Important Reading:
I: Picture Proof of Anson Funds Corrupt Relationship with Hindenburg Research
II:Â How Anson Funds created a fake Disney website and made $100 million by ripping off U.S. investors
III: Andrew Left & Anson Funds – How Two Crooks Conned Investors out of Billions
IV: Police Raid Moez Kassam’s House & MMTLP Lawsuit Causing Anson Funds to Panic
V: Anson Funds Turns on Hindenburg Research and Falsifies Performance Numbers
VI: All Documents of email between Hindenburg Research and Anson Funds – Securities Fraud
VII:Â Anson Funds and the Great Con
VIII:Â Moez Kassam & Anson Funds: The Big Secret
IX: Anson Funds Naked Short Fraud with MMTLP – The Full Story
November 4, 2025 will be remembered (particularly on Bay Street) for some time to come as the day the mainstream media learned that Anson, under the pressure of a DoJ investigation, rolled on some of the biggest banks and investment houses in Toronto.
And that betrayal comes amid desperation clearly illustrated by Anson’s intensifying push to control the damage through media fluff pieces, the most recent being one appearing in Business Focus Magazine, which claims to be a powerhouse financial publication, but in reality has only 18,000 monthly visitors.
The article ingratiatingly discusses how Anson’s activist strategy is producing great returns and helping the fund to achieve excellent performance numbers and grow their assets. This, of course, is smoke and mirrors, at best, and the basest of lies, at worst. The activist strategy has not been profitable for Anson. Nor was it ever intended to be.
Anson needed to re-position itself in the messy wake of criminal and regulatory investigations. It needed to take heat off its long/short strategy by getting the outside world to believe that the Fund is changing direction. To this end, it was agreed amongst senior figures (Sunny Puri being the brainchild) that re-positioning as an activist fund would be the smartest move.
The plan was to create a lot of noise, generate a lot of publicity, and try to fool the public and regulators. So while everyone is looking at their activist business and the headlines they generate, the real money is made through their illegal trading activities, which they continue unabated even during a criminal investigation.
One such criminal strategy is proving to be very profitable for Anson. It’s taking billions of dollars out of retail investors’ hands. It involves thousands of Chinese bots, which we will detail further below.
In this update we cover:
– Giving up the big banks
– Nate Anderson (the bigger fish)
– Anson Funds pump and dump schemes – Chinese Bots
– Fake performance numbers
– Canadian and U.S. regulators collaborating
Moez and Anson Funds have been caught red handed. They will be charged, but for the time being they can carry on business as normal because they are giving EVERYONE UP.
Giving up the big banks
As we speak, Moez Kassam is selling out the banks, the brokers, and their prime businesses. More specifically, Moez is selling out CIBC, TD Bank and Jefferies.
Anson has been turning over evidence against the banks to regulators, with one of our closely held sources detailing the questionable (at best) unsecured stock lending practices amongst multiple other activities Anson is spilling the beans on.
Unsecured stock being lent out
Banks and brokers are supposed to actually have stock they are lending out.
In this case, they do not. For years, the banks have been knowingly lending stock to anyone and everyone, with zero accountability and even fewer scruples.
Lending has replaced commission in revenue ranking for brokerage firms, rendering this a massive stream of revenue ready for the taking. The banks cannot resist. They want the revenue, and they’ve gotten away with it for some time in the nursery school playground of Canada’s regulatory system.
This is how it works, by way of example:
Hedge Fund A goes to the brokerage firm and asks to borrow one million shares of XYZ Corp. The lending team then checks to see if they have the stock to lend. If they don’t, they will check the entire firms holdings in that name across all client accounts. They will find large holders of the stock, examine their trading history, and see if they are just sitting on the stock. If the client hasn’t traded in months, they will SOFT CIRCLE that stock.
The lending desk then goes back to Hedge Fund A and sends an email saying the have located the borrow with a wink and a nod (but they would have had a phone call alongside that telling the fund to be aware that if the client sells his paper then they will have to cover it). They state that they don’t know when/if this will occur, but for the time being they are good to go.
Most of the shorts only need the borrow for 2-3 weeks, so they are willing to take the risk.
Now it’s important to know that the stock is not coming from margin accounts. This stock is being lent from cash accounts where the securities holders have NOT given permission for the broker to lend the stock.
Big, influential clients such as Anson are given a huge amount of leeway. Just take a look at the TD Bank emails with Anson that were obtained from a lawsuit in which Anson Funds is involved (Full lawsuit files here)
Both parties are guilty, and both are desperately trying to scapegoat the other.
And this is one of the hold ups. A mind-boggling number of lawyers and administrators are now involved because the banks don’t want to give up their information. Everyone is pointing fingers at everyone else, and tying the whole thing up with legalese. They are drowning it in paper and bogging the entire case down, hoping it will simply go away. (It won’t.)
Nate Anderson
As we revealed in a previous report, Anson is trying to push the regulators on Nate Anderson, selling him as a much bigger fish than them. This is, again, smoke and mirrors. While Nate enjoyed a large following, it was Anson acting as the puppet master, directing him and making most of the money from the short reports while concealing involvement at every step of the way. Nate was merely one of many people used and created by Anson Funds.
It looks like they did the same thing with Andrew Left as well. We know they also repeated this with Ben Axler of Spruce Point, Gabriel Greco of Quintessential and many others.
Anson’s Pump and Dump Schemes – Chinese Bots
This is a strategy Anson has been pursuing for some time, and it’s the brainchild of Sunny Puri and Amin Nathoo, the CEO of Anson Funds, according to our sources.
They find worthless companies and then start pumping them to the heavens, selling all of the way up, either with borrow or naked shorting. They are not worried precisely because they know when the share price will collapse.
They pump it up using two schemes. First, they work with report writers and setup small anonymous research mini-sites, pumping the stock up with aggressive articles and paid media, alongside their commenters in the chatrooms of various financial media sites. This helps to bring retail investors onboard (they gained experience with this in the Genius Brands fraud).
But the real nuclear bomb here is this: They work with various groups in China that have access to thousands of trading bots. These bots are all linked to individual brokerage accounts. Depending on how much Anson sends the company, they divide up the money between the various accounts and trade them back and forth.
They trade them so quickly that it creates a huge amount of volume (this is known as hyper-trading in the industry). The goal here is to generate so much volume that it triggers the U.S. algorithms that are constantly monitoring big movers across the various exchanges. Once they go in, the stock rockets and tens of millions of shares are traded that day.
Next, they switch the algos off. They take down the minisites. They get their bashers on the boards and turn the algos in the opposite direction, driving the stock into the ground.
This is becoming a big money earner for Anson, and is very difficult for regulators to track it. They can’t trace the bots. Their only option is to try and follow the money. But this is also difficult because the funds are paid to a company in China via an offshore entity. This company or individual then sends it onto someone else, who in turn, sends it on to yet someone else, and on and one until it is next to impossible to trace.
The big loser here, as always, are U.S. retail investors. REGULATORS WHAT ARE YOU DOING???
Fake Performance numbers:
As we have written before, Anson Funds has been falsifying performance numbers for years, and nothing has changed.
Anson is promoting to potential investors that the fund is up 20-30% this year, with nothing to support that claim. They are still putting out statements that they are one of the top-performing hedge funds in the world, but no one can actually validate these numbers because they are not producing their trade records or any supporting evidence. Anson is a ponzi scheme that will soon be exposed.
Trying to get a better deal
Things have been delayed in the halls of justice for a moment, while Anson attempts to negotiate a deal, promising to roll over on more key people, and on more institutions. They are desperate to avoid jail time for Kassam. They are fine paying penalties. As such, they toss a few bones to the regulators and see if that helps them get more time or reduced charges.
Canadian regulators working with the U.S.
The US and Canadian regulators are now working together. CIRO provided Anson Funds trading records some time ago, so there is nowhere for Anson to hide.
CIRO is collaborating with the Ontario enforcement group that is working with the DoJ. According to our sources, the New York and California offices are still working together and pressing forwards. They will not be letting the stonewalling and paperwork stop them from getting justice for investors.
As to how much jail time is in store for Moez Kassam, we don’t w yet. Much depends on how much money he is willing to sacrifice to partially buy his way out of trouble.
That’s it for today. More coming soon.