2 October 2020
Press release: Verbatim
RE: Beware of ‘Quick-and-Easy’ Money-Making Ventures
The Cayman Islands Monetary Authority(“CIMA”) cautions the public about entering into investment ventures that promote ‘quick-and-easy’ money, as they can easily become subjects of fraudulent schemes that can result insubstantial financial loss.
The USA's Cybersecurity and Infrastructure Security Agency (CISA) and the Multi-State Information Sharing & Analysis Center (MS-ISAC) are reporting the large-scale re-emergence of the Emotet trojan. Since July 2020, CISA has seen increased activity involving Emotet-associated indicators. During that time, CISAs EINSTEIN Intrusion Detection System, which protects federal, civilian executive branch networks, has detected roughly 16,000 alerts related to Emotet activity. CISA observed Emotet being executed in phases during possible targeted campaigns. Emotet used compromised Word documents (.doc) attached to phishing emails as initial insertion vectors. It spreads via links in e-mails and as macros in .doc files attached to e-mails.
Dogs, palm trees, a rather individual way of life in the tropics - John McAfee - the chap who, effectively, created the software anti-virus industry - has long been a thorn in the side of the US authorities but exactly why he gets so much attention when so many other slide by is a mystery. Yes, there was something about a gun but now he's in trouble for making comments on Twitter. They say he "fraudulently touted" Initial Coin Offerings. Er.. isn't that tautology?
Below is a media release from the Monetary Authority of Singapore that says MAS has issued an order requiring Wirecard and associated business units to forthwith cease operations and to return all funds to customers no later than 14th October 2020. The release was issued on Saturday, 30 September. The date of the Order was not published in the release.
Below is a notice from FinCEN, the USA's Financial Intelligence Unit. But there's a subliminal message. It's issued out of the FinCEN distribution system but it makes it very obvious that FinCEN is part of Treasury. And, as we know, you don't mess with Treasury, ergo you don't mess with FinCEN.
1,800 million cotton buds, 5,000 million plastic straws. This is in the UK. Every day. Until today. And it's not the only initiative coming into effect
The USA's Securities and Exchange Commission as done a deal with Power Solutions International Inc. of Chicago to "settle accounting fraud" allegations related to the company's overstatement of revenues by almost USD25 million.
It's not a criminal case so technically they are not "charges" which is how the SEC refers to them. And there's no judgment because the case didn't go to court. So the term "Order" is an administrative not a judicial document of record. Also, while the buzz is about "accounting fraud" the "fraud" was not the offence which the SEC proceeded with - that was filing misstated accounts.
Having cleared that up, the case is interesting: remember ENRON, anyone?
One of the most persistent forms of fraud, now well over 100 years old, is directory fraud. In a recent iteration, there is at least something a little different.
Press release: A recent ASIC surveillance has found that fund managers must do more to ensure their products are ‘true to label’ – that the product name aligns with the underlying assets.
Should financial institutions consider the character of customers as a risk factor? A recent case in Australia suggests that it might be wise to do so.
London 14 September 2020 From buccaneers and pirates to modern day providers of financial services, the offshore sector has always been about protecting and enhancing the value of assets.
A new e-learning course examines the history of the offshore financial sector, private banking and family offices.
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