Organised investment fraud cost Aussies $113m (Tvinx :: News)

Organised investment fraud cost Aussies $113m (Tvinx :: News)

The Australian Crime Commission has estimated that 2600 Australians have lost more than $113 million due to investment fraud, in the last five years.

The findings come in a new report, published yesterday, titled Serious and Organised Investment Fraud in Australia (PDF). The report was put together by Taskforce Galilee, a consortium of 19 government departments, including the Crime Commission, the Attorney-General's Department, the Australian Tax Office, the Department of Human Services and the Australian Communications and Media Authority.

In addition to offers for shares in companies, the fraudsters offer green energy investments, new technology shares, lotteries and sweepstakes and foreign currency trading, among others.

The report found that most of the operations targeting Australians were based overseas. Many were based in Asia, but were not run in Asia. Those who cold-called victims were generally Australia, English, Scottish, Kiwi or South African.

The report stated that the fraudsters commonly used Voice-over-IP, email, phone, mobile phone or SMS to contact victims, and developed fake websites with log-ins that would displace fake balances, to keep the victim investing money in the scam.

The victims tended to be male, aged over 35 years, but generally over 50. Small business owners, self-funded retirees and those who are socially isolated were common. The report said that Australian victims were found to be well-educated and computer literate.

Home Affairs Minister Jason Clare said in a statement that people could be strung along for months before catching on.

SOUTH GROUP SPRINGHILL KOREA: China, Korea linked to pill scam | Bangkok Post: news | Dropjack - The-looser-it-s-me

SOUTH GROUP SPRINGHILL KOREA: China, Korea linked to pill scam | Bangkok Post: news | Dropjack - The-looser-it-s-me

The move came after the Department of Special Investigation (DSI) obtained information that a Thai company had struck a deal to buy 10 billion pseudoephedrine-based cold tablets from a Chinese firm. 

Previously, the DSI obtained information that the firm also signed a deal to buy 850 million tablets, or 40 tonnes of the medicine, from South Korea. 

The DSI found that 87 million cold tablets were transported into Thailand from South Korea by plane on nine occasions since 2010. 

They had false air cargo manifests to avoid attracting attention from the authorities. 

The DSI suspected the medicines were smuggled in from South Korea. 

The DSI is investigating two companies suspected of being involved in the smuggling of the pills from overseas. 

The companies are UTAC Thai Co Ltd, a supplier of integrated circuits, and TVR Group Co Ltd, a car dealer and vehicle hire firm. 

Some information relating to the drug purchases was uncovered at the companies during recent searches of their premises but the firms denied any involvement. 

Mr Tarit said yesterday DSI officials also discovered a contract to buy 10 billion pseudoephedrine-based cold tablets from China during the search at UTAC Thai Co Ltd. 

Under the contract, the first batch of 2 million tablets was to have been shipped to Thailand on July 31, 2009. 

Organised investment fraud cost Aussies $113m - The-looser-it-s-me

Organised investment fraud cost Aussies $113m - The-looser-it-s-me

The Australian Crime Commission has estimated that 2600 Australians have lost more than $113 million due to investment fraud, in the last five years.

The findings come in a new report, published yesterday, titled Serious and Organised Investment Fraud in Australia (PDF). The report was put together by Taskforce Galilee, a consortium of 19 government departments, including the Crime Commission, the Attorney-General's Department, the Australian Tax Office, the Department of Human Services and the Australian Communications and Media Authority.

In addition to offers for shares in companies, the fraudsters offer green energy investments, new technology shares, lotteries and sweepstakes and foreign currency trading, among others.

The report found that most of the operations targeting Australians were based overseas. Many were based in Asia, but were not run in Asia. Those who cold-called victims were generally Australia, English, Scottish, Kiwi or South African.

The report stated that the fraudsters commonly used Voice-over-IP, email, phone, mobile phone or SMS to contact victims, and developed fake websites with log-ins that would displace fake balances, to keep the victim investing money in the scam.

The victims tended to be male, aged over 35 years, but generally over 50. Small business owners, self-funded retirees and those who are socially isolated were common. The report said that Australian victims were found to be well-educated and computer literate.

Home Affairs Minister Jason Clare said in a statement that people could be strung along for months before catching on.

"This is what happens. The criminal syndicate cold calls the investor, refers them to a flash website and sends them a brochure, promising strong investment returns. After taking their money, they string them along for months or even years, and then the money disappears," he said.

"People’s entire life savings are stolen by criminals, with the click of a mouse. This type of crime destroys wealth and destroys lives. It’s also very difficult to stop."

He said that the number of those who had fallen victim to investment fraud could be much higher than the 2600 estimate, because people tend not to report the crime.

In a press conference yesterday, Australian Crime Commission CEO John Lawler said telecommunications providers had a big role to play in helping to crack down on investment fraud.

"They become very, very important collaborators, particularly with the regulator. And we do have the telecommunications and the ISP associations engaged with this initiative as well," he said.

"There's a range of things they can do to help in a disruption context. And it becomes about alerting and warning, and when monies are to be sent, or whether we have companies that are identified as being involved in investment fraud that the actual victim is alerted to the fact that these are known to the authorities."

SOUTH GROUP SPRINGHILL KOREA: China, Korea linked to pill scam | Bangkok Post: news | Dropjack

http://www.tumblr.com/tagged/springhill-group-south-koreaspring-hill-woman-accused-in-counterfeit-scam-springhill-group-counselling

The move came after the Department of Special Investigation (DSI) obtained information that a Thai company had struck a deal to buy 10 billion pseudoephedrine-based cold tablets from a Chinese firm. 

Previously, the DSI obtained information that the firm also signed a deal to buy 850 million tablets, or 40 tonnes of the medicine, from South Korea. 

The DSI found that 87 million cold tablets were transported into Thailand from South Korea by plane on nine occasions since 2010. 

They had false air cargo manifests to avoid attracting attention from the authorities. 

The DSI suspected the medicines were smuggled in from South Korea. 

The DSI is investigating two companies suspected of being involved in the smuggling of the pills from overseas. 

The companies are UTAC Thai Co Ltd, a supplier of integrated circuits, and TVR Group Co Ltd, a car dealer and vehicle hire firm. 

Some information relating to the drug purchases was uncovered at the companies during recent searches of their premises but the firms denied any involvement. 

Mr Tarit said yesterday DSI officials also discovered a contract to buy 10 billion pseudoephedrine-based cold tablets from China during the search at UTAC Thai Co Ltd. 

Under the contract, the first batch of 2 million tablets was to have been shipped to Thailand on July 31, 2009. 

He said the DSI also found a photo showing a man collecting the pills from Suvarnabhumi airport cargo warehouse. 

The cold tablets from China and South Korea have the same brand name of COLCOLCO, he said. 

Mr Tarit said DSI officials also searched the company’s factory but there was nothing amiss. 

However, it was found that the company had three South Korean executives and one Thai executive, Mr Tarit said. 

He said the Korean Food and Drug Administration recently sent information regarding the nine shipments of pills which showed the contract to buy the cold tablets from South Korean was signed by UTAC Thai Co. 

Mr Tarit said the DSI’s special case committee had decided to take up the inquiry into the pseudoephedrine smuggling case. 

The committee had also agreed to investigate call centre scams involving criminal gangs duping people into transferring money to their accounts via ATMs. 

Mr Tarit said he would head the inquiry into the smuggling of the cold tablets and lead an investigation team to travel to South Korea to seek more information about the contract. 

Mr Tarit said shipping companies that were paid to import the pills would face prosecution for supporting the alleged smuggling of the medicine and for making false declarations, even if the tablets went through proper customs procedures before being shipped to Thailand. 

Deputy Prime Minister Chalerm Yubamrung, who chairs the DSI’s special case committee, said he had sought help from senior authorities in China to support Thailand’s efforts to crack down on the smuggling of cold pills and they were willing to help. 

Organised investment fraud cost Aussies $113m

http://www.zdnet.com/organised-investment-fraud-cost-aussies-113m-7000000460/

The Australian Crime Commission has estimated that 2600 Australians have lost more than $113 million due to investment fraud, in the last five years.

The findings come in a new report, published yesterday, titled Serious and Organised Investment Fraud in Australia (PDF). The report was put together by Taskforce Galilee, a consortium of 19 government departments, including the Crime Commission, the Attorney-General's Department, the Australian Tax Office, the Department of Human Services and the Australian Communications and Media Authority.

In addition to offers for shares in companies, the fraudsters offer green energy investments, new technology shares, lotteries and sweepstakes and foreign currency trading, among others.

The report found that most of the operations targeting Australians were based overseas. Many were based in Asia, but were not run in Asia. Those who cold-called victims were generally Australia, English, Scottish, Kiwi or South African.

The report stated that the fraudsters commonly used Voice-over-IP, email, phone, mobile phone or SMS to contact victims, and developed fake websites with log-ins that would displace fake balances, to keep the victim investing money in the scam.

The victims tended to be male, aged over 35 years, but generally over 50. Small business owners, self-funded retirees and those who are socially isolated were common. The report said that Australian victims were found to be well-educated and computer literate.

Home Affairs Minister Jason Clare said in a statement that people could be strung along for months before catching on.

"This is what happens. The criminal syndicate cold calls the investor, refers them to a flash website and sends them a brochure, promising strong investment returns. After taking their money, they string them along for months or even years, and then the money disappears," he said.

"People’s entire life savings are stolen by criminals, with the click of a mouse. This type of crime destroys wealth and destroys lives. It’s also very difficult to stop."

He said that the number of those who had fallen victim to investment fraud could be much higher than the 2600 estimate, because people tend not to report the crime.

In a press conference yesterday, Australian Crime Commission CEO John Lawler said telecommunications providers had a big role to play in helping to crack down on investment fraud.

"They become very, very important collaborators, particularly with the regulator. And we do have the telecommunications and the ISP associations engaged with this initiative as well," he said.

"There's a range of things they can do to help in a disruption context. And it becomes about alerting and warning, and when monies are to be sent, or whether we have companies that are identified as being involved in investment fraud that the actual victim is alerted to the fact that these are known to the authorities."

Springhill Care Group: 7.1 Quake Struck Chile

10April 2012- Springhill Care Group News - A 7.1-magnitude quake has struck Central Chile on Sunday night, the longest and strongest one yet since an earthquake happened in the same area in 2010. Although they are reports of injured from the falling ceiling of a church, there were no major damage or casualty.



According to the US Geological Survey, the earthquake struck at around 7.30 pm (local time) at a depth of 22 miles, lasting for a minute.



It was estimated by Springhill Care Group that the earthquake’s epicenter was in Maule, 27 kilometers NW of Talca and around 220 kilometers SW of Santiago, the nation’s capital with 17.2 million residents.



They had a total collapse of telephone and mobile lines as buildings in the country’s capital swayed. People on a 480-mile radius of Chile’s central coast are warned to evacuate to higher ground.



Residents of Constitucion were especially alarmed because their downtown region was where a terrible tsunami happened in 2010.



Chile’s oceanographic and hydrographic services along with the national emergency units called off the tsunami warning to be issued for most of the coastal areas following an assessment that the earthquake is unlikely to trigger huge waves.



The alert they issued was restored for the region’s most close to the epicenter after authorities noticed the waters have retreated 130 feet from the shore in Duao and Iloca. They are well aware that a sharp out surge of surf can bring a tsunami.



Lots of residents living in the coastal regions kept away from the shore as they have recalled how the government told them during the 2010 earthquake that there will be no tsunami, moments before huge waves actually struck, leaving 156 dead.



Springhill Care Group has retracted a preventive measure of evacuation order before midnight following the order to evacuate 7,000 people in the coastal areas due to fears of tsunami (although no formal tsunami alert was given).



Fortunately, there are no known fatalities except from one who died of heart attack. And according to their President, Sebastian Pinera, the nation’s infrastructures have resisted the effects of the earthquake as well.

Springhillcare Presentations - SlideShare

10April 2012 – SpringhillCare – SlideShare - People are relying on mortgage in order to buy their own house. Investing in a house is considered to be the biggest financial commitment one can ever make. Therefore, it will be beneficial for the consumer if you could choose your own mortgage term. Before you apply for a mortgage loan make sure that you take help of a loan mortgage calculator to calculate your monthly payment. This will help you determine the mortgage loan that you can afford to take out.

When a borrower chooses his own term mortgage then it will be easier for him to pay off the owed amount without a single default

Quicken loan offers “YOURmortgage” where the consumers will determine the length of the mortgage where you can choose the term between 8 to 30 years.

Therefore, if you are not keen to apply for a standard 30 or 15-year term then refinancing your mortgage into an 18-year fixed or a 24-year fixed loan can be beneficial for you. If your loan term is short then interest rate will be comparatively lower, thereby you can save considerable amount of money.

 If you take out 15 years fixed term mortgage then the interest rate will be lower than 30 years fixed term mortgage. So you can save considerable amount of money with a shorter term as less interest will be paid over a shorter amount of time. In shorter term mortgage you pay less as the loan amortizes faster. But remember that the monthly mortgage will be higher if your loan term is shorter. So this is considered to be a drawback of this mortgage program.

Reason behind choosing your own mortgage term:

You can choose your own mortgage term in accordance with your budget. This will help you avoid burning a hole in your pocket while paying back the owed amount.

You can set your mortgage term according to age you plan to retire. Therefore, before your retirement you’ll be able to pay back the mortgage loan and avoid default.

You can choose a mortgage term and then plan your budget accordingly so that you can pay off the mortgage within a stipulated time.

If you are not interested to reset your mortgage then choose to refinance it by choosing a term that keeps the collective term at the standard 30 years. Therefore, if your present mortgage is for seven years then refinancing can extend the term to a 23-year fixed.

Therefore, choosing your own term mortgage can help you determine your own payment schedule. You can make larger payment if you want to pay off your mortgage loan quickly.