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Articles by Roddy Boyd
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Editor/Founder at Foundation for Financial Journalism 17h
Danny Guy, Derrick Snowdy and the Strange Wars of Confused Men
Derrick Snowdy is probably as close to a celebrity as Canada’s private investigator community has. Starting in 2010, Snowdy burst into view as a prime mover in the political controversy colloquially known as “the busty hookers’ scandal.” Snowdy proved to be a quick study at capturing an audience’s attention, ever ready to regale listeners with some of the inside stories from his investigations.
Penumbra Inc.’s Catheter Fail: Broken Tips and Lost Lives
Few things vex a publicly traded company’s managers more than the prospect of admitting a mistake. To acknowledge an error risks a stock selloff, bad publicity and possible litigation, as well as reduced executive pay and maybe even a few resignations. The alternative — covering up the blunder — could turn what is a professional embarrassment into a potential regulatory headache or even a criminal investigation.
For Jazz Pharmaceuticals, Failure Is the New Winning
In late June, Jazz Pharmaceuticals began to market a drug aimed at treating people whose metastatic small cell lung cancer has not responded to an initial round of chemotherapy. The drug, lurbinectedin, was developed by Madrid-based PharmaMar S.A., which in December 2019 signed a licensing agreement with Jazz. This permitted Jazz to sell the drug in the United States under the brand name Zepzelca.
Freedom Holding: The Red Flag Factory in Belize
Freedom Holding Corp. has some explaining to do. The financial services firm has quite improbably become one of the fastest growing companies on the planet. It lists its shares on the Nasdaq, is incorporated in Las Vegas, but for all intents and purposes runs its operations mostly in Kazakhstan.
Fatal Risk: A Cautionary Tale of AIG's Corporate Suicide
Login OR login with: Don't have an account? Sign Up For Free! Forgot Password Please type in your email address in order to receive an email with instructions on how to reset your password. Processing Please Don't Refresh the Page Fatal Risk: A Cautionary Tale of AIG's Corporate Suicide has successfully been added to your shopping cart
Fundamental Global Investors: Everyone Loses
Running a hedge fund requires a starkly different skill set from what’s required to manage a publicly traded company. Yet hedge fund managers Kyle Cerminara and Lewis Johnson, the co-founders and co-managers of Charlotte, North Carolina–based Fundamental Global Investors, have been doing both. In 2015, Cerminara and Johnson began to closely direct the operations of three publicly traded companies in Fundamental Global Investors’ now $127.3 million-in-assets portfolio: Ballantyne Strong Inc.
Freedom Holding: The Red Flag Factory In Belize
Freedom Holding Corp (NASDAQ:FRHC) has some explaining to do. Get The Full Warren Buffett Series in PDF Get the entire 10-part series on Warren Buffett in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues Q2 2021 hedge fund letters, conferences and more The financial services firm has quite improbably become one of the fastest growing companies on the planet.
Danny Guy, Derrick Snowdy and the Strange Wars of Confused Men
Derrick Snowdy is probably as close to a celebrity as Canada’s private investigator community has. Starting in 2010, Snowdy burst into view as a prime mover in the political controversy colloquially known as “the busty hookers’ scandal.” Snowdy proved to be a quick study at capturing an audience’s attention, ever ready to regale listeners with some of the inside stories from his investigations.
Danny Guy, Derrick Snowdy and the Strange Wars of Confused Men
Derrick Snowdy is probably as close to a celebrity as Canada’s private investigator community has. Starting in 2010, Snowdy burst into view as a prime mover in the political controversy colloquially known as “the busty hookers scandal.” Snowdy proved to be a quick study at capturing an audience’s attention, ever ready to regale listeners with some of the inside stories from his investigations.
For Jazz Pharmaceuticals, Failure Is The New Winning
<a href="https://pixabay.com/users/Peggy_Marco/">Peggy_Marco</a> / Pixabay In late June, Jazz Pharmaceuticals PLC (NASDAQ:JAZZ) began to market a drug aimed at treating people whose metastatic small cell lung cancer has not responded to an initial round of chemotherapy. Get Our Activist Investing Case Study! Get the entire 10-part series on our in-depth study on activist investing in PDF.
Freedom Holding Corporation: After ‘Borat,’ the Silliest Kazakh Import of the Century
If one word could describe the U.S. stock market of 2020, it would be “improbable.” The S&P 500, for example, has risen about 14.14 percent this year despite a pandemic that is deadly to both people and corporate profits. Yet even after witnessing this year’s string of unprecedented developments, investors might be shocked to learn what lies behind Freedom Holding Corporation’s recent muscular share price growth.
Penumbra Inc.’s Catheter Fail: Broken Tips and Lost Lives
Health Care By Roddy Boyd | September 14, 2020 Few things vex a publicly traded company’s managers more than the prospect of admitting a mistake. To acknowledge an error risks a stock selloff, bad publicity and possible litigation, as well as reduced executive pay and maybe even a few resignations. The alternative — covering up the blunder — could turn what is a professional embarrassment into a potential regulatory headache or even a criminal investigation.
Fraser Perring: Chronicles of Deceit, Part I
A high-profile research analyst who identifies and bets on troubled companies has acquired an unusual and perhaps unwarranted amount of influence in the brief period of time he’s been in this line of work. Forty-six-year-old Fraser Perring, a resident of Lincoln, England, founded and runs Viceroy Research with two other analysts.
Fundamental Global Investors Seeds the Field for Parasitic Investing
Running a hedge fund requires a starkly different skill set from what’s required to manage a publicly traded company. Yet hedge fund managers Kyle Cerminara and Lewis Johnson, the co-founders and co-managers of Charlotte, North Carolina–based Fundamental Global Investors, have been doing both. In 2015, Cerminara and Johnson began to closely direct the operations of three publicly traded companies in Fundamental Global Investors’ now $127.3 million-in-assets portfolio: Ballantyne Strong Inc.
Q3 I LP: The Cryptic Doctors of Persuasion
By Roddy Boyd | February 14, 2020 Until late last year Dr. Quan Tran, a St. Petersburg, Florida, surgeon had an unusual side hustle. He served as one of three general partners of Q3 I LP, a cryptocurrency hedge fund that he helped launch in August 2017. Q3 I LP has had few rivals in recent capital markets history: It has claimed monthly returns of 13 percent to 15 percent — and annual returns of 180 percent or more for its first two years of operation.
Q3 I LP: The Cryptic Doctors of Persuasion
Uncategorized By Roddy Boyd | 18 mins ago Until late last year Dr. Quan Tran, a St. Petersburg, Florida, surgeon had an unusual side hustle. He served as one of three general partners of the Q3 I LP, a cryptocurrency trading hedge fund that he helped launch in August 2017. The Q3 I LP has had few rivals in recent capital markets history: It has claimed monthly returns of 13 percent to 15 percent — and annual returns of 180 percent or more for its first two years of operation.
Fraser Perring: Chronicles of Deceit, Part I
A high-profile research analyst who identifies and bets on troubled companies has acquired an unusual and perhaps unwarranted amount of influence in the brief period of time he’s been in this line of work. Forty-six-year-old Fraser Perring, a resident of Lincoln, England, founded and runs Viceroy Research with two other analysts.
A Short Foray Into Social Service
After the Lincolnshire County Council hired Fraser Perring to work as a social worker, in January 2011 he began an assignment on the East Lindsey family support and assessment team. His nearly 19-month tenure with the team (which ended badly for both Perring and the council) involved elements of denial and allegations of dishonesty that have also been suggested in his Wall Street career.
Editor’s Note About Fraser Perring
It is unusual for an investigative reporter to reveal his sources, but to set the record straight I am acknowledging that Fraser Perring was a source in some of my previous Wirecard AG reporting. Earlier this year, Perring provided me with a set of documents I used in an article and he connected me to several other individuals that aided additional Wirecard reporting. Perring was not a key source whose information my reporting hinged on.
Editor's Note About Fraser Perring
By Roddy Boyd | November 4, 2019 It is unusual for an investigative reporter to reveal his sources, but to set the record straight I am acknowledging that Fraser Perring was a source in some of my previous Wirecard AG reporting. Earlier this year, Perring provided me with a set of documents I used in an article and he connected me to several other individuals that aided additional Wirecard reporting. Perring was not a key source whose information my reporting hinged on.
Editor’s Note About Fraser Perring
Uncategorized By Roddy Boyd | November 4, 2019 It is unusual for an investigative reporter to reveal his sources, but to set the record straight I am acknowledging that Fraser Perring was a source in some of my previous Wirecard AG reporting. Specifically, earlier this year, he provided a set of documents used in an article and connected me with several additional sources when I was reporting another Wirecard story. Perring was not a key source whose information my reporting hinged on.
Fraser Perring: Chronicles of Deceit, Part One
A high-profile research analyst who identifies and bets on troubled companies has acquired an unusual and perhaps unwarranted amount of influence in the brief period of time he’s been in this line of work. Forty-six-year-old Fraser Perring, a resident of Lincoln, England, founded and runs Viceroy Research with two other analysts.
The Pity of Wirecard, Part II: Bezzle Never Sleeps
If questions about the integrity of Wirecard AG’s accounting in its crucial Asian operations are ever to be resolved, Singapore regulators will need to step back and take a long, hard look at James Henry O’Sullivan’s relationship to the Aschheim, Germany–based company.
The Pity of Wirecard, Part II: Bezzle Never Sleeps
If questions about the integrity of Wirecard AG’s accounting in its crucial Asian operations are ever to be resolved, Singapore regulators will need to step back and take a long, hard look at James Henry O’Sullivan’s relationship to the Aschheim, Germany–based company.
The Pity of Wirecard, Part Two: Bezzle Never Sleeps
If questions about the integrity of Wirecard AG’s accounting in its crucial Asian operations are ever to be resolved, Singapore regulators will need to step back and take a long, hard look at James Henry O’Sullivan’s relationship to the Aschheim, Germany–based company.
The Pity of Wirecard, Part I: Oliver’s Army
SINGAPORE — Few companies can explain their meteoric growth as alluringly as Wirecard AG. According to one of its preferred narratives, Wirecard presents itself as Europe’s leading financial technology innovator, a globe-spanning developer of white label code and applications that companies can use to help build their own online payment systems. In Wirecard’s telling, its software removes the friction from electronic payments for both merchants and consumers.
The Pity of Wirecard, Part One: Oliver’s Army
Uncategorized By Roddy Boyd | April 15, 2019 Singapore — Few companies can explain their meteoric growth as alluringly as Wirecard AG. In one preferred narrative, Wirecard presents as Europe’s leading financial technology innovator, a globe-spanning developer of white label code and applications that remove the friction from electronic payments for both merchants and consumers.
The Pity of Wirecard, Part I: Oliver’s Army
Financial Services By Roddy Boyd | April 15, 2019 SINGAPORE — Few companies can explain their meteoric growth as alluringly as Wirecard AG. According to one of its preferred narratives, Wirecard presents itself as Europe’s leading financial technology innovator, a globe-spanning developer of white label code and applications that companies can use to help build their own online payment systems.
Wirecard AG: Something Is Terribly Wrong Here
After the Financial Times published a pair of whistleblower-driven exposés that suggested some of Wirecard’s parabolic growth in the Asia-Pacific region resulted from a purported multiyear revenue inflation scheme, anyone wanting to understand the kettle the German payments company finds itself boiling in would do well to adopt the timeless journalistic maxim “follow the money.” But where to start? India would be a good initial place.
Wirecard AG: Something Is Terribly Wrong Here
After the Financial Times published a pair of whistleblower-driven exposés that suggested some of Wirecard’s parabolic growth in the Asia-Pacific region resulted from a purported multiyear revenue inflation scheme, anyone wanting to understand the kettle the German payments company finds itself boiling in would do well to adopt the timeless journalistic maxim “follow the money.” But where to start? India would be a good initial place.
Wirecard AG: Something is Terribly Wrong Here
Uncategorized By Roddy Boyd | March 19, 2019 After the Financial Times published a pair of whistleblower-driven exposes that suggested some of Wirecard’s parabolic growth in the Asia-Pacific region was the result of a purported multi-year revenue inflation scheme, anyone wanting to understand the kettle the German payments company finds itself boiling in would do well to observe the timeless journalistic maxim: “Follow the money.” But where to start? India is a good first step.
Corcept Therapeutics: The Company That Perfectly Explains the Health Care Crisis
If someone wanted to use a Venn diagram to illustrate what is wrong with the U.S. health care system, picking the different sets would be easy: Price gouging, abuse of loopholes, hidden risks to patients, baffling regulatory decisions, marginal efficacies and the use of doctor payments to stimulate drug sales would be some logical choices.
Corcept Therapeutics: The Company That Perfectly Explains the Health Care Crisis
Uncategorized By Roddy Boyd | 18 mins ago If someone wanted to use a Venn diagram to illustrate what is wrong with the U.S. health care system, picking the different sets would be easy: Price gouging, abuse of loopholes, hidden risks to patients, baffling regulatory decisions, marginal efficacies and the use of doctor payments to stimulate drug sales would be some logical choices.
Myriad Genetics: This Company Has Great Difficulties Telling the Truth
In early May several hundred investors, doctors and brokerage research analysts attended a dinner presentation after cocktails offered by the leadership of Myriad Genetics in Manhattan’s midtown. Salt Lake City–based Myriad, best known for its hereditary cancer tests, was in New York to tout new research on its increasingly popular GeneSight product during the American Psychiatric Association’s annual conference.
Myriad Genetics: This Company Has Great Difficulties Telling the Truth
In early May several hundred investors, doctors and brokerage research analysts attended a dinner presentation after cocktails offered by the leadership of Myriad Genetics in Manhattan’s midtown. Salt Lake City–based Myriad, best known for its hereditary cancer tests, was in New York to tout new research on its increasingly popular GeneSight product during the American Psychiatric Association’s annual conference.
Myriad Genetics: It's Good to Have a Pal in the Senate
To recognize what Myriad Genetics is today, it’s important to understand what happened on June 13, 2013. The day began with Myriad having a patent-protected monopoly — its 2013 income statement is a testimony to the benefits of having no rivals — and a fearsome reputation for ruthlessly enforcing its patents. Myriad had been awarded patents in 1994 and 1995 for two genes associated with a risk for breast cancer.
Myriad Genetics: It’s Good to Have a Pal in the Senate
To recognize what Myriad Genetics is today, it’s important to understand what happened on June 13, 2013. The day began with Myriad having a patent-protected monopoly — its 2013 income statement is a testimony to the benefits of having no rivals — and a fearsome reputation for ruthlessly enforcing its patents. Myriad had been awarded patents in 1994 and 1995 for two genes associated with a risk for breast cancer.
Myriad Genetics: It’s Good to Have a Pal in the Senate
Uncategorized By Roddy Boyd | January 7, 2019 To understand what Myriad is today, it’s important to understand what happened on June 13, 2013. The day began with Myriad having a patent-protected monopoly — its 2013 income statement is a testimony to the benefits of having no rivals — and a fearsome reputation for ruthlessly enforcing its patents. Myriad had been awarded patents in 1994 and 1995 for two genes associated with a risk for breast cancer.
Myriad Genetics: This Company Has Great Difficulties Telling the Truth
Uncategorized By Roddy Boyd | January 7, 2019 In early May several hundred investors, doctors and brokerage research analysts attended a dinner presentation after cocktails offered by the leadership of Myriad Genetics in Manhattan’s midtown. Salt Lake City–based Myriad, best known for its hereditary cancer tests, was in New York to tout new research on its increasingly popular GeneSight product during the American Psychiatric Association’s annual conference.
Teladoc Health: A CFO's 'Other Life' Worked Out Nicely (For the Ex-Girlfriend and Her Boss? Not So Much)
Work-life balance, an ever elusive goal for many American corporate executives, has been given a fresh new meaning at fast-growing Teladoc Health, a provider of on-demand medical videoconferencing. But don’t expect to hear about generous paternity leave or a slick new gym at headquarters; this is one benefit that Teladoc Health definitely isn’t advertising.
Teladoc Health: A CFO’s “Other Life” Worked Out Nicely (The Ex-Girlfriend & Her Boss? Not So Much)
Work life balance, an ever elusive goal for many American corporate executives, has been given a fresh new meaning at fast-growing Teladoc Health, a provider of on-demand medical videoconferencing. But don’t expect to hear about generous paternity leave or a slick new gym at headquarters; this is one benefit that Teladoc Health definitely isn’t advertising.
Newton Glassman and Other People’s Money
Things are not going well for Newton Glassman. Southern Investigative Reporting Foundation readers will recall Glassman was the subject of a lengthy exposé in April that detailed the many ways his direction of Catalyst Capital Group Inc., a Toronto-based private equity fund with $4.3 billion in capital commitments, and its sister company Callidus Capital Corp. should alarm both investors and regulators.
Newton Glassman and Other People’s Money
Things are not going well for Newton Glassman. Southern Investigative Reporting Foundation readers will recall Glassman was the subject of a lengthy exposé in April, detailing the many ways his direction of Catalyst Capital Group Inc., a Toronto-based private equity fund with $4.3 billion in capital commitments, and its sister company, Callidus Capital Corp., should alarm both investors and regulators.
Acadia Pharmaceuticals: This Is Not a Pharmaceuticals Company
Frequently sporting a $2 billion plus market capitalization, Acadia Pharmaceuticals brings to mind the work of Belgian surrealist Rene Magritte. His 1929 painting “The Treachery of Images” depicts a pipe with the inscription “This is not a pipe,” suggesting that an image and its meaning don’t necessarily correspond with each other.
Newton Glassman's Legacy of Ashes
It was corporate skulduggery at its most audacious. Last September Frank Newbould dined at Scaramouche, a swanky downtown Toronto restaurant, with a businessman who said he would like to hire Newbould as an arbitrator. In reality, this was a ruse to engineer an attempted sting on Newbould, a retired Ontario judge, as the National Post reported.
The Foundation for Financial Journalism
For eight years, Craig Boyer was a senior executive at Callidus Capital, and by the time he quit in 2016 he was its chief underwriter and vice president. But last year Boyer sued Callidus for CA$100,000 in damages, claiming the company had denied him health and other benefits and seeking the return of his stock options. It’s safe to say that when Boyer left Callidus, he was clearly an unhappy man.
Newton Glassman’s Legacy of Ashes
It was corporate skulduggery at its most audacious. Last September Frank Newbould dined at Scaramouche, a swanky downtown Toronto restaurant, with a businessman who said he would like to hire Newbould as an arbitrator. In reality, this was a ruse to engineer an attempted sting on Newbould, a retired Ontario judge, as the National Post reported.
Newton Glassman's Legacy Of Ashes
It was corporate skulduggery at its most audacious. Last September Frank Newbould dined at Scaramouche, a swanky downtown Toronto restaurant, with a businessman who said he would like to hire Newbould as an arbitrator. In reality, this was a ruse to engineer an attempted sting on Newbould, a retired Ontario judge, as the National Post reported.
Wirecard AG: The Great Indian Shareholder Robbery
Wirecard AG is the luckiest company you have never heard of. It has the good luck of a boxer who is a master of bobbing and weaving in the ring, making it difficult for an opponent to land a punch. Prizefights, though, typically go for all of 10 or 12 three-minute rounds. Yet for 10 years a combination of short sellers, journalists and forensic research consultancies (whose clients often include short sellers) have publicized a long list of concerns about Wirecard’s operations, to little avail.
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