Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Sorry, the last, equally important,line got cut off:
Remember to boycott T212 who lend out your shares to JPM to short sell them.
More on JPM:
(Reuters 29th September 2020) - JPMorgan Chase & Co has agreed to pay more than $920 million and admitted to wrongdoing to settle federal U.S. market manipulation probes into its trading of metals futures and Treasury securities, the U.S. authorities said on Tuesday.
The landmark multi-agency settlement lifts a regulatory shadow that has hung over the bank for several years and marks a signature victory for the government’s efforts to clamp down on illegal trading in the futures and precious metals market.
JPMorgan will pay $436.4 million in fines, $311.7 million in restitution and more than $172 million in disgorgement, the Commodity Futures Trading Commission (CFTC) said on Tuesday, the biggest-ever settlement imposed by the derivatives regulator.
Between 2008 and 2016, JPMorgan engaged in a pattern of manipulation in the precious metals futures and U.S. Treasury futures market, the CFTC said. Traders would place orders on one side of the market which they never intended to execute, to create a false impression of buy or sell interest that would raise or depress prices, according to the settlement.
This manipulative practice, which is designed to create the illusion of demand, or lack thereof, is known as “spoofing.”
Some of the trades were made on JPMorgan’s own account, while on occasions traders manipulated the market to facilitate trades by hedge fund clients, the CFTC said. The bank failed to identify, investigate, and stop the behavior, even after a new surveillance system flagged issues in 2014, the agency said.
“The conduct of the individuals referenced in today’s resolutions is unacceptable and they are no longer with the firm,” said Daniel Pinto, co-president of JPMorgan and CEO of the Corporate & Investment Bank.
He added that the bank had invested “considerable resources” in boosting its internal compliance policies, surveillance systems and training programs.
In parallel settlements, the bank entered into a Deferred Prosecution Agreement with the Department of Justice and the United States Attorney’s Office for the District of Connecticut, staving off criminal prosecution on charges of wire fraud.
It also agreed to pay $35 million to settle related charges with the Securities and Exchange Commission, although the bank’s payment to the CFTC would offset that fine, it said.
In an unusual concession, JPMorgan also admitted wrongdoing in agreeing to the SEC and Justice Dept. settlements.
“This record-setting enforcement action demonstrates the CFTC’s commitment to being tough on those who intentionally break our rules, no matter who they are. Attempts to manipulate our markets won’t be tolerated,” said CFTC Chairman Heath Tarbert.
The CFTC and Justice Department have taken aim at spoofing in recent years, using sophisticated data analysis tools to spot potential wrongdoing that it could not previously detect.
Fine upstanding citizens!
Remember to boycott T212 who lend your shar
Excellent Ongold. Good on you. :)
We may be 'little people' in the eyes of these financial pirates but every 'little' helps.
JPM FINED $200m
JPMorgan Chase has received a $125 million penalty from the Securities and Exchange Commission (SEC), for allowing Wall Street employees to use apps including WhatsApp to get around US federal record-keeping laws.
JPMorgan agreed to pay fines last Friday after admitting to “widespread” record keeping failures in recent years. Occurring between 2018 and 2020, employees used WhatsApp, text messages, and personal email accounts to communicate about sensitive business matters. JPMorgan has acknowledged that these failures in record-keeping were firm-wide and such practices were not hidden within the firm.
Gary Gensler, SEC chair, stated: "As technology changes, it's even more important that registrants ensure that their communications are appropriately recorded and are not conducted outside of official channels in order to avoid market oversight.”
The SEC stated when responding to subpoenas, JPMorgan frequently did not search for relevant records contained on the personal devices of employees.
“JPMorgan’s failures hindered several commission investigations and required the staff to take additional steps that should not have been necessary,” Sanjay Wadhwa, the SEC’s deputy director of enforcement. “This settlement reflects the seriousness of these violations. Firms must share the mission of investor protection rather than inhibit it.”
This is understood to be the largest SEC fine yet for record-keeping violations.
The bank received a further $75 million fine from the Commodity Futures Trading Commission (CFTC) on Friday for using unapproved communications.
In a statement the CFTC said: "Since at least July 2015, JPMorgan employees, including those at senior levels, communicated both internally and externally on unapproved channels, including via personal text messages and WhatsApp messages.”
"None of these written communications were maintained and preserved by JPMorgan, and they were not able to be furnished promptly to a CFTC representative when requested," the statement continued.
NB: Boycott T212 who lend out your shares to shorters.
JPMorgan have formally announced themselves as shorting this share. Never knowingly buy anything from them again and bad mouth them at every opportunity. Equally, T212 lend out shares to these vermin. They should be boycotted too.
I can't wait for a Shaun Day interview to summarise this. :)
I was thinking the same thing Stebol but then I'm on the red wine so...
I'm afraid I have to agree. I don't think this outfit are doing us any favours at all.
Mutley..haha. You can bet I would have. :)
Whatever the outcome Dip, I don't think I have ever been involved (as a shareholder) in anything quite so exciting.
Analogy: I have five fields, one in the middle and four circling around the edge, all of one acre. I have gone over 50% of the central one with my metal detector, discovering Roman coins in every 10% parcel, all have revealed finds with an average rate of 20 coins per parcel. A tentative search in each of the remaining four (one 10% parcel of each) has also revealed hits everywhere. This time at 10 coins average for each parcel. How many coins will the British Museum assume I have and pay for, without me having to search for any more?
One thing I have noticed is that Shaun Day has gone extremely quiet over the last three weeks. Now is the time for him to really concentrate on the 5% calculation, incorporating all the drilling updates and cost data not yet known to us formally perhaps. It's a crucial moment for the company and I'm rather glad the PR has been put on hold while the team knuckles down to grind out the figures. Here's is to our management team and hoping they will do us proud. In a month's time we will know!
zoros, I think you are being a bit stubborn on this matter. The share price is ALL about future income since there is none as yet. We all know damn well that there is a huge amount of gold and copper at Havieron. That's why the sp sailed up to 37p because it is very likely to be many times great than the 1.6m oz you quote , which you know full well is the 'fraction of a fraction' used solely to get the PFS agreed.
We are not like other junior miners. We are sitting on something truly astonishing and therefore, knowing that, from the amazing sets of drilling results that have come in over the last 12 months and extrapolated by our own esteemed Bamps, the decline of the SP seems totally unrelated to prospects and more related to manipulation by shorters and their like.
Interesting question. Obviously, the outcome would have to be 'settled' for this to happen. I can't help thinking that a more vague rns would be issued to say either that both parties are within 10% of a price or outside of it and that the matter will go to arbitration for the final decision. Even so, who goes first with the definitive answer, NCM or GGP?
Nice one speedy. Good to see you still have that finger on the pulse of the precious metals market.
A good post Fred It says a lot about our current position and how the real life experiences of board members should be of interest to those who have shared their investment belief in this exciting project. Matty, Tom, I have little to add to the heart-warming lines of encouragement that have been posted over the last 24 hours. Good luck to you both.
Deansobooty said "2 years down the line, it's proved to be say 20+M Oz's from further drilling, would there be some kind caveat in place that means they have to cough up more."
I have always thought that this is by far the most sensible solution for dealing with the 'anticipated but still unproven' part of Havieron. Actually, I hope this will happen for the sake of both parties and a good working relationship between the two.
That is a very interesting scenario spoon-key. We have assumed that NCM will always offer the lower of the two figures, but if the two envelopes are opened, like the oscar winners, and NCM's value is higher!?! Haha.
Bellers, I am pleased to have helped your local dry cleaners. :)
Welcome back Jerry. You have a balancing voice here as far as I am concerned. However, I'm not in agreement on one particular member who I have now filtered. (I guess the feeling is mutual). Can't face having to read these Encyclopaedia Britannica posts, which almost always have a negative slant and, effectively, say the same thing:
"You know when the share price reached 38p? Well, ehem, I knew it would go down to 12p. It was obvious to anyone with a brain. Of course, I didn't mention it at the time. I'm too important for that but I AM willing to let you know how wrong you all were. Now, if you would like to read the following extract, (that I sent to Stephen Hawking when he was constructing his book 'Brief Answers to the Big Questions'), which I have condensed into ten pages, you will see that short ladders only exist in pixie homes."
On the face of it that looks a little unlucky Trouper but you are invested in a great company now with GGP and, unlike SSE, the share price could go up several fold in the next couple of years.
Currently, the share here is being shorted. Pushed down during the day and bought back in the latter stages of the trading day. That's where the 100k and 200k sales are coming from and have done for months. Good news rises are quickly capped and pushed down over and over again.
Don't let any poster on here persuade you differently. There is a strong likelihood that they have some kind of connection with the shorting company.
Finally, as a New Year's resolution, I intend to criticise T212 with the last line of every post since they are the ones lending out, currently, 35 million GGP shares to shorters. Boycott them if possible and urge fellow investors to do the same.