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The pilot of a Bombardier Challenger 604 executive jet has reported that his aircraft suffered "significant loss of altitude, abnormal flight attitudes and accelerations beyond the certificated flight envelope." Damage was substantial. It is reported that a large freighter passed at approved separation (the distance between two aircraft in flight) but that there was significant turbulence resulting. It is said that the freighter was an Airbus A380.

Editorial Staff
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Case Summary: 

We even had difficulty deciding which section to put this case in: is it a Ponzi scheme? Well, sort of. Is it an investment fraud? Perhaps. Is it a document fraud, a "wire fraud" or accounting fraud? How about operating an unlicensed securities business, or an unlicensed investment business? One thing is certain: as soon as he claimed to have a "proprietary trading program," his victims should have run away.

Ponzi / Pyramid fraud
World Money Laundering Report

Sometimes they robbed and sometimes they snatched. But they did identify and contact their targets through on-line advertising site "craigslist.com." Then they made an offer that any normal person would think was too good to be true. One has to feel sorry for victims of crime but sometimes one also has to point out that they were just a bit too stupid or greedy. Here's a lesson in why people should be cautious.

Editorial Staff

It's proof that no one, no matter how good, can guarantee that there are no IT security risks in their products. US-CERT, the US government body that reports risks discovered in products, has its usual raft of Adobe and Microsoft products in this week's list but there is a surprising entry: data security company F-Secure, a recognised leader in the field, has made an appearance, too.

Editorial Staff
Publication: 

Editorial Staff

AW.. it's so nice to see the hidden depths of affection that Trump and Merkel have for each other. Oh, wait, that might be something different. Let's listen into private chat that never actually happened between AngDon.

Don't say that: 

Coverage, when referring to insurance e.g. Obamacare, "The Affordable Care Act" or the Trump-backed version, American Health Care Act (AHCA)

Do say this: 

Cover.

Publication: 
Editorial Staff

Regardless of whether Trump suffers from fake news, pre-election tv coverage in TV studios was amazing for the strong statements of false news made by guests on panels or in audiences. These are both hilarious and scary.

Chuck Berry
was born on: 
18 October 1926
at: 
St Louis, Missouri, USA
and died on: 
18 March 2017
at: 
St Charles County, Missouri,...
Epitaph: 
Bad boy made good music

Case Summary: 

For an introduction to this case, and some of the matters arising, see "A gem of a financial crime".

Consumer fraud
Editorial Staff

It's good when some novel conduct comes up: it helps FCROs and others avoid terminal boredom. One that's appeared in Australia might not be new but it's uncommon enough to be interesting - and it's carefully designed to be difficult to spot as it takes place within the ordinary course of business. For those in "all-crimes" jurisdictions, it's something new to try to watch out for.

In the history of acronyms, we had KYC then KYE.. customer then employee.

There are several matters of grave concern to Banks regulated by the Federal Reserve Board, both domestic and foreign.

The USA's Federal Reserve Board is planning to fine and issue prohibition orders against two former Managing Directors of J. P. Morgan Securities (Asia Pacific) Limited. It follows on from the Board's fining of the bank in November 2016. The offence? Excuse us while we choke on our own laughter: giving jobs to the boys. But they did it in China. On Wall Street, it's standard operating procedure, as it is across a wide range of industries in the USA. There are several matters of grave concern to Banks regulated by the Federal Reserve Board, both domestic and foreign.

Editorial Staff
Publication: 

Credit Suisse Equities (Australia) Limited (Credit Suisse) has paid a penalty of AUD170,000 to comply with an infringement notice from the Markets Disciplinary Panel (MDP).

Editorial Staff
BIScom Subsection: 

Case Summary: 

An officer with US Customs and Border Protection was engaged to check incoming and outgoing international mail for breaches of various laws. That was a golden opportunity for a criminal.

Other financial crime
World Money Laundering Report

New legislation introduced into New Zealand's parliament yesterday will plug some surprising holes in the country's counter-money laundering laws. But it's important to recognise that New Zealand has some special problems that, in essence, mean that this developed economy should be measured against developing economies when regulatory, etc. rules are considered, says Nigel Morris-Cotterill. The Bill contains one major foul-up, he says.

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