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Stock market trading is something that needs expert guidance and has its own set of risks associated. This is why, people generally consult experts before investing in stocks. However, one needs to be careful who they are seeking advice from when it comes to financial matters. In a recent case, a 63-year-old man from Hyderabad lost Rs 50 lakh after falling for a fraudulent stock trading scheme shared through a <keyword id="790242" type="General" weightage="20" keywordseo="whatsapp" source="Orion">WhatsApp</keyword> group. This is just one example of how fraudsters are increasingly using messaging platforms to lure in victims with false promises of easy profits. <h2>How the scam unfolded </h2> The scam began when the victim received an invitation to join a WhatsApp group called Stock Discussion Group. According to a Times Now report, the group was led by a man named <keyword id="23828130" type="General" weightage="20" keywordseo="kunal-singh" source="keywords">Kunal Singh</keyword>, who introduced himself as a financial advisor with extensive experience in the stock market. Singh claimed that his past clients had earned significant profits, boasting of returns as high as 500% by following his stock trading advice. Intrigued by these promises, the victim enrolled in online classes that were promoted within the group. These sessions, held through private links shared on WhatsApp, promised to teach participants how to make money by investing in the stock market. Singh continued to assure group members that his expertise would guide them to financial success. The victim, trusting his guidance, began to invest small amounts of money on a platform called Skyrim Capital, which Singh claimed was a legitimate trading platform. At first, the victim saw some returns on his investment, which only encouraged him to invest more. The initial success built his confidence, and over time, he transferred a total of Rs 50 lakh into multiple investments, believing that he was making wise financial decisions. However, when the victim attempted to withdraw his funds, he was unable to do so. The platform blocked his attempts, and when he tried to contact Singh, he received no response. The truth behind the scam The victim soon realised that he had been scammed. The platform, Skyrim Capital, turned out to be nothing more than a front for fraudulent activity, and Singh had disappeared with the man’s money. The scam had been carefully designed to build trust initially, only to betray the victim when he tried to cash out. The fraudsters used the lure of high returns and expert advice to convince the victim to keep investing larger sums, ultimately draining his finances. This scam is just one of many that have been reported in India, with cybercriminals exploiting the convenience and popularity of platforms like WhatsApp to reach potential victims. These scams often rely on false promises and fake personas, with fraudsters creating elaborate stories to convince their targets that they are legitimate financial advisors.

63-year-old Hyderabad man loses ₹50 lakh after joining WhatsApp group for stock market investment advice

In the last two years, there has been a rapid rise in scams in India and a lot of people have lost their hard-earned money after trusting strangers for financial advice. Be it a fraudulent app, being added to a shady WhatsApp group, or receiving phone calls from strangers that sound too good to be true, many cases have come to light. Now, in a new incident, a doctor from Thane, Maharashtra, was misled by three Karnataka-based suspects who promised earnings via a municipal contract to supply medical equipment, costing him ₹3.84 crore. Despite investing over a three-year period, he saw no returns and reported the crime to the Naupada police, who have registered a case but made no arrests. Thane doctor tricked by false municipal contract According to a PTI report, a 39-year-old doctor in Thane, Maharashtra was deceived by three men from Karnataka. These fraudsters offered him lucrative returns through a supposed municipal contract for supplying medical equipment. Convinced by the promise of reliable profits, the doctor began investing heavily in December 2020, making significant contributions until March this year. The doctor’s substantial investment – totalling ₹3.84 crore – was made over multiple transactions from December 2020 and March this year, in anticipation of high returns that never materialised. Suspicion finally arose after the doctor had seen no profits despite his repeated investments. Recognising he may have been defrauded, he reached out to the Naupada police station, who registered a case under charges of cheating. While no arrests have been made so far, authorities have launched an investigation to track down the perpetrators and recover the funds if possible. A police official told PTI, "The man approached police after he did not get profits or any return on investment. We have registered a case of cheating but have not arrested anyone." Ahmedabad gynaecologist duped in <keyword id="21361161" type="General" weightage="100" keywordseo="stock-market-scam" source="keywords">stock market scam</keyword> In a similar incident, a gynaecologist from Ahmedabad lost ₹1.1 crore to a scam that began with a social media advertisement. Attracted by the potential for substantial stock market returns, the doctor engaged with a group promising expert tips and was subsequently added to a WhatsApp group where members shared investment insights. Through this group, he was introduced to a web link for stock and IPO investments, along with an application that required his banking details and identification documents. A PTI report revealed that the doctor’s initial investment of ₹50,000 yielded a profit of ₹10,000, which he successfully withdrew. This initial success encouraged him to make larger investments, transferring ₹1.1 crore through multiple transactions in pursuit of higher gains. When he later attempted to withdraw his funds, he was unexpectedly asked to pay 20% of his total profits. After refusing this demand, he was removed from the WhatsApp group and realised the extent of the deception. He contacted Cybercrime police in February, and after months of waiting, a formal case was registered against unknown suspects under charges of breach of trust and cheating, alongside provisions of the <keyword id="20003647" type="General" weightage="20" keywordseo="information-technology-act" source="keywords">Information Technology Act</keyword>.

Thane doctor gets cheated of ₹3.84 crore, was promised high financial returns by 3 men

<ul><li>The combined market cap of Adani Group companies eroded by over ₹2.45 lakh crore.</li><li>This comes amid a US probe into Gautam Adani into an alleged bribe charge.</li><li>Adani has been charged over his role in an alleged scheme to pay a $250 million bribe to Indian officials.</li></ul><keyword id="20046345" type="General" weightage="20" keywordseo="Adani-Group-stocks" source="keywords">Adani group stocks</keyword> faced heavy drubbing during the morning trade on Thursday, with the combined market valuation of all the listed firms getting eroded by ₹2.45 lakh crore, as billionaire Gautam Adani has been charged by US prosecutors. Adani has been charged over his role in an alleged years-long scheme to pay a $250 million bribe to Indian officials in exchange for favourable terms for solar power contracts. The stock of the group's flagship firm Adani Enterprises plunged 22.99%, Adani Ports dived 20%, Adani Energy Solutions tanked 20%, Adani Green Energy plummeted 19.53% and Adani Total Gas tumbled 18.14% on the BSE. Shares of Adani Power slumped 17.79%, Ambuja Cements cracked 17.59%, ACC fell 14.54%, NDTV dropped 14.37% and Adani Wilmar declined 10%. Some of the group firms also hit their lowest trading permissible limit or lower circuit for the day. The combined market capitalisation (mcap) of all the ten listed group firms eroded by ₹2,45,016.51 crore during the morning deals. In the equity market, the BSE benchmark Sensex traded 536.89 points lower at 77,041.49 and the NSE Nifty quoted 186.75 points down at 23,331.75. US prosecutors charged Adani, 62, his nephew Sagar and other defendants for paying over $250 million in bribes between 2020 and 2024 to Indian government officials to win solar energy contracts on terms that could potentially bring in more than $2 billion in profit. This, they alleged, was concealed from the US banks and investors from whom the Adani group raised billions of dollars for the project. The complaint charges them with violating the antifraud provisions of the federal securities laws and seeks permanent injunctions, civil penalties, and officer and director bars. US law allows pursuing foreign corruption allegations if they involve certain links to American investors or markets. The Adani group did not immediately respond to requests for comments. "The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars," Breon Peace, US Attorney for the Eastern District of New York, which brought the case, said in a statement. Adani, chairman of the ports-to-energy Adani Group, his nephew Sagar R Adani, who is an executive director at the conglomerate's renewable energy arm Adani Green Energy Ltd, and its former CEO Vneet Jaain were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy. The Department of Justice alleged that on several occasions, Adani personally met with an Indian government official to advance the bribery scheme, and the defendants held in-person meetings with each other to discuss aspects of its execution. With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/redmi-a4-5g-with-120hz-display-launched-starting-at-8499/articleshow/115479469.cms">Redmi A4 5G with 120Hz display launched starting at ₹8,499</a> <a href="https://www.businessinsider.in/tech/mobile/news/android-16-developer-preview-announced-new-features-timeline-and-everything-you-need-to-know/articleshow/115476441.cms">Android 16 Developer Preview announced – new features, timeline and everything you need to know</a> <a href="https://www.businessinsider.in/tech/news/indian-wearables-market-declines-20-7-in-q3-2024-smartwatch-and-earwear-categories-struggle/articleshow/115447720.cms">Indian wearables market declines 20.7% in Q3 2024, smartwatch and earwear categories struggle</a>

Adani group stocks' combined market cap erodes by ₹2.45 lakh crore, Adani Enterprises tanks 23%

<ul class="summary-list"><li>Two brothers were charged with insider-trading fraud ahead of Trump Media's public offering.</li><li>Michael and Gerald Shvartsman each pleaded guilty to one count of securities fraud.</li></ul>Two brothers who were charged with participating in an insider-trading scheme ahead of Trump Media and Technology Group's public offering each pleaded guilty Wednesday to one count of securities fraud.Michael and Gerald Shvartsman were charged with making illegal trades based on nonpublic knowledge that the special-purpose acquisition company Digital World Acquisition Corp. was going to acquire Trump Media and take it public, according to the indictment. Trump Media is Truth Social's parent company."Michael and Gerald Shvartsman admitted in court that they received confidential, inside information about an upcoming merger between DWAC and Trump Media and used that information to make profitable, but illegal, open-market trades," Damian Williams, the US attorney for the Southern District of New York, <a target="_blank" href="https://www.justice.gov/usao-sdny/pr/two-individuals-plead-guilty-participating-insider-trading-scheme-based-spac-merger">said in a statement</a>.The brothers were first arrested in June on charges of securities fraud. One count of such charges carries a maximum prison sentence of 20 years, according to the US Attorney's Office of the Southern District of New York. Through their plea agreements, the government recommended sentences of three to five years. Both brothers are set to be sentenced in July.According to authorities, they pocketed more than $22 million between them in the trades. Michael Shvartsmanl used some of the $14 million he made to buy a yacht he called Provocateur, <a target="_blank" href="https://www.nytimes.com/2024/04/03/business/trump-media-insider-trading-guilty.html">The New York Times reports</a>.A third man, Bruce Garelick, was also charged and is set to go on trial later this month, the Times reported. Attorneys for Garelick did not immediately respond to a request for comment from Business Insider.The indictment does not say Donald Trump had any involvement in the scheme."Insider trading is cheating, plain and simple, and today's convictions should remind anyone who may be tempted to corrupt the integrity of the stock market that it will earn them a ticket to prison," Williams said.Meanwhile, Trump Media is <a target="_blank" href="https://www.businessinsider.com/trump-media-stock-price-spac-merger-djt-truth-social-lawsuit-2024-4">suing its cofounders</a> for damaging the business and attempting to thwart the DWAC merger.Shares in Trump Media tumbled more than 20% on Monday after it reported a net loss of $58 million last year and revenue of $4.1 million, causing the former president's net worth <a target="_blank" href="https://www.businessinsider.com/trump-worth-billion-dollars-less-after-truth-social-shares-fall-2024-4">to fall by over $1 billion</a>.

Trump Media investors charged with insider trading plead guilty to fraud

<ul class="summary-list"><li>Andrew Left, a short-seller known for his research and social-media activity, has been accused of fraud.</li><li>The Justice Department alleges that Left "knowingly exploited his ability to move stock prices."</li></ul>Andrew Left, the famed short-seller who made millions betting against public companies, has been charged with fraud by federal prosecutors.The Citron Research founder was charged with 17 counts of securities fraud on Friday, as well as making false statements to federal investigators, according to a <a target="_blank" class="" href="https://www.justice.gov/opa/pr/activist-short-seller-charged-16m-stock-market-manipulation-scheme">release</a> from the Justice Department.Left — who prosecutors say took in profits of at least $16 million — rose to prominence on Wall Street nearly a decade ago, when he made a <a target="_blank" href="https://www.businessinsider.com/valeant-stock-plunge-timeline-2015-10#:~:text=Valeant%20Pharmaceuticals'%20share%20price%20went,it%20to%20Enron%20on%20Wednesday.">high-profile bet against Valeant Pharmaceuticals</a>, now known as Bausch Health. His report, which compared the company to Enron and quickly tanked the stock, proved largely accurate. An executive at the firm was later convicted as part of a kickback scheme that gave business to the pharmacies it controlled.With his high profile established, Left regularly used social media and TV appearances to promote his research as a short-seller.His subsequent bearish commentary focused on other popular companies, including <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-short-selling-andrew-left-citron-bets-hertz-nikola-2020-6">Hertz</a>, Nikola, and American Airlines, arguing that their stocks were overvalued. Prosecutors specifically cited sharp share-price losses in American after a tweet from Left, after which he closed out most of his short position.But not all of Left's public commentary was negative. In 2018, he said on Twitter that he was bullish on Tesla. He sold more than half his stake within a minute of posting, making $1 million on the share pop, the indictment said."Left established long or short positions in the public company on which he was commenting in his trading accounts and prepared to quickly close those positions post-publication and take profits on the short-term price movement caused by his commentary," prosecutors said.Left also had some misfires. He incurred a high-profile <a target="_blank" class="" href="https://www.wsj.com/finance/stocks/gamestop-burned-andrew-left-in-2021-hes-betting-against-the-stock-again-4377cecb">loss on GameStop</a> as the stock skyrocketed following an unprecedented groundswell of retail-investor activity. <a target="_blank" href="https://markets.businessinsider.com/news/stocks/citron-stop-publishing-short-seller-research-gamestop-squeeze-andrew-left-2021-1-1030020509">Citron stopped publishing reports</a> in the wake of the short squeeze, with Left saying his <a target="_blank" href="https://markets.businessinsider.com/news/stocks/citron-andrew-left-gamestop-fight-angry-mob-investors-harass-family-2021-1-1029995012">family was harassed</a> by an "angry mob" of GameStop investors. Even then, he maintained an online presence, posting about various companies on social media or, at times, appearing on televised segments on <a target="_blank" href="https://www.cnbc.com/2021/09/24/citron-research-short-seller-andrew-left-on-evergrande-debt-crisis.html">CNBC</a>, <a target="_blank" class="" href="https://www.foxbusiness.com/video/6296565778001">Fox</a>, and <a target="_blank" class="" href="https://www.bloomberg.com/news/videos/2023-07-11/left-doesn-t-know-why-feds-are-investigating-him-video">Bloomberg</a>."The commentary routinely included sensationalized headlines and exaggerated language to maximize the reaction it would get from the stock market," prosecutors said. "As alleged, Left knowingly exploited his ability to move stock prices by targeting stocks popular with retail investors and posting recommendations on social media to manipulate the market and make fast, easy money."The indictment also claimed Left made false statements about his research firm's connection to hedge funds. Prosecutors said he falsely stated on one occasion that his research firm "never" received compensation or lined up its trading with another hedge fund before releasing a report."To further the scheme, Left allegedly advanced the false pretense that his investment recommendations were credible because he was independent and free from any financial conflicts of interest," the complaint added. "However, Left allegedly concealed Citron's financial relationships with a hedge fund by fabricating invoices, wiring payments through a third party, and making false and misleading statements to the public about Citron's relationship with hedge funds."Left has downplayed his role as a Wall Street financier. Citron's website lists him as the firm's "<a target="_blank" href="https://citronresearch.com/who-is-citron-research/#:~:text=Citron%20Research%20%2D%20Andrew%20Left%20%7C%20Founder%20%26%20Executive%20Editor">executive editor</a>," saying Citron's goal is to "provide truthful information in an entertaining format.""Sometimes, you have a great story and the biggest challenge is, 'How do I get people to read it?'" Left said in a 2015 interview with The Wall Street Journal. "Wall Street research is painfully boring. I enjoy being entertaining."In an interview with Bloomberg last year, Left said he didn't know why investigators were looking into his firm."I don't know what the government is going to do," he said. "Activists are just people who basically just do extra homework and express their opinion. I don't know what the exact investigation is about, but it has to do with short-sellers and activist short-sellers, obviously."Citron Research did not immediately respond to a request for comment from Business Insider.Correction: July 26, 2024 — An earlier version of this story misstated the status of Nikola. It is still in business, not defunct.

Feds accuse famed short-seller Andrew Left of fraud and market manipulation

In a big move, market watchdog <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords">SEBI</keyword> has banned <keyword id="19902194" type="General" weightage="100" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword> from participating in the securities markets for 5 years, for diverting funds from <keyword id="20367971" type="General" weightage="20" keywordseo="Reliance-Home-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Home Finance" meta.hostid="261" meta.entityid="Reliance Home Finance">Reliance Home Finance</keyword> (RHF). This means that the debt-ridden Ambani scion will not be able to serve as key managerial personnel, or director in any listed company for the next 5 years. Additionally, he will also have to pay Rs 25 crore as a penalty. Along with Ambani, 24 others, which include former employees of RHF, have also been banned from trading in the securities market for a five year period. RHF itself has been barred from the securities market for 6 months, and has also been penalized Rs 6 lakh. <h2>Not the first time</h2>In its order, SEBI found Ambani guilty of fraud and channeling away RHF funds under the guise of loans by lending them to entities connected to him. This was despite the company's board of directors repeatedly advising to stop such practices. Ambani continued to orchestrate the fraud, thanks to his key position as the chairman of ADA Group, and also because of his shareholding in RHFL's holding company. In July this year, SEBI had barred the infamous fugitive Vijay Mallya from trading in Indian markets for three years, when it was found that Mallya illegally routed funds via foreign banks and companies to spruce up the share value of his own companies and profiting from the same, aka stock rigging. While all his assets in India are frozen, he also cannot serve as the director of any Indian listed company for this duration. But this is not the first time SEBI has debarred people from the markets. Last year, SEBI had barred Mohammad Nasiruddin Ansari, popularly known as <keyword id="22893256" type="General" weightage="20" keywordseo="Baap-of-Charts" source="keywords" meta.keywordsubtype="org" meta.entityname="Baap of Charts" meta.hostid="261" meta.entityid="Baap of Charts">Baap of Charts</keyword>, after he was f0und doling out misleading stock-related advise, while pretending to run educative courses. SEBI also asked Ansari to refund Rs 17.2 crore he had collected under the guise of fees. Another popular fin-fluencer, PR Sundar, was barred from options trading for an entire year, when it was found that he was running full fledged investment advisory services i.e. recommending buying and selling stocks, without obtaining the necessary licenses Bollywood actor <keyword id="20003289" type="General" weightage="20" keywordseo="arshad-warsi" source="keywords">Arshad Warsi</keyword>, along with his wife Maria Goretti, were also banned by SEBI last year after he was found uploading videos that lured investors to buy shares of two specific companies, namely Sadhna Broadcast and Sharpline Broadcast, and thus, profiting about Rs 29.43 lakh and Rs 37.56 lakh, respectively. They were not allowed to trade until they deposited all profits made in this manner in an escrow account. However, the duo, along with Warsi's brother Iqbal Warsi later received relief from SAT (Securities Appellate Tribunal), which set aside SEBI's order.

Anil Ambani, Arshad Warsi- Famous names who SEBI has barred from the markets

<ul class="summary-list"><li>Carson Block told Bloomberg TV that the stock market needs short sellers "more than ever."</li><li>Otherwise, even problematic companies will benefit from the current speculative bull run, he said.</li></ul>The market needs to embrace short sellers if it wants to free itself of fraud, Carson Block told <a target="_blank" href="https://www.youtube.com/watch?v=1khZEB-5cJE">Bloomberg TV</a>.But being a contrarian right now is a challenge, with short sellers increasingly out of place in the latest bull rally, the Muddy Waters founder said. Where sellers profit by betting against problematic firms, most investors today are chasing narratives and speculation, he said."There are more companies playing more games. A lot of them are in the gray zone; you don't know whether it's over the line or not," Block said. "So they're not gonna get prosecuted in this environment."He added: "The market needs short sellers more than ever, given the amount of games that are being played. But if the long side doesn't care, then, you know, this can continue until it doesn't."Block isn't alone in making this point.Last month, legendary investor Jim Chanos told Bloomberg that the market was riding through "<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-06-12/chanos-laments-difficulty-to-raise-cash-in-golden-age-of-fraud">the golden age of fraud</a>," as today's record-breaking market run is pumping up valuations even for companies that don't deserve it.Chanos, who garnered fame on Wall Street for forecasting Enron's downfall, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/jim-chanos-short-seller-hedge-funds-bear-bets-tesla-enron-2023-11">closed his hedge funds</a> last year. He cited a changed marketplace, where passive investing has placed pressure on short sellers.In February, David Einhorn also shared frustration with today's market behavior. Investors are trading on a firm's fundamental merits less and less, he said. Instead, passive investors have "<a target="_blank" href="https://markets.businessinsider.com/news/stocks/value-trading-outlook-passive-algorithmic-investors-short-selling-david-einhorn-2024-2">completely annihilated"</a> the value industry.Although Einhorn's Greenlight Capital was up 22.1% last year, he cited significant losses on four short positions in a letter to clients.Faced with this environment, JPMorgan said that short bets on major US indexes fell to <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-short-selling-record-lows-correction-volatility-jpmorgan-2024-6">record lows in late June</a>. That's because short positions are expensive to hold when the market is constantly climbing, it said.But according to Block, not only are short sellers hampered by the speculative frenzy, these traders are facing pushback from regulators and "populist" investors.He argued that short sellers who seek out fraudulent or failing firms have been helpful to agencies such as the US Securities and Exchange Commision. Meanwhile, some companies have taken to trying to turn investors against short sellers, Block added. Tesla's CEO Elon Musk has often lamented short positions on its stock, pushing Tesla higher, he noted. "It's easy to demonize short sellers, as part of the populist messaging, and somehow call us suits," Block said.Trump Media and Technology Group offers a more recent example. The company attracted a number of short positions after going public in March, causing it to issue warnings to its investors on how to combat short sellers.After posting the advice, the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-djt-stock-price-short-sellers-squeeze-share-recall-2024-4">stock jumped 12%</a>.

Short-sellers are more important than ever for keeping fraud out of the market, Carson Block says

<ul class="summary-list"><li>Donald Trump can sell his Trump Media stock soon, potentially scoring a huge payout.</li><li>The lockup period for Trump Media shares ends September 25, or earlier if some conditions are met.</li></ul>Donald Trump is just days away from being eligible for a huge payout.The potential source of the wealth is the Republican presidential nominee's company <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/djt-stock">Trump Media</a>, which owns his platform, Truth Social. The entity first began trading on the Nasdaq in March under the ticker DJT.As part of a "lockup agreement," which is common practice in initial public offerings, Trump has been barred from selling his shares in the company for 180 days.That countdown clock is now ticking down.The lockup period, as explained in <a target="_blank" class="" href="https://s3.amazonaws.com/sec.irpass.cc/2660/0001104659-21-071982.htm">the company's regulatory filings</a>, is scheduled <a target="_blank" class="" href="https://www.cnbc.com/2024/08/22/trump-djt-stock-sell-off-media.html">to end on September 25</a>, but it could also end as early as September 20 if certain conditions are met.To be freed up on the earlier date, the share price needs to remain above $12 for 20 trading days within the 30-day period that began on August 23. Despite the stock falling to around $16 this past week — its lowest point on record — that condition has been met. Shares have plummeted 60% since mid-July.<div type="image" title="Trump Media stock price chart YTD through 9-13" height="745" width="860" msid="113396111" hostid="261" sizebytes="27416"></div>Trump <a target="_blank" class="" href="https://www.businessinsider.com/trump-media-truth-social-stock-down-lockup-polls-2024-8">owns almost 60% of the company</a>, and with the company's current valuation at around $3.3 billion, that means his stake totals about $2 billion.His stake in the company makes up more than half of his total net worth, <a target="_blank" class="" href="https://www.forbes.com/profile/donald-trump/">according to Forbes</a>, which estimates Trump is worth about $3.7 billion.It's not clear if Trump intends to sell his stock or not, and in <a target="_blank" class="" href="https://s3.amazonaws.com/sec.irpass.cc/2660/0001140361-24-033170.htm#tCEF">an SEC filing, Trump Media</a> explains that if a large shareholder even indicates plans to sell, it could negatively affect the share prices."These sales, or the perception in the market that the holders of a large number of shares intend to sell shares, could reduce the market price" of the stock, the filing says.There's also the matter of Trump not wanting to cash in his holdings with DJT stock at record lows. In recent months the share price has been <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-harris-debate-winner-djt-stock-election-bitcoin-trump-media-2024-9">correlated with Trump's polling numbers</a>, so any sort of recovery in election odds could lead to a stock rebound — and a more attractive payout package.And on Friday, Trump insisted he wouldn't sell off."No, I'm not selling. No, I love it," Trump said during a press conference in California. That sent shares briefly skyrocketing.Still, Trump could probably use the money right now.Earlier this year, <a target="_blank" rel="" href="https://www.businessinsider.com/who-is-trump-fraud-case-judge-arthur-engoron-bio-2023-10">Judge Arthur Engoron</a> ordered Trump and executives at the Trump Organization <a target="_blank" rel="" href="https://www.businessinsider.com/donald-trump-claims-he-has-nearly-500-million-despite-not-being-able-to-pay-bond-2024-3">to pay out $454 million</a> plus interest in their New York civil fraud trial. So far, Trump has paid $175 million for an appeal bond, but if he loses his appeal, he'll be on the hook for hundreds of millions more.On top of that, Trump had already burned through $100 million in lawyer's fees by March this year, according to a <a target="_blank" class="" href="https://www.nytimes.com/interactive/2024/03/27/us/politics/trump-cases-legal-fund.html">report by The New York Times.</a><a target="_blank" class="" href="https://www.businessinsider.com/trump-media-djt-stock-price-crash-spac-lockup-sell-shares-2024-4">Trump Media has had a tumultuous ride</a> since entering the public market. <a target="_blank" class="" href="https://www.businessinsider.com/meme-stocks-mania-donald-trump-tmtg-truth-social-hasbro-paramount-2024-3">With help from meme stock mania</a>, the company's stock soared to $70 a share when it first went public, shooting Trump Media's market cap to $9 billion and raising the Republican nominee's net worth to $7 billion.The company boasted an eye-watering valuation despite reporting paltry earnings and high expenditures.But Trump Media's stock has <a target="_blank" class="" href="https://www.businessinsider.com/trump-media-truth-social-stock-down-lockup-polls-2024-8">been in free-fall </a>ever since. And although Trump insisted he won the <a target="_blank" class="" href="https://www.businessinsider.com/trump-lost-debate-polls-prediction-market-reaction-taylor-swift-rematch-2024-9">debate</a> against Kamala Harris, the market resoundingly reacted as if he lost, making it ultimately responsible for DJT's last leg down to record lows.

Trump is days away from being able to dump his Trump Media stock for a massive payday        

<ul class="summary-list"><li>Beijing has accused Evergrande of inflating revenue by $78 billion in 2019 and 2020.</li><li>Regulatory authorities have fined Evergrande's founder and banned him from the securities market for life.</li></ul>It just seems to get worse and worse for <a target="_blank" href="https://www.businessinsider.com/china-evergrande-property-real-estate-crisis-debts-collapse-what-happens-2024-2">fallen Chinese real-estate giant Evergrande.</a>The developer, at one time China's largest, is in <a target="_blank" href="https://www.businessinsider.com/evergrande-ordered-liquidate-china-real-estate-property-crisis-winners-assets-2024-1">liquidation</a> after several years in a <a target="_blank" href="https://www.businessinsider.com/china-housing-market-explainer-cost-debt-wealth-evergrande-impact-2021-9#">debt crisis.</a>Now, it's being accused of fraud, too.The China Securities Regulatory Commission, or CSRC, has accused Hengda Real Estate — Evergrande's flagship onshore unit in China — and its founder Hui Ka Yan, also known as Xu Jiayin, of inflating its revenue by 564 billion Chinese yuan, or $78 billion, in 2019 and 2020, according to an <a target="_blank" href="https://www.szse.cn/disclosure/listed/bulletinDetail/index.html?fcedf251-216f-4503-8189-68e7fcf5e540&amp;">exchange filing released on Monday</a>. It also issued bonds based on the falsified results, the CSRC alleges.Evergrande did not immediately respond to a request for comment from Business Insider.To understand the scale of the alleged $78 billion fraud, consider the following two cases, as <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-19/china-accuses-evergrande-of-78-billion-fraud-among-worst-ever">Bloomberg</a> pointed out. In 2020, Chinese coffee giant <a target="_blank" href="https://markets.businessinsider.com/news/stocks/luckin-coffee-plans-return-us-stock-market-300-million-fraud-2022-1">Luckin Coffee</a> inflated its revenue by $300 million. <a target="_blank" href="https://www.google.com/search?q=enron+fraud+busiessinsider&amp;sca_esv=856a53dbc632d9c9&amp;rlz=1C5GCEM_en&amp;ei=7SH5ZYvqG83BjuMPz-qggAI&amp;ved=0ahUKEwjLlMavy_-EAxXNoGMGHU81CCAQ4dUDCBA&amp;uact=5&amp;oq=enron+fraud+busiessinsider&amp;gs_lp=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&amp;sclient=gws-wiz-serp">Enron</a> pumped up its profits by $600 million in 2001. Both Enron and Luckin rank among the <a target="_blank" href="https://money.usnews.com/investing/articles/biggest-corporate-frauds-in-history">biggest fraud cases in history</a>, and neither comes close to the scale of the allegations levied against Evergrande.The CSRC said Hui was responsible for organizing and falsifying financial information using means that were "particularly egregious." The authority slapped Hui with a 47 million yuan fine for his violations and banned him from the securities market for life.The CSRC also imposed a 4.2 billion Chinese yuan fine on Hengda Real Estate.Other former Hengda Real Estate executives, including its ex-CEO and ex-CFO, were also hit with fines and market bans.These mark the latest developments in the downfall of Hui, who was put under <a target="_blank" rel=" nofollow" href="https://www.bloomberg.com/news/articles/2023-09-27/evergrande-s-billionaire-chairman-hui-is-under-police-surveillance">police surveillance</a> in September. He has also <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-01/luxury-house-linked-to-evergrande-s-hui-put-on-sale-in-hong-kong">lost three mansions</a> in The Peak, Hong Kong's prestigious neighborhood.Bejing's crackdown on Evergrande could be a signal to other developers to get their acts together, said an analyst."The CSRC fines may serve as a warning to owners of other defaulted developers that failing to collaborate with authorities over debt restructuring could result in severe consequences," Zerlina Zeng, the head of East Asia corporates at CreditSights, a research firm, told Business Insider.Zeng added that the fines are unlikely to impact Evergrande's liquidation process because Hui is unlikely to pay using his personal wealth anyway.<a target="_blank" href="https://markets.businessinsider.com/news/bonds/china-property-debt-crisis-two-thirds-developers-default-country-garden-2023-9">Many Chinese property developers</a> have defaulted on their debt in the past several years, and there are fears that China's property crisis could spill over into the broader domestic, causing contagion in the <a target="_blank" rel="" href="https://www.businessinsider.com/china-economy-xi-jinping-evergrande-debt-american-world-fallout-2021-10">global economy.</a>Trading in <a target="_blank" href="https://markets.businessinsider.com/stocks/egrnq-stock">Evergrande shares</a> on the Hong Kong Stock Exchange has been halted since January 29 when it was ordered to be liquidated.

Beijing says Evergrande and its tycoon founder committed a $78 billion fraud. That would rank it as one of the biggest financial frauds ever.

<ul><li><keyword id="11969440" type="UNKNOWN" weightage="60" keywordseo="bill-hwang" source="Orion">Bill Hwang</keyword> of <keyword id="12273823" type="UNKNOWN" weightage="60" keywordseo="archegos-capital" source="Orion">Archegos Capital</keyword> was arrested on Wednesday and charged with <keyword id="12307744" type="UNKNOWN" weightage="60" keywordseo="securities-fraud" source="Orion">securities fraud</keyword>.</li><li>The investment manager had increased his fund's leverage to $160 billion by relying on various counterparties.</li><li>A cascade of margin calls in March 2021 led to the ultimate collapse of Archegos and cost banks more than $10 billion in losses.</li></ul>Archegos Capital Management founder Bill Hwang was arrested on Wednesday and charged by the Justice Department with securities fraud, wire fraud, and racketeering conspiracy.He is alleged to have made false statements and manipulated stock prices through the use of extreme leverage that ultimately led to the family office's demise as <a href="https://markets.businessinsider.com/news/stocks/bill-hwang-lost-20-billion-2-days-archegos-collapse-report-2021-4-1030288757">a cascade of margin calls blew up the fund</a> in March 2021. The implosion of Archegos Capital Management <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-hedge-fund-limits-billions-loss-archegos-capital-hwang-2021-4-1030289900">led to more than $10 billion in losses</a> for various banks that offered derivative products to Hwang, including <a href="https://markets.businessinsider.com/stocks/cs-stock">Credit Suisse</a>, Nomura, and <a href="https://markets.businessinsider.com/stocks/ms-stock">Morgan Stanley</a>, among others. The CFO of Archegos, Patrick Halligan, was also arrested along with Hwang. Both are expected to appear in Manhattan federal court later today. Bill Hwang's lawyer Lawrence Lustberg told Insider, "We are extremely disappointed that the U.S. Attorney's Office has seen fit to indict a case that has absolutely no factual or legal basis; a prosecution of this type, for open-market transactions, is unprecedented and threatens all investors. As you will see when the facts unfold, Bill Hwang is entirely innocent of any wrongdoing; there is no evidence whatsoever that he committed any kind of crime, let alone the overblown allegations that pervade this indictment."Patrick Halligan's lawyer Mary Mulligan told Insider, "Pat Halligan is innocent and will be exonerated."According to charging documents, Hwang was able to increase the leverage of Archegos to $160 billion from $10 billion by deceiving various banks. That increase in leverage ultimately boosted Archego's underlying portfolio value to $35 billion from $1.5 billion in a single year."The defendants and their co-conspirators used Archegos, a family office that invested Hwang's personal fortune, as an instrument of market manipulation and fraud, with far-reaching consequences for other participants in the United States securities <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>, companies whose stock prices they manipulated, innocent employees of Archegos whose savings they gambled, and the financial institutions left holding billions of dollars in losses," prosecutors said, according to the charging documents.The Justice Department <a href="https://markets.businessinsider.com/news/stocks/doj-opens-probe-archegos-meltdown-led-big-losses-banks-2021-5-1030472431">opened its probe into Archegos in May,</a> and the Securities and Exchange Commission <a href="https://markets.businessinsider.com/news/stocks/sec-investigating-bill-hwang-archegos-capital-for-market-manipulation-2021-10">opened an investigation</a> into the firm for stock price manipulation in October.Some stocks that were held by Hwang and saw extreme volatility once margin calls started to roll-in included <a href="https://markets.businessinsider.com/stocks/wbd-stock">Discovery</a> and <a href="https://markets.businessinsider.com/stocks/para-stock">Viacom</a>. Prosecutors allege that in some cases he owned a bigger stake in certain companies than their publicly listed holders, without disclosing that exposure. Hwang allegedly used total return swaps to increase his exposure to the company without having to disclose his stake once it breached 5%.

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