tyb
much better!
that shitpile comes apart it's over. They can't even fold it into another insolvent bank like in 2008.
now we have the shit slide?
SEC Bars Hedge Fund Manager Who Lost 88% Of His Clients' Money In Three Days
The SEC barred a "hedge" fund manager from Connecticut after it discovered that he lost $1.8 million of his client's assets after participating in "risky investment practices", which is a polite way of saying losing 88% of their money in about three days.
Matthew Rossi and Fairfield, Conn.-based SJL Capital defrauded clients by misleading them about the nature and performance of the fund's investment strategy, according to a cease and desist order from the SEC. Rossi was the founder, managing partner and 80% majority owner of the fund.
The SEC's order said that Rossi told investors his fund would invest in a diversified portfolio of publicly traded equities. He also claimed that the fund had a highly successful proprietary algorithm, called MarketDNA, that had been refined over 20 years and included stop losses to limit downside risk.
Instead, the SEC alleges that Rossi "engaged in risky, unhedged options trading, which did not comport with the purported MarketDNA strategy and did not include any safety valves or stop loss limits."
The strategy of unhedged options trading seemed to work out fine… at first. In June 2016, Rossi used the fund's assets to buy a series of put options that wound up returning him 101% that month. The fund had additional gains of 15% in July and reached its peak valuation of more than $1.3 million at the end of the month.
But the fund's success ran out in August 2016 when it lost 88% of its value in days due to the same options "strategies".
On August 19, Rossi sold short dated Amazon calls that resulted in a loss of over $600,000. Within minutes of closing that position, Rossi bought Amazon call options, in addition to Priceline call options, and lost over $68,000 when he sold the Amazon options on August 22.
By November 2016, the fund had been completely wiped out.
Then, instead of making a long, drawn out video explaining the losses like the fine folks at OptionSellers.com did, Rossi hid the extent of the losses from investors by making fake account statements and tax documents that falsely described the fund's assets and returns generated by the supposedly successful strategy.
The SEC claims that clients invested nearly $1.8 million with him and when they found out about the losses, Rossi made up a story that they were due to a "rogue trader" who had been making trades on his behalf while he was undergoing knee surgery and couldn’t work. As a result, the SEC has barred Rossi from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization.
https://www.zerohedge.com/news/2019-04-29/sec-bars-hedge-fund-manager-who-lost-88-his-clients-money-three-days
Islamic State airs video purporting to be leader al-Baghdadi
CAIRO (Reuters) - Islamic State’s media network on Monday published a threatening video message purporting to come from its leader Abu Bakr al-Baghdadi in what would be his first appearance since declaring the jihadists’ now-defunct “caliphate” five years ago.
In the 18-minute video from the Al Furqan network, a bearded man with Baghdadi’s appearance says the Easter bombings in Sri Lanka were IS’s response to losses in its last territorial stronghold of Baghouz in Syria.
The group will seek revenge for jailed and killed members, he says, calling for militants operating in west Africa to multiply attacks against “Crusader France and its allies”.
The authenticity and date of the recording could not be independently verified.
The video would be the first from Baghdadi since he was filmed in the Iraqi city of Mosul in 2014. More recent speeches have been released as audio recordings.
Introductory script at the start of the video dates it to earlier in April, and he can be seen sitting cross-legged on the floor giving an address to three aides who have their faces blurred.
The speaker appears to be in good health and looks like a slightly older version of Baghdadi than when he was pictured in 2014, addressing followers from a pulpit to declare a caliphate stretching across Iraq and Syria.
In the footage released on Monday, he is dressed in black robes and a beige waistcoat, with a long graying beard dyed red at the bottom. A rifle leans against the wall behind him.
“Our battle today is a battle of attrition with the enemy … Jihad continues until judgment day, and God ordered us to jihad, but not to victory,” he said.
He congratulated militants in Libya for a deadly attack earlier this month on the southern desert town of Fuqaha, where they later retreated, and militants in Burkina Faso and Mali for pledging allegiance to Islamic State.
He also asked God to protect them and Abu Waleed al-Sahrawi, the leader of IS in the Greater Sahara. “We recommend the mujahideen to drain their enemies of all their human, military, economic and logistical capabilities,” he said.
FUGITIVE
At the height of its power IS ruled over millions of people in territory running from northern Syria through towns and villages along the Tigris and Euphrates valleys to the outskirts of Baghdad.
But the fall in 2017 of Mosul and Raqqa, its strongholds in Iraq and Syria respectively, stripped Baghdadi of the trappings of a caliph and turned him into a fugitive thought to be moving along the desert border between Iraq and Syria.
There had been conflicting reports over whether Baghdadi, an Iraqi, is still alive.
The CIA had no immediate comment on the video
(I bet they didn't)
“We are aware of a video posted today reportedly showing Abu Bakr al-Baghdadi,” said Pentagon spokesman Navy Commander Sean Robertson. “We are continuing to support partner forces in their mission of an enduring defeat of ISIS.”
U.S. air strikes killed most of Baghdadi’s top lieutenants, including “war minister” Abu Omar al-Shishani, “governor of the Iraqi region” Abu Muslim al-Turkmani, group spokesman Abu Mohammed al-Adnani and “governor for Syria” Abu Ali al-Anbari.
Though it lost its last significant territory, the Syrian village of Baghouz, last month, IS has sleeper cells around the world and some fighters operate from the shadows in Syria’s desert and Iraq’s cities.
In West Africa’s troubled Sahel region, Islamist extremists have been exploiting local conflicts to extend their reach, with most attacks blamed on groups loosely affiliated with Al Qaeda. In Nigeria, a breakaway faction of the extremist group Boko Haram has pledged allegiance to IS.
In the video, the speaker paid tribute to fighters who died in the Baghouz area, saying they included nationals from Iraq, Saudi Arabia, Belgium, France, Australia, Chechnya and Egypt.
He said Easter Sunday bombings that left more than 250 people dead were carried out “in revenge for their brothers in Baghouz”.
rest at link
https://www.reuters.com/article/us-mideast-crisis-baghdadi/islamic-state-airs-video-purporting-to-be-leader-al-baghdadi-idUSKCN1S51QB?il=0
thought so too. I mean how moar direct could you get?