Ten Years on From the ‘Flash Crash’

BLOOMBERG

This month marks the 10-year anniversary of the “flash crash,” which saw a trillion dollars wiped off U.S. stock markets in less than a half-hour. The markets recovered, but years afterwards, nobody was sure exactly what had happened. Then in 2015, a point and click trader was arrested for market manipulation. Bloomberg’s Liam Vaughan discusses his book on the story on “Bloomberg Markets: European Open.” read more »

SEC Charges Companies and CEO for Misleading COVID-19 Claims

SEC

The Securities and Exchange Commission today announced charges in two cases involving companies that claimed in press releases to offer products to combat the COVID-19 virus – one against Applied BioSciences Corp. and one against Turbo Global Partners, Inc. and its CEO, Robert W. Singerman. The SEC previously suspended trading temporarily in the securities of Applied BioSciences and Turbo Global. read more »

Richard Burr Steps Back From Senate Panel as Phone Seized in Stock Sales Inquiry

NEW YORK TIMES

Senator Richard M. Burr, Republican of North Carolina, temporarily stepped down as chairman of the Senate Intelligence Committee on Thursday, a day after F.B.I. agents seized his cellphone as part of an investigation into whether he sold hundreds of thousands of dollars’ worth of stocks using nonpublic information about the coronavirus.

The seizure and an accompanying search for his electronic storage accounts, which were confirmed by an investigator briefed on the case, represented a significant escalation of the inquiry by the Justice Department and the Securities and Exchange Commission. read more »