Scam gambling sites are fronted by Scots shell firms

AT LEAST a dozen unregulated financial gambling sites – many derided as scams – are now being fronted by Scottish shell firms.

Online brokers which offer all-or-nothing bets on currency and stock markets have set up shop in Aberdeen, Glasgow and especially Edinburgh as they take advantage of Scotland’s soft-touch corporate registration regime.

Gamblers make fixed-odd bets on financial markets via so-called “binary options” websites.

The Herald yesterday revealed that the now arrested owners of one such website had used a controversial Scottish limited partnership (SLPs) to run their business.

Haim Toledano and Saar Pilosof were detained in their native Israel, believed to be the global hub of the industry after being accused of a multi-million-shekel tax evasion.

Their site, www.ubinary.com, had already been described as a scam by regulators in Australia.

An investigation by this newspaper has also identified 11 other websites offering similar unregulated market gambling through Scottish shell firms, mostly SLPs.

An analysis of binary options websites suggests that their formal ownership is migrating to Scotland from other jurisdictions.

This revelation comes as SNP MP Roger Mullin in the House of Commons on Wednesday once again urged the UK Government to review the century-old reserved Scots Law which allows the secret owners of SLPs to pay no tax and file no accounts.

Another critic of the current regime, Andy Wightman MSP of the Scottish Greens, said: “The extent to which an obscure legal entity established in 1907 is now, over a century later, being used for an exotic cocktail of nefarious schemes around the world is breathtaking.

“I am continuing to press the Scottish Government to sit down with me and explore how the criminal law of Scotland can be amended to increase the powers of law enforcement agencies in Scotland.”

Andy Wightman MSP

Herald Scotland: Andy Wightman has no idea where the posters backing his candidacy came from

Binary options sites with Scottish links include Imperial Options, which claims to be owned and managed by an SLP registered at the same Edinburgh virtual office as www.ubinary.com’s owner.

Imperial Options, which uses a Russian domain name but has sites in English and Russian, has been the subject of international warnings. One of Canada’s regulators, the British Columbia Securities Commission, has urged investors to “exercise caution” with the site.

However, this warning was made nearly a year before Imperial Options’ formal owner, Global Transactions, was incorporated this April, suggesting the website has switched its “brass plate” ownership to Scotland.

Other similar websites citing Scottish legal addresses and fronted by SLPs include Stack Options, HBC Broker, St Binary, Nexcapindex, Sigma Option, Expert Option, and RW Markets. The Herald has previously named Finpari, Barclays Traders and Solution-Capital as binary options trading sites using Scottish shell companies. All three were the subject of warnings from French regulators.

Some of the nominally Scottish binary options traders feature warnings that investments are high risk. These includes St Binary, whose website is covered in British symbols, including red Routemaster buses and signage for the London Underground. It is formally owned by a newly created SLP called Smith and Taylor Financial Services, one of whose partners is an entirely opaque firm called Optimal Success Limited, of the Marshall Islands. The only contact for Optimal Success is an address on Majuro, a tiny atoll in the Pacific.

Binary options sites have historically used the Marshall Islands, not Scotland, as their official places of registration. British watchdog the Financial Conduct Authority believes such sites should be regulated – but by gaming authorities, not financial ones. Other states are moving to ban the sites altogether.

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Investigators call on Ottawa to adopt Magnitsky-style anti-corruption law

Investigators have tracked millions of dollars associated with an elaborate tax fraud in Russia to bank accounts in Canada, bolstering their call for Ottawa to adopt legislation to freeze the assets of corrupt foreign officials.

Anglo-American financier Bill Browder and a team of investigators and lawyers compiled the data on the transfers of the funds, which indicate a clear Canadian connection to a $230-million (U.S.) swindle in 2007 by Russian officials who used his Russian-based hedge fund, Hermitage Capital Management.

Sergei Magnitsky, a legal adviser for Hermitage, was allegedly tortured and died in a Russian prison in 2009 after exposing the fraud to Russian authorities. Since then, Mr. Browder has helped international authorities track and freeze $43-million (U.S.) in assets related to the fraud, and persuaded governments to take action against Russian officials he says are engaged in the fraud and the cover-up of Mr. Magnitsky’s death.

In 2012, the United States adopted the Magnitsky Act, which freezes assets and bans visas for Russians who violate human rights.

While Canadian political parties are in favour of a Canadian version of the law, the current government has refused, despite strong support inside the Liberal caucus.

In a telephone interview from his London offices, Mr. Browder said his investigation proves the need to toughen legislation in Canada to deal with human-rights abusers.

Hermitage investigators found total transfers of $220,000 (U.S.) from two firms that received the proceeds of the fraud to four companies and individuals in Canada, and $1.5-million (U.S.) in wires to Canadian accounts from companies that were part of an alleged money-laundering network set up by the fraudsters. The investigation also identified $12.6-million (U.S.) in transfers from Canadian accounts to accounts linked to the network.

Hermitage started tracking the financial transfers out of Russia with the help of two whistle-blowers, and collaborated with governments around the world to map a web of firms and money flow.

“What we have here is a very direct and very clear documentation of how this affects Canada,” Mr. Browder said. “It’s not like Canada is sitting off in a different world where this dirty money doesn’t touch it, so it’s important for the politicians to realize that Canada is being abused by criminals and human-rights violators as much as many countries in Europe and elsewhere.”

Foreign Affairs Minister Stéphane Dion says Canada’s current laws are sufficient and that harming relations with Moscow would be pointless.

Earlier this year, Conservative Senator Raynell Andreychuk tabled the Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law) in the Senate with support from colleagues such as independent Liberal Senator Percy Downe.

The House foreign-affairs committee is reviewing the Freezing Assets of Corrupt Foreign Officials Act and the Special Economic Measures Act, which allows Canada to impose sanctions on foreign governments for grave breaches of international peace. Liberal MP Robert Nault, who chairs the committee, has said he favours updating the current legislation with broad powers to go after anyone accused of human-rights abuses, rather than just Russians.

Former interim Liberal leader Bob Rae said the new findings make this an issue of “real-world” politics.

“Our government, like other governments, needs the ability to deal with acts of corruption, the amassing of huge wealth as a result and the use of Canada as a money-laundering haven, because other countries are putting up walls and barriers,” Mr. Rae said in an interview.

Former Liberal cabinet minister Irwin Cotler said the adoption of broad, Magnitsky-type legislation is essential in the fight against human-rights abuses.

“We owe it to Sergei Magnitsky and those associated with him, the human-rights defenders, to hold Russia accountable and at the very least to prevent them from laundering their proceeds abroad or from entering Canada with impunity,” Mr. Cotler said in an interview.

Hermitage’s lawyers had the results of their investigation into Canadian transfers delivered by hand to the RCMP last week, as well as to the Ontario Provincial Police, the Sûreté du Québec, the Canada Revenue Agency and other government agencies and departments.

“On behalf of Hermitage, we respectfully request that you initiate an investigation and gather available evidence without delay to prevent the dissipation and loss of the illicit funds and, if appropriate, freeze such funds or other assets and hold the persons and entities who were involved in, benefited from and facilitated the money-laundering activities in Canada accountable for their unlawful conduct,” said the document, which was also provided to The Globe and Mail.

Hermitage acknowledged it has only a “preliminary” overview of the financial transfers to Canada. The firm has obtained the names of the recipients of the funds, but has not uncovered any explanation for the individual transactions.

“What we would hope for is for Canadian authorities to use their powers to subpoena banks and companies, to raid institutions if necessary, to build up a much clearer picture of where this money was coming from, who benefited from it, what other money came into those accounts, and I suspect a much bigger money-laundering crime will be identified than just this one,” Mr. Browder said.


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 The Government entrusted the Ministry of Planning and Investment (MPI) to draft a law to foster revisions of business regulations in the future. MPI’s Deputy Minister Đặng Huy Đông talks to Vietnam News Agency reporter Quốc Huy about related…

Viet Nam News


 The Government entrusted the Ministry of Planning and Investment (MPI) to draft a law to foster revisions of business regulations in the future. MPI’s Deputy Minister Đặng Huy Đông talks to Vietnam News Agency reporter Quốc Huy about related developments.


The MPI is drafting a law regulating future revisions of business and investment laws. What are the highlights of the draft?


In the draft, we review Appendix 4 of the Investment Law, which lists business areas where enterprises must satisfy specific conditions. There are 267 such areas. We plan to cut this number to around 50 to create a more advantegeous investment environment for enterprises.


We will revise around 12 laws related to business and investment conditions: Investment Law and Enterprises Law are the main two among them. We will also change the way of managing businesses to supervise enterprises in post-licensing phases, instead of controlling their establishment with conditions set in advance.


The draft law will provide sufficient directions and measures to improve the business climate, enhance the competitiveness of enterprises and support their development in accordance with Government Resolutions No 19/NQ-CP and No 35/N-CP, which pertain to assisting and developing enterprises until 2020.


Is there a precedent of using a law to revise other laws in Việt Nam?


Using a law to modify different laws is not something new in Việt Nam. We already have experience in doing this.


Law No 38 was issued in 2009 to supplement laws involved in basic construction and investment. Later, there were Law No 71/2014/QH13 – revising taxation laws – and Law No 106/2016/QH13 – supplementing value-added, special consumption and taxation management laws.


As far as we know, a law to modify different laws is suitable for urgent revision of regulations – or for revision of regulations with a similar content which is stipulated in different laws. This aims at comprehensiveness and consistency of the regulations.


There are opinions saying that laws related to business and investment remain inconsistent and incomprehensive. What do you think?


This is true and it reflects the current practice. In fact, some legal documents involved in business and investment activities have become outdated and have not been updated in a timely way to catch up with modification of the Investment Law. This has led to conflicting regulations and caused difficulties for businesses and investors. Now is the time for us to coordinate with ministries and sectors to review regulations for the sake of investors and enterprises.


Does the MPI hear opposite opinions from professional agencies while drafting the new law?


We hear some different points of view. But there is a high consensus among ministries and sectors, which put national interests and business development above all.


Eliminating business conditions in some areas may loosen the role of State management. What can be done to create the best business and investment environment, while maintaining proper management of enterprises?


As a matter of principle: we do not relax management. Administrators just change the way of managing firms. If the authorities do not find any risks of an enterprise harming security and national defence, they will only supervise it in the post-licensing phase.


Compiling the new law, which will modify many other laws, is a complicated project. Is it feasible for the National Assembly to adopt the law in an upcoming session, as the Government expects?


This complex project has been carried out in a short period of time. But the MPI has actively coordinated with ministries, sectors and associations, especially the Việt Nam Chamber of Commerce and Industry, to scrutinise related contents. We guaranteed careful consideration of State manangement agencies, experts and the business community with regard to the contents. I expect high consent of policymakers for the growth of businesses and national development. — VNS

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NUPENG Gives FG 21-day Ultimatum to Halt Mass Sack by Oil Firms

  •  Says over 3,000 workers laid off and still counting

Sylvester Idowu in Warri

A 21-day ultimatum has been given to the federal government by the Nigerian Union of Petroleum and Natural Gas (NUPENG) with effect from yesterday, to redress the mass sack of its members by oil majors or face mass action from the union.

In a communique issued by the Central Working Committee meeting in Warri, Delta State, the union noted that over 3,000 workers have been sacked by oil majors and service companies who were closing shops on account of the current economic recession.

The communique presented to journalists by Igwe Achese, President of NUPENG also reprimanded the federal government for aggravating the crisis in the oil industry by its failure to meet its Joint Venture cash calls and stifling the populace by concentrating on fight against corruption while the economy suffers.

“As I address you, Chevron has wound up its Eastern operations and their offices closed. A total of 1,500 workers were sacked without their entitlements and nobody is saying anything. As we speak, many companies have left, others are winding up.

“ExxonMobil has asked its contract staffs to go, that it can no longer pay them. Pan Ocean, Saipem, Grand Petroleum, Hercules Offshore, all around Warri have closed shops. About 3000 workers have already been sacked by various oil companies.

“Federal government should act fast to avert further lost of jobs. There is too much redundancy in the oil industry. NUPENG will take all necessary action to drive home its demands if government fails to act in 21 days. We are 100 per cent in support in the fight against corruption, but there must be respite for Nigerians.

“Right now, our members and even those in other sectors are no longer able to pay school fees for their children and even afford rents. Worse still, those being sacked now are so treated without commitment to proper terminal benefits,” Achese stated.

On perceived government failure in reviving the oil industry, the union called for urgent passage of the Petroleum Industry Bill (PIB) and federal government regularisation of its JV cash calls while vehemently kicking against the sale of national assets and asking industry regulators to wake up to their responsibilities.

“The CWC in session notes that it is a shame that Ghana which recently discovered oil has passed its PIB into law. We frown at the politics that becloud passage of the PIB in the past eight years when it was first sent to National Assembly.

“CWC frowns at the refusal of and delay in payment of JV cash calls to the multinationals which has created serious liquidity challenges resulting in negotiating redundancies almost on daily basis.

“We x-rayed state of the economy and believe a lot needs to be done to put it on track. The federal government should urgently address the challenges posed by inflation which has risen to 17.9 per cent and the non payment of workers salaries at local and state levels,” he added
NUPENG further called on government through its relevant agencies to stop kidnapping of citizens with introduction of new technologies to track perpetrators of such acts and bring them to book.
It however commended the successes recorded so far in the fight against Boko Haram in the North-east, adding that the federal government should boost morale of its fighting force to improve welfare and armaments in order to completely win the war.


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Chilean Fishermen Protest Sector Law

SANTIAGO Chilean fishermen on Wednesday took to the streets in several cities around the country to demand the nullification of the law regulating the sector, set up barricades and faced off with police, union sources and the authorities reported.

The demonstrators, who blocked roads and streets, disrupted traffic in the regions of Arica, Tarapaca, Coquimbo, Valparaiso, Bio Bio and Los Lagos, across the length of the country.

The fishermen demanded that the Fishing Law be overturned, a measure approved during the 2010-2014 government of Sebastian Piera and which, according to their leaders, seriously limits their activities and privatizes in practice the ocean, placing fishing activities into the hands of the countrys seven largest fishing firms.

The law, known as the Longueira Law because it was promoted and handled by Pablo Longueira, Pieras economy minister, since its approval was stained by corrupt acts involving the ex-minister in investigations by the Justice Department.

Longueira is currently under nighttime house arrest.

Rightist Sen. Jaime Orpis, was removed from office, imprisoned for a month and is currently under full house arrest after it was determined that for years he received monthly payments from one of the countrys main fishing firms, whose directors changed and revised, before it was voted upon, the laws articles.

In the context of the irregularities, a prosecutor was punished by his superiors when he said in an interview that the law was corruptly handled and delivered.

In the northern city of Iquique, at least seven people were arrested when fishermen raised barricades and blocked access to the port and the free trade zone there, some 1,854 kilometers (1,150 miles) north of Santiago.

In Valparaiso, downtown avenues were blocked by demonstrators, who confronted police, although no figures have been made public yet as to arrests or injuries.

In the southern Bio Bio region, fishermen in the towns of Coronel and Lota set up burning barricades at various spots, including Playa Blanca, Colcura, Lebu and Arauco and confronted police.

Regional leaders of the fishermen in Bio Bio announced for Friday afternoon a march to the regional government headquarters to make their demands known to authorities.

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UpRight Law : Named One of Top 100 Digital Companies in Chicago by Built in Chicago

UpRight honored by Built in Chicago for second consecutive year

UpRight
Law today announced it has been named one of the Top 100 Digital
Companies in Chicago by Built in Chicago in 2016. This is the second
year in a row the national consumer law firm has been listed among the
key employers that are fueling the city’s growth as a technology hub.

“We started UpRight three years ago with the idea of using technology to
deliver access to justice to millions of hardworking Americans who were
previously underserved by the legal system. Three years, 150 employees
and a couple of office expansions later, I think it’s fair to say we’re
making progress,” said Ed Scanlan, Chief Executive, UpRight Law. “Being
named to Built in Chicago’s Top 100 list for the second year in a row
positions UpRight alongside some of the most impactful tech companies in
the United States, and validates the work our team puts in every day to
deliver on our mission and to make UpRight a great place to be.”

Founded in Chicago in 2013, UpRight is the first national online
consumer law firm in the U.S. and it is one of the fastest growing firms
in the country with more than 300 local partner attorneys, averaging
more than 20 years of experience, across all 50 states.

UpRight is changing the way legal services are delivered by using
technology to connect consumers with the firm’s lawyers. UpRight
provides consumers with affordable, convenient access to high-quality
legal representation by removing the most common obstacles that prevent
Americans from accessing the justice system – such as inconvenient
business hours, geographic distance between lawyers and consumers,
intimidation of the justice system and poor payment plans.

UpRight opens new markets of underserved consumers for the legal
industry and provides its partner attorneys with the same support that
Am Law 100 firms provide their attorneys. UpRight’s headquarters in
Chicago handles backend functions, such as payment processing, customer
service, case management software and malpractice insurance so its
lawyers can focus on practicing law. The result is that UpRight’s
partner attorneys earn higher salaries with no additional overhead.

The annual list by Built in Chicago ranks digital technology employers
from data analytics startups to e-commerce businesses and digital
agencies based on the full-time employee numbers in their Chicago
office. Since 2015, 700 new companies have emerged in this sector,
bringing the total to more than 3,900. The top 100 digital companies
alone hire more than 40,000 employees in the city.

To see the full list of the top 100 digital companies, go to: http://www.builtinchicago.org/2016/10/03/chicago-top-100-list

About UpRight Law

Founded in 2013, UpRight Law is the first national online consumer law
firm in the United States with more than 300 local partner attorneys
across all 50 states. UpRight’s social mission is to bring access to
justice to millions of hardworking Americans by using technology to
remove the most common obstacles that prevent consumers from receiving
high-quality and affordable legal representation. For more information,
visit the firm’s website,
and Facebook,
LinkedIn
and Twitter
pages.


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SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Xerox Corporation – XRX



NEW YORK, Oct. 26, 2016 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Xerox Corporation (“Xerox” or the “Company”)












XRX, -0.93%










(isin:US9841211033). Investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.

The investigation concerns whether Xerox and certain of its officers and/or directors have violated the federal securities laws.

[Click here to join a class action]

On October 26, 2015, pre-market, Xerox reported third quarter 2015 financial results that missed analysts’ estimates due in part to lost revenues from the termination of certain of the Company’s Health Enterprise segment’s projects in California and Montana.  The Company explained that the loss of these contracts would result in lower revenues in each of the next three quarters.  In addition, Xerox announced that its Board had authorized a strategic review of the Company’s entire business portfolio. 

On this news, the Company’s common stock price fell $0.31 per share, or 3%, to close at $10.03 per share on October 26, 2015.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

CONTACT:Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-xerox-corporation–xrx-300351775.html

SOURCE Pomerantz LLP

Copyright (C) 2016 PR Newswire. All rights reserved



















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Law firm eyes expansion into county

A boutique North West law firm is targeting Lancashire in its future expansion plans.

The respected legal directory The Legal 500 has now included e3 Employment Law LLP in its list of the very best specialist employment law teams.

The Manchester-based firm was only set up four years ago.

In the recent Legal 500 research, e3 was judged to be in the highest tier of employment law teams in the North West.

Founding partners Nick Jones, Dan Bickerstaffe and Simon Ost said the firm was expanding to keep pace with demand.

It recently opened a new office in the Cunard building in Liverpool to compliment its Manchester office at the Riverside complex.

Significant future growth is planned.

Now the firm has confirmed it is looking at Lancashire as its next area for expansion with an office in the Preston and central Lancashire area high on the agenda.

Nick Jones said: “We listen to our corporate clients and we tailor our support to their individual needs. Our corporate clients have always played a huge part in steering the firm’s development and they will continue to do so.”

Dan Bickerstaffe said: “e3 has a distinct advantage in having a highly experienced team of leading experts who genuinely enjoy using that expertise to resolve employment issues for our clients.” Simon Ost said: “Providing the same quality of legal support as the best law firms but doing so on a more cost effective basis has proved very attractive to the region’s businesses who went to get the best value from their legal spend.”


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