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He did this by creating fictitious option trades with fake trade confirmations.
Mr. Picard said that, as part of the arbitrage fraud, Mr. Kugel created fake trade tickets showing steady profits for select customers.
Like TTIP and Ceta, the TPP is a fake trade treaty whose primary impact is to extend corporate property rights at the expense of both competition and democracy.
Governments have actively conspired in this shift, negotiating fake trade treaties behind their voters' backs to prevent democracy from controlling corporate capital.
And businesses that often avoid acknowledging the fake trade, for fear of damaging their brand, should be more open with consumers about how to tell the difference between real and unreal.
According to a person involved in the investigation, Mr. Rusnak was able to stall inquiries about certain trades until he was able to fabricate a fake trade confirmation to cover the questions.
Similar(47)
He also booked fake trades to offset the risk exposure he had created.
He was accused of circumventing UBS risk controls and hiding losses by booking fake trades.
Mr. Adoboli was accused of circumventing UBS risk controls and hiding losses by booking fake trades.
He fabricated prices for fake trades -- called holdover trades -- that he did late in the day.
Worried that returns were suspiciously high, Mr Madoff occasionally instructed Mr DiPascali to book fake trades designed to lose money.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com