menu

Homepage > News > ForexRev: weekly summary [18.10 – 24.10.2021]

ForexRev: weekly summary [18.10 – 24.10.2021]


Last week: Facebook changes its name to Meta, CFTC awards record whistleblower award. The Evergrande may just be the tip of the Chinese debt iceberg. A US trader is arrested for market manipulation via a Twitter account.

Arrest for tweets

Steven Gallagher, who appears on Twitter as Alex DeLarge, has an account followed by 70,000 people. He used them to pump up the prices of the junk stock he had bought earlier. The scam earned him over $ 1 million, but it looks like it will also take him to jail.

Read all: Trader Steven Gallagher arrested and charged with fraud

Meta, not Facebook

Facebook changed its name to Meta, referring to the alternative reality of Metaverse, which will become the main direction of the company’s development. From December its ticker on the stock exchange (from FB to MVRS) will change.

Read all: Facebook (FB) announces renaming to “Meta” (MVRS)

Chinese troubles

China’s debt is 27 trillion dollars, which is twice as much as the United States. Loans keep 91% of Chinese real estate companies alive, with transportation infrastructure being the second most indebted sector.

Read all: Evergrande is just the tip of the Chinese debt iceberg

$200 million from CFTC

The Commodity Futures Trading Commission (CFTC) has awarded a record single whistleblower award with $200 million. Thanks to his help, the agency closed two cases that, given the rules of the program, could have ended in a fine of USD 2 billion.

Read all: The CFTC awards a record $200 mln prize to an informant

Last week’s warnings:

Go to the full list of ForexRev warnings

Author: Izabela Kamionka

Are you a trader?

Help others and rate your broker! Use the search engine or find your broker on the list.



Ad:
exante baner

Last news:

The UK financial services ombudsman points to a growing number of frauds

The UK financial services ombudsman points to a growing number of frauds

The UK ombudsman for financial services has published annual complaints data for the financial year ...
Read More
Bad data from world markets heralds an impending recession

Bad data from world markets heralds an impending recession

World stock markets fell for the second consecutive day on Wednesday and bond yields plunged ...
Read More
FCA's Executive Director says the number of frauds will continue to increase

FCA warns against remote desktop fraud

UK financial regulator has warned again against desktop sharing scams. As of July 2020, 2,142 ...
Read More
Criminals cheat victims by promising to help them recover their money

Criminals cheat victims by promising to help them recover their money

Australian Scamwatch warns against offers of upfront recovery assistance. These types of scams target people ...
Read More

Add a comment

Your email address will not be published. Required fields are marked *

 

Note: Opinions and posts on ForexRev.com represent personal opinions and views of their respective authors and should not be interpreted as recommendations to purchase or sell securities. ForexRev.org assumes no responsibility or liability for such content.
Go to top