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Monday, November 14, 2011
SHAW CAPITAL MANAGEMENT WORLD FINANCIAL NEWS - Cochrane Shaw Capital Management Pty Ltd
http://www.cochraneshaw.com.au/content.php
As a Principal Member of the Financial Planning Association of Australia, Cochrane Shaw Capital Management Pty Ltd is a boutique dealer providing financial services to a diverse range of individual clients and corporations as well as accounting firms and legal practices.
Wednesday, September 7, 2011
Shaw Capital Management Factoring and Financings Latest News
http://news.shaw-capitalmanagementfactoring.com/
AMD announced its new CEO Rory Read. His new position follows after five years of being company president and chief operating officer at the PC maker Lenovo. Read served IBM for 23 years, including managing director for IBM’s Consulting Services division and general manager for business consulting services in the South Pacific. Shaw Capital Management reports that he is also a part of the company’s board of directors.
AMD Chairperson Bruce Claflin states that Read has proven to be a proficient leader who can draw more profits for the business. He believed that Rory can improve AMD’s evolution as a worldwide company leading in the semiconductor designs.
Dirk Meyer, AMD’s previous CEO, resigned from his position eight months earlier from a mutual decision over a reported disagreement concerning the company’s mobile strategy. AMD instantly searched for a new CEO, where Read is now appointed. Although the company never mentioned about other possible candidates, but it was believed that it included the current Apple CEO Tim Cook, HP CEO Mark Hurd, and former NCR and Intel executives. Thomas Seifert acted as interim CEO for AMD while the search was ongoing. He will return to his position as senior vice president and CFO with Read’s appointment.
AMD is currently aiming for a high performance graphics processing. Shaw Capital Management Warning News has identified its primary competitor is Nvidia. It has also launched a new line of APU processors that come with integrated graphics. This is product intends to compete with myriad Atom offerings and Intel’s second-generation core processors.
Read’s is equipped with extensive experience from Lenovo and IBM, making his skills competent for the company to venture into a new product area where profitability is possible. He is faced with a new challenge, but his expertise has prepared him for this role. AMD and Lenovo may have participated in the budding industry for tablet devices in the latter years. But AMD can aggressively match Intel’s high-end server market.
Thursday, June 2, 2011
Shaw Capital Management Headlines: Stolen Avengers Script Reveals Famous Boiler Room Scene
There could already be troubles on the set of the Avengersmovie, as Samuel L. Jackson’s (Nick Fury in the movie) script was recently swiped in either Los Angeles or Burbank, California. The unscrupulous thieves attempted to sell the screenplay to a number of movie sites and bloggers, but no one took them up on their offer. Important to note, however, is that no one contacted us here at UGO. Not saying we would have been interested – becuase we totally wouldn’t have been – it just would have been nice to have been offered the chance is all.
While the aforementioned movie sites and bloggers are far too ethical to actually purchase the script and leak its entire contents, there’s apparently some kind of loophole that makes it completely OK to show some lo-res jpegs of a stack of pages. The most prominently featured one seems to describe a scene in which Bruce Banner transforms into the Hulk while Black Widow tries to calm him down and Captain America and Iron Man run somewhere. Another important note: We’ve been saying that Avengers would show Bruce Banner transforming into the Hulk and people running since jump street.
Rumor has it that the leaked script also shows Hulk smashing things.
What the script leak means (aside from some awkward moments at craft services between Jackson and writer/director Joss Whedon) is still up in the air, however. Originally, Film Fan Reviewreported that production would be halted while the scene was rewritten, but the site has since gone on to note that both Marvel and Disney have debunked that particular part of the rumor. This makes sense, of course, because not only do the revealed script pages tell us absolutely nothing we didn’t already know/assume, but the only people paying attention to this are nerds like us, as absolutely everyone else in the country is out seeing Fast Five and/or making Osama Bin Laden jokes on Twitter.
If you can’t wait until 2012 to see the pivotal Hulk-transformation-engine-room scene, check out the script page in question below:
Wednesday, March 9, 2011
Shaw Capital Management: Debit Policy is Working Well in UK & US Part 1 of 2
World wide recovery appears to have firmed up. In the UK the statistics have lagged behind the anecdotal signs of the same thing. No one still believes the ONS’s peculiar decision to call a revised GDP drop of 0.2% in the third quarter (now revised down from an initial estimate of 0.4%).
The UK now have not merely surveys of purchasing managers but also employment, production and retail sales figures, all of which suggest that the economy levelled off in the third quarter and could have possibly also started expanding then, and was definitely expanding in the fourth. The most troubling aspect of the recovery in western economies including the UK is the lack of credit growth to the non-bank private sector. However, this has been accompanied by a general easing in monetary conditions, as measured by other indicators, such as rates of interest on corporate loans and bonds, and the cost of equity capital.
Shaw Capital Management Korea: Debit Policy is Working Well in UK & US – So it appears that the policy easing carried out by virtually all western central banks has succeeded in offsetting at least much of the effects of the credit crunch created by the banking crisis.
Another feature has been the willingness of western governments to allow their budget balances to move into heavy deficit.
The way to think of this is that governments will eventually have to pay off these deficits by either cutting spending services to the private sector or raising taxes on it. Hence these deficits are loans to the private sector to perform current services or avoid collecting current taxes; these loans will be paid off in the future. The government is effectively giving credit to the private sector that has dried up through the usual channels.
Shaw Capital Management Korea: Debit Policy is Working Well in UK & US – Some people would like to debate whether such government deficits are effective in supporting the economy; however it should be obvious that in a credit crunch all credit provision is likely to be effective in offsetting the credit shortage. One can agree that in normal times deficit multipliers could well be low because rational consumers will work out that they must pay future taxes to pay for the deficits and hence they may well save in response, so offsetting the direct deficit stimulus.
However in a credit crunch this argument is irrelevant because the private sector is liquidity-constrained. So monetary and fiscal policy have both been dominated by the need to provide a substitute for bank credit. They have done so and been rather effective in this.
Shaw Capital Management Korea: Debit Policy is Working Well in UK & US – As long as the recovery does not raise inflation and require interest rates to rise, and money creation to be stopped and reversed, the government deficits have been costless because financed by money creation at zero interest rate therefore.
The burning question is when is the turning point, when ‘monetary exit’ must be started, turning these deficits into expensive processes that could violate sustainability conditions, and hence precipitating the necessity of fiscal exit also.
From the UK or US perspective there is no real reason to rush to the exit. Both countries’ public debt/GDP ratios are quite low, in the region of 50 80% respectively. There is no history of outright default, or of refusal to pay taxes. The main issue concerns the possibility of using inflation as a partial default tool.
Shaw Capital Management Korea: Debit Policy is Working Well in UK & US – In the UK there has been a formal inflation target of 2% or so for 17 years; in the US there is no formal target but a widespread assumption encouraged by the Fed that there effectively is one of the same order. Since debt has been issued over a long period on the assumption of such a target, the gain to the Treasury from a burst of inflation would be large; it would act like a windfall tax on bond investors.
For example to reduce the debt/GDP ratio in the UK back to 40% from its current level of 56% would just require four years of inflation at 6%, only 4% over the target.
Shaw Capital Management Korea: Debit Policy is Working Well in UK & US – Tempting as this might sound, it is striking how little public interest there is in it. Inflation was highly unpopular in both countries when it was out of control in the 1970s and early 1980s; inflation targeting has proved politically successful for this reason.
The UK now have not merely surveys of purchasing managers but also employment, production and retail sales figures, all of which suggest that the economy levelled off in the third quarter and could have possibly also started expanding then, and was definitely expanding in the fourth. The most troubling aspect of the recovery in western economies including the UK is the lack of credit growth to the non-bank private sector. However, this has been accompanied by a general easing in monetary conditions, as measured by other indicators, such as rates of interest on corporate loans and bonds, and the cost of equity capital.
Shaw Capital Management Korea: Debit Policy is Working Well in UK & US – So it appears that the policy easing carried out by virtually all western central banks has succeeded in offsetting at least much of the effects of the credit crunch created by the banking crisis.
Another feature has been the willingness of western governments to allow their budget balances to move into heavy deficit.
The way to think of this is that governments will eventually have to pay off these deficits by either cutting spending services to the private sector or raising taxes on it. Hence these deficits are loans to the private sector to perform current services or avoid collecting current taxes; these loans will be paid off in the future. The government is effectively giving credit to the private sector that has dried up through the usual channels.
Shaw Capital Management Korea: Debit Policy is Working Well in UK & US – Some people would like to debate whether such government deficits are effective in supporting the economy; however it should be obvious that in a credit crunch all credit provision is likely to be effective in offsetting the credit shortage. One can agree that in normal times deficit multipliers could well be low because rational consumers will work out that they must pay future taxes to pay for the deficits and hence they may well save in response, so offsetting the direct deficit stimulus.
However in a credit crunch this argument is irrelevant because the private sector is liquidity-constrained. So monetary and fiscal policy have both been dominated by the need to provide a substitute for bank credit. They have done so and been rather effective in this.
Shaw Capital Management Korea: Debit Policy is Working Well in UK & US – As long as the recovery does not raise inflation and require interest rates to rise, and money creation to be stopped and reversed, the government deficits have been costless because financed by money creation at zero interest rate therefore.
The burning question is when is the turning point, when ‘monetary exit’ must be started, turning these deficits into expensive processes that could violate sustainability conditions, and hence precipitating the necessity of fiscal exit also.
From the UK or US perspective there is no real reason to rush to the exit. Both countries’ public debt/GDP ratios are quite low, in the region of 50 80% respectively. There is no history of outright default, or of refusal to pay taxes. The main issue concerns the possibility of using inflation as a partial default tool.
Shaw Capital Management Korea: Debit Policy is Working Well in UK & US – In the UK there has been a formal inflation target of 2% or so for 17 years; in the US there is no formal target but a widespread assumption encouraged by the Fed that there effectively is one of the same order. Since debt has been issued over a long period on the assumption of such a target, the gain to the Treasury from a burst of inflation would be large; it would act like a windfall tax on bond investors.
For example to reduce the debt/GDP ratio in the UK back to 40% from its current level of 56% would just require four years of inflation at 6%, only 4% over the target.
Shaw Capital Management Korea: Debit Policy is Working Well in UK & US – Tempting as this might sound, it is striking how little public interest there is in it. Inflation was highly unpopular in both countries when it was out of control in the 1970s and early 1980s; inflation targeting has proved politically successful for this reason.
Japan’s Economic Growth Slowed Again Part 2: Shaw Capital Management Article
Japan’s Economic Growth Slowed Again Part 2: Shaw Capital Management Article – Japan’s economic recovery appears to have faltered unexpectedly sharply during the second quarter of this year. The government’s preliminary GDP statistics put the real quarter-to-quarter growth rate at 0.1%, which translates into an annualised 0.4%, marking an expansion for the third consecutive quarter.
It is well-known that Japanese GDP data are volatile and subject to drastic revisions in both directions. Nevertheless, these data suggest that the economy has slowed considerably.
Japan’s Economic Growth Slowed Again Part 2: Shaw Capital Management Korea – This has raised concern that the nation’s economic recovery may come to a standstill in the latter half of the fiscal year in the midst of an evident global slowdown of recovery.
Shaw Capital Management Korea Newsletter – Export growth is expected to weaken in line with the slowing of world trade and recent strength of the yen. Even the Chinese economy is slowing down. On the other hand, corporate profits have been good, but the appreciation of the yen and stagnation in the domestic market might reduce the appetite of Japanese firms for investment at home. Indeed, private machinery orders, an indicator for capital investment, have been very weak. There are increasing signs that many firms are sending more of their production offshore.
Shaw Capital Management Korea – Under these circumstances, the government is reported to have started considering an additional stimulus package to deal with the appreciation of the yen, the decline in stock prices, and deflation.
Prime Minister Naoto Kan will have a talk with State Minister for National Policy Satoshi Arai, Minister of Finance Yoshihiko Noda, and Minister of Economy, Trade and Industry Masayuki Naoshima on the shape of a new package, which may be announced in early September, according to the press.
Shaw Capital Management Korea Newsletter – Economists and observers criticized the government, and the central bank, for failing to take appropriate measures and urged them to craft bolder policies to decisively face up to the wobbly state of the economy. In particular, they emphasized the importance of preventing any further appreciation of the yen and demanded that the government and the Bank of Japan act first of all to put a brake on the yen’s rise in preparation for the growing fear of a second dip in business.
“The yen’s rise not only squeezes exporters’ profits but also, if left as it is, will encourage manufacturing companies to shift production bases outside Japan, resulting in an irrevocably adverse influence on employment and other segments.
Shaw Capital Management Korea Newsletter – The Finance Ministry should not hesitate to intervene in the foreign exchange market”, said Hideo Kumano, chief economist at the Dai-ichi Life Research Institute. With the currency recently rising to a 15-year high against the US dollar, speculation has increased that Japanese authorities may act soon to slow the surging yen. BOJ officials have opposed the idea of more aggressively using their balance sheet because of worries that it could increase market concerns about Japan’s fiscal discipline and that the anti-deflation drug could prove too effective, causing prices to rise out of control. Many analysts believe that the BOJ will make a move in the foreign exchange market soon.
It is well-known that Japanese GDP data are volatile and subject to drastic revisions in both directions. Nevertheless, these data suggest that the economy has slowed considerably.
Japan’s Economic Growth Slowed Again Part 2: Shaw Capital Management Korea – This has raised concern that the nation’s economic recovery may come to a standstill in the latter half of the fiscal year in the midst of an evident global slowdown of recovery.
Shaw Capital Management Korea Newsletter – Export growth is expected to weaken in line with the slowing of world trade and recent strength of the yen. Even the Chinese economy is slowing down. On the other hand, corporate profits have been good, but the appreciation of the yen and stagnation in the domestic market might reduce the appetite of Japanese firms for investment at home. Indeed, private machinery orders, an indicator for capital investment, have been very weak. There are increasing signs that many firms are sending more of their production offshore.
Shaw Capital Management Korea – Under these circumstances, the government is reported to have started considering an additional stimulus package to deal with the appreciation of the yen, the decline in stock prices, and deflation.
Prime Minister Naoto Kan will have a talk with State Minister for National Policy Satoshi Arai, Minister of Finance Yoshihiko Noda, and Minister of Economy, Trade and Industry Masayuki Naoshima on the shape of a new package, which may be announced in early September, according to the press.
Shaw Capital Management Korea Newsletter – Economists and observers criticized the government, and the central bank, for failing to take appropriate measures and urged them to craft bolder policies to decisively face up to the wobbly state of the economy. In particular, they emphasized the importance of preventing any further appreciation of the yen and demanded that the government and the Bank of Japan act first of all to put a brake on the yen’s rise in preparation for the growing fear of a second dip in business.
“The yen’s rise not only squeezes exporters’ profits but also, if left as it is, will encourage manufacturing companies to shift production bases outside Japan, resulting in an irrevocably adverse influence on employment and other segments.
Shaw Capital Management Korea Newsletter – The Finance Ministry should not hesitate to intervene in the foreign exchange market”, said Hideo Kumano, chief economist at the Dai-ichi Life Research Institute. With the currency recently rising to a 15-year high against the US dollar, speculation has increased that Japanese authorities may act soon to slow the surging yen. BOJ officials have opposed the idea of more aggressively using their balance sheet because of worries that it could increase market concerns about Japan’s fiscal discipline and that the anti-deflation drug could prove too effective, causing prices to rise out of control. Many analysts believe that the BOJ will make a move in the foreign exchange market soon.
Shaw Capital Management News: Washington Waxes Brazilian
Brazil provides us with an example of a rapidly developing, energy-hungry economy in the Western Hemisphere, where biofuel is a fact of life. Biofuel is also an investment imperative for energy investors and companies that want to make money in Brazil. As an important part of the #3 economy in the Americas, ethanol can’t be ignored by the United States.
(Sugar) Ethanol as a Global Commodity; Focus on Cosan Ltd. (NYSE: CZZ) Cosan is entering into a joint venture with an oil giant that could be worth $12 billion, and its happy beginning to 2010 signals a renewal of interest in ethanol and entrance of some unlikely participants into biofuels. Cosan, a Brazilian company that processes more sugar than anyone else in the world, is now joining with Royal Dutch Shell (NYSE: RDS), the #2 oil producer in Europe.
Shell is paying Cosan $1.625 billion for half of its core assets. As part of the joint venture that will emerge, Shell is also taking on Cosan’s debt and opening up 2,740 Shell service stations to Cosan’s sweet, green fuel. Shell will also give Cosan two small Brazilian companies … Codexis and Iogen … where Shell has been investing in ethanol. Cosan is entering into a joint venture with an oil giant that could be worth $12 billion, and…signals a renewal of interest in ethanol and entrance of some unlikely participants into biofuels.
Shaw Capital Management Korea News: Cosan stands to gain big from an efficient system of turning agricultural leftovers into fuel in its own right. Of all the money and knowledge changing hands, one part is most important: By gaining access to Shell’s distribution system, Cosan will have the luxury of ramping up production without
worrying if there will be buyers.
Shell wants to fertilize Cosan’s cane-based business. Cosan output now has to grow from 2 billion liters per year up to the 3 billion that will be needed to satisfy a total 4,500 fuel stations in Brazil. From there, it’s up to 4 and 5 billion liters annually and on to making ethanol a global commodity. You’d be hard pressed to tell the difference between Shell and Cosan’s statements on this joint venture if you removed a couple of words. Very simply, each company wants access to the other’s expertise. “Cosan represents the best entry to sustainable biofuels in the market… the best entry of scale,” Shell’s Mark Williams said in London. In Sao Paulo, Cosan Chairman Rubens Ometto said the tie-up is intended to be “the step forward that was lacking, in spite of all our efforts, to make ethanol a global commodity.” Shell’s 45,000 stations around the world will pump biofuel to vehicles that can run on gasoline, ethanol, or a mixture of the two.
Shaw Capital Management Korea News: Low prices also help, as evidenced in Brazil where flex-fuel vehicles now account for 90% of new cars and truck sales. Shell’s 45,000 stations around the world will pump biofuel to vehicles that can run on gasoline, ethanol, or a mixture of the two (Brazil mandates that all gasoline have at least a 20% ethanol component). As it stands, Brazilians are the end users of the vast majority of the ethanol that their country produces (about 25 billion liters annually). And you wouldn’t know it from most of the media, but ethanol is more than just an automotive matter…
Shaw Capital Management, Korea – Investment Innovation & Excellence. We provide the information; insight and expertise that you need to make the right investment choices. Shaw Capital Management Korea typically offers its clients such services as asset allocation and portfolio design; traditional and non-traditional manager review and selection; portfolio implementation; portfolio monitoring and consolidated performance reporting; and other wealth management services, including estate, tax, trust and insurance planning, asset custody, closely held business issues associated with the establishment or expansion of a family office, the formation of family investment partnerships or LLCs, philanthropy, family dynamics and inter-generation issues, etc.
(Sugar) Ethanol as a Global Commodity; Focus on Cosan Ltd. (NYSE: CZZ) Cosan is entering into a joint venture with an oil giant that could be worth $12 billion, and its happy beginning to 2010 signals a renewal of interest in ethanol and entrance of some unlikely participants into biofuels. Cosan, a Brazilian company that processes more sugar than anyone else in the world, is now joining with Royal Dutch Shell (NYSE: RDS), the #2 oil producer in Europe.
Shell is paying Cosan $1.625 billion for half of its core assets. As part of the joint venture that will emerge, Shell is also taking on Cosan’s debt and opening up 2,740 Shell service stations to Cosan’s sweet, green fuel. Shell will also give Cosan two small Brazilian companies … Codexis and Iogen … where Shell has been investing in ethanol. Cosan is entering into a joint venture with an oil giant that could be worth $12 billion, and…signals a renewal of interest in ethanol and entrance of some unlikely participants into biofuels.
Shaw Capital Management Korea News: Cosan stands to gain big from an efficient system of turning agricultural leftovers into fuel in its own right. Of all the money and knowledge changing hands, one part is most important: By gaining access to Shell’s distribution system, Cosan will have the luxury of ramping up production without
worrying if there will be buyers.
Shell wants to fertilize Cosan’s cane-based business. Cosan output now has to grow from 2 billion liters per year up to the 3 billion that will be needed to satisfy a total 4,500 fuel stations in Brazil. From there, it’s up to 4 and 5 billion liters annually and on to making ethanol a global commodity. You’d be hard pressed to tell the difference between Shell and Cosan’s statements on this joint venture if you removed a couple of words. Very simply, each company wants access to the other’s expertise. “Cosan represents the best entry to sustainable biofuels in the market… the best entry of scale,” Shell’s Mark Williams said in London. In Sao Paulo, Cosan Chairman Rubens Ometto said the tie-up is intended to be “the step forward that was lacking, in spite of all our efforts, to make ethanol a global commodity.” Shell’s 45,000 stations around the world will pump biofuel to vehicles that can run on gasoline, ethanol, or a mixture of the two.
Shaw Capital Management Korea News: Low prices also help, as evidenced in Brazil where flex-fuel vehicles now account for 90% of new cars and truck sales. Shell’s 45,000 stations around the world will pump biofuel to vehicles that can run on gasoline, ethanol, or a mixture of the two (Brazil mandates that all gasoline have at least a 20% ethanol component). As it stands, Brazilians are the end users of the vast majority of the ethanol that their country produces (about 25 billion liters annually). And you wouldn’t know it from most of the media, but ethanol is more than just an automotive matter…
Shaw Capital Management, Korea – Investment Innovation & Excellence. We provide the information; insight and expertise that you need to make the right investment choices. Shaw Capital Management Korea typically offers its clients such services as asset allocation and portfolio design; traditional and non-traditional manager review and selection; portfolio implementation; portfolio monitoring and consolidated performance reporting; and other wealth management services, including estate, tax, trust and insurance planning, asset custody, closely held business issues associated with the establishment or expansion of a family office, the formation of family investment partnerships or LLCs, philanthropy, family dynamics and inter-generation issues, etc.
shaw capital management:Be alert for scams at tax time
http://www.courierpostonline.com/article/20110306/COLUMNISTS15/103060345/1003/business/Be-alert-scams-tax-time
by: Eileen Smith
This time of year, con artists go phishing, sending out fake e-mails in an attempt to reel in financial information from consumers.
The bait: your income tax return.
In fact, identity thefts related to taxes and payroll tripled from 2005 to 2009, according to the Federal Trade Commission.
That might be because people tend to pay attention when they receive a notice from the Internal Revenue Service.
But the truth is, the IRS does not initiate communications with taxpayers via e-mail. No exceptions. So, if you receive e-mail from someone claiming to be from the IRS you can assume it is fraudulent.
Don’t open it. And if you do open the e-mail, do not reply to it or click on any links it might contain.
If you receive an e-mail, phone call, fax or letter by snail mail from someone claiming to be an IRS employee, you can readily confirm if Uncle Sam is reaching out. Just call IRS at (800) 829-1040 and ask if the IRS needs to contact you.
Sometimes, it is easy to spot a fake. The message starts with “hi there” or another generic greeting rather than your name. The grammar ain’t good. And the graphics look like something your cat came up with after eating a box of crayons.
But some of these creeps are scarily slick, with official-sounding verbiage and professional presentation. It is better to err on the side of skepticism than to be sucked in to a scam.
Crooks keep coming up with new ways to rip off trusting people. This year, con artists have obtained financial information by offering free tax-filing services. The taxpayers received paperwork indicating a hefty refund — but the money was diverted to the bogus tax preparers, who were based in Belarus, a country in Eastern Europe whose primary natural resource is peat.
In another new wrinkle from Lowlife Land, scammers are contacting military families with a phony offer of a special tax benefits for people in the service that they can obtain by paying a fee. In truth, Uncle Sam doesn’t charge people to refund their money.
Other unwitting taxpayers were tricked into giving out their credit card numbers. The ruse? A shyster posing as the IRS sent out an e-mail — complete with realistic-looking government logo — offering to apply tax refunds directly to unpaid credit card bills.
Remember, the government doesn’t ask for detailed financial information, such as PIN numbers, passwords or answers to security questions for credit card, bank or other financial accounts.
The hassle quotient increases if someone steals your Social Security number and uses it to get a job. The IRS will likely assume you are earning more money than you actually are.
If you believe you might have been duped, go to www.IRS.gov and enter the search term “identity theft” for information on getting help.
It’s important to report incidents of fraud to keep other taxpayers from falling prey to con artists.
Eileen Smith offers commonsense insights on personal finance and career enrichment in her Sunday column. Reach her at (856) 486-2444
by: Eileen Smith
This time of year, con artists go phishing, sending out fake e-mails in an attempt to reel in financial information from consumers.
The bait: your income tax return.
In fact, identity thefts related to taxes and payroll tripled from 2005 to 2009, according to the Federal Trade Commission.
That might be because people tend to pay attention when they receive a notice from the Internal Revenue Service.
But the truth is, the IRS does not initiate communications with taxpayers via e-mail. No exceptions. So, if you receive e-mail from someone claiming to be from the IRS you can assume it is fraudulent.
Don’t open it. And if you do open the e-mail, do not reply to it or click on any links it might contain.
If you receive an e-mail, phone call, fax or letter by snail mail from someone claiming to be an IRS employee, you can readily confirm if Uncle Sam is reaching out. Just call IRS at (800) 829-1040 and ask if the IRS needs to contact you.
Sometimes, it is easy to spot a fake. The message starts with “hi there” or another generic greeting rather than your name. The grammar ain’t good. And the graphics look like something your cat came up with after eating a box of crayons.
But some of these creeps are scarily slick, with official-sounding verbiage and professional presentation. It is better to err on the side of skepticism than to be sucked in to a scam.
Crooks keep coming up with new ways to rip off trusting people. This year, con artists have obtained financial information by offering free tax-filing services. The taxpayers received paperwork indicating a hefty refund — but the money was diverted to the bogus tax preparers, who were based in Belarus, a country in Eastern Europe whose primary natural resource is peat.
In another new wrinkle from Lowlife Land, scammers are contacting military families with a phony offer of a special tax benefits for people in the service that they can obtain by paying a fee. In truth, Uncle Sam doesn’t charge people to refund their money.
Other unwitting taxpayers were tricked into giving out their credit card numbers. The ruse? A shyster posing as the IRS sent out an e-mail — complete with realistic-looking government logo — offering to apply tax refunds directly to unpaid credit card bills.
Remember, the government doesn’t ask for detailed financial information, such as PIN numbers, passwords or answers to security questions for credit card, bank or other financial accounts.
The hassle quotient increases if someone steals your Social Security number and uses it to get a job. The IRS will likely assume you are earning more money than you actually are.
If you believe you might have been duped, go to www.IRS.gov and enter the search term “identity theft” for information on getting help.
It’s important to report incidents of fraud to keep other taxpayers from falling prey to con artists.
Eileen Smith offers commonsense insights on personal finance and career enrichment in her Sunday column. Reach her at (856) 486-2444
shaw capital management: ‘Financial Serial Killers’: How to Avoid Becoming a Victim of Financial Fraud
http://seekingalpha.com/article/255510-financial-serial-killers-how-to-avoid-becoming-a-victim-of-financial-fraud
About the author: Alan Brochstein
One of the many benefits of being a member of a local chapter of the CFA Institute is the weekly luncheons which feature guest speakers on a variety of topics that help financial professionals stay on top of important issues. I have to admit that I don’t take full advantage of the many offerings, but I was grateful for the opportunity to meet with Tom Ajamie in early February, when he addressed his home-town crowd in Houston. Ajamie, who, with financial journalist Bruce Kelly, co-authoredFinancial Serial Killers: Inside the World of Wall Street Money Hustlers, Swindlers and Con Men, is a lawyer who deeply understands his subject matter, as he has devoted himself to fighting for victims of financial fraud successfully for many years. Sadly, he has many stories to share.
While Bernie Madoff grabbed headlines in 2008 and certainly introduced the term “Ponzi” to anyone not previously familiar with the scheme, this book addresses crimes that have been taking place long before the largest swindle ever and that continue to be uncovered afterwards. While the book is probably most useful to readers who aren’t particularly savvy financially, the authors point out that even Alan Greenspan was taken in by Madoff. Investment professionals can read this book in order to understand the mind of the con man who might be preying upon his clients or potential clients. I would go so far as to suggest that investment professionals might benefit not only by reading the book, but perhaps gifting it to their clients as well. Unfortunately, a few bad apples have created an atmosphere of mistrust, and the laundry list that Ajamie and Kelly include near the end of the book should help make the clients of reputable professionals more comfortable.
The book is organized into chapters regarding specific swindles and interludes entitled “The Investment Industry Speaks” that address the reader from the perspective of investment industry executives. Each of the stories is very different in its details, including the type of perpetrator, the type of victim and the type of fraud, but Ajamie and Kelly do a good job of tying each of these vignettes into their broader message. A few of these stories may be familiar to you, like Ponzi, Bre-X (a famous gold scam) or a few hedge-fund collapses, but most of these are smaller scale and focused less on the general public than on a particular individual. My guess is that every reader will be able to relate to at least some of the victims.
Ajamie and Kelly cover several big-picture topics, like mortgage fraud, elder abuse, and private placements, among others, but Wall Street is certainly the genesis of most of the stories. The last chapter is one of my favorites – they cover the topic of “Why we Fall for Scams”. It’s not an answer that will flatter the reader, but it’s important to understand how we put ourselves in harm’s way potentially. The authors certainly don’t ever blame the victim in the book, but this is as close as they come.
I highly recommend this book to those who are financially savvy and especially to those who are not. While the scale of Madoff’s deception was certainly beyond comparison, con men and swindlers continue to victimize the innocent. The book does a good job of explaining the psychological issues that drive both the criminal and his victim, and we can all learn from the tragedies that are detailed and the specific advice that the authors share. The laundry list at the end of the book can help you avoid becoming a victim of financial fraud. Unfortunately, we can’t count on the regulators to stop the inevitable scams. Kudos to Ajamie and Kelly for empowering the reader to avoid becoming a potential victim.
About the author: Alan Brochstein
One of the many benefits of being a member of a local chapter of the CFA Institute is the weekly luncheons which feature guest speakers on a variety of topics that help financial professionals stay on top of important issues. I have to admit that I don’t take full advantage of the many offerings, but I was grateful for the opportunity to meet with Tom Ajamie in early February, when he addressed his home-town crowd in Houston. Ajamie, who, with financial journalist Bruce Kelly, co-authoredFinancial Serial Killers: Inside the World of Wall Street Money Hustlers, Swindlers and Con Men, is a lawyer who deeply understands his subject matter, as he has devoted himself to fighting for victims of financial fraud successfully for many years. Sadly, he has many stories to share.
While Bernie Madoff grabbed headlines in 2008 and certainly introduced the term “Ponzi” to anyone not previously familiar with the scheme, this book addresses crimes that have been taking place long before the largest swindle ever and that continue to be uncovered afterwards. While the book is probably most useful to readers who aren’t particularly savvy financially, the authors point out that even Alan Greenspan was taken in by Madoff. Investment professionals can read this book in order to understand the mind of the con man who might be preying upon his clients or potential clients. I would go so far as to suggest that investment professionals might benefit not only by reading the book, but perhaps gifting it to their clients as well. Unfortunately, a few bad apples have created an atmosphere of mistrust, and the laundry list that Ajamie and Kelly include near the end of the book should help make the clients of reputable professionals more comfortable.
The book is organized into chapters regarding specific swindles and interludes entitled “The Investment Industry Speaks” that address the reader from the perspective of investment industry executives. Each of the stories is very different in its details, including the type of perpetrator, the type of victim and the type of fraud, but Ajamie and Kelly do a good job of tying each of these vignettes into their broader message. A few of these stories may be familiar to you, like Ponzi, Bre-X (a famous gold scam) or a few hedge-fund collapses, but most of these are smaller scale and focused less on the general public than on a particular individual. My guess is that every reader will be able to relate to at least some of the victims.
Ajamie and Kelly cover several big-picture topics, like mortgage fraud, elder abuse, and private placements, among others, but Wall Street is certainly the genesis of most of the stories. The last chapter is one of my favorites – they cover the topic of “Why we Fall for Scams”. It’s not an answer that will flatter the reader, but it’s important to understand how we put ourselves in harm’s way potentially. The authors certainly don’t ever blame the victim in the book, but this is as close as they come.
I highly recommend this book to those who are financially savvy and especially to those who are not. While the scale of Madoff’s deception was certainly beyond comparison, con men and swindlers continue to victimize the innocent. The book does a good job of explaining the psychological issues that drive both the criminal and his victim, and we can all learn from the tragedies that are detailed and the specific advice that the authors share. The laundry list at the end of the book can help you avoid becoming a victim of financial fraud. Unfortunately, we can’t count on the regulators to stop the inevitable scams. Kudos to Ajamie and Kelly for empowering the reader to avoid becoming a potential victim.
shaw capital management financial:Alleged N12b pension fraud: EFCC seals off director’s petrol stations
http://thenationonlineng.net/web3/news/30058.html
Yusuf Alli 07/03/2011 00:00:00
The Economic and Financial Crimes Commission (EFCC) has sealed off two filling stations belonging to a former Director in the Pensions Office of the Head of the Civil Service of the Federation, Dr. S.T. Shuaibu.
Shuaibu, who is currently the Director of Finance in Petroleum Ministry, is being investigated over alleged N12billion pensions scam alongside his former deputy in pension’s office, Mrs. P. U. Chidi.
Mrs. Chidi is a director in the Federal Ministry of Transport.
The EFCC invoked its powers under Assets Forfeiture Clause in its Act to seal off the stations.
A source in the commission said: “The multi-million Naira Riballe Petroleum stations were sealed off on Friday in Kogi State after EFCC operatives traced another N1.5billion diverted from pension’s funds into the account of the company.
“The EFCC operatives have also uncovered a multi-billion Naira estate being built in Sokoto by one Aliu Bello a Personal Assistant to Shuaibu.
“The estate which is still under construction has also been sealed off.
When contacted on the development, the Head of Media and Publicity of the EFCC, Mr. Femi Babafemi, merely said: “The matter is still being investigated.”
Chairman of the EFCC Mrs. Farida Waziri on January 12 said the commission would “use this year to address corruption in the public service.”
She said: “From our end, we have taken some steps that will ultimately complement the on-going reforms in the public service.
“You may want to know that Section 7(b) of the EFCC Establishment Act empowers us to “cause investigations to be conducted into the properties of any person if it appears to the Commission that the person’s life style and extent of the properties are not justified by his source of income”.
“We have gathered sufficient intelligence on some serving and retired public servants/office holders and we are still compiling information on others who live above their means with a view to inviting them to account for the means of maintaining such life style.
“In a matter of days, our teams set up to handle this will start interacting with some of those already on our watch list.”
Yusuf Alli 07/03/2011 00:00:00
The Economic and Financial Crimes Commission (EFCC) has sealed off two filling stations belonging to a former Director in the Pensions Office of the Head of the Civil Service of the Federation, Dr. S.T. Shuaibu.
Shuaibu, who is currently the Director of Finance in Petroleum Ministry, is being investigated over alleged N12billion pensions scam alongside his former deputy in pension’s office, Mrs. P. U. Chidi.
Mrs. Chidi is a director in the Federal Ministry of Transport.
The EFCC invoked its powers under Assets Forfeiture Clause in its Act to seal off the stations.
A source in the commission said: “The multi-million Naira Riballe Petroleum stations were sealed off on Friday in Kogi State after EFCC operatives traced another N1.5billion diverted from pension’s funds into the account of the company.
“The EFCC operatives have also uncovered a multi-billion Naira estate being built in Sokoto by one Aliu Bello a Personal Assistant to Shuaibu.
“The estate which is still under construction has also been sealed off.
When contacted on the development, the Head of Media and Publicity of the EFCC, Mr. Femi Babafemi, merely said: “The matter is still being investigated.”
Chairman of the EFCC Mrs. Farida Waziri on January 12 said the commission would “use this year to address corruption in the public service.”
She said: “From our end, we have taken some steps that will ultimately complement the on-going reforms in the public service.
“You may want to know that Section 7(b) of the EFCC Establishment Act empowers us to “cause investigations to be conducted into the properties of any person if it appears to the Commission that the person’s life style and extent of the properties are not justified by his source of income”.
“We have gathered sufficient intelligence on some serving and retired public servants/office holders and we are still compiling information on others who live above their means with a view to inviting them to account for the means of maintaining such life style.
“In a matter of days, our teams set up to handle this will start interacting with some of those already on our watch list.”
shaw capital management: Hollenbeck fraud sentence may be cut by a third for helping convict two others
http://www2.journalnow.com/news/2011/mar/01/wsmain01-hollenbeck-fraud-sentence-may-be-cut-by-a-ar-822244/
By Wesley Young
Published: March 01, 2011
Federal prosecutors are asking a judge to trim almost five years off the original 14-year prison sentence ofScott Hollenbeck, a former Kernersville resident who lured retirees and people he met in church circles into pouring millions of dollars into a Ponzi scheme.
The prosecutors are proposing a sentence reduction that could make Hollenbeck, 56, eligible for release in 2015 or 2016 because he helped them convict two men involved in other risky investments to which Hollenbeck steered some of his clients.
Hollenbeck was indicted in 2007 on federal criminal charges relating to his sale of investments in a Ponzi scheme masked as a truck-mounted billboard business. He was convicted and sentenced to 14 years and ordered to pay $5.6 million in restitution.
Hollenbeck had sold about $10 million in investments in Mobile Billboards of America. Many victims lived in the Triad or other parts of central North Carolina. When Mobile Billboards, masterminded by men from California and Missouri, went defunct, investors lost most of their money.
Government prosecutors are proposing to reduce Hollenbeck’s sentence by a third, to a total of about 9.3 years. Without that reduction, Hollenbeck is scheduled for release in April 2020, having apparently already had his sentence shortened under good-behavior guidelines.
Assistant U.S. District Attorney Clay Wheeler said in a court filing that Hollenbeck “provided substantial assistance” to the government in cases resulting in the convictions of John K. Colvin, a Tennessee businessman, and Gregory Bartko, an Atlanta securities lawyer.
A spokeswoman for Wheeler said victims of Hollenbeck’s investment scams will have the right to be heard in person when the court conducts a hearing in Raleigh on April 4, and victims also can submit written statements.
Most of the investors victimized in the schemes have been characterized as “mom and pop” investors — people lured into the scam by Hollenbeck’s charisma or evangelical zeal.
Mary Beck, who lives in Davidson County, invested her entire 401(k) plan in Mobile Billboards through Hollenbeck. She said she disagrees with giving Hollenbeck a lighter sentence.
“Just because he decided to testify for them, I still don’t think it is right,” Beck said. “The Good Lord took over, and I’m fine, and I forgave Scott. I still think he should serve his time.”
Beck recalled how Hollenbeck would pay for children to attend a private Christian school they could not afford. There were other things Hollenbeck did that convinced her and others that he was trustworthy, she said.
“He claimed to be such a good Christian and let us down,” Beck said. “We have had to skimp and save and try to make it because my husband and I are both senior citizens, and it has been hard.”
Hollenbeck testified against his lawyer and a business associate in two fraud cases in which Hollenbeck was named as an unindicted co-conspirator but never charged.
Colvin was a business associate of Hollenbeck’s in investment companies called Franklin Asset Exchange, Webb Financial Services and Disciples Limited. From 2003, Hollenbeck sold $20 million in investments through those companies to people he found by networking among his investment clients and church connections, court records say. Colvin directed where the money was to be invested.
Although billed as safe and backed with a phony “surety bond” that Hollenbeck cooked up, the investments were steered by Colvin mostly into a highly speculative coal mine in Montana called Bull Mountain, court records show. When the mine developers couldn’t get their operation up and running in time, they defaulted on the loans Colvin and Hollenbeck had made from the investors’ money.
As with Mobile Billboards, many of the 350 investors in Bull Mountain also live in the Triad and other parts of North Carolina. Investors included Hollenbeck’s former church, Gospel Light Baptist Church, which invested about $2 million with Hollenbeck, and a church as far away as Hawaii.
The coal-mine investors eventually recovered about 75 percent of their money in a settlement distribution. A number of Hollenbeck investors recouped part or all of some investments through other out-of-court settlements. Gospel Light Baptist Church recovered all of its money, according to Bobby Roberson, the pastor.
Bartko hired Colvin in 2004 to raise money for the Caledonian Fund, an investment fund Bartko started with a man in California, prosecutors said. Prosecutors said Bartko found out from Colvin that Hollenbeck was raising the money and using unscrupulous methods to do so. Hollenbeck raised about $700,000 for the Caledonian Fund, which sank and took the money with it in late 2004.
Nonetheless, prosecutors said, Bartko became Hollenbeck’s attorney in mid-2004, when North Carolina regulators shut down Hollenbeck’s sales of Mobile Billboards and the Securities and Exchange Commission began investigating the billboard scheme.
Bartko helped Bull Mountain investors recover some of their money, although he and another attorney pocketed $4 million in fees as part of the deal. Some investors were grateful to Bartko, but others were critical of his representation of Hollenbeck and claimed the lawyer knew that Hollenbeck was doing dishonest business.
Some of Hollenbeck’s former investors say they have put the episode behind them. Beck said she sat and cried a lot when Hollenbeck was convicted in 2008. Although she recovered some of her money, she said, it wasn’t nearly what she lost. “My husband looked at me one day and said, ‘You have got to get over this,’?” she said. “I couldn’t carry it around with me for the rest of my life.”
By Wesley Young
Published: March 01, 2011
Federal prosecutors are asking a judge to trim almost five years off the original 14-year prison sentence ofScott Hollenbeck, a former Kernersville resident who lured retirees and people he met in church circles into pouring millions of dollars into a Ponzi scheme.
The prosecutors are proposing a sentence reduction that could make Hollenbeck, 56, eligible for release in 2015 or 2016 because he helped them convict two men involved in other risky investments to which Hollenbeck steered some of his clients.
Hollenbeck was indicted in 2007 on federal criminal charges relating to his sale of investments in a Ponzi scheme masked as a truck-mounted billboard business. He was convicted and sentenced to 14 years and ordered to pay $5.6 million in restitution.
Hollenbeck had sold about $10 million in investments in Mobile Billboards of America. Many victims lived in the Triad or other parts of central North Carolina. When Mobile Billboards, masterminded by men from California and Missouri, went defunct, investors lost most of their money.
Government prosecutors are proposing to reduce Hollenbeck’s sentence by a third, to a total of about 9.3 years. Without that reduction, Hollenbeck is scheduled for release in April 2020, having apparently already had his sentence shortened under good-behavior guidelines.
Assistant U.S. District Attorney Clay Wheeler said in a court filing that Hollenbeck “provided substantial assistance” to the government in cases resulting in the convictions of John K. Colvin, a Tennessee businessman, and Gregory Bartko, an Atlanta securities lawyer.
A spokeswoman for Wheeler said victims of Hollenbeck’s investment scams will have the right to be heard in person when the court conducts a hearing in Raleigh on April 4, and victims also can submit written statements.
Most of the investors victimized in the schemes have been characterized as “mom and pop” investors — people lured into the scam by Hollenbeck’s charisma or evangelical zeal.
Mary Beck, who lives in Davidson County, invested her entire 401(k) plan in Mobile Billboards through Hollenbeck. She said she disagrees with giving Hollenbeck a lighter sentence.
“Just because he decided to testify for them, I still don’t think it is right,” Beck said. “The Good Lord took over, and I’m fine, and I forgave Scott. I still think he should serve his time.”
Beck recalled how Hollenbeck would pay for children to attend a private Christian school they could not afford. There were other things Hollenbeck did that convinced her and others that he was trustworthy, she said.
“He claimed to be such a good Christian and let us down,” Beck said. “We have had to skimp and save and try to make it because my husband and I are both senior citizens, and it has been hard.”
Hollenbeck testified against his lawyer and a business associate in two fraud cases in which Hollenbeck was named as an unindicted co-conspirator but never charged.
Colvin was a business associate of Hollenbeck’s in investment companies called Franklin Asset Exchange, Webb Financial Services and Disciples Limited. From 2003, Hollenbeck sold $20 million in investments through those companies to people he found by networking among his investment clients and church connections, court records say. Colvin directed where the money was to be invested.
Although billed as safe and backed with a phony “surety bond” that Hollenbeck cooked up, the investments were steered by Colvin mostly into a highly speculative coal mine in Montana called Bull Mountain, court records show. When the mine developers couldn’t get their operation up and running in time, they defaulted on the loans Colvin and Hollenbeck had made from the investors’ money.
As with Mobile Billboards, many of the 350 investors in Bull Mountain also live in the Triad and other parts of North Carolina. Investors included Hollenbeck’s former church, Gospel Light Baptist Church, which invested about $2 million with Hollenbeck, and a church as far away as Hawaii.
The coal-mine investors eventually recovered about 75 percent of their money in a settlement distribution. A number of Hollenbeck investors recouped part or all of some investments through other out-of-court settlements. Gospel Light Baptist Church recovered all of its money, according to Bobby Roberson, the pastor.
Bartko hired Colvin in 2004 to raise money for the Caledonian Fund, an investment fund Bartko started with a man in California, prosecutors said. Prosecutors said Bartko found out from Colvin that Hollenbeck was raising the money and using unscrupulous methods to do so. Hollenbeck raised about $700,000 for the Caledonian Fund, which sank and took the money with it in late 2004.
Nonetheless, prosecutors said, Bartko became Hollenbeck’s attorney in mid-2004, when North Carolina regulators shut down Hollenbeck’s sales of Mobile Billboards and the Securities and Exchange Commission began investigating the billboard scheme.
Bartko helped Bull Mountain investors recover some of their money, although he and another attorney pocketed $4 million in fees as part of the deal. Some investors were grateful to Bartko, but others were critical of his representation of Hollenbeck and claimed the lawyer knew that Hollenbeck was doing dishonest business.
Some of Hollenbeck’s former investors say they have put the episode behind them. Beck said she sat and cried a lot when Hollenbeck was convicted in 2008. Although she recovered some of her money, she said, it wasn’t nearly what she lost. “My husband looked at me one day and said, ‘You have got to get over this,’?” she said. “I couldn’t carry it around with me for the rest of my life.”
Sunday, March 6, 2011
shaw capital management:Alleged N12b pension fraud: EFCC seals off director’s petrol stations » Shaw Capital Management Financial News - Latest financial news by Shaw Capital Management
The Economic and Financial Crimes Commission (EFCC) has sealed off two filling stations belonging to a former Director in the Pensions Office of the Head of the Civil Service of the Federation, Dr. S.T. Shuaibu.
Shuaibu, who is currently the Director of Finance in Petroleum Ministry, is being investigated over alleged N12billion pensions scam alongside his former deputy in pension’s office, Mrs. P. U. Chidi.
Mrs. Chidi is a director in the Federal Ministry of Transport.
The EFCC invoked its powers under Assets Forfeiture Clause in its Act to seal off the stations.
A source in the commission said: “The multi-million Naira Riballe Petroleum stations were sealed off on Friday in Kogi State after EFCC operatives traced another N1.5billion diverted from pension’s funds into the account of the company.
“The EFCC operatives have also uncovered a multi-billion Naira estate being built in Sokoto by one Aliu Bello a Personal Assistant to Shuaibu.
“The estate which is still under construction has also been sealed off.
When contacted on the development, the Head of Media and Publicity of the EFCC, Mr. Femi Babafemi, merely said: “The matter is still being investigated.”
Chairman of the EFCC Mrs. Farida Waziri on January 12 said the commission would “use this year to address corruption in the public service.”
She said: “From our end, we have taken some steps that will ultimately complement the on-going reforms in the public service.
“You may want to know that Section 7(b) of the EFCC Establishment Act empowers us to “cause investigations to be conducted into the properties of any person if it appears to the Commission that the person’s life style and extent of the properties are not justified by his source of income”.
“We have gathered sufficient intelligence on some serving and retired public servants/office holders and we are still compiling information on others who live above their means with a view to inviting them to account for the means of maintaining such life style.
“In a matter of days, our teams set up to handle this will start interacting with some of those already on our watch list.”
Shuaibu, who is currently the Director of Finance in Petroleum Ministry, is being investigated over alleged N12billion pensions scam alongside his former deputy in pension’s office, Mrs. P. U. Chidi.
Mrs. Chidi is a director in the Federal Ministry of Transport.
The EFCC invoked its powers under Assets Forfeiture Clause in its Act to seal off the stations.
A source in the commission said: “The multi-million Naira Riballe Petroleum stations were sealed off on Friday in Kogi State after EFCC operatives traced another N1.5billion diverted from pension’s funds into the account of the company.
“The EFCC operatives have also uncovered a multi-billion Naira estate being built in Sokoto by one Aliu Bello a Personal Assistant to Shuaibu.
“The estate which is still under construction has also been sealed off.
When contacted on the development, the Head of Media and Publicity of the EFCC, Mr. Femi Babafemi, merely said: “The matter is still being investigated.”
Chairman of the EFCC Mrs. Farida Waziri on January 12 said the commission would “use this year to address corruption in the public service.”
She said: “From our end, we have taken some steps that will ultimately complement the on-going reforms in the public service.
“You may want to know that Section 7(b) of the EFCC Establishment Act empowers us to “cause investigations to be conducted into the properties of any person if it appears to the Commission that the person’s life style and extent of the properties are not justified by his source of income”.
“We have gathered sufficient intelligence on some serving and retired public servants/office holders and we are still compiling information on others who live above their means with a view to inviting them to account for the means of maintaining such life style.
“In a matter of days, our teams set up to handle this will start interacting with some of those already on our watch list.”
shaw capital management: ‘Financial Serial Killers’: How to Avoid Becoming a Victim of Financial Fraud » Shaw Capital Management Financial News - Latest financial news by Shaw Capital Management
About the author: Alan Brochstein
One of the many benefits of being a member of a local chapter of the CFA Institute is the weekly luncheons which feature guest speakers on a variety of topics that help financial professionals stay on top of important issues. I have to admit that I don’t take full advantage of the many offerings, but I was grateful for the opportunity to meet with Tom Ajamie in early February, when he addressed his home-town crowd in Houston. Ajamie, who, with financial journalist Bruce Kelly, co-authoredFinancial Serial Killers: Inside the World of Wall Street Money Hustlers, Swindlers and Con Men, is a lawyer who deeply understands his subject matter, as he has devoted himself to fighting for victims of financial fraud successfully for many years. Sadly, he has many stories to share.
While Bernie Madoff grabbed headlines in 2008 and certainly introduced the term “Ponzi” to anyone not previously familiar with the scheme, this book addresses crimes that have been taking place long before the largest swindle ever and that continue to be uncovered afterwards. While the book is probably most useful to readers who aren’t particularly savvy financially, the authors point out that even Alan Greenspan was taken in by Madoff. Investment professionals can read this book in order to understand the mind of the con man who might be preying upon his clients or potential clients. I would go so far as to suggest that investment professionals might benefit not only by reading the book, but perhaps gifting it to their clients as well. Unfortunately, a few bad apples have created an atmosphere of mistrust, and the laundry list that Ajamie and Kelly include near the end of the book should help make the clients of reputable professionals more comfortable.
The book is organized into chapters regarding specific swindles and interludes entitled “The Investment Industry Speaks” that address the reader from the perspective of investment industry executives. Each of the stories is very different in its details, including the type of perpetrator, the type of victim and the type of fraud, but Ajamie and Kelly do a good job of tying each of these vignettes into their broader message. A few of these stories may be familiar to you, like Ponzi, Bre-X (a famous gold scam) or a few hedge-fund collapses, but most of these are smaller scale and focused less on the general public than on a particular individual. My guess is that every reader will be able to relate to at least some of the victims.
Ajamie and Kelly cover several big-picture topics, like mortgage fraud, elder abuse, and private placements, among others, but Wall Street is certainly the genesis of most of the stories. The last chapter is one of my favorites – they cover the topic of “Why we Fall for Scams”. It’s not an answer that will flatter the reader, but it’s important to understand how we put ourselves in harm’s way potentially. The authors certainly don’t ever blame the victim in the book, but this is as close as they come.
I highly recommend this book to those who are financially savvy and especially to those who are not. While the scale of Madoff’s deception was certainly beyond comparison, con men and swindlers continue to victimize the innocent. The book does a good job of explaining the psychological issues that drive both the criminal and his victim, and we can all learn from the tragedies that are detailed and the specific advice that the authors share. The laundry list at the end of the book can help you avoid becoming a victim of financial fraud. Unfortunately, we can’t count on the regulators to stop the inevitable scams. Kudos to Ajamie and Kelly for empowering the reader to avoid becoming a potential victim.
One of the many benefits of being a member of a local chapter of the CFA Institute is the weekly luncheons which feature guest speakers on a variety of topics that help financial professionals stay on top of important issues. I have to admit that I don’t take full advantage of the many offerings, but I was grateful for the opportunity to meet with Tom Ajamie in early February, when he addressed his home-town crowd in Houston. Ajamie, who, with financial journalist Bruce Kelly, co-authoredFinancial Serial Killers: Inside the World of Wall Street Money Hustlers, Swindlers and Con Men, is a lawyer who deeply understands his subject matter, as he has devoted himself to fighting for victims of financial fraud successfully for many years. Sadly, he has many stories to share.
While Bernie Madoff grabbed headlines in 2008 and certainly introduced the term “Ponzi” to anyone not previously familiar with the scheme, this book addresses crimes that have been taking place long before the largest swindle ever and that continue to be uncovered afterwards. While the book is probably most useful to readers who aren’t particularly savvy financially, the authors point out that even Alan Greenspan was taken in by Madoff. Investment professionals can read this book in order to understand the mind of the con man who might be preying upon his clients or potential clients. I would go so far as to suggest that investment professionals might benefit not only by reading the book, but perhaps gifting it to their clients as well. Unfortunately, a few bad apples have created an atmosphere of mistrust, and the laundry list that Ajamie and Kelly include near the end of the book should help make the clients of reputable professionals more comfortable.
The book is organized into chapters regarding specific swindles and interludes entitled “The Investment Industry Speaks” that address the reader from the perspective of investment industry executives. Each of the stories is very different in its details, including the type of perpetrator, the type of victim and the type of fraud, but Ajamie and Kelly do a good job of tying each of these vignettes into their broader message. A few of these stories may be familiar to you, like Ponzi, Bre-X (a famous gold scam) or a few hedge-fund collapses, but most of these are smaller scale and focused less on the general public than on a particular individual. My guess is that every reader will be able to relate to at least some of the victims.
Ajamie and Kelly cover several big-picture topics, like mortgage fraud, elder abuse, and private placements, among others, but Wall Street is certainly the genesis of most of the stories. The last chapter is one of my favorites – they cover the topic of “Why we Fall for Scams”. It’s not an answer that will flatter the reader, but it’s important to understand how we put ourselves in harm’s way potentially. The authors certainly don’t ever blame the victim in the book, but this is as close as they come.
I highly recommend this book to those who are financially savvy and especially to those who are not. While the scale of Madoff’s deception was certainly beyond comparison, con men and swindlers continue to victimize the innocent. The book does a good job of explaining the psychological issues that drive both the criminal and his victim, and we can all learn from the tragedies that are detailed and the specific advice that the authors share. The laundry list at the end of the book can help you avoid becoming a victim of financial fraud. Unfortunately, we can’t count on the regulators to stop the inevitable scams. Kudos to Ajamie and Kelly for empowering the reader to avoid becoming a potential victim.
shaw capital management:Be alert for scams at tax time » Shaw Capital Management Financial News - Latest financial news by Shaw Capital Management
This time of year, con artists go phishing, sending out fake e-mails in an attempt to reel in financial information from consumers.
The bait: your income tax return.
In fact, identity thefts related to taxes and payroll tripled from 2005 to 2009, according to the Federal Trade Commission.
That might be because people tend to pay attention when they receive a notice from the Internal Revenue Service.
But the truth is, the IRS does not initiate communications with taxpayers via e-mail. No exceptions. So, if you receive e-mail from someone claiming to be from the IRS you can assume it is fraudulent.
Don’t open it. And if you do open the e-mail, do not reply to it or click on any links it might contain.
If you receive an e-mail, phone call, fax or letter by snail mail from someone claiming to be an IRS employee, you can readily confirm if Uncle Sam is reaching out. Just call IRS at (800) 829-1040 and ask if the IRS needs to contact you.
Sometimes, it is easy to spot a fake. The message starts with “hi there” or another generic greeting rather than your name. The grammar ain’t good. And the graphics look like something your cat came up with after eating a box of crayons.
But some of these creeps are scarily slick, with official-sounding verbiage and professional presentation. It is better to err on the side of skepticism than to be sucked in to a scam.
Crooks keep coming up with new ways to rip off trusting people. This year, con artists have obtained financial information by offering free tax-filing services. The taxpayers received paperwork indicating a hefty refund — but the money was diverted to the bogus tax preparers, who were based in Belarus, a country in Eastern Europe whose primary natural resource is peat.
In another new wrinkle from Lowlife Land, scammers are contacting military families with a phony offer of a special tax benefits for people in the service that they can obtain by paying a fee. In truth, Uncle Sam doesn’t charge people to refund their money.
Other unwitting taxpayers were tricked into giving out their credit card numbers. The ruse? A shyster posing as the IRS sent out an e-mail — complete with realistic-looking government logo — offering to apply tax refunds directly to unpaid credit card bills.
Remember, the government doesn’t ask for detailed financial information, such as PIN numbers, passwords or answers to security questions for credit card, bank or other financial accounts.
The hassle quotient increases if someone steals your Social Security number and uses it to get a job. The IRS will likely assume you are earning more money than you actually are.
If you believe you might have been duped, go to www.IRS.gov and enter the search term “identity theft” for information on getting help.
It’s important to report incidents of fraud to keep other taxpayers from falling prey to con artists.
Eileen Smith offers commonsense insights on personal finance and career enrichment in her Sunday column. Reach her at (856) 486-2444 or eismith@camden.gannett.com
The bait: your income tax return.
In fact, identity thefts related to taxes and payroll tripled from 2005 to 2009, according to the Federal Trade Commission.
That might be because people tend to pay attention when they receive a notice from the Internal Revenue Service.
But the truth is, the IRS does not initiate communications with taxpayers via e-mail. No exceptions. So, if you receive e-mail from someone claiming to be from the IRS you can assume it is fraudulent.
Don’t open it. And if you do open the e-mail, do not reply to it or click on any links it might contain.
If you receive an e-mail, phone call, fax or letter by snail mail from someone claiming to be an IRS employee, you can readily confirm if Uncle Sam is reaching out. Just call IRS at (800) 829-1040 and ask if the IRS needs to contact you.
Sometimes, it is easy to spot a fake. The message starts with “hi there” or another generic greeting rather than your name. The grammar ain’t good. And the graphics look like something your cat came up with after eating a box of crayons.
But some of these creeps are scarily slick, with official-sounding verbiage and professional presentation. It is better to err on the side of skepticism than to be sucked in to a scam.
Crooks keep coming up with new ways to rip off trusting people. This year, con artists have obtained financial information by offering free tax-filing services. The taxpayers received paperwork indicating a hefty refund — but the money was diverted to the bogus tax preparers, who were based in Belarus, a country in Eastern Europe whose primary natural resource is peat.
In another new wrinkle from Lowlife Land, scammers are contacting military families with a phony offer of a special tax benefits for people in the service that they can obtain by paying a fee. In truth, Uncle Sam doesn’t charge people to refund their money.
Other unwitting taxpayers were tricked into giving out their credit card numbers. The ruse? A shyster posing as the IRS sent out an e-mail — complete with realistic-looking government logo — offering to apply tax refunds directly to unpaid credit card bills.
Remember, the government doesn’t ask for detailed financial information, such as PIN numbers, passwords or answers to security questions for credit card, bank or other financial accounts.
The hassle quotient increases if someone steals your Social Security number and uses it to get a job. The IRS will likely assume you are earning more money than you actually are.
If you believe you might have been duped, go to www.IRS.gov and enter the search term “identity theft” for information on getting help.
It’s important to report incidents of fraud to keep other taxpayers from falling prey to con artists.
Eileen Smith offers commonsense insights on personal finance and career enrichment in her Sunday column. Reach her at (856) 486-2444 or eismith@camden.gannett.com
shaw capital management: 10 Scary Financial Scams That Target The Elderly » Shaw Capital Management Financial News - Latest financial news by Shaw Capital Management
THURSDAY, 03 MARCH 2011 14:23 ACCOUNTINGDEGREE.COM HUMAN INTEREST
Financial scams can target people at any age, but seniors are often favorite targets of scammers because most are homeowners, have substantial savings, are more trusting and may not know enough about the latest technology and laws to protect themselves. These scams cost older Americans millions, if not billions, every year — and despite crackdowns, they aren’t likely to stop anytime soon. So how can you protect your loved ones or yourself? Through education and proactivity, of course! If you’re unsure if any company is legit or committing fraud, contact the Better Business Bureau or the FTC and look for these common schemes — it just might save your financial future.
Financial scams can target people at any age, but seniors are often favorite targets of scammers because most are homeowners, have substantial savings, are more trusting and may not know enough about the latest technology and laws to protect themselves. These scams cost older Americans millions, if not billions, every year — and despite crackdowns, they aren’t likely to stop anytime soon. So how can you protect your loved ones or yourself? Through education and proactivity, of course! If you’re unsure if any company is legit or committing fraud, contact the Better Business Bureau or the FTC and look for these common schemes — it just might save your financial future.
- Low-risk, high return investment scams. These kinds of scams seem like an opportunity that can’t be missed, but they’re really much more of a risk and a potential for serious loss than perpetrators would have the elderly believe. Nearly all scams that target the elderly use this idea in some form or another, promising a sage investment with ridiculous returns. Yet the old adage holds true: if it sounds too good to be true, it probably is. Always, always check up on any investment opportunity or consult a financial professional before making any moves with your money.
- Charitable gift annuity scams . Charitable annuities in and of themselves can actually be a good thing when done right, but unfortunately many scammers take advantage of elderly using just this idea. Scammers create a fake charity and solicit donations from elderly individuals, promising a return on their investment through an annuity. Do not ever give money to a charity without researching it first to make sure that it’s legitimate. Additionally, you should only set up a charitable annuity through a trusted financial advisor, not anyone who contacts you randomly over the phone.
- Fake high-return CD scams. Like other investment scams, these frauds play on the all-too-human desire to get something for nothing, with a safe, reliable “opportunity” that’s supposed to pay big dividends. Scammers will fool seniors into thinking they’re legit by saying the CDs are sold through major banks (when really they have no affiliation) or by choosing a name that’s very similar to an existing one. The fake company takes your money, but no investment is made. Instead the money goes into their pockets – and disappears just as quickly as the company soon will.
- Prize and sweepstakes frauds. Who wouldn’t want to pick up the phone and hear that they’ve won a free trip, money or prizes? Unfortunately, most of these calls and mailings are simply scams. In order to get your prize, scammers will tell recipients they’ll have to pay taxes or fees on them first and they’ll be mailed to them later. Unfortunately, the prizes rarely (if ever arrive). If you have genuinely won a prize, there should be no tax or fee to get the item. Ever. Any taxes due will be paid to the government at the end of the fiscal year, not upon receiving the prize.
- Home, auto repair or medical equipment scams. Finding the money to make major home repairs can be hard, especially for seniors on a fixed income – and scammers know that. They offer up deals to finance your home and auto repairs or medical equipment purchases for you. Sounds like a great deal, right? It isn’t so great when you find out the interest rates the loans come with, making it nearly impossible to repay and garnering thousands in debt in a few months. Protect yourself by not getting loans through companies that solicit over the phone– anyone reputable won’t have to come to you– and avoid anyone targeting those with credit score problems.
- “I need your help” scams. Whether it’s a Nigerian prince or a person down and out, these kinds of scams have been around for ages and are still fooling many Americans into sending cash to scammers. Often, they promise a return on a cash donation but others are more sinister, posing as credit examiners, police officers or bank employees. Victims of these scams are tricked into giving money or even providing account information, a mistake that can cost thousands. A rule of thumb to keep you safe is to delete all emails from unknown addresses and to remember that a bank or regulatory institution will never ask for your personal information over the phone. If you have your suspicions, it’s always better to be safe than sorry.
- Reverse mortgage scams. Reverse mortgages can spell disaster for many homeowners who don’t do their research. While it is possible to get a legit reverse mortgage, it’s much more likely that you’ll be falling into a scam. These deals are created by scammers in order to steal the equity from a property and frequently target seniors. Victims may be lured in through the promise of free property, investment returns or other benefits that will never materialize. Any real reverse mortgage deal will be insured by the Federal Housing Authority. Any that isn’t you can assume is a scam.
- Credit repair scams. No one wants to live with bad credit. It can make getting a house, credit card or loan pretty darn hard. In these scams, a company promises to help an individual repair their credit– for a fee of course. While it sounds like a good deal, it’s entirely fraudulent. There is no easy way to repair your credit other than time, paying bills promptly and making good on any debts. If anyone promises to help you repair your credit overnight, they’re trying to scam you.
- Loss recovery scams. These kind of scams target those who’ve already been scammed once, making them twice as sinister. Elderly individuals who’ve been tricked into thinking they’ve won a prize who’ve paid money without receiving it are targeted by these fraudsters. They claim they can help you get your hands on that prize, often posing as government agents working on your case. They ask for a large sum of cash to help conduct the investigation (which should be a red flag), which victims will never see again. A government employee will never, under any circumstances ask for cash to do their job, so if you’ve already been scammed once, don’t let it happen again.
- Help you pay your bills scams. There are few people out there who wouldn’t love a little assistance in paying their bills, but these kinds of scams will show you that there really is no such thing as free money. These scammers have no intention of helping you pay your bills and may actually make it impossible for you to do so by robbing you of thousands of dollars. How does this kind of scam work? Fraudsters will convince you to make them joint account holders on your accounts, with the idea that they’ll help you pay your bills and manage your finances. Unfortunately, this kind of access
- financial scam news, shaw capital scam news, financial management scam tips,
- shaw capital management financial, shaw capital management investment lets them take every penny you have or claim your entire account when you die. Never, ever let someone have this kind of power over your finances unless it’s someone you know and trust.
shaw capital management: Senior safety academy planned in Kane County » Shaw Capital Management Financial News - Latest financial news by Shaw Capital Management
The Central Kane County TRIAD will host its spring senior safety academy April 20, with a focus on prescription drug use and a visit from a representative of the attorney general’s office to discuss financial scams.
“It’s very important for senior citizens to attend these programs so that they can stay abreast of issues that they may not even realize are affecting thousands of seniors every day,” said Laurie Laine, TRIAD president. “There are so many crafty scam artists who target this population. Awareness is key to maintaining physical, mental and financial safety.”
A representative from the attorney general’s office will present the Silver Beat program, which teaches seniors about financial exploitation rings, debt settlement traps, how to avoid fake check-cashing scams, health care fraud and new credit card rules.
Representatives from the Kane County Sheriff’s Department and Elgin Police Department also will discuss the theft of prescription drugs from senior citizens by family members to support their abuse.
The free event will be held from 9 a.m. to noon at Delnor Hospital’s 351 building in the lower level rooms 3 and 4. The hospital’s address is 300 Randall Road, Geneva.
The Delnor room can hold about 150 people and attendees need to RSVP by calling (630) 232-3602 no later than April 8 so organizers can get an accurate count for breakfast, snacks and lunch.
Laine said the TRIAD does two senior safety programs a year and the last academy, which focused on fires and falls in the home, drew 94 people.
Dog trainer guilty
A 30-year-old Algonquin man and German shepherd trainer accused of ordering his dogs to attack his wife during a December 2009 domestic dispute avoided a possible prison term when he pleaded guilty to misdemeanor domestic battery last month.
Jonathan E. Richard, of the 100 block of Mohawk Trail, was charged with felony aggravated battery, unlawful restraint and misdemeanor domestic battery.
He faced up to five years in prison if convicted, but probation also was an option.
In a plea agreement accepted by McHenry County Judge Joseph P. Condon, Richard pleaded guilty to the misdemeanor charge and will be on supervision for 18 months and must attend anger manfinancial scam news, shaw capital scam news, financial management scam tips,
shaw capital management financial, shaw capital management investment
agement counseling. The felony charges were dropped.
He also must pay $6,870 in fines, fees and restitution. Richard’s wife was briefly hospitalized after the attack.
“It’s very important for senior citizens to attend these programs so that they can stay abreast of issues that they may not even realize are affecting thousands of seniors every day,” said Laurie Laine, TRIAD president. “There are so many crafty scam artists who target this population. Awareness is key to maintaining physical, mental and financial safety.”
A representative from the attorney general’s office will present the Silver Beat program, which teaches seniors about financial exploitation rings, debt settlement traps, how to avoid fake check-cashing scams, health care fraud and new credit card rules.
Representatives from the Kane County Sheriff’s Department and Elgin Police Department also will discuss the theft of prescription drugs from senior citizens by family members to support their abuse.
The free event will be held from 9 a.m. to noon at Delnor Hospital’s 351 building in the lower level rooms 3 and 4. The hospital’s address is 300 Randall Road, Geneva.
The Delnor room can hold about 150 people and attendees need to RSVP by calling (630) 232-3602 no later than April 8 so organizers can get an accurate count for breakfast, snacks and lunch.
Laine said the TRIAD does two senior safety programs a year and the last academy, which focused on fires and falls in the home, drew 94 people.
Dog trainer guilty
A 30-year-old Algonquin man and German shepherd trainer accused of ordering his dogs to attack his wife during a December 2009 domestic dispute avoided a possible prison term when he pleaded guilty to misdemeanor domestic battery last month.
Jonathan E. Richard, of the 100 block of Mohawk Trail, was charged with felony aggravated battery, unlawful restraint and misdemeanor domestic battery.
He faced up to five years in prison if convicted, but probation also was an option.
In a plea agreement accepted by McHenry County Judge Joseph P. Condon, Richard pleaded guilty to the misdemeanor charge and will be on supervision for 18 months and must attend anger manfinancial scam news, shaw capital scam news, financial management scam tips,
shaw capital management financial, shaw capital management investment
agement counseling. The felony charges were dropped.
He also must pay $6,870 in fines, fees and restitution. Richard’s wife was briefly hospitalized after the attack.
Saturday, February 19, 2011
amber0170 - Shaw Capital Management: South Koreas Economy
South Koreas output is continuing to accelerate, and the government needs to exit from its accommodative economic policies earlier than anticipated. The HSBC Koreas purchasing managers index (PMI) rose from 55.6 in January to 58.2 in February the highest since December 2007. New orders are coming in, and there are rising backlogs of unfulfilled orders.
Shaw Capital Management: South Koreas Economy - Employment too is rising suggesting that the current pace of growth will be sustained for the next several months. Inflation paced a little with consumer prices up 3.1% in January from a year earlier. But inflation in Korea is likely to remain stable for some months.
The central bank is expected to tighten its monetary policy by starting to raise interest rates from the current record low of 2% in the later part of the second quarter as the government retains its focus on job creation and growth.
Shaw Capital Management: South Koreas Economy - Exports expanded 31% year on year, better than Reuters forecast of 22.7%. South Korea posted a much larger-than-expected
trade surplus of $2.33 billion in February as ship deliveries boosted exports, while imports fell as holidays reduced crude oil and natural gas demand.
Shaw Capital Management: South Koreas Economy - Employment too is rising suggesting that the current pace of growth will be sustained for the next several months. Inflation paced a little with consumer prices up 3.1% in January from a year earlier. But inflation in Korea is likely to remain stable for some months.
The central bank is expected to tighten its monetary policy by starting to raise interest rates from the current record low of 2% in the later part of the second quarter as the government retains its focus on job creation and growth.
Shaw Capital Management: South Koreas Economy - Exports expanded 31% year on year, better than Reuters forecast of 22.7%. South Korea posted a much larger-than-expected
trade surplus of $2.33 billion in February as ship deliveries boosted exports, while imports fell as holidays reduced crude oil and natural gas demand.
Newsvine - shaw capital management warning tips
Shaw Capital tips and Warning on Boiler Rooms and How to Spot a "Boiler Room" Scam and fraud:
High-pressure sales tactics. Salesmen and the management may make repeated calls and even become abusive, questioning, for example, the intelligence of anyone who would pass up such a "sure thing."
Outrageous promises of extraordinarily high profit at little or no risk. The management rule is: The higher the return, the higher the risk. Listen for salesmen who claim it is possible to make extremely high (15, 20 or 30 percent) or even "guaranteed" profits without any risk of loss. Most legitimate firms will provide written materials clearly disclosing the potential for loss in an investment, as well as its short- and long-term tax implications.
High-pressure sales tactics. Salesmen and the management may make repeated calls and even become abusive, questioning, for example, the intelligence of anyone who would pass up such a "sure thing."
Outrageous promises of extraordinarily high profit at little or no risk. The management rule is: The higher the return, the higher the risk. Listen for salesmen who claim it is possible to make extremely high (15, 20 or 30 percent) or even "guaranteed" profits without any risk of loss. Most legitimate firms will provide written materials clearly disclosing the potential for loss in an investment, as well as its short- and long-term tax implications.
Shaw Capital Tips on How to Spot Boiler Rooms | Free Articles
The North American Securities Administrators Association management estimates that unwary investors lose billions a year to investment fraud. Self-employment scams and high-tech schemes are among investments most recently heavily promoted by online. This tip sheet is designed to provide investors with self-defense tactics to fight off the promotion of investment scams by “boiler rooms,” the high-pressure phone sales operations from which sales people call to promote abusive and fraudulent deals.
Shaw Management Tips on Identity Theft
Fraud committed by a criminal who has stolen someone else’s identity is identity fraud usually used online and some boiler room management scams. By stealing documents such as your passport, driving license or bank statements – or online ID, such as usernames, passwords and personal security questions – thieves can now take cash from your accounts, commit benefit fraud, or take out new credit cards or loans, all in your name. Online frauds that sucker victims into revealing crucial private data, known as ‘phishing’ scams, are becoming more common. But for most people, the greater danger still lies in more old-fashioned methods: burglars who steal documents and chequebooks; fraudsters who intercept your post; and even thieves who dredge through bin bags.
Shaw Capital will give you tips on how big is the problem nowadays on online scams and fraud. In the UK, more than 70,000 people were victims last year, according to figures from the Credit Industry Fraud Avoidance Service (CIFAS). Given the large number of cases, the sums involved are hardly huge – the Association for Payment Clearing Services puts the total taken by identity fraudsters last year at £37m, but this is a 66% jump on the previous year. However, they calculate the overall cost to the economy – including the time and money spent by banks in combatting the crime – is a massive £1.3bn.
Monday, January 31, 2011
Shaw Capital Management Newsletter: Japan Submits Budget for 2010
The Democratic Party of Japan (DPJ) government submitted to the Diet the fiscal 2010 budget amounting to ¥92.3 trillion, its first budget since its inauguration in mid-September. The budget was even larger than its counterpart for the current fiscal year — which was already a record if one includes the second supplementary stimulus package, approved last December. This was because of additional spending on child allowances, free senior high school education, cash subsidies to farmers, and higher payments to
medical institutions to alleviate the shortage of medical doctors. Particularly noteworthy is the large amount devoted to social security, up to ¥27.3 trillion, which account for 51% of general public spending … the first time that the social security share has exceeded 50%. In marked contrast, public works investment, which has been cut back by almost 20%, amounts to ¥5.8 trillion, a record drop that symbolizes the DPJ’s philosophy of shifting money to people from public works... eightynine dam projects are likely to be frozen. At a news conference, Prime Minister Yukio Hatoyama described it as “a
budget meant to safeguard the life of the people.” He also claimed that three reforms were incorporated in the architecture of the budget: first, the principle of a shift of priority “from concrete to people”; second,
initiatives taken by politicians instead of bureaucrats; and third, securing transparency in the budget formulation process. Some creditable aspects notwithstanding, the budget bill appears to be overshadowed, as media reports made clear, by concern over a severe revenue shortage and its implications for the future of Japan’s public finances, which are already debt-laden to a perilous extent as recently pointed out by credit rating agency Standard & Poor’s which raised the prospect of a downgrade in Japan’s sovereign debt rating.
medical institutions to alleviate the shortage of medical doctors. Particularly noteworthy is the large amount devoted to social security, up to ¥27.3 trillion, which account for 51% of general public spending … the first time that the social security share has exceeded 50%. In marked contrast, public works investment, which has been cut back by almost 20%, amounts to ¥5.8 trillion, a record drop that symbolizes the DPJ’s philosophy of shifting money to people from public works... eightynine dam projects are likely to be frozen. At a news conference, Prime Minister Yukio Hatoyama described it as “a
budget meant to safeguard the life of the people.” He also claimed that three reforms were incorporated in the architecture of the budget: first, the principle of a shift of priority “from concrete to people”; second,
initiatives taken by politicians instead of bureaucrats; and third, securing transparency in the budget formulation process. Some creditable aspects notwithstanding, the budget bill appears to be overshadowed, as media reports made clear, by concern over a severe revenue shortage and its implications for the future of Japan’s public finances, which are already debt-laden to a perilous extent as recently pointed out by credit rating agency Standard & Poor’s which raised the prospect of a downgrade in Japan’s sovereign debt rating.
“The budget bill appears to be overshadowed by concern over a severe revenue shortage and its implications for the future of Japan’spublic finances, which are already debt-laden to a perilous extent.”
“Japan’s economic policy flexibility has diminished as a result of increased fiscal deficits and government debt, persistent deflation and a prospect of continued sluggish economic growth”, analysts at the firm said in a note. “It’s impossible to keep tolerating this massive spending,” said Takeshi Minami , chief economist at Norinchukin Research Institute in Tokyo. “Japan’s fiscal health will continue to be exceedingly severe given revenue won’t grow and a stagnant recovery may require additional economic
measures.” A major reason for the squeeze is a plunge in prospective tax revenues due to the economic downturn and the drop in corporate profits. Tax revenues for fiscal 2010 are estimated to fall to ¥37.4 trillion, the same level as 26 years ago, in the mid-1980s — while corporate tax revenues are expected
to be half the amount in normal years. As a result, the government has to raise ¥44.3 billion in new government bonds, compared to ¥53.5 trillion in FY2009. This leaves the treasury dependent on debt for 48% of the total budget, up 10 percentage points. At the end of the fiscal year, on March 31, 2011, the
outstanding balance of government bond issues will have shot up to ¥637 trillion, the equivalent of 134% of Japan’s GDP while public debt will probably spiral to ¥973 trillion, almost double GDP.
measures.” A major reason for the squeeze is a plunge in prospective tax revenues due to the economic downturn and the drop in corporate profits. Tax revenues for fiscal 2010 are estimated to fall to ¥37.4 trillion, the same level as 26 years ago, in the mid-1980s — while corporate tax revenues are expected
to be half the amount in normal years. As a result, the government has to raise ¥44.3 billion in new government bonds, compared to ¥53.5 trillion in FY2009. This leaves the treasury dependent on debt for 48% of the total budget, up 10 percentage points. At the end of the fiscal year, on March 31, 2011, the
outstanding balance of government bond issues will have shot up to ¥637 trillion, the equivalent of 134% of Japan’s GDP while public debt will probably spiral to ¥973 trillion, almost double GDP.
Shaw Capital Management Newsletter: Japan Submits Budget for 2010
Online PR News – 30-June-2010 –The Democratic Party of Japan (DPJ) government submitted to the Diet the fiscal 2010 budget amounting to ¥92.3 trillion, its first budget since its inauguration in mid-September. The budget was even larger than its counterpart for the current fiscal year — which was already a record if one includes the second supplementary stimulus package, approved last December. This was because of additional spending on child allowances, free senior high school education, cash subsidies to farmers, and higher payments to
medical institutions to alleviate the shortage of medical doctors. Particularly noteworthy is the large amount devoted to social security, up to ¥27.3 trillion, which account for 51% of general public spending … the first time that the social security share has exceeded 50%. In marked contrast, public works investment, which has been cut back by almost 20%, amounts to ¥5.8 trillion, a record drop that symbolizes the DPJ’s philosophy of shifting money to people from public works... eightynine dam projects are likely to be frozen. At a news conference, Prime Minister Yukio Hatoyama described it as “a
budget meant to safeguard the life of the people.” He also claimed that three reforms were incorporated in the architecture of the budget: first, the principle of a shift of priority “from concrete to people”; second,
initiatives taken by politicians instead of bureaucrats; and third, securing transparency in the budget formulation process. Some creditable aspects notwithstanding, the budget bill appears to be overshadowed, as media reports made clear, by concern over a severe revenue shortage and its implications for the future of Japan’s public finances, which are already debt-laden to a perilous extent as recently pointed out by credit rating agency Standard & Poor’s which raised the prospect of a downgrade in Japan’s sovereign debt rating.
“The budget bill appears to be overshadowed by concern over a severe revenue shortage and its implications for the future of Japan’spublic finances, which are already debt-laden to a perilous extent.”
“Japan’s economic policy flexibility has diminished as a result of increased fiscal deficits and government debt, persistent deflation and a prospect of continued sluggish economic growth”, analysts at the firm said in a note. “It’s impossible to keep tolerating this massive spending,” said Takeshi Minami , chief economist at Norinchukin Research Institute in Tokyo. “Japan’s fiscal health will continue to be exceedingly severe given revenue won’t grow and a stagnant recovery may require additional economic
measures.” A major reason for the squeeze is a plunge in prospective tax revenues due to the economic downturn and the drop in corporate profits. Tax revenues for fiscal 2010 are estimated to fall to ¥37.4 trillion, the same level as 26 years ago, in the mid-1980s — while corporate tax revenues are expected
to be half the amount in normal years. As a result, the government has to raise ¥44.3 billion in new government bonds, compared to ¥53.5 trillion in FY2009. This leaves the treasury dependent on debt for 48% of the total budget, up 10 percentage points. At the end of the fiscal year, on March 31, 2011, the
outstanding balance of government bond issues will have shot up to ¥637 trillion, the equivalent of 134% of Japan’s GDP while public debt will probably spiral to ¥973 trillion, almost double GDP.
medical institutions to alleviate the shortage of medical doctors. Particularly noteworthy is the large amount devoted to social security, up to ¥27.3 trillion, which account for 51% of general public spending … the first time that the social security share has exceeded 50%. In marked contrast, public works investment, which has been cut back by almost 20%, amounts to ¥5.8 trillion, a record drop that symbolizes the DPJ’s philosophy of shifting money to people from public works... eightynine dam projects are likely to be frozen. At a news conference, Prime Minister Yukio Hatoyama described it as “a
budget meant to safeguard the life of the people.” He also claimed that three reforms were incorporated in the architecture of the budget: first, the principle of a shift of priority “from concrete to people”; second,
initiatives taken by politicians instead of bureaucrats; and third, securing transparency in the budget formulation process. Some creditable aspects notwithstanding, the budget bill appears to be overshadowed, as media reports made clear, by concern over a severe revenue shortage and its implications for the future of Japan’s public finances, which are already debt-laden to a perilous extent as recently pointed out by credit rating agency Standard & Poor’s which raised the prospect of a downgrade in Japan’s sovereign debt rating.
“The budget bill appears to be overshadowed by concern over a severe revenue shortage and its implications for the future of Japan’spublic finances, which are already debt-laden to a perilous extent.”
“Japan’s economic policy flexibility has diminished as a result of increased fiscal deficits and government debt, persistent deflation and a prospect of continued sluggish economic growth”, analysts at the firm said in a note. “It’s impossible to keep tolerating this massive spending,” said Takeshi Minami , chief economist at Norinchukin Research Institute in Tokyo. “Japan’s fiscal health will continue to be exceedingly severe given revenue won’t grow and a stagnant recovery may require additional economic
measures.” A major reason for the squeeze is a plunge in prospective tax revenues due to the economic downturn and the drop in corporate profits. Tax revenues for fiscal 2010 are estimated to fall to ¥37.4 trillion, the same level as 26 years ago, in the mid-1980s — while corporate tax revenues are expected
to be half the amount in normal years. As a result, the government has to raise ¥44.3 billion in new government bonds, compared to ¥53.5 trillion in FY2009. This leaves the treasury dependent on debt for 48% of the total budget, up 10 percentage points. At the end of the fiscal year, on March 31, 2011, the
outstanding balance of government bond issues will have shot up to ¥637 trillion, the equivalent of 134% of Japan’s GDP while public debt will probably spiral to ¥973 trillion, almost double GDP.
Sunday, January 30, 2011
Shaw Capital Management: South Koreas Economy
South Koreas output is continuing to accelerate, and the government needs to exit from its accommodative economic policies earlier than anticipated. The HSBC Koreas purchasing managers index (PMI) rose from 55.6 in January to 58.2 in February the highest since December 2007. New orders are coming in, and there are rising backlogs of unfulfilled orders.
Shaw Capital Management: South Koreas Economy - Employment too is rising suggesting that the current pace of growth will be sustained for the next several months. Inflation paced a little with consumer prices up 3.1% in January from a year earlier. But inflation in Korea is likely to remain stable for some months.
The central bank is expected to tighten its monetary policy by starting to raise interest rates from the current record low of 2% in the later part of the second quarter as the government retains its focus on job creation and growth.
Shaw Capital Management: South Koreas Economy - Exports expanded 31% year on year, better than Reuters forecast of 22.7%. South Korea posted a much larger-than-expected
trade surplus of $2.33 billion in February as ship deliveries boosted exports, while imports fell as holidays reduced crude oil and natural gas demand.
The government expects a monthly trade surplus of more than $1 billion from March as demand improves. The current-account surplus is most likely to dwindle to around $17 billion this year from $42.7 billion in 2009 as imports rise. A new Bank of Korea governor, widely expected to be a more pro-government figure, will not rush to raise rates after taking office
in April.
Exports grew 31% from a year earlier to $33.27 billion, faster than the expected rise of 21%, while imports climbed 36.9% to $30.94 billion, exceeding a forecast of an expansion of 34.0%.
South Korea, which is heading the G20 group of leading economies wants to leave an imprint of its presidency.
Shaw Capital Management: South Koreas Economy - It is trying to introduce a system of international currency swaps which it hopes will reduce global imbalances by lessening the need for countries to accumulate reserves, seen as one of the causes of last years financial and
economic crisis.
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Shaw Capital Management: South Koreas Economy - Employment too is rising suggesting that the current pace of growth will be sustained for the next several months. Inflation paced a little with consumer prices up 3.1% in January from a year earlier. But inflation in Korea is likely to remain stable for some months.
The central bank is expected to tighten its monetary policy by starting to raise interest rates from the current record low of 2% in the later part of the second quarter as the government retains its focus on job creation and growth.
Shaw Capital Management: South Koreas Economy - Exports expanded 31% year on year, better than Reuters forecast of 22.7%. South Korea posted a much larger-than-expected
trade surplus of $2.33 billion in February as ship deliveries boosted exports, while imports fell as holidays reduced crude oil and natural gas demand.
The government expects a monthly trade surplus of more than $1 billion from March as demand improves. The current-account surplus is most likely to dwindle to around $17 billion this year from $42.7 billion in 2009 as imports rise. A new Bank of Korea governor, widely expected to be a more pro-government figure, will not rush to raise rates after taking office
in April.
Exports grew 31% from a year earlier to $33.27 billion, faster than the expected rise of 21%, while imports climbed 36.9% to $30.94 billion, exceeding a forecast of an expansion of 34.0%.
South Korea, which is heading the G20 group of leading economies wants to leave an imprint of its presidency.
Shaw Capital Management: South Koreas Economy - It is trying to introduce a system of international currency swaps which it hopes will reduce global imbalances by lessening the need for countries to accumulate reserves, seen as one of the causes of last years financial and
economic crisis.
Shaw Capital Management - Every investor will achieve better long-term risk-adjusted results by working with a true open architecture advisor. Our philosophy is simple: almost every investor will achieve better long-term risk-adjusted results by working with a true open architecture advisor.
Before Shaw Capital launched the open architecture revolution, investors had to make the unhappy choice between selecting an advisor who was independent, but unsophisticated (the traditional pension and endowment consulting firms), or selecting an advisor who was sophisticated but had conflicting interests (global banks, trust companies, money management firms).
Today, virtually all investors faced with the challenge of managing a significant pool of capital can access open architecture advice.
A true open architecture firm is completely independent of the rest of the financial services industry and accepts compensation only from its clients.
In addition, open architecture firms must make the financial commitment to hire only the most experienced advisors, and those advisors must apply their experience to the issues that will most affect their clients' wealth.
Matters like asset allocation and manager search are simply too important to be left in the hands of young analysts.
We are proud of our role in leading the open architecture revolution, and look forward to introducing you to its benefits.
Economy of China by Shaw Capital Management Korea
According to the State Administration of Foreign Exchange, the currentaccount surplus dropped to $284 billion, down by about a third from $426 billion for 2008, which was a record. It is the first decline in the currentaccount balance since 2001.
Shaw Capital Management Korea - China's exports fell last year as global demand collapsed, but the nation's stimulus plan helped support imports. China now accounts for more than 9% of global exports, a share that has been rising since the outbreak of the financial crisis and the ensuing collapse in global trade. China's government says it isn't banking on an export-driven future and has tried, though so far without much success, to shift the emphasis of the economy to domestic consumption and services.
According to International Monetary Fund projections, if current trends continue, China's share of world exports will reach 12% by 2014, a higher portion than Japan managed at the peak of its dominance in the 1980s. China's trade deficit with the US totalled $226.83 billion in 2009 — the U.S.'s largest imbalance with any nation. Mr. Obama has promised to the Congress to "get much tougher" with China on trade rules, including currency rates,
to ensure that U.S. goods are not at a competitive disadvantage.
Shaw Capital Management Korea - India filed more trade complaints against China than any other nation in 2009, according to figures from China's commerce ministry. "A balance of exports and imports is important," Indian Trade Minister Anand Sharma said in January in Beijing. China's trade surplus with India grew 46% in 2009 to $16 billion, probably aggravated by the weakening of the yuan against the Indian rupee.
China continues to remain the world's largest foreign holder of the US dollar bonds which stands at US$895 billion. The second biggest holder of the US debt is Japan (US$760 billion).
Premier Wen will deliver the Government Work Report in the annual session of the National People's Congress (NPC), China's parliament, beginning on March 5. It will spell out Beijing's economic blueprint for 2010 and economic growth targets.
Shaw Capital Management Korea - This year's theme is balanced economic growth. The focus of new fiscal spending is set to shift away from new infrastructure investment to education, healthcare, and other pro-consumption areas. There may be a push to accelerate urbanisation outside of the large cities and in inland regions. The party will endorse measures to increase wages and income. The government has already raised the minimum wage in cities from Beijing to Guangzhou by 10% or more early this year.
Shaw Capital Management Korea - China's exports fell last year as global demand collapsed, but the nation's stimulus plan helped support imports. China now accounts for more than 9% of global exports, a share that has been rising since the outbreak of the financial crisis and the ensuing collapse in global trade. China's government says it isn't banking on an export-driven future and has tried, though so far without much success, to shift the emphasis of the economy to domestic consumption and services.
According to International Monetary Fund projections, if current trends continue, China's share of world exports will reach 12% by 2014, a higher portion than Japan managed at the peak of its dominance in the 1980s. China's trade deficit with the US totalled $226.83 billion in 2009 — the U.S.'s largest imbalance with any nation. Mr. Obama has promised to the Congress to "get much tougher" with China on trade rules, including currency rates,
to ensure that U.S. goods are not at a competitive disadvantage.
Shaw Capital Management Korea - India filed more trade complaints against China than any other nation in 2009, according to figures from China's commerce ministry. "A balance of exports and imports is important," Indian Trade Minister Anand Sharma said in January in Beijing. China's trade surplus with India grew 46% in 2009 to $16 billion, probably aggravated by the weakening of the yuan against the Indian rupee.
China continues to remain the world's largest foreign holder of the US dollar bonds which stands at US$895 billion. The second biggest holder of the US debt is Japan (US$760 billion).
Premier Wen will deliver the Government Work Report in the annual session of the National People's Congress (NPC), China's parliament, beginning on March 5. It will spell out Beijing's economic blueprint for 2010 and economic growth targets.
Shaw Capital Management Korea - This year's theme is balanced economic growth. The focus of new fiscal spending is set to shift away from new infrastructure investment to education, healthcare, and other pro-consumption areas. There may be a push to accelerate urbanisation outside of the large cities and in inland regions. The party will endorse measures to increase wages and income. The government has already raised the minimum wage in cities from Beijing to Guangzhou by 10% or more early this year.
Friday, January 28, 2011
Shaw Capital Management Trading Bookmarks | Blurpalicious
The North American Securities Administrators Association management estimates that unwary investors lose billions a year to investment fraud. Self-employment scams and high-tech schemes are among investments most recently heavily promoted by online. This tip sheet is designed to provide investors with self-defense tactics to fight off the promotion of investment scams by "boiler rooms," the high-pressure phone sales operations from which sales people call to promote abusive and fraudulent deals....
jowjowpluto - New Shaw Capital Management and Financing
Shaw Capital Management and Financing provides export trade financing to clients in every major world market and can convert accounts receivable finance transactions in 17 currencies. Avoid scams and other fraudulent transactions. Deal with the best financing companies only. No registration fee needed.
We have no minimum or maximum monthly volume requirements. Other factoring companies require a financial commitment for the amount of freight bills you factor each month.
Our highly skilled team provides full administrative support - including credit management, invoicing, collections, account reporting, expense reporting, fuel card management and much more!
With Shaw Capital Management and Financing, you get paid in full minus our fee the day we receive your freight bills. Other factoring companies holdback 10 to 15 percent of your money or more for each invoice in a reserve account. That reserve amount is not immediately provided to your company. In the end, you receive part of that percentage back, depending on how long it takes the factoring company to receive payment on the invoice.
Shaw Capital Management and Financing factoring process works: 1. Contact us to become Shaw Capital Management and Financing client and be a member, just fillup form available online; 2. You must submit a factoring application for each load you want to factor at least 24 hours before your freight bills arrive in our office. Please request for an Online Application Form If you are on the road without Internet access, a fax version is available upon request; 3. Deliver the shipment, and then send us your freight bills, rate confirmation sheet and all paperwork and; 4. Get paid. We provide same-day-funding when your freight bills arrive.
We prepare all invoices on our behalf, submit them and collect payment directly. Avoid scams and other fraudulent transactions. Deal with the best financing companies only. No registration fee needed, secure your money.
At Shaw Capital Management - providing a fast, simple and affordable solution to bridge the gap between billing and collections ...
Shaw Capital Management and Financing provide same-day-funding. We can help you meet your cashflow needs immediately without entering into a long term factoring relationship. The money you get for the freight bills we purchase is payment in full.
Shaw Capital Management and Financing offer a complete line of factoring services, purchase order funding, asset based financing, accounts receivable management, and other related financial services.
Shaw Capital Management and Financing offer funding for a wide range of industries and flexible funding requirements that most businesses can easily qualify for.
Based in Baltimore, Maryland. Importing into the tri-state area mostly from the far east such as China, Thailand, Taiwan and South Korea.
For your convenience, we have associate offices in Shanghai, Hong Kong, Taipei and Seoul in S Korea.
At Shaw Capital Management - No financials needed and with Flexible terms. Value of great service... Help grow your business...
Shaw Capital Management and Financing - Whether your item is big, small, fragile, difficult or oversize, no shipping assignment is too big for us.
We have no minimum or maximum monthly volume requirements. Other factoring companies require a financial commitment for the amount of freight bills you factor each month.
Our highly skilled team provides full administrative support - including credit management, invoicing, collections, account reporting, expense reporting, fuel card management and much more!
With Shaw Capital Management and Financing, you get paid in full minus our fee the day we receive your freight bills. Other factoring companies holdback 10 to 15 percent of your money or more for each invoice in a reserve account. That reserve amount is not immediately provided to your company. In the end, you receive part of that percentage back, depending on how long it takes the factoring company to receive payment on the invoice.
Shaw Capital Management and Financing factoring process works: 1. Contact us to become Shaw Capital Management and Financing client and be a member, just fillup form available online; 2. You must submit a factoring application for each load you want to factor at least 24 hours before your freight bills arrive in our office. Please request for an Online Application Form If you are on the road without Internet access, a fax version is available upon request; 3. Deliver the shipment, and then send us your freight bills, rate confirmation sheet and all paperwork and; 4. Get paid. We provide same-day-funding when your freight bills arrive.
We prepare all invoices on our behalf, submit them and collect payment directly. Avoid scams and other fraudulent transactions. Deal with the best financing companies only. No registration fee needed, secure your money.
At Shaw Capital Management - providing a fast, simple and affordable solution to bridge the gap between billing and collections ...
Shaw Capital Management and Financing provide same-day-funding. We can help you meet your cashflow needs immediately without entering into a long term factoring relationship. The money you get for the freight bills we purchase is payment in full.
Shaw Capital Management and Financing offer a complete line of factoring services, purchase order funding, asset based financing, accounts receivable management, and other related financial services.
Shaw Capital Management and Financing offer funding for a wide range of industries and flexible funding requirements that most businesses can easily qualify for.
Based in Baltimore, Maryland. Importing into the tri-state area mostly from the far east such as China, Thailand, Taiwan and South Korea.
For your convenience, we have associate offices in Shanghai, Hong Kong, Taipei and Seoul in S Korea.
At Shaw Capital Management - No financials needed and with Flexible terms. Value of great service... Help grow your business...
Shaw Capital Management and Financing - Whether your item is big, small, fragile, difficult or oversize, no shipping assignment is too big for us.
shaw capital management: Shaw Management Tips on Identity Theft -- A Warning
Fraud committed by a criminal who has stolen someone else's identity is identity fraud usually used online and some boiler room management scams. By stealing documents such as your passport, driving license or bank statements - or online ID, such as usernames, passwords and personal security questions - thieves can now take cash from your accounts, commit benefit fraud, or take out new credit cards or loans, all in your name. Online frauds that sucker victims into revealing crucial private data, known as 'phishing' scams, are becoming more common. But for most people, the greater danger still lies in more old-fashioned methods: burglars who steal documents and chequebooks; fraudsters who intercept your post; and even thieves who dredge through bin bags. Shaw Capital will give you tips and warning on how big is the problem nowadays on online scams and fraud. In the UK, more than 70,000 people were victims last year, according to figures from the Credit Industry Fraud Avoidance Service (CIFAS). Given the large number of cases, the sums involved are hardly huge - the Association for Payment Clearing Services puts the total taken by identity fraudsters last year at £37m, but this is a 66 percent jump on the previous year. However, they calculate the overall cost to the economy - including the time and money spent by banks in combatting the crime - is a massive £1.3bn. Caution is the key. Shaw Capital and its management always emphasize to read bank and credit-card statements carefully and check against receipts. If you have any worries, tell the bank concerned straightaway; scammers often test the water with a small transaction first before attempting a larger theft. Check your credit report often for any credit requests not made by you. Shred statements, bills and even direct mail; these all contain vital personal information. Register with the Mailing Preference Service (0845-703 4599, www.mpsonline.org.uk) to stop junk mail and get mail redirected when you move home. Leave all unnecessary credit cards and ID at home when you go out, but do not leave key documents together in one place easily accessible to a burglar. Use different PINs and passwords for different accounts, and never disclose your full PIN or password in an e-mail or over the phone, even if you think you are talking to a bank employee. Report the suspected crime to the police and ask for a crime reference number, which you will need to recover any losses. Also, spend £11.75 on the protective registration service offered by fraud prevention service CIFAS (0870-010 2091, www.cifas.org.uk). They will place a notice on your credit file warning banks and lenders that there's an increased risk of identity fraud. Companies will then seek extra verification from anyone applying for credit in your name. Impersonation of the dead is the fastest-growing type of identity theft, so take this into account when dealing with a relative's death and estate: immediately notify the relevant Government departments, such as the Department of Work and Pensions and the Inland Revenue, and return important documents by registered delivery.
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