Flash Crash Trader Sarao, in U.S. Custody, Faces Arraignment

Navinder Sarao, the British day trader accused of contributing to the 2010 Flash Crash by spoofing trades with a computer program, is set to appear in court after losing a yearlong battle over his extradition.

Sarao is in U.S. custody, according to Peter Carr, a Justice Department spokesman. His initial appearance in federal court in Chicago was delayed Tuesday until Wednesday morning at 9:30 a.m., according to court documents. The reason for the delay wasn’t immediately available. read more »

IN AN UNPRECEDENTED EFFORT, OUR FIRM'S CLIENT DISCOVERED THE MANIPULATIVE ACTIVITY THAT WAS BROUGHT TO THE ATTENTION OF THE CFTC AND DOJ WHO SUBSEQUENTLY CHARGED MR. SARAO AND NOW have succesfully won this EXTRADITION fight

India Abolishes 500 and 1,000 Rupee Notes to Fight Corruption

India will abolish the country’s largest currency notes in a fight against unaccounted wealth and corruption, Prime Minister Narendra Modi said in an unscheduled address to the nation.

The government will scrap 500 rupee and 1,000 rupee notes from Wednesday. The notes in circulation will have to be deposited in banks by end of December, he said in a late evening message broadcast on major national television networks. Some concessions will be allowed for use of the currency notes in government-run hospitals until Nov. 11.

The step by Modi, who is approaching the half-way mark of his term, is an attempt to fulfill his election promise of curbing tax evasion and recovering income stashed overseas after illegally escaping the taxes net. He had struck a chord with 1.3 billion Indians in the 2014 national polls by promising to give the impoverished as much as 2 million rupees each from such funds stashed abroad.

“On one hand, we are number one in economic growth and on the other we are ranked 100 in global corruption rankings,” Modi said in his speech. “Despite various steps, we have improved only to 76.” read more »

South Korea’s Whistle-Blowers Sound Off at Their Own Risk

South Korea is having trouble getting inside executives and officials to call out wrongdoing, despite a broader push to uproot corruption.

Corruption is becoming a pressing issue in South Korea as economic growth slows and its people begin to demand higher standards from their leaders and big companies. After a string of corruption scandals that implicated prosecutors and judges, opposition parties are calling for the establishment of an independent agency to investigate graft among senior public servants. read more »

Biocompatibles pleads guilty to misbranding, agrees to pay $ 36 mn

The medical device maker, who has pleaded guilty to misbranding its embolic device LC Bead, will pay the amount to resolve criminal liability and False Claims Act allegations

The Pennsylvania (USA) based medical device manufacturer Biocompatibles Inc, a subsidiary of BTG plc, has pleaded guilty to misbranding its embolic device LC Bead and has agreed to pay more than $ 36 million to resolve criminal and civil liability arising out of its illegal conduct, the Justice Department of the US said yesterday. LC Bead is used to treat liver cancer, among other diseases. read more »

Lance Armstrong’s latest race: Outrunning a $100M U.S. fraud claim in U.S. court

Cyclist Lance Armstrong was in federal court in Washington on Wednesday backed by a new team: his lawyers.

The Texan who rode to worldwide glory in seven Tour de France wins, mostly sporting U.S. Postal Service logos, is trying to stop the government from collecting $100 million in damages it says he owes taxpayers for lost promotional value after he admitted to doping. read more »

George Clooney takes on China’s Wanda Group over South Sudan

Movie star George Clooney is taking on major Chinese economic interests in Hollywood in his battle for human rights and government kleptocracy in the failed state of South Sudan.

Speaking to Capitol Intelligence/CI Africa, Clooney said he will not pull any punches highlighting any misdeeds by China’s state owned China National Petroleum Corporation (CNPC) because of the billions of dollars invested in Hollywood studios, films and movie theaters by China’s wealthiest businessman — Wanda Group Chairman Wang Jianlin.

PetroChina, with a market capitalization of US$188.84 billion, is listed on the NYSE through an American Depository Receipt (ADR) and subsequently regulated by the US Securities Exchange Commission.

“PetroChina is an easy target as the (US) government can use the SEC for leverage based on Dodd-Frank and Foreign Corrupt Practices Act. read more »

Exxon Investors Pile On With Climate Change Class Claims

A proposed class of investors added its woes to an increasing pile of claims against ExxonMobil over whether the company concealed its knowledge about climate change, accusing the energy giant Monday of lying about its fuel reserves in part to score a $12 billion debt offering.

Shareholders led by Pedro Ramirez Jr. said that Exxon Mobil Corp. had known for years that an increase in global temperatures was coming, and that as the planet got hotter, the company’s access to its hydrocarbon reserves would be limited, according to a suit filed in Texas federal court Monday. read more »