. Morgan Securities LLC in its San Francisco office, was found not guilty by a federal jury in Los Angeles on Tuesday of 26 of 30 counts he faced, prosecutors said.
Read the article         here .
UK financial watchdogs shake up enforcement system 
             
Britain's financial regulators have changed how they pursue rule-breakers to speed up enforcement and make the process more flexible after criticisms over how it handled the collapse of lender HBOS nearly a decade ago.

The Financial Conduct Authority and the Bank of England's Prudential Regulation Authority published revised rules on Wednesday following a public consultation last year.
Read the article        here.
Donald Trump Is Breaking His Promise To Be Tough On Wall Street
             
Steven Mnuchin testifies before Senate Finance Committee on Jan. 19, 2017, to become secretary of the treasury. If there was ever doubt that President Donald Trump's tough talk on big banks was an empty show, his first 12 days in office have put it to rest.

Trump is governing like a run-of-the-mill, deregulating Wall Street crony, despite his populist campaign rhetoric: His party's platform pledged to return to the Depression-era Glass-Steagall Act, which broke up big financial institutions by separating investment and commercial banking; he vowed to close a tax provision that saves private equity managers billions of dollars; he lambasted his opponent for her ties to Goldman Sachs, and he assailed the bank's CEO in an election ad.
Read the article         here .
A Big Fine, and New Questions, on Deutsche Bank's "Mirror Trades"
             
There are more than a few arresting paragraphs in the New York State Department of Financial Services report on Deutsche Bank's "mirror trades," which was published this morning. But this one jumped off the page:

Furthermore, a supervisor on the Moscow desk appears to have been paid a bribe or other undisclosed compensation to facilitate the schemes. The supervisor's close relative, who apparently had a background in historical art, and not finance, was also the apparent beneficial owner of two offshore companies, one each located in the British Virgin Islands and Cyprus (both high-risk jurisdictions for money laundering). 
Read the article         here .
Deutsche Bank plans new bonus system for senior staff
             
Deutsche Bank <DBKGn.DE> is working on a new, more transparent bonus system for its top executives, German newspaper Handelsblatt reported on Tuesday, citing sources.

Deutsche Bank will propose the new system to its annual shareholders meeting, which is scheduled for May 18, the newspaper said.

The new system will be less complicated and more transparent. Deutsche Bank declined to comment on the report.
Read the article         here .