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Macquarie bank faces class action over advice on worthless Brazilian mine project

A sell side brokerage guilty of pumping worthless mining stocks to its clients? SURELY NOT!

 Reader ‘G’ was kind enough to send in this link. Here’s how the report starts:

Macquarie Group faces a major class action over allegations some of
its investment advisers artificially inflated the price of a small
mining company before a sudden collapse wiped out many of its investors.
investment bank’s brokers are accused of deliberately “ramping” stock
in Cleveland Mining Group by playing a key role in the acquisition of a
Brazilian iron-ore mine project with a potential value of $34 billion
that turned out to be a worthless patch of jungle.

Read it all here.

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