Posts Tagged ‘offshore accounts’

Ex-Swiss banker to give Wikileaks 2,000 “celebrities, business leaders and lawmakers from US, UK who secreted away money for tax-evasion purposes”

Courtesy of Mish

Yahoo!Finance reports Ex-Swiss banker to hand account files to WikiLeaks.

A former Swiss banker was on Monday due to hand over files to WikiLeaks which he alleges detail attempts by wealthy business leaders and lawmakers to evade tax payments.

Rudolf Elmer, a former employee of Swiss-based Bank Julius Baer, told Britain’s Observer newspaper on Sunday that the documents include details of about 2,000 accounts held in offshore financial centers. He says the account holders include "high net worth" celebrities, business leaders and lawmakers from the U.S., Britain and Asia.

Elmer’s press conference comes two days before he is due to appear before a Zurich regional court to answer charges of coercion and violating Switzerland’s strict banking secrecy laws.

He told the Observer newspaper he planned to disclose the new set of files to expose activities in offshore financial centers. "The one thing on which I am absolutely clear is that the banks know, and the big boys know, that money is being secreted away for tax-evasion purposes," he was quoted as telling the newspaper.

Fox News has a few additional quotes in Ex-banker says he’s giving Wikileaks files on rich

Rudolf Elmer, an ex-employee of Swiss-based Bank Julius Baer, said there were 2,000 account holders named in the documents, but refused to give details of the companies or individuals involved.

He has previously offered files to WikiLeaks on financial activities in the Cayman Islands and faces a court hearing in Zurich on Wednesday to answer charges of coercion and violating Switzerland’s strict banking secrecy laws.

"I do think as a banker I have the right to stand up if something is wrong," said Elmer, who addressed reporters at London’s Frontline Club alongside WikiLeaks founder Julian Assange.

"I am against the system. I know how the system works and I know the day-to-day business. From that point of view, I wanted to let society know what I know. It is damaging our society," Elmer said.

Britain’s tax authority declined to comment when asked about Assange’s plan to supply details of alleged wrongdoing.

Under the terms of his release on bail, Assange must live at the mansion home of Vaughan Smith, the owner of the Frontline Club. He has compared the regime to "high-tech house arrest," but has recently promised that the flow of leaked documents published by his organization would increase.

If true, and…
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SEC Brings GIGANTIC Insider Trading Case Against The Famous Wyly Brothers Of Texas

This post from Business Insider sets the stage for the next post by Cassandra Does Tokyo which discusses insider trading in general. – Ilene 

SEC Brings GIGANTIC Insider Trading Case Against The Famous Wyly Brothers Of Texas

wyly brothers


Courtesy of Joe Weisenthal at Business Insider/Clusterstock 

This evening the SEC announced a massive fraud charge against Dallas-based investors The Wyly brothers.

As Paul Murphy at FT Alphaville notes, the charge — which pertains to activity taking place over 13 years, worth $550 million — makes Rajaratnam and Martha Stewart look like small potatoes.

The gist of the allegations: The brothers Wyly (Samuel and Charles J.) used their various board seats and a network of offshore accounts to trade and conceal their holdings.

Here’s the press release:


The Securities and Exchange Commission today charged brothers Samuel E. Wyly and Charles J. Wyly, Jr. of Dallas with violating federal securities laws governing ownership and trading of securities by corporate insiders. The Wyly brothers reaped more than $550 million in undisclosed gains while sitting on corporate boards by trading stock in those public companies through hidden entities located in foreign jurisdictions to conceal their ownership and trading of those securities.

The SEC alleges that the brothers created an elaborate sham system of trusts and subsidiary companies in the Isle of Man and the Cayman Islands to sell more than $750 million worth of stock in four public companies for which they were corporate directors. They also committed an insider trading violation in one of the companies for an unlawful gain of more than $31.7 million.

Along with the Wylys, the SEC charged their attorney Michael C. French of Dallas and their stockbroker Louis J. Schaufele III of Dallas for their roles in the fraudulent scheme. French was on the board of directors at three of the companies.

"The cloak of secrecy has been lifted from the complex web of foreign structures used by the Wylys to evade the securities laws," said Lorin L. Reisner, Deputy Director of the SEC’s Division of Enforcement. "They used these structures to conceal hundreds of millions of dollars of gains in violation of the disclosure requirements for corporate insiders."

According to the SEC’s complaint, filed in U.S. District Court for the Southern District of New York, the public companies…
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James Chanos and Kyle Bass Vanity Fair interview

By VW Staff. Originally published at ValueWalk.

James Chanos and Kyle Bass speak with Bethany McLean at Vanity Fair’s New Establishment Summit on the global economy and stock markets.

Also see

China’s $34 Trillion Experiment Is Blowing Up – Kyle Bass 

Watch this video on The Scene.

The post James Chanos and Ky...

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Zero Hedge

Clinton State Dept Spent 5.4 Million Taxpayer Dollars On 'Crystal Stemware', $630k On Facebook 'Likes'

Courtesy of ZeroHedge. View original post here.

Authored by Cameron Cawthorne, originally posted at The Washington Free Beacon,

The Republican National Committee revealed Thursday in a 21-page memo that Hillary Clinton’s State Department spent millions of dollars on lavish goods and initiatives on the taxpayers’ dime.


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Phil's Favorites

FBI Reopens Clinton Probe: Too Little Too Late? Surprising Krugman Tweet

Courtesy of Mish.

It should be clear to even the casual observer that the FBI purposely failed to investigate the Hillary email server scam as well as improprieties the Clinton foundation.

Today the FBI reconsidered. So here we are, 11 days from the election, with an unprecedented FBI probe of the likely next president of the United States, who will undoubtedly be given a pardon by president Obama in his final finger to US citizens.

NBC reports FBI Says It Will Investigate New Hillary Clinton Emails.

The FBI is reviewing a new batch of Hillary Clinton emails, bureau director James Comey said in a letter to the Senate Judiciary Committee on Fr...

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Market News

News You Can Use From Phil's Stock World


Financial Markets and Economy

Dollar Near Seven-Month High as Stocks, Bonds Fluctuate on GDP (Bloomberg)

The dollar held near a seven-month high while stocks and bonds fluctuated after data showing a pickup in the world’s largest economy bolstered the case for higher interest rates this year. Oil fell.

Brexit Pains: The Pound Takes a Serious Pounding (Bloomberg)

The U.K. currency has become the most prominent victim of the Brexit debate, falling 18 percent against the dollar since the British voted in June to w...

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Kimble Charting Solutions

Amazon; Potential bearish reversal pattern, says Joe Friday

Courtesy of Chris Kimble.

Without a doubt, Amazon (AMZN) remains in an uptrend (higher highs and higher lows) over the past decade plus. Last nights earnings does NOT change this trend!

Below updates the pattern on Amazon and highlights that this week, it is could be creating a pattern it has seldom created, over the past 10-years.


As mentioned in the chart, a few t...

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Chart School

Small Caps Head South, Large Caps Drift Lower

Courtesy of Declan.

After failing to build a swing low at September's lows, the Russell 2000 went the other The breakdown has moved out of the consolidation which has been in play since July, opening up for a retest of the June swing low at 1,086. Technicals are heavily oversold, so a reaction bounce, potentially from the open, would not be surprising.

The Nasdaq is felling the pinch. The upside break from the (then) bearish rising wedge had looked to catch shorts on the short, but this has since turned against bulls and ...

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Digital Currencies

Needham Raises Bitcoin Price Target To $848: Here's Why

Courtesy of ZeroHedge. View original post here.

With bitcoin breaking out of its recent trading range as Chinese buyers once again flock to the currency as the Yuan slides (as we predicted over a year ago they would), even Wall Street analysts are starting to pay attention, and in a recent report by Needham's Spencer Bogart, the analyst has raised his price...

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Members' Corner

Heil The Candidate?

Courtesy of Nattering Naybob.

Remember the 2016 Presidential Election is only thirteen days away. During this election campaign, both 2016 election candidates and the incumbent President, have been amongst other things, vilified as Hitler-esque.

Above Heil Hitlary! courtesy of LULZY T-Shirts

Above Heil Trump! image...

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Swing trading portfolio - week of October 24th,2016

Reminder: OpTrader is available to chat with Members, comments are found below each post.


This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...

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Mapping The Market

The Most Overlooked Trait of Investing Success

Via Jean-Luc

Good article on investing success:

The Most Overlooked Trait of Investing Success

By Morgan Housel

There is a reason no Berkshire Hathaway investor chides Buffett when the company has a bad quarter. It’s because Buffett has so thoroughly convinced his investors that it’s pointless to try to navigate around 90-day intervals. He’s done that by writing incredibly lucid letters to investors for the last 50 years, communicating in easy-to-understand language at annual meetings, and speaking on TV in ways that someone with no investing experience can grasp.

Yes, Buffett runs an amazing investment company. But he also runs an amazing investor company. One of the most underappreciated part of his s...

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Epizyme - A Waiting Game

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

Epizyme was founded in 2007, and trying to create drugs to treat patient's cancer by focusing on genetically-linked differences between normal and cancer cells. Cancer areas of focus include leukemia, Non-Hodgkin's lymphoma and breast cancer.  One of the Epizme cofounders, H. Robert Horvitz, won the Nobel Prize in Medicine in 2002 for "discoveries concerning genetic regulation of organ development and programmed cell death."

Before discussing the drug targets of Epizyme, understanding epigenetics is crucial to comprehend the company's goals.  

Genetic components are the DNA sequences that are 'inherited.'  Some of these genes are stronger than others in their expression (e.g., eye color).  Yet, some genes turn on or off due to external factors (environmental), and it is und...

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All About Trends

Mid-Day Update

Reminder: Harlan is available to chat with Members, comments are found below each post.

Click here for the full report.

To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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