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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Zero Hedge

Argentines Stumped By Mystery Trucks Loaded With $130 Million In "High Denomination" Bills

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Apparently taking a page out of the Spanish government's playbook, Argentines in the Santa Cruz region were surprised yesterday afternoon when at least five bright yellow armored trucks accompanied by heavily armed police paraded through the city. Just weeks after Kirchner's Peroniost government lost the election, and coming after five office fires (destroying banking and economic files from the current regime),...

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Phil's Favorites

Former CIA Deputy Director Gives A Stunning Reason Why Obama Has Not Attacked ISIS' Oil Infrastructure

Courtesy of ZeroHedge. View original post here.

As we pointed out a week ago, even before the downing of the Russian jet by a Turkish F-16, the most important question that nobody had asked about ISIS is where is the funding for the terrorist organization coming from, and more importantly, since everyone tacitly knows where said funding is coming from (as we have revealed in an ongoing series of posts "Meet The Man Who Funds ISIS: Bilal Erdogan, The Son Of Turkey's President", "...

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Digital Currencies

The Bitcoin Universe Explained

Courtesy of ZeroHedge. View original post here.

As evidenced by the Greek, Chinese, and now Argentine 'jumps', the world remains increasingly aware of the inevitable worth of fiat currencies and fears the desperate acts of governments as the react to that reality (and is looking for alternatives).

This infographic explains the wide ranges of the Bitcoin universe, accompanied with quotes from some of its best-known business leaders.

Courtesy of: Visual Capitalist ...

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Market News

News You Can Use From Phil's Stock World


Financial Markets and Economy

The Fed just tweeted a brutal chart showing the sorry state of US department stores (Business Insider)

It's Black Friday, which means American consumers everywhere are knocking down doors in their efforts to take advantage of what they perceive to be a good deal.

Oil prices fall more than 3% as dollar and oversu...

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Kimble Charting Solutions

Does Black Friday Matter For Gains The Rest Of The Year?

Courtesy of Chris Kimble.

We are entering one of the most bullish times of the year historically.  As we mentioned last week, the final 30 trading days of the year have been higher each of the last 12 years.


Getting to today, it is Black Friday – the official start to the holiday spending season.  We’ve seen many stats that show this day isn’t quite as important as it once was.  From many sales now starting on Thanksgiving, to Cyber Monday this coming Monday – there are other times people are looking for the best deals.  None the less,...

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Chart School

Greatest risk to the stock market is?

Courtesy of Read the Ticker.

Nope it is not interest rates, nope it is not Donald Trump, it is!

It is the CRUDE OIL crash, simple!

Jim Willie has good comments in the first 40 min of this pod cast.

Energy company ...
- Debt is blowing up (See energy element of HYG).
- Hedging at oil $100 is coming to an end.
- Iran coming back to the market, more supply.
- Saudi still providing massive supply.
- Oil tankers holding oil parked in the ocean are coming in to harbor to unload
- US dollar strength supports lower oil prices
- World wide DEMAND slump for energy or deflation.
- More oil being sold outside the US Dollar
- The Oil futures can not be manipulated easily as folks actually ...

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All About Trends

Mid-Day Update

Reminder: David 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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Sector Detector: Bulls wrest back control of market direction, despite global adversity

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

Courtesy of Sabrient Systems and Gradient Analytics

Some weeks when I write this article there is little new to talk about from the prior week. It’s always the Fed, global QE, China growth, election chatter, oil prices, etc. And then there are times like this in which there is so much happening that I don’t know where to start. Of course, the biggest market-moving news came the weekend before last when Paris was put face-to-face with the depths of human depravity and savagery. And yet the stock market responded with its best week of the year. As a result, the key issues dominating the front page and election chatter have moved from the economy and jobs to national security and a real war (rather than police ...

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Swing trading portfolio - week of November 23rd, 2015

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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PSW is more than just stock talk!


We know you love coming here for our Stocks & Options education, strategy and trade ideas, and for Phil's daily commentary which you can't live without, but there's more! features the most important and most interesting news items from around the web, all day, every day!

News: If you missed it, you can probably find it in our Market News section. We sift through piles of news so you don't have to.   

If you are looking for non-mainstream, provocatively-narrated news and opinion pieces which promise to make you think -- we feature Zero Hedge, ...

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Whitney Tilson On LL, EXACT, And Martin Shkreli


Whitney Tilson On LL, EXACT, And Martin Shkreli

Courtesy of Value Walk

1) The shares of one of my largest short positions (~3%), Exact Sciences, crashed by more than 46% yesterday. Below is the article I published this morning on SeekingAlpha, explaining why I think it’s still a great short and thus shorted more yesterday. Here’s a summary:

  • The U.S. Preventative Services Task Force’s Colorectal Cancer Screening Draft Recommendation issued yesterday is devastating for Exact Sciences’ only product, Cologuard.
  • I think this is the beginning of the end for the company.
  • My price target for the stock a year from now is $3, so I shorted more yes...

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Baxter's Spinoff

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

Baxter Int. (BAX) is splitting off its BioSciences division into a new company called Baxalta. Shares of Baxalta will be given as a tax-free dividend, in the ratio of one to one, to BAX holders on record on June 17, 2015. That means, if you want to receive the Baxalta dividend, you need to buy the stock this week (on or before June 12).

The Baxalta Spinoff

By Ilene with Trevor of Lowenthal Capital Partners and Paul Price

In its recent filing with the SEC, Baxter provides:

“This information statement is being ...

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Mapping The Market

An update on oil proxies

Courtesy of Jean-Luc Saillard

Back in December, I wrote a post on my blog where I compared the performances of various ETFs related to the oil industry. I was looking for the best possible proxy to match the moves of oil prices if you didn't want to play with futures. At the time, I concluded that for medium term trades, USO and the leveraged ETFs UCO and SCO were the most promising. Longer term, broader ETFs like OIH and XLE might make better investment if oil prices do recover to more profitable prices since ETF linked to futures like USO, UCO and SCO do suffer from decay. It also seemed that DIG and DUG could be promising if OIH could recover as it should with the price of oil, but that they don't make a good proxy for the price of oil itself. 


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Help One Of Our Own PSW Members

"Hello PSW Members –

This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible.  Feel free to contact me directly at with any questions.

Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts.  After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.)  Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.

Thank you for you time!

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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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