"Semantic Software Asia Pacific Limited (SSAP), an Australian research and development company based in Sydney, has released the first suite of its Semantic Computing Platform, Semantiro, described as a fundamental building block to achieving a complete cognitive environment."
That's what the company said in a press release so laden with buzzwords that we, honestly, have no idea what it's trying to tell us.
Australian regulators have other concerns and this morning ASIC obtained a Court Order to wind up the company and the appointment of provisional liquidators.
The reasons for the Order should be a warning for those buying mission-critical tech from unproven companies. Semantic was an artificial intelligence development company that based in North Sydney.
In a criminal prosecution brought by the Australian Securities and Investment Commission, ASIC, the financial regulator, two out of five criminal charges brought against an alleged fraudster were dropped because the witnesses in those cases became "unavailable." The charges related to conducting an unauthorised financial services business and to soliciting moneys which were used improperly.
Nevertheless, the accused has pleaded guilty to the remaining three charges at the door of the court before his trial commenced yesterday.
It's a long and convoluted story across years and jurisdictions as well as various enforcement agencies.
On 16th July 2021, the US Department of the Treasury through its Office of Foreign Assets Control (OFAC) added to its list of sanctioned persons as part of the USA's continued action relating to legal and regulatory changes made in Hong Kong. They are imposed by Biden under a Trump era Act created to impose sanctions with respect to foreign persons involved in the erosion of certain obligations of China with respect to Hong Kong, and for other purposes."
In two races, four penalties have been awarded against drivers who were on the inside of corners when an opponent made an ill-advised overtaking manoeuvre around the outside and, for his trouble, went off, alleging fault on the part of the driver who had been in front going into the corner.
So now it's clear: if you want to sabotage someone else's race, especially in the melée of the first lap, all you have to do is take a dive. Norris and Russell and, almost karma-like, Perez have all suffered penalties when someone else put themselves in harm's way and then complained about it.
Blotics Ltd., a UK publisher, has agreed a settlement with US regulator the Securities and Exchange Commission arising from the publication of articles about initial coin offerings. The articles were "accessible in the United States." But there's more and the case raises more questions than it answers.
The origins of the SPAC, an acronym that has taken on a life of its own with the actual name falling into disuse, are not recent. In fact, as a concept, it's 300 years old - originating in a time of corporate malfeasance, fraud and abuse of investors.
As a vehicle, then, it's perfectly suited to be recognised by regulators who think they are being progressive.
Oh, and it's a near magical route for the expatriation of funds generated by organised crime i.e. money laundering.
From an SEC press notice, 13th July 2021 (slightly edited)
"The Securities and Exchange Commission today announced [proceedings] against special purpose acquisition corporation Stable Road Acquisition Company, its sponsor SRC-NI, its CEO Brian Kabot, the SPAC’s proposed merger target Momentus Inc., and Momentus’ founder and former CEO Mikhail Kokorich [alleging] misleading claims about Momentus’ technology and about national security risks associated with Kokorich. "
When Hollywood "reimagines" classics, it usually does a terrible job.
But when Singapore-Malaysian company Neston started to reimagine the post-war prefab, the caravan and the converted garden shed, they ended up with something conceptually the same but different in almost every way.
"So far this year scammers have stolen more than AUD7.2 million from Australians by gaining access to home computers, an increase of 184 per cent compared to the same period last year." So says the Australian Competition and Consumer Commission.
Contrary to the common "phishing e-mail" approach, many instances start with a phone call. And just to make it worse, they are targeting phones: you know, those things that contain your financial apps and are used as "tokens" or for SMS confirmations by your bank.
We recently reported on Interpol's interception of fake CoVid-19 vaccines (here ). It was not the first: Brazil had identified, some weeks earlier, fake Sputnik vaccines. But this is just one aspect to a problem that is undermining both vaccination schemes and, therefore, public health but also undermining the possibility of "vaccination passports."
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