As Bernie Madoff begins his 150 year prison sentence, victims are now looking to lay blame at the door of the SEC (Securities and Exchange Commission) according to reports from Bloomberg.com
Whilst initial responses to the sentencing appear satisfactory, Madoff himself is 71 making a prison sentence of that length somewhat excessive other than to make a point.
It would seem many victims feel the US regulators should have had systems, either manual or technical in place to spot one of the largest ever Ponzi schemes, the penalty issued being 6 times that of the sentences issued to former Enron executives.
Quite how much change in regulation will happen and when remains to be seen. With new investment frauds coming to light as the economy hardens, it would seem there is no question that regulations will need to be tightened on a global scale.
Tuesday, June 30, 2009
Monday, June 29, 2009
Fake Villa Scam In Turkey - Update
According to various sources it has been reported that financial details have been "significantly lacking" in the case against Kevin O'Kane regarding an alleged multi-million Euro property fraud involving the sale of 2.5 million Euro worth of villas with fake deeds.
O'Kane faces proceedings bought about by some 80 investors from Northern Ireland.
The case continues as Kevin O'Kane continually denies any wrong-doing.
O'Kane faces proceedings bought about by some 80 investors from Northern Ireland.
The case continues as Kevin O'Kane continually denies any wrong-doing.
Wednesday, June 24, 2009
Investment Warning - June 2009 Updates
Warnings have been issued by the relevant authorities about the following companies.
Warning against Wellesley International Group
Wellesley International Group is not authorised by Finansinspektionen (the Swedish Financial Supervisory Authority) and is therefore not entitled to provide financial services. Wellesley International Group has a website (www.welleslyinternational.com) using the following addresses:
2-4 Messogion Avenue,
Athens Tower (Building A),
115 27 Athens.
Greece.
Unite 10-18, 32/F,
Tower 1,
Millennium City 1,
388 Kwun Tong Road,
Kwun Tong,
Kowloon,
Hong Kong.
World Trade Center Building,
1st Floor - Commercial Area,
Marbella 53 Str.,
Panama City.
Panama.
Edificio D piso 1,
San Jose.
Costa Rica.
Wellesley International Group's representatives contact investors in Sweden by telephone, cold calling.
Courtesy of The Finansinspektionen
Warning against Omega Global Trading Inc.
Omega Global Trading Inc is not authorised by Finansinspektionen (the Swedish Financial Supervisory Authority) and is therefore not entitled to provide financial services. Omega Global Trading, Inc has a website (www.oglobaltrading.com) using the following address:
660 Fifth Avenue,
24th Floor,
New York,
NY 10103-0040.
Omega Global Trading Inc's representatives contact investors in Sweden by telephone, cold calling.
Courtesy of The Finansinspektionen
Warning against East Financial Group Inc.
East Financial Group, Inc. is not authorised by Finansinspektionen (the Swedish Financial Supervisory Authority) and is therefore not entitled to provide financial services. East Financial Group, Inc. has a website (www.eastfinancialgroup.net) using the following address:
1675 Broadway,
30th FL.,
New York,
NY 10019-5820.
East Financial Group Inc.'s representatives contact investors by telephone and offer to buy their holdings of shares in an American OTC company.
Courtesy of The Finansinspektionen
The UK's FSA has warned agianst the following companies, although fails to provide any further data to speak of. The FSA list of alerts can be seen here.
Dragon Partners Inc
Sullivan Investment Group
Barringer & Co
World Capital Group
Milton Hayward
Alpha Securities
Winthorpe Morgan Group
The Hellenic Republic Capital Market Commission has issued the following warning.
Plus500 Ltd., Universal Engine Ltd, which maintains the web-site "www.Plus500.gr" is not authorised or supervised by the Hellenic Capital Market Commission and therefore is not authorised to provide investment services in Greece.
It is noted that according to article 6 of Law 3606/2007, the provision of investment services without prior authorisation from the competent authorities is not permitted and constitutes a criminal offence, which is subject to criminal and administrative sanctions.
The original warning can be seen here.
The CBFA (Belgian Authorities) have issued the following warning.
The Banking, Finance and Insurance Commission (CBFA) warns the public against the offers of investment services made by McLeod Walker Capital Ltd. (www.mcleodwalker.com) from its alleged premises at
Uitbreidingsstraat 84 / 3,
2600
Berchem.
McLeod Walker Capital Ltd. does not have the authorization required to offer investment services in or from within Belgium. The CBFA thus advises the public against responding to any offers of investment services made in the name of McLeod Walker Capital Ltd. and against transferring money to any account number they might mention.
Courtesy of the CBFA
Warning against Doyle John Joseph LLP.
Doyle John Joseph llp is not authorised by Finansinspektionen (the Swedish Financial Supervisory Authority) and is therefore not entitled to provide financial services.
Doyle John Joseph llp has a website (www.doylejohnjoseph.com) using the following address:
2 Rector Street,
21st Floor
New York,
NY
10006.
Doyle John Joseph LLP's representatives contact investors in Sweden by telephone, cold calling.
Courtesy of The Finansinspektionen
Warning against Affinity Group Solutions
Affinity Group Solutions is not authorised by Finansinspektionen (the Swedish Financial Supervisory Authority) and is therefore not entitled to provide financial services.
Affinity Group Solutions has a website (www.affinitygroupsolutions.com) using the following address:
Pobřežní 95/74,
187 00 Prague 8,
Czech Republic.
Affinity Group Solutions' representatives contact investors in Sweden by telephone and offer them to buy shares in an OTC company, Tombstone Exploration Corporation, (TMBXF).
Courtesy of The Finansinspektionen
Not sure if you have been scammed?
Warning against Wellesley International Group
Wellesley International Group is not authorised by Finansinspektionen (the Swedish Financial Supervisory Authority) and is therefore not entitled to provide financial services. Wellesley International Group has a website (www.welleslyinternational.com) using the following addresses:
2-4 Messogion Avenue,
Athens Tower (Building A),
115 27 Athens.
Greece.
Unite 10-18, 32/F,
Tower 1,
Millennium City 1,
388 Kwun Tong Road,
Kwun Tong,
Kowloon,
Hong Kong.
World Trade Center Building,
1st Floor - Commercial Area,
Marbella 53 Str.,
Panama City.
Panama.
Edificio D piso 1,
San Jose.
Costa Rica.
Wellesley International Group's representatives contact investors in Sweden by telephone, cold calling.
Courtesy of The Finansinspektionen
Warning against Omega Global Trading Inc.
Omega Global Trading Inc is not authorised by Finansinspektionen (the Swedish Financial Supervisory Authority) and is therefore not entitled to provide financial services. Omega Global Trading, Inc has a website (www.oglobaltrading.com) using the following address:
660 Fifth Avenue,
24th Floor,
New York,
NY 10103-0040.
Omega Global Trading Inc's representatives contact investors in Sweden by telephone, cold calling.
Courtesy of The Finansinspektionen
Warning against East Financial Group Inc.
East Financial Group, Inc. is not authorised by Finansinspektionen (the Swedish Financial Supervisory Authority) and is therefore not entitled to provide financial services. East Financial Group, Inc. has a website (www.eastfinancialgroup.net) using the following address:
1675 Broadway,
30th FL.,
New York,
NY 10019-5820.
East Financial Group Inc.'s representatives contact investors by telephone and offer to buy their holdings of shares in an American OTC company.
Courtesy of The Finansinspektionen
The UK's FSA has warned agianst the following companies, although fails to provide any further data to speak of. The FSA list of alerts can be seen here.
Dragon Partners Inc
Sullivan Investment Group
Barringer & Co
World Capital Group
Milton Hayward
Alpha Securities
Winthorpe Morgan Group
The Hellenic Republic Capital Market Commission has issued the following warning.
Plus500 Ltd., Universal Engine Ltd, which maintains the web-site "www.Plus500.gr" is not authorised or supervised by the Hellenic Capital Market Commission and therefore is not authorised to provide investment services in Greece.
It is noted that according to article 6 of Law 3606/2007, the provision of investment services without prior authorisation from the competent authorities is not permitted and constitutes a criminal offence, which is subject to criminal and administrative sanctions.
The original warning can be seen here.
The CBFA (Belgian Authorities) have issued the following warning.
The Banking, Finance and Insurance Commission (CBFA) warns the public against the offers of investment services made by McLeod Walker Capital Ltd. (www.mcleodwalker.com) from its alleged premises at
Uitbreidingsstraat 84 / 3,
2600
Berchem.
McLeod Walker Capital Ltd. does not have the authorization required to offer investment services in or from within Belgium. The CBFA thus advises the public against responding to any offers of investment services made in the name of McLeod Walker Capital Ltd. and against transferring money to any account number they might mention.
Courtesy of the CBFA
Warning against Doyle John Joseph LLP.
Doyle John Joseph llp is not authorised by Finansinspektionen (the Swedish Financial Supervisory Authority) and is therefore not entitled to provide financial services.
Doyle John Joseph llp has a website (www.doylejohnjoseph.com) using the following address:
2 Rector Street,
21st Floor
New York,
NY
10006.
Doyle John Joseph LLP's representatives contact investors in Sweden by telephone, cold calling.
Courtesy of The Finansinspektionen
Warning against Affinity Group Solutions
Affinity Group Solutions is not authorised by Finansinspektionen (the Swedish Financial Supervisory Authority) and is therefore not entitled to provide financial services.
Affinity Group Solutions has a website (www.affinitygroupsolutions.com) using the following address:
Pobřežní 95/74,
187 00 Prague 8,
Czech Republic.
Affinity Group Solutions' representatives contact investors in Sweden by telephone and offer them to buy shares in an OTC company, Tombstone Exploration Corporation, (TMBXF).
Courtesy of The Finansinspektionen
Not sure if you have been scammed?
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