Deutsche Bank Securities Agreed to Repay Customers More than $3.7 Million for Misleading Clients

Deutsche Bank Securities Agreed to Repay Customers More than $3.7 Million for Misleading Clients

Deutsche Bank Securities has agreed to repay more than $3.7 million to customers and a penalty of $750,000.  The $3.7 million repayment to clients includes $1.48 million as disgorgement, in other ways, repay the earned income of $1.48 million from “illegal or wrongful acts.”

” Deutsche Bank Securities to Repay $3.7 Million for Misleading Clients “

Investigations by the Securities and Exchange Commission (SEC) have found that traders and sales people had made false and misleading statements while negotiating sales of commercial mortgage-backed securities (CMBS), resulting in customers overpaying for the CMBS.  Deutsche Bank failed to have compliance and surveillance procedures in place to reasonably prevent and detect the misconduct, and had increased the firm’s profits at the expense of clients.

Former head trader of Deutsche Bank’s CMBS trading desk, Benjamin Solomon did not take appropriate actions, despite being made aware of the misrepresentation.  Benjamin has agreed to pay a penalty of $165,000 while Deutsche Bank has agreed to pay $750,000.  The SEC investigation was conducted by the Complex Financial Instruments Unit and the New York Regional Office.

Sources: SEC, Bloomberg

 

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About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank

 


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Canadian Billionaire Daryl Katz Buys Malibu Beachfront Mansion for $120 million

Canadian Billionaire Daryl Katz Buys Malibu Beachfront Mansion for $120 million

Canadian Billionaire Daryl Katz has bought a Malibu beachfront mansion for $120 million.  The price paid is a record for a real estate in Los Angeles in California, United States.  The mansion sits on six acres of land, with seven bedrooms, 10 bathrooms, a screening room and a gym.  The previous record in Malibu was $85 million set in May 2017.  Malibu is a beach city in Los Angeles.

” Canadian Billionaire Daryl Katz Buys Malibu Beachfront Mansion for Record $120 million “

Darly Katz, a billionaire and Canadian, is the founder and chairman of the Katz Group of Companies, one of Canada’s leading privately owned enterprises, with operations in sports & entertainment, real estate, and public and private investment.  He was born in 1961 in Edmonton, Alberta in Canada and had graduated from University of Alberta.  He is estimated to have a personal net worth of almost $3 billion and is the owner of the Edmonton Oilers ice hockey professional team in Edmonton, Alberta in Canada.

Sources: Daily Mail, Mansion Global

 

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Investors File Lawsuit Against U.S. Fund Manager LJM Partners after 80% Losses

Investors File Lawsuit Against U.S. Fund Manager LJM Partners after 80% Losses

Investors have filed lawsuit against U.S. Fund Manager LJM Partners, after the fund LJM Preservation and Growth Fund (LJMIX), suffered massive losses of almost 80%.  The investors have filed a class action against the fund for failing to disclose that LJMIX was not focused on capital preservation and had left investors exposed to an unacceptably high risk of catastrophic losses.

” Fund Faces Class Action After 80% Losses on S&P Index “

The case is filed by Scott+Scott, Attorneys at Law, a national securities and consumer rights litigation firm, in the U.S. District Court for the Northern District of Illinois .  LJMIX is a mutual fund that purports to invest primarily in purchased and sold call and put options on Standard & Poor’s 500 Futures Index (“S&P”).  While S&P index fell 4.6% on 5th February 2018, the fund fell from $9.82 (2nd February 2018) to $1.94 (7th February 2018), approximately 80% losses.

According to Reuters in 2017, the LJM fund raised almost $393 million.  In a filing with the U.S. Securities and Exchange Commission on 7th February 2018, the LJM Preservation and Growth Fund is closed to new subscription except for dividend reinvestment.

LJM Partners was founded in 1998 was is registered as a Commodity Trading Advisor and Commodity Pool Operator.  The firm manages liquid alternative investment strategies with low correlation to other asset classes, and a highly focused approach to volatility management.  The fund is managed by LJM Partners founder, Anthony Caine and Anish Parvataneni, former trader at Citadel.  In 2018, LJM Partners has $547 million AUM, of which $82 million are proprietary money co-invested.

 

Source: LJM Partners, Reuters, Businesswire

 

About Scott+Scott, Attorneys at Law, LLP

Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.

 


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Billionaire Dr. Patrick Soon-Shiong Buys Los Angeles Times for $500 Million from Tronc

Billionaire Dr. Patrick Soon-Shiong Buys Los Angeles Times for $500 Million from Tronc

Billionaire Dr. Patrick Soon-Shiong will buy Los Angeles Times, The San Diego Union-Tribune and various titles for $500 Million from Tronc Inc, a media company that own titles including Chicago Tribune and New York Daily News.  The California-based entrepreneur Dr. Patrick will pay $500 million (cash) and assume $90 million in pension liabilities, though his private investment vehicle Nant Capital.

” Billionaire Dr. Patrick Soon-Shiong Buys Los Angeles Times for $500 Million “

Dr. Patrick, a billionaire with more than $8 billion estimated net worth, had sold 2 pharmaceuticals companies for almost $9.2 billion in 2008 and 2010.  He sold APP Pharmaceuticals to Fresenius Medical Care for $5.6 billion in 2008, and Abraxis BioScience to Celgene for $3.6 billion in 2010.  He founded both companies in 2001.

He is the founder and current Chairman & CEO of healthcare company NantHealth, a member of the Global Advisory Board of Bank of America, an Adjunct Professor at the University of California, Los Angeles, or UCLA and a visiting Professor at the Imperial College of London.  Since 2010, Dr. Patrick has a minority stake in Los Angeles Lakers basketball team.  Born in 1952 in South Africa, he completed his degree in medicine from University of the Witwatersrand (South Africa) at the age of 23 and completed  his masters at the University of British Columbia (Canada).  His parents of Chinese origin, had left China to South Africa during World War 2.

The acquisition of Los Angeles Times, The San Diego Union-Tribune and various titles brought in collectively $470 million in net revenues for the period Oct 2016 to Sept 2017)  The transaction is expected to close in the late first quarter or early second quarter of 2018.

 

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He is a physician, surgeon and scientist, has pioneered novel therapies for both diabetes and cancer, published over 100 scientific papers, and has over 95 issued patents on groundbreaking advancements spanning myriad fields.  He also performed the world’s first encapsulated human islet transplant, the first engineered islet cell transplant and the first pig to man islet cell transplant in diabetic patients.  He invented and developed Abraxane, the nation’s first FDA-approved protein nanoparticle albumin-bound delivery technology for the treatment of cancer.  Abraxane was approved by the FDA for metastatic breast cancer in 2005, lung cancer in 2012, and pancreatic cancer in 2013.

FDA – Food and Drug Administration (United States)

 

Notable Newspaper Companies in United States

  • Washington Post sold for $250 million in 2013 (Amazon founder Jeff Bezos)
  • Boston Globe sold for $70 million in 2013 (Boston Red Sox owner John Henry)

 

Source: Tronc, Washington Post, The Guardian, South China Morning Post, NantHealth

 

 

About Tronc Inc

tronc, Inc. (NASDAQ:TRNC) is a media company rooted in award-winning journalism. Headquartered in Chicago, tronc operates newsrooms in eight markets with titles including the Chicago Tribune, New York Daily News, The Baltimore Sun, Orlando Sentinel, South Florida’s Sun-Sentinel, Daily Press, The Morning Call of Allentown, Pennsylvania and Hartford Courant. Our legacy of brands has earned a combined 57 Pulitzer Prizes and is committed to informing, inspiring and engaging local communities.

Visit: Tronc

 

About Los Angeles Times

The Los Angeles Times is a daily newspaper published in Los Angeles, California, since 1881. It was the first-largest metropolitan newspaper in circulation in the United States in 2008 and the fourth most widely distributed newspaper in the country.

Visit: Los Angeles Times

 

 

 

 

 

 


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Chemical Industry Pioneer and Billionaire Jon Huntsman Dies at Age 80 

Chemical Industry Pioneer and Billionaire Jon Huntsman Dies at Age 80 

Chemical industry pioneer and billionaire Jon Meade Huntsman has died at the age of 80 on the 2nd of February 2018, in this home in Salt Lake City (Utah, United States).  Regarded as one of his generation’s great industrialists and a billionaire with an estimated net worth of $1.2 billion, he founded the Huntsman Container Company in 1970, which revolutionized packaging and plastics.  In 1974,  he created the “clamshell” container for fast-food sandwiches (eg. McDonald’s Corp.’s Big Mac hamburger) and went on to invent as many as 30 other popular products, including the first plastic plates and bowls.

” Pioneer of Clamshell Container and Billionaire Jon Huntsman Dies at Age 80 “

Jon Huntsman is the founder and Chairman Emeritus of Huntsman Corporation, a global manufacturer and marketer of differentiated and specialty chemicals with 2016 revenues of more than $7 billion, operating in more than 75 manufacturing, R&D and operations facilities in over 30 countries, employing about 10,000 people.  Today, Huntsman Corporation and Venator Corporation (a public subsidiary of Huntsman Corporation) represent an $11 billion global manufacturer and marketer of chemicals.  In December 2017, the Board of Directors of Huntsman Corporation named Mr. Huntsman Director and Chairman Emeritus, and elected his son, Peter R. Huntsman, Chairman, President and CEO.

A philanthropist, Jon Huntsman is always on a mission to find a cure for cancer and alleviate its effects on people.  In 1995, he contributed $100 million to establish the Huntsman Cancer Institute (University of Utah), a pioneer in genetic research and treatment and today one of the world’s most renowned cancer institutes and hospitals.  More than $2 billion has been raised (substantially from him and his spouse), to fund the Huntsman Cancer Institute and Hospital.  He lost both his parents to cancer, and had fought his own battle with cancer numerous times.

He was born in 1937, and had been awarded 13 honorary doctorate degrees at various universities. He has a M.B.A. from the University of Southern California and a degree from the Wharton School of Business, University of Pennsylvania.

Source: Official Press Release, USA Today, Bloomberg

 

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About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2016 revenues of more than $7 billion.  Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 75 manufacturing, R&D and operations facilities in over 30 countries and employ approximately 10,000 associates within our four distinct business divisions.

Visit: www.huntsman.com.

 


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Deutsche Bank Fined $70 Million for USD Swaps Manipulation

 

Deutsche Bank Fined $70 Million for USD Swaps Manipulation

The United States Commodity Futures Trading Commission (CFTC) have fined Deutsche Bank Securities $70 million in civil penalty for manipulating USD interest rate swaps. Deutsche Bank Securities had through its traders, manipulated the leading USD global benchmark referenced in a range of interest rate products, to benefit its derivatives positions, including positions involving cash-settled options on interest rate swaps.

” Deutsche Bank Securities Settles USD Swaps Charges with $70 Million “

Between 2007 to 2012, Deutsche Bank Securities had manipulated the USD ISDAFIX (U.S. Dollar International Swaps and Derivatives Association Fix) by bidding, offering, and executing transactions in targeted interest rate products, including swap spreads and U.S. Treasuries at or near the critical 11:00 a.m. fixing time.  The actions will affect the rates, increasing or decreasing the Swaps Broker’s reference rates and influence the final published USD ISDAFIX.

In issuing the order filing and settling charges, the CFTC has agreed to the settlement offer of $70 million by Deutsche Bank Securities taking into account the German bank had cooperated fully with the investigations, and had taken steps to implement and strengthen its internal controls and procedures.

Source: Official Press Release

 

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About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank

 


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BNP Paribas Pleads Guilty, Pays $90 Million Fine for FX-Rigging

BNP Paribas Pleads Guilty, Pays $90 Million Fine for FX-Rigging

BNP Paribas has pleaded guilty and will pay a criminal fine of $90 million for foreign exchange price-rigging charges to the United States Department of Justice.  Between September 2011 and July 2013, BNP Paribas (USA) had conspired to suppress and eliminate competition by fixing prices in Central and Eastern European, Middle Eastern and African (CEEMEA) currencies, in violation of the Sherman Act.  They had manipulated prices on the electronic FX trading platform by creating non-bona fide trades, coordinating bids and offers and pre-fixing currency prices quoted to clients.

” BNP Parbas Pays $90 Million for FX-Rigging “

BNP Paribas will not be subjected to further probation, with the French European bank already focusing substantial efforts on compliance and remediation, and cooperating fully with the government’s ongoing criminal investigation into the FX market.  BNP Paribas is the 6th major bank to plead guilty to FX-rigging, with Citicorp, JPMorgan Chase, Barclays, RBS and UBS collectively paying more than $2.7 billion of fines.

Source: Department of Justice

 

 

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About BNP Paribas

BNP Paribas is a leading provider of banking and financial services in Europe. It is present in 75 countries with nearly 188,000 employees. The Group holds key positions in its 2 core activities: Retail Banking & Services, comprising Domestic Markets and International Financial Services; and Corporate & Institutional Banking

Visit: BNP Paribas

 


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Toronto Police Confirmed Canadian Billionaire Barry Sherman and Wife Were Murdered 

Toronto Police Confirmed Canadian Billionaire Barry Sherman and Wife Were Murdered

Canadian Billionaire Barry Sherman and his wife Honey Herman, whom were founded dead in their Toronto mansion in December 2017, have been confirmed to be murdered by Toronto Police Services.  The police had found the billionaire couple in their home’s lower-level pool.  The postmortem examination revealed the cause of death to be ligature neck compression (they were found hanging by belts from a poolside railing in a semi-seated position).

“ Canadian Billionaire Barry Sherman and Wife Found to be Murdered “

Barry Sherman is a prominent businessmen in Canada and a billionaire with an estimated fortune that exceeds $3 billion.   He is the founder, Chairman and CEO of Apotex Inc, a global pharmaceutical company.  Also known as Dr. Bernard C. Sherman, he founded the company in 1974 in Toronto.  He grew the firm from 2 employees in 1974 into a global pharmaceutical organization that employs more than 11,000 people in 44 years.  He had worked for his uncle in Empire Laboratories while studying in University, bought the company when his uncle died and sold the company before founding Apotex.

On 14th December 2017, at 11:44 a.m., officers responded to a 9-1-1emergency call at the Sherman’s residence at 50 Old Colony Rd. They were both deceased when police arrived.

Source: Apotex, Toronto Police Service, ABC News

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About Apotex

Apotex Inc. was founded in 1974, and is the largest Canadian-owned pharmaceutical company. From its 2 employees, 5,000 square foot beginning, the company has grown to employ over 10,000 people in research, development, manufacturing and distribution facilities world-wide. The Canadian operations of the Apotex Group of Companies has over 6,000 employees. Extensive investments in Canadian facilities include over 3 million square feet in manufacturing and R&D facilities in Richmond Hill, Toronto, Etobicoke, Brantford, Windsor and Winnipeg. Apotex produces more than 300 generic pharmaceuticals in approximately 4,000 dosages and formats which, in Canada, are used to fill over 89 million prescriptions a year – the largest amount of any pharmaceutical company in this country.

Today, Apotex is a necessary and trusted member of Canada’s healthcare community. The company’s pharmaceuticals can be found in virtually every pharmacy and healthcare facility in Canada and are exported to over 115 countries around the globe. Export markets represent an ever growing portion of the total sales. Apotex has also established a presence through subsidiaries, joint ventures or licensing agreements in Australia, Belgium, Czech Republic, Mexico, Netherlands, New Zealand and Poland to name just a few. Healthcare professionals around the world rely on Apotex for quality and value.

Although the company’s own business is developing and manufacturing generic pharmaceuticals, the success of Apotex has enabled it to diversify into a number of other health-related areas. The Apotex Pharmaceutical Group of Companies also researches, develops, manufactures and distributes fine chemicals, non-prescription and private label medicines, and disposable plastics for medical use.

The worldwide sales of the Apotex Group of companies exceed $2 billion (Canadian $) per year.

Visit: Apotex


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Former Barclays FX Head Charged for Front-Running $8.5 Billion Hewlett Packard FX Orders

Former Barclays FX Head Charged for Front-Running Hewlett Packard $8.5 Billion FX Orders

Former Barclays Head of New York Foreign Exchange Operation, Robert Bogucki, had been charged for manipulating foreign exchange options, in advance of an exceptionally large trade of GBP 6 billion FX options to be placed by Hewlett-Packard (HP) in 2011.  This practice is known as front-running, using known information to place an order, before placing the client’s order.

” Barclays Traders Front-Run HP for $8.5 Billion FX Orders “

Between September and October 2011, he had misused information provided to him by HP to execute GBP 6 billion or $8.5 billion (XR: 1.42) foreign exchange options to acquire a UK-based company.  The GBP 6 billion transaction, was exceptionally large and would have a material impact on the GBP foreign exchange price.  Robert and other Barclays traders manipulated the volatility prices, that resulted in lowering the value of HP’s foreign exchange options.  As a result, the actions benefited Barclays financially, and was detrimental to HP.

Robert Bogucki, aged 45 was charged in the Northern District of California in United States on the 16th January 2018, with one count of conspiracy to commit wire fraud and six counts of wire fraud.  The charges are allegations, and the defendant is presumed innocent unless proven guilty.

Source: Department of Justice, Bloomberg, Reuters

 

 

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About Barclays

Barclays UK is a personal and business banking franchise with true scale, built around our customers’ needs with innovation at its core. It comprises our UK retail banking operations, our UK consumer credit cards business, our UK-based wealth offering, and corporate banking for smaller businesses. With around 22 million retail customers, and almost one million business banking clients, we are a pre-eminent UK financial services provider. This division will become our UK ring-fenced bank by 2019.

Visit: Barclays

 


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Legendary Investor Bill Miller Donates $75 Million to Johns Hopkins University

Legendary Investor Bill Miller Donates $75 Million to Johns Hopkins University

Legendary investor William H. “Bill” Miller III has committed a record $75 million donation to the Johns Hopkins University Department of Philosophy.  The $75 million donation will allow the Department of Philosophy to broaden and intensify faculty research, graduate student support and undergraduate study of philosophical thought, is is believed to the largest ever to a university philosophy program.

“ Legendary Investor Bill Miller Donates $75 Million to Johns Hopkins University “

Bill Miller is the founder and chairman of Miller Value Partners and best known for managing the Legg Mason Capital Management Value Trust, beating the Standard & Poor’s 500 for a record 15 straight years from 1991 to 2005.  He is a former Johns Hopkins philosophy graduate student.  He had majored in economics and European History at Washington and Lee University, graduating with honors in 1972.  Thereafter, he served as a military intelligence officer overseas and studied at Johns Hopkins before turning to his career in investments.

In honor of his gift, the department will be renamed as William H. Miller Department of Philosophy.

Source: John Hopkins University, Bloomberg, NY Times, USA Today

 

 

 

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About Bill Miller

Bill Miller, CFA is the founder of Miller Value Partners, and currently serves as the Chairman and Chief Investment Officer1, and co-Portfolio Manager for Opportunity Equity and Income Strategy. Prior to Miller Value Partners, Bill and his partner, Ernie Kiehne, founded Legg Mason Capital Management and served as portfolio managers of the Legg Mason Capital Management Value Trust from its inception in 1982. Bill took over as sole manager in December 1990 and served in this role for the next 20 years.

Bill was the director of research for Legg Mason from October 1981 through June 1985 and assumed overall responsibility for Legg Mason’s equity funds management division in 1990. Prior to joining Legg Mason in 1981, he served as treasurer of the JE Baker Company, a major manufacturer of products for the steel and cement industries.

Bill earned his economics degree from Washington and Lee University, where he graduated with honors in 1972. Subsequent to graduation, he served as a military intelligence officer overseas and then pursued graduate studies in philosophy in the Ph.D program at The Johns Hopkins University. He received his CFA designation in 1986. Bill is Chairman Emeritus of the Board of Trustees of the Santa Fe Institute, where he served as Chairman from 2005 to 2009. Bill owns Jake (the world’s smartest bulldog), is an avid Ravens and Orioles fan, and collects books.

Visit: Miller Value Partners

 


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