Foreign markets are now imposing bans for illegal trading of their securities, such as the Securities of Exchange Board of India.
The Securities of Exchange Board of India (Sebi), has imposed a three-year ban on Vijay Mallya, preventing him from accessing the securities markets.
The once prominent liquor baron is now prohibited from buying, selling, or otherwise dealing in securities, directly or indirectly.
Additionally, he is barred from associating with any listed or proposed-to-be-listed company, per LiveLaw.
This ban includes freezing Mallya’s existing securities holdings, including mutual fund units, according to Sebi.
The decision stems from an investigation into the routing of funds in the Indian securities market through overseas bank accounts with UBS AG.
Sebi’s investigation concluded that Mallya’s actions abused the FII Regulations framework.
Regulators found he engaged in manipulative practices and deceptive artifices in dealing with the securities of his listed group companies in India.
The order noted that Mallay “indulged in fraudulent activities and unfair trading practices, violating securities laws,” per Times Now News.
In the United States, illegal trading of securities continues to be a growing problem with no end or proper solution.
Prominent short seller Andrew Left — known for shorting GameStop — surrendered to securities fraud charges but was let go on a $4 million bond after amassing $16 million in illegal trades.
The judge gave Left until August 5 to come up with $1 million for the collateralized bond, according to Bloomberg.
“Andrew Left took advantage of his readers,” Kate Zoladz, director of the SEC’s Los Angeles regional office, said in a statement.
“He built their trust and induced them to trade on false pretenses so that he could quickly reverse direction and profit from the price moves following his reports.”
The SEC alleged that Left and his firm earned $20 million in “ill-gotten profits” from the practice.
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Also Read: “The Game is Rigged”, Says Ex-Citadel Data Scientist
Other Stock Market News Today
Trump now says he will fire SEC Chair Gary Gensler, after making an appearance at this year’s Bitcoin conference in Nashville, Tennessee.
In his address at the Bitcoin 2024 conference in Nashville, Tennessee, former President Donald Trump made a direct appeal to the cryptocurrency community.
He promised to take several actions if elected, which are aimed at addressing the concerns of the crypto industry.
Specifically, Trump stated that he would put an end to the “persecution” of the crypto sector, which he attributes to the current administration’s “crusade” against bitcoin.
He also pledged to remove the chair of the Securities and Exchange Commission (SEC), likely referring to the agency’s heightened scrutiny and enforcement actions against various crypto companies and activities.
“On day one, I will fire Gary Gensler,” Trump said to a massive roar from the roughly 5,000 people seated in the audience.
“I pledge to the bitcoin community, that the day I take the oath of office, Joe Biden and Kamala Harris’ anti-crypto crusade will be over,” said Trump.
Furthermore, Trump promised to “free” a convict who is viewed as a martyr within the cryptocurrency community.
This is likely a reference to the case of a prominent figure who has been convicted and imprisoned, but is seen by many in the crypto space as a victim of unjust persecution.
This appeal to the crypto community is part of his broader effort to rally support from this influential segment of the electorate ahead of the 2024 presidential election.
However, investors in the stock market communities have also scrutinized Gary Gensler for his inactivity in tackling stock market manipulation.
Particularly in his disengagement from the MMTLP scandal.
What are your thoughts on Trump’s promise to fire Gary Gensler?
Leave your thoughts below.
Also Read: South Korea Now Finds Banks Pursued Illegal Shorting Scheme
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Hopefully Trump will pull through. This is the quickest way to get rid of this criminal Gary Gensler who claims he is the cop on the beat Gensler is no cop. In the real world of policing if a cop turned a blind eye to the community you would be fired and end up in jail/prison. Gensler allows all the fraud to happen through loopholes in place. Congress cannot get this criminal to respond to questions when asked. How is it this criminal is above the law. This system is broken foreign countries are more proactive then Gary Gensler 🤙🏽🌴🍍🌺🇺🇸🇺🇸
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