Robinhood, Melvin Capital, Citadel executives expected to testify in Congress on GameStop turmoil: s

[ElCubano]

and here we go for those of you who thought nothing was going to happen LOL

GameStop Mania Is Focus of Federal Probes Into Possible Manipulation

Federal prosecutors and regulators are investigating whether market manipulation or other types of misconduct fueled the rapid rise last month in prices of stocks such as GameStop and AMC Entertainment Holdings, according to people familiar with the matter.

https://www.wsj.com/articles/gamest...le-manipulation-11613066950?mod=djemalertNEWS

The Justice Department’s fraud section and the San Francisco U.S. attorney’s office have sought information about the activity from brokers and social-media companies that were hubs for the trading frenzy, the people said. Prosecutors have subpoenaed information from brokers such as Robinhood Markets Inc., the popular online brokerage that many individual investors used to trade GameStop and other shares, the people said.

...

In addition to the probe by the Justice Department, the Commodity Futures Trading Commission is examining similar trading, the people said. The CFTC has opened a preliminary investigation into whether misconduct occurred as traders, including those coordinating on Reddit, targeted silver futures and the largest exchange-traded fund tied to silver, the iShares Silver Trust,SLV 0.08% one of the people said.

The Wall Street Journal has reported that the Securities and Exchange Commission is reviewing the trading frenzy as well. The SEC and CFTC are civil regulators. The burden of proof in a regulatory enforcement action is lower than in a criminal case, which the Justice Department would bring.

Wake me up when the dust settles. Nothing is still not not going to happen.

 

[Butterfly]

What kind of brokerage records are going to show that retail investors "manipulated" the stock price? By buying the stock? LOL Last time I checked, buying a publicly-traded stock is still legal. And it is also legal to buy a stock after visiting a public message board and talking to their friends. They are going to make that illegal now??? Buying a stock after discussing it with your friends? LOL

LOL, you really have no clue

 

[Butterfly]

Ya I'm not sure how far they can go with that... It's not illegal to get join your buddy's in on a trade...at least not yet. Lol.

you guys should get yourself familiar with market regulations

it's illegal for anybody to conspire and coordinate trades to manipulate securities prices. Period.

 

[Overnight]

you guys should get yourself familiar with market regulations

it's illegal for anybody to conspire and coordinate trades to manipulate securities prices. Period.

Turn those machines back on?

 

[ajacobson]

Amy Lombard / The New York Times

Online trading platform Robinhood is expanding its office presence.

Robinhood aims at NYC, Seattle for offices

Online brokerage Robinhood Markets Inc. has started hiring for offices it's opening in New York City and Seattle. The New York office will be the online brokerage’s first location in the Northeast and gives the Menlo Park, California, company a physical presence in the nation's financial capital. A Robinhood spokesperson said the company is targeting a space in Manhattan.



The posted jobs for New York seek data scientists, engineers, product managers and marketing researchers. The jobs for Seattle target privacy, security and infrastructure. The expansion plans come on the heels of Robinhood’s involvement in recent Wall Street volatility. Robinhood also has offices in Denver; Washington, D.C.; Lake Mary, Florida; Southlake, Texas; Tempe, Arizona; and London.

 

[JSOP]

you guys should get yourself familiar with market regulations

it's illegal for anybody to conspire and coordinate trades to manipulate securities prices. Period.

In PROFESSIONAL settings, yes. There have been where cases professional investment houses colluded using social media or internal chat system to fix prices and etc. like the Libor rate scandal. The professional investment houses were doing it to the detriment of their clients as what they were doing directly eroded the investment value of the forex for example in the Libor scandal. But this is different. In this case, the retail traders were just discussing a stock and then at the end decided to buy the stock. They might use colorful language or talk about a certain group or a certain person but those are all just TALKS!! They didn't have any specific price targets, any specific strategies besides just buying stocks and call options, they didn't have coordinated plans or actions all at specific times and they didn't have any mechanisms of enforcement of the "collusion". If you participated in the discussions and in the end still decided to not buy the stock, you face no negative consequences.

So nice try! To use an extreme case of price collusion by professional investment houses to apply to retail traders who were just talking and trading or not even trading. The SEC wants to waste their time and energy and taxpayers' money just to show that they are doing something, go right ahead. But at the end, only one result would appear: Much ado about nothing when they should be using their time and energy investigating and prosecuting people who really violated security laws like Citadel Securities, Clearinghouses and RH who actually colluded together to restrict buying transactions to manipulate the market to suppress price increases.

 

[Butterfly]

LOL, you are so fucking confused with all those securities laws

maybe you should tell the SEC how to interpret their securities laws LOL