Tag: Citadel Scandal (Page 3 of 16)

NWBO Stock: Citadel Chooses to Profit from Cancer Drug Company

NWBO stock Citadel
Market News Today: Northwest Biotherapeutics joins fight against naked short selling.

NWBO stock alert: Northwest Biotherapeutics sued Citadel and other market makers for manipulating its stock price in December of 2022.

Ken Griffin’s Citadel has chosen to profit from the US cancer drug company through the means of short selling, a practice the hedge fund/market maker is notoriously known for.

Northwest Biotherapeutics accused Citadel Securities LLC, Susquehanna, Virtu, and other Wall Street firms of driving its stock price down through the use of various illicit trading activities.

One being ‘spoofing‘ orders.

Spoof orders are orders intended to be cancelled before execution to drive prices in a direction more favorable to the market manipulator.

The lawsuit comes as no surprise to the retail community as Citadel has a long history of market manipulation.

Northwest Biotherapeutics, Inc. is a biotechnology company, which engages in the development of personalized immune therapies for cancer.

It offers DCVax technology platform, which uses activated dendritic cells to mobilize a patient’s own immune system to attack their cancer.

Why Ken Griffin’s Citadel Securities would attack a cancer drug company for profit is beyond comprehension.

But the fight against naked short selling grows as more companies begin to take legal action against these predatorial practices.

Other Companies Taking Action

Global Tech Industries Group, Inc. (OTCMKTS:GTII) has taken legal action against naked shorts.

The Nevada corporation announced that its board of directors has authorized management to move forward with appropriate legal action in connection with what it believes to be illegal trading activity in the Company’s shares.

Global Tech’s press release published the following statement:

“It appears that certain market makers have failed to post regular or continuous proprietary quotations that are at or near the market on both sides and that are communicated and represented such that they are widely accessible to investors and other broker-dealers.

When market makers fail to meet this requirement, as well as other applicable requirements, it can bring into question whether they are engaging in “bona fide market making” and can avail themselves to any “locate” exemptions afforded to bona fide market makers when executing short sales.”

$GNS$MMTLP, and others are taking regulators and market manipulation head on in a string of lawsuits.

CEO of Genius Group ($GNS) Roger Hamilton is leading a first-ever team of CEOs to fight against naked shorting.

The CEO said on Twitter that other CEOs $NWBO, $GTII, $MICT, $COSM, $CRTD, $MMTLP, $TRCH, are taking legal action with Wes Christian, a lawyer who has been investigating stock manipulation since 2000.

Related: Investors Say CEOs Should Fight Naked Short Selling Like GNS

NWBO Stock Price Today

NWBO stock is down -5% this year-to-date and down -28.76% in the past year, currently trading at $0.68 per share.

Majority of the company’s float is being shorted with approximately 34.29 million shares out on loan according to Ortex data.

It’s cost to borrow isn’t very high, which makes it an easy stock to short.

Should a stock like Northwest Biotherapeutics fall victim to predatorial short selling?

Investors are calling the practice unethical as the company aims to develop immunotherapies against different types of cancers.

Be sure to read this incredible synopsis on $NWBO written by a community member on Reddit.

It doesn’t get deeper than that.

Market News Published Daily

Market News Today: Northwest Biotherapeutics joins fight against naked short selling.
Market News Today: Northwest Biotherapeutics joins fight against naked short selling.

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Ken Griffin Thanks Redditors for ‘Meme Stocks’

Ken Griffin Thanks Redditors for 'Meme Stocks'

“Redditors, thank you so much for helping create the best pipeline we’ve ever had”, said Ken Griffin on Business Insider.

Ken Griffin, on how the GameStop frenzy helped raise Citadel’s profile with potential hires.

Business Insider says the SEC found no truth to any of the conspiracy theories but how can the SEC really go against one of the most powerful hedge funds in the world?

Transcripts showed Citadel and Robinhood did in fact have “blunt negotiations” the night prior to the halts.

A Miami district court judge admitted the Citadel and Robinhood transcripts were suspicious.

However, the federal court has dismissed the case due to a ‘lack of evidence’.

Research shows Judge Cecilia Altonaga had a close connection to the defendant’s law firm, insinuating a conflict of interest in the case.

Ken Griffin on Meme Stock Rally

The GameStop affair, in an odd twist, actually helped boost Citadel’s clout with potential recruits, Griffin said.

“For a lot of people this was a wake-up call that this firm Citadel is actually one of the most important players in the world’s financial markets,” he told Business Insider.

“Redditors, thank you so much for helping create the best pipeline we’ve ever had.”

“We’ve lost sight of the opportunities people can enjoy in America in recent years,” Griffin said.

To help counteract that, Griffin said he plans to give away the vast majority of his fortune during his lifetime.

“I’m going to give my money away in a way that I think has a real impact for our country,” he said. “I hope that the gifts I make will have an impact on America and the world for many years to come.”

Source(s): Business Insider.

Retail Investors Weigh In

Ken Griffin has made his money off the backs of retail investors who are simply looking to start building wealth through their favorite company stocks.

Retail investors say Ken Griffin’s Citadel takes advantage of its payment for order flow (PFOF) and use of off-exchange trading.

Backdoors in the financial system allow institutions to essentially control the game even when the ball is in retail’s court.

Chairman Gensler has even admitted to dark pools having a strong suppression on a securities share price which goes to show how much power these institutions really have in the game.

Were Ken Griffin’s comments about ‘meme stocks’ and redditors arrogant?

Leave your thoughts below.

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Market News: Ken Griffin on 'meme stocks' and redditors.
Market News: Ken Griffin on ‘meme stocks’ and redditors.

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Citadel High Frequency Trading: Fined by Korea’s Regulators

Citadel High Frequency Trading: Fined $9 Million by Korea's Financial Regulators
Market News: Citadel Securities is fined $9 million by South Korea’s financial regulators.

(Reuters) South Korea’s financial regulator has imposed a fine of 11.88 billion won ($9.66 million) on U.S.-based Citadel Securities, saying it disturbed the local stock market with high-frequency algorithm trading.

The Financial Services Commission (FSC) said in a statement released on Thursday the firm had distorted stock prices with artificial factors, such as orders on the condition of “immediate or cancel” and by filling gaps in bid prices.

The firm carried out such trading on an average of 1,422 stocks per day from Oct. 2017 to May 2018, totaling more than 500 billion won worth of trades, according to the statement.

The Commission said it was the first time it had imposed fines on such high-frequency trading on the South Korean stock market, which has a high proportion of retail investors and little competition among algorithmic traders.

It added the firm did not provide algorithm source codes in the consultation process.

The regulator declined to identify the brokerage in violation but Citadel Securities confirmed it had been awaiting a decision, although it had yet to hear directly from the Commission.

“Citadel Securities works diligently to follow all applicable laws, regulations, and rules in jurisdictions in which we trade,” it said in a statement. “We strongly believe our trading complied with both Korean laws and global norms. We disagree with the FSC’s decision relating to our trading activity more than five years ago and will be seeking to appeal the decision.”

Citadel Securities was surprised and concerned to see that the regulator’s findings include references to a number of hearings the firm itself was not invited to participate in and supposed expert evidence that was never shared with the company and that it never had an opportunity to respond to, a source familiar with the situation said.

Citadel High Frequency Trading

CNN: Citadel high frequency trading in action – live.

High frequency trading takes advantage of investors and of the market itself.

One of the biggest manipulations in the market conducted by high frequency trading is spoofing.

Spoofing is a disruptive algorithmic trading practice that involves placing bids to buy or offers to sell futures contracts and canceling the bids or offers prior to the deal’s execution.

In December, Northwest Biotherapeutics sued Citadel Securities for spoofing their company stock.

The company is accused Citadel Securities LLC, Susquehanna, Virtu, and other Wall Street firms of driving its stock price down through the use of various illicit trading activities.

But this isn’t Citadel Securities first rodeo.

The hedge fund is under intense scrutiny from retail investors who say the company has too much power, allowing it to take advantage of retail trades through its payment for order flow and other manipulative tactics.

In 2015, an account operated in China by the brokerage arm of US hedge fund Citadel was suspended.

It was the latest casualty of regulators’ hunt for market manipulators and short sellers at the time.

The China Securities Regulatory Commission said that the Shanghai and Shenzhen stock exchanges had suspended 24 accounts as part of a probe into high-frequency trading.

But Citadel has a long history of market manipulation.

This was only an earlier incident where Citadel and high frequency trading have been an issue in the past.

Market News Published Daily

Market News Today: Citadel Securities gets fined $9 million by Korea's financial regulators.
Market News Today: Citadel Securities gets fined $9 million by Korea’s financial regulators.

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DOJ Attempts to Weed Out Crime with 75% Reduction in Fines

Market News: DOJ Offers 75% Reduction in Fines to Companies that Admit Crime.
Market News: DOJ Offers 75% Reduction in Fines to Companies that Admit Crime.

[Bloomberg] The Justice Department will recommend as much as a 75% reduction in fines for companies that voluntarily report wrongdoing to the government and fully cooperate with investigations.

Even companies that don’t voluntarily disclose wrongdoing but still fully cooperate with investigations could still get a 50% reduction off the low end of the guidelines for fines, the head of the department’s criminal division said Tuesday.

“The policy is sending an undeniable message: come forward, cooperate, and remediate,” Assistant Attorney General Kenneth Polite said in a speech at Georgetown University Law Center.

Polite made it clear that cooperators seeking declination will be held to a higher standard than your average or even gold-standard cooperator — the cooperation must be “truly extraordinary.” 

The Justice Department will distinguish extraordinary cooperation by assessing the immediacy, consistency, degree, and impact of the cooperation.

Prosecutors will expect companies to cooperate immediately, consistently tell the truth, and hand over evidence that the DOJ otherwise would not be likely to obtain, such as quick access to electronic device images, audio/video recordings, trial testimony, and other kinds of cooperation that “produces results.”

The policy also covers corporations conducting business internationally, as the changes will apply to all corporate matters handled by the Criminal Division, including all Foreign Corrupt Practices Act (FCPA) cases nationwide.

Notably, the new policy is the third in a trilogy of Department of Justice memoranda addressing the prosecution of corporate misconduct and setting forth revised policies concerning the effect of cooperation by companies that have engaged in wrongdoing.

Years of Ongoing Investigations

The new policy was announced to further Deputy Attorney General Lisa Monaco’s October 2021 memorandum directing the creation of a Corporate Crime Advisory Group within the Department to recommend guidance concerning, in part, the nature of a company’s dealings with the government required to receive cooperation credit in resolving company misconduct, and to consider revisions and reforms to the Department’s approach to corporate crime prosecution.

The new policy also follows less than five months after the issuance of a memorandum further clarifying the Department of Justice’s policy against seeking a guilty plea where a corporation has voluntarily self-disclosed, fully cooperated, and timely and properly remediated the conduct at issue in the absence of aggravating factors and directing all department components, including the 93 U.S. Attorney’s Offices across the country, to review its policies on corporate voluntary self-disclosure and ensure it has a publicly available written policy.

At the same time, the September 2022 memorandum emphasized DOJ’s commitment to “strong corporate criminal enforcement.”

Polite likely had these pronouncements in mind as he concluded his speech. He entreated corporations to “come forward, cooperate, and remediate,” and to join the Department of Justice as allies in the fight against crime.12 But he also warned: “Failing to take these steps, a company runs the risk of increasing its criminal exposure and monetary penalties.”

Related Article: Citadel Under Investigation by DOJ

Source(s): Bloomberg.

Market News Published Daily

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