Whistleblower News: Coronavirus Scams, Kickbacks, Flash Crash, NYSE Data
Look Out for Coronavirus-Related Investment Scams - Investor Alert
SECURTIES AND EXCHANGE COMMISSION
The SEC’s Office of Investor Education and Advocacy is issuing this Investor Alert to warn investors about investment frauds involving claims that a company’s products or services will be used to help stop the coronavirus outbreak. read more »
Man sought kickbacks for coronavirus tests
AP NEWS
Federal prosecutors in New Jersey say a Georgia man used concerns over the coronavirus in a bid to defraud Medicare out of more than $1.1 million. read more »
Great frauds in history: the Hound of Hounslow
MONEYWEEK
"Flash crash" trader Navinder Singh Sarao made around $70m from manipulating the futures market.
A chunk of Sarao’s earnings came from “spoofing”, a form of market manipulation. He would place trades in e-mini S&P futures (a financial instrument based on the price of the S&P 500), cancel them before they could be filled, then profit from the resulting price movements. His early trades were relatively small, but he developed his own software system that allowed him to place (and cancel) larger sums, accounting for up to 7% of e-mini futures trades. read more »
U.S. SEC delays ruling on controversial NYSE high-speed data plan
REUTERS
The U.S. Securities and Exchange Commission said it needs more time to decide whether to allow a plan by the New York Stock Exchange to offer a new high-speed wireless connection to the exchange that some brokers have blasted as anti-competitive. read more »
