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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.

For the background to this story, see here: https://www.pleasebeinformed.com/publications/Financial_Crime_Risk_Officers/persistence_cryptotrading_fraudsters and here: https://www.pleasebeinformed.com/publications/Financial_Crime_Risk_Officers/get_rich_quick_scheme_being_pumped_linkedin

Now the fraudsters, or their associates, are back. And this time they have new telephone numbers.

FCRO Subsection: 

Fraudsters are like fishermen: they dangle a juicy titbit and expect you to snap it up and get hooked.

But often it's not actually a worm, it's fake meat, a plant-based concoction that has artificially induced flavours and aromas. It misrepresents itself by appearance.

That's what this scam is all about and only the names have been changed because J.K. Rowling is back in the news.

FCRO Subsection: 

This morning's crop of overnight spam that made it through the preliminary filters arrived via a contact form relating to this very site. Ordinarily, form spams are either destroyed or reported on, partly because, even using bots, the scams that get through the anti-spam systems on the forms are a cut above the junk that comes in by mail and, often, present new - or at least new to us - threats. This one is carefully crafted, almost as if it's been revised several times to get it right. And, if it were to hit its intended target - investment businesses - it would at least cause a costly waste of time. But only time because, good as it is, it suffers from a significant flaw.

BIScom Subsection: 

We've introduced this same spam-scammer over the past few days and it's still at it. This time, however, there's no doubt what it's up to: it's trying to sell fixed return investments without any of the statutory information that's required for such promotions. But,then again, why bother complying with financial sector laws when the whole enterprise shows the signs of being fundamentally illegal?

FCRO Subsection: 

As China continues is increasingly effective "Operation Fox Hunt" against corrupt officials who have left China with their spoils, or sent their money abroad in the hope of hiding it, there is growing co-operation between Chinese authorities and those in the countries where people and/or assets are located. Australia is one country that has been helping. But a thorny old question remains.

The biggest revolution in the English legal profession is under way. Not only does it appear that the Bar is carefully managing to take back its previous control of advocacy in the higher courts, new schemes to register approved advocates in some lower courts are dividing the solicitors branch. But these pale alongside the chances that have allowed solicitors practices to incorporate under a Limited Liability Partnership structure and to take in private equity.

CoNet Section: