Latest news with #marketmanipulation
Bloomberg
a day ago
- Business
- Bloomberg
Fired Nomura Trader Turns to ‘Toilet Graffiti' to Argue His Case
Four years after making a series of fateful trades that upended his life, tarnished his reputation and left him working alone in a smoky cafe in Tokyo, Takushi Sawada decided to tell the world his side of the story. Nomura Holdings Inc. had fired the former managing director in September 2024 after regulators determined that he engaged in spoofing three years earlier, placing large orders in the futures market for Japanese government bonds only to quickly cancel them. The brokerage had admitted to market manipulation and paid a ¥21.8 million ($150,000) fine. The company also lost its special entitlements as a primary dealer at government debt auctions for about a month last year.
Yahoo
5 days ago
- Business
- Yahoo
Lottery.com Closes in on Legal Action Against Coordinated ‘Short and Distort' Campaign
FORT WORTH, Texas, June 27, 2025 (GLOBE NEWSWIRE) -- Inc. (NASDAQ: LTRY, LTRYW) (' or 'the Company'), a leading technology company transforming the intersection of gaming, sports and entertainment, today confirmed that it is nearing legal proof of a coordinated and unlawful 'short and distort' campaign targeting the Company. In collaboration with its legal counsel, Paul Hastings LLP, the Company is actively pursuing all individuals and entities engaged in market manipulation intended to damage the Company's share price and reputation. Christopher Gooding, Independent Director of and a member of the Audit Committee with responsibility for legal affairs, issued the following statement: 'There is no doubt that there is an orchestrated campaign against Lottery. The trading metrics and forensic data we have access to clearly indicate both classic 'short and distort' tactics, and more seriously, a significant volume of naked short selling — illegal trades not backed by actual share ownership. 'These actors fall into three categories: 'Aggressive and embittered insiders, who appear to be leveraging confidential or insider information from their historical relationships with for self-serving purposes. I outlined elements of these insiders to the judge in a Delaware action earlier this year; 'Professional short-sellers, aided and abetted by complicit brokers — some of whom are actively engineering mechanisms to facilitate, or are willfully ignoring, illegal naked short activity; and 'Opportunistic traders, influenced by blogs, shorting platforms, and 'pay-to-publish' media articles that amplify false and defamatory narratives. These clearly represent the 'distort' component of the campaign. Numerous cease-and-desist letters have already been issued.'Our message to these parties is unequivocal: We know who you are. We are rapidly securing irrefutable legal evidence of your involvement — including the brokers operating both in the U.S. and offshore in jurisdictions such as the Caribbean. We will pursue damages vigorously and refer the evidence to the appropriate regulatory authorities.'Your days are numbered. We will shut you down, and the financial penalties imposed will far exceed the unlawful profits you have sought to extract from our shareholders.' reiterates its commitment to protecting shareholder value, market integrity, and the long-term growth of its global operations. About The Inc. (NASDAQ: LTRY, LTRYW) family of brands — including Tinbu and WinTogether, comprise a unified ecosystem that integrates gaming, entertainment, and sports. Follow the Company on X, Instagram and Facebook. Forward-Looking Statements This press release contains statements that constitute 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding the Company's strategy, future operations, prospects, plans and objectives of management, are forward-looking statements. When used in this Form 8-K, the words 'could,' 'should,' 'will,' 'may,' 'believe,' 'anticipate,' 'intend,' 'estimate,' 'expect,' 'project,' 'initiatives,' 'continue,' the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. The forward-looking statements speak only as of the date of this press release or as of the date they are made. The Company cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company. In addition, the Company cautions you that the forward-looking statements contained in this press release are subject to risks and uncertainties, including but not limited to, expectations related to the investigation of short selling or potential naked short selling, including the Company's analysis, its ability to take appropriate corrective action, or any potential investigations by regulators; any future findings from ongoing review of the Company's internal accounting controls; additional examination of the preliminary conclusions of such review; the Company's ability to secure additional capital resources; the Company's ability to continue as a going concern; the Company's ability to respond in a timely and satisfactory matter to the inquiries by Nasdaq; the Company's ability to regain compliance with the Bid Price Requirement; the Company's ability to regain compliance with Nasdaq Listing Rules; the Company's ability to become current with its SEC reports; and those additional risks and uncertainties discussed under the heading 'Risk Factors' in the Form 10-K/A filed by the Company with the SEC on April 22, 2025, and the other documents filed, or to be filed, by the Company with the SEC. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that the Company has filed and will file from time to time with the SEC. These SEC filings are available publicly on the SEC's website at Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. This press release was published by a CLEAR® Verified individual. CONTACT: For more information, please visit or contact our media relations team at press@
Free Malaysia Today
7 days ago
- Business
- Free Malaysia Today
Vietnamese tycoon's jail term reduced in US$146mil stock fraud
The court said there were 25,000 victims of the stock fraud as Trinh Van Quyet illegally pocketed more than US$146 million between 2017 and 2022. (AP pic) HANOI : A Vietnamese appeal court today slashed a former property and aviation tycoon's jail sentence in a US$146 million fraud and stock market manipulation case from 21 years to seven. Trinh Van Quyet, who owned the FLC empire of luxury resorts, golf courses and budget carrier Bamboo Airways, was given the lengthy jail term in August after a trial. Quyet and 49 others including his two sisters and four stock exchange officials were punished for fraud, stock market manipulation, abuse of power and publishing incorrect stock market information. After a 10-day hearing in Hanoi, the appeal court dropped Quyet's three-year term for market manipulation and cut his 18-year sentence for fraud to seven years. The appeal court gave several other defendants reduced jail terms today. Its ruling comes after the tycoon's family paid nearly US$96 million in compensation for the losses. According to the indictment in August, Quyet set up several stock market brokerages and registered dozens of family members, ostensibly to trade shares. Police said while orders to buy shares were placed in hundreds of trading sessions – pushing up the value of the stock – they were cancelled before being matched. The court said there were 25,000 victims of the fraud as Quyet illegally pocketed more than US$146 million between 2017 and 2022. The appeal court said it had received 5,000 letters asking for a reduction of punishment for Quyet 'from the victims, FLC staff, some associations and local authorities'. The case is part of a national corruption crackdown that has swept up numerous officials and members of Vietnam's business elite in recent years.
Forbes
18-06-2025
- Business
- Forbes
Trump's Stablecoin Now Minted On Justin Sun's Tron Crypto Blockchain
Donald Trump has deepened his ties with Chinese billionaire Justin Sun—who's fighting civil charges in the United States of fraud and market manipulation—as the president's stablecoin begins minting on Sun's blockchain, which hosted the largest share of illicit crypto activity last year, according to a crypto intelligence firm. A cartoon image of President Donald Trump holding a Bitcoin token is displayed in Hong Kong in ... More December 2024. Photographer: Paul Yeung/Bloomberg Trump and his family control about 40% of World Liberty Financial, according to its website—where he's listed as chief crypto advocate—and in April, the firm launched a stablecoin, USD1, pegged to the U.S. dollar and backed by Treasuries and cash equivalents. On June 11, Tron founder Justin Sun announced his blockchain had begun minting USD1, making the stablecoin native to his network. World Liberty Financial earns interest on its USD1 reserves, so the more USD1 minted, including by Tron, the more the president's company stands to profit, Molly White, a crypto researcher told Forbes. In March 2023, the Securities and Exchange Commission filed civil charges against Sun and his company, alleging market manipulation and selling unregistered securities; Sun has denied the charges and the judge paused the case at the request of both parties this February to allow time to discuss a possible settlement (a move that came just weeks after Sun invested $30 million in World Liberty Financial). In 2024, Tron hosted 58% of all illicit crypto activity—the most of any blockchain and more than Ethereum and Bitcoin combined—'reflecting continued preference for blockchains that have low transaction fees, smart contracts, and popular stablecoins,' according to blockchain analytics firm TRM Labs. White House Deputy Press Secretary Anna Kelly told Forbes in a statement Trump has no conflicts of interest because his 'assets are in a trust managed by his children'; a spokesperson for World Liberty Financial declined to comment; and spokespeople for Tron and the Trump Organization did not respond to inquiries. Trump can earn income from his businesses while in office through the Donald J. Trump Revocable Trust, the same structure he used during his first term. He is its sole donor and beneficiary, while Donald Trump Jr. serves as the trustee. The Trump Organization confirmed in an April regulatory filing in the United Kingdom that Trump retains control over his businesses. As president, he has pledged to make the United States the 'crypto capital of the world,' aligning with his expanding investments in digital assets. Sun, who has now invested a total of at $75 million in World Liberty Financial, has become an advisor to the company. In May, he toured the White House and dined with Trump at his D.C.-area golf club for being one of the top holders of the president's meme coin, a separate crypto venture, according to social media posts. $57.4 million: Trump's income from World Liberty Financial in 2024, which only launched in September, according to a financial disclosure he released Friday. 'We've seen increased criminal use of stablecoins on the Tron blockchain, and I think the launch highlights how little is known about USD1 and World Liberty Financial's ability to thwart criminal activity,' White told Forbes. 'There is very little transparency into how the project intends to grapple with this persistent problem, and whether they have the capacity to do so responsibly.' While TRM Labs found 'the largest percentage of illicit crypto activity occurred on the TRON blockchain' in 2024, Tron also 'saw the most significant decline in illicit volume, dropping by $6 billion and halving its proportion of illicit volume.' TRM Labs credited the decline to Tron's efforts to root out abuse, including collaborating with, yes, TRM Labs to establish what it calls the 'first-ever private-sector financial crime unit.' 'The first USD1 minted on Tron—just the beginning of something much bigger,' World Liberty Financial's X account posted in response to Sun's announcement. 'Appreciate the support, @justinsuntron. Let's bring USD1 everywhere.' In addition to Tron, two other crypto firms that announced relationships with World Liberty Financial in the past month also have faced scrutiny from U.S. authorities. In May, USD1 started trading on KuCoin, an exchange recently banned from the United States after admitting to anti-money laundering violations and agreeing to pay $300 million in penalties. It also launched on Binance, which admitted in a November 2023 plea deal with the Justice Department to anti-money laundering and sanctions violations, agreeing to pay $4 billion in penalties. (Days after USD1 launched on BInance, the SEC dropped a lawsuit it had brought against the firm.) Tron is going public through a reverse merger with a toy manufacturer, SRM Entertainment, the companies announced on Monday. As part of the deal, SRM will raise $100 million to buy Tron tokens and issue $210 million in shares and warrants. SRM Entertainment will change its name to Tron Inc. and Sun will become an advisor. Sun shared a post claiming Eric Trump was expected to join the company, though Trump denied it, calling Sun a 'great friend' but saying the report was 'inaccurate.' The Tron-SRM merger was brokered by Dominari Securities, whose parent company—Dominari Holdings—is partially owned by Donald Trump Jr. and Eric Trump. The brothers each hold more than 5% of the firm, largely in exchange for serving 10 weeks on an previously somewhat dormant advisory board that also includes three other Trump Organization executive vice presidents. Dominari Holdings CEO Anthony Hayes praised the advisory board's work in a letter to shareholders. On Tuesday, the Senate passed the Genius Act, a crypto industry-backed bill that would create new rules for stablecoins like USD1. In response to Trump's crypto ventures, Sen. Jeff Merkley, D-Ore., introduced the End Crypto Corruption Act, which would ban presidents and other top officials from 'issuing, endorsing or sponsoring crypto assets.' The bill is pending and has 24 co-sponsors. Forbes estimates Trump's net worth at about $5.2 billion, with crypto now accounting for most of his wealth. Sun is worth around $8.5 billion. Trump Org Applies For Sweeping Trademark Covering Items From Crypto Wallet To Virtual Cologne (Forbes) Trump Media's $2.5 Billion Bitcoin Bet Mirrors White House Crypto Strategy (Forbes) Trump Media Executives Launch New SPAC Seeking $179 Million—And Target Crypto, Defense Sectors (Forbes) How Trump's Sons Cashed In On Their Father's Comeback (Forbes) Trump Secretly Sold Stake In Crypto Venture, Document Suggests (Forbes) 'Trump Mobile' Cell Phone Service Announced In Latest Presidency Monetization Push (Forbes)
Reuters
12-06-2025
- Business
- Reuters
Russian cryptocurrency firm founder avoids further US prison time for fraud
BOSTON, June 12 (Reuters) - A Russian-born founder of a cryptocurrency financial services firm avoided having to spend any further time in a U.S. prison on Thursday for participating in a wide-ranging scheme to manipulate the market for digital tokens on behalf of his company's clients. Federal prosecutors in Boston had argued that Aleksei Andriunin, the founder and CEO of cryptocurrency "market maker" Gotbit, deserved a 15-month prison sentence after he pleaded guilty in March to charges that he conspired to commit market manipulation and engaged in wire fraud. Instead, U.S. District Judge Angel Kelley sentenced him to just eight months in prison, which he was deemed to have already served based on the time he spent in jail following his arrest in October in Portugal, prosecutors said. Portugal extradited him in February. He now faces deportation. His company Gotbit was meanwhile ordered to forfeit $23 million worth of cryptocurrency as part of a separate plea deal. "We're incredibly gratified by the sentence, and he's looking forward to getting home to his wife and family," Roger Burlingame, his lawyer at Dechert, said. Andriunin and Gotbit were among 15 people and three firms charged last year following a novel investigation dubbed "Operation Token Mirrors," in which the FBI for the first time directed the creation of its own digital token to help catch fraudsters in the crypto market. Before the charges were filed, Gotbit was a premier "market maker" in the cryptocurrency industry, making tens of millions of dollars in annual revenue and employing over 200 people, prosecutors said. Prosecutors said that from 2018 to 2024, Gotbit engaged in "wash trading," a form of sham trading, and market manipulation on behalf of several cryptocurrency clients to help artificially inflate trading volume for their tokens. Prosecutors cited a 2019 interview published online in which Andriunin described developing a code to wash trade cryptocurrencies to artificially inflate trading volume so they could become listed on larger cryptocurrency exchanges.
