No Trust
JUSTICE IS COMING...
- Joined
- 22 November 2010
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So it appears that a Controller (i.e Mortgagee) was appointed on 5 October 2020 to thwart the Civil Contractor... |This still left Greg Bell's company in a position to be sued by the Civil contractor owed $900,000. By appointing a "friendly receiver" the civil contractor will not be allowed to sue Greg Bell's company. So the Civil Contractor owed the cash gets screwd over and will have to line up behind Leda's ineviatble interest charges at penalty rates...
@No Trust, @Triple_Witching, I apologise for hijacking the thread. To keep the thread active until the 10th February 2021 I wanted to make a post about "fraudulent behaviour in general" as it follows the "same pattern no matter who perpetrates the crime".
Stealing from others
We say "fraud" but plain-speaking - it's "stealing" from others.
Fraudulent behaviour is driven by greed
Fraud, it’s rampant & it beggars’ belief how much fraud is yet to be uncovered or will never be uncovered. I’m pleased to read that the perpetrator will soon be fully exposed & dealt with through the courts. I for one, can't wait.
Let’s recap kostag first post for "new readers" of this thread as I'm sure the interest will increase
“I'm an Equititrust investor - historically, all has been good - bit I am hearing some disquieting developements - such as ex MFS execs David Kennedy and David Anderson (OMG!) now in charge - same auditors as MFS used - same business model - and even Royal Bank of Scotland loans outstanding/overdue. There was a press write up about a loan to Al Konstaninidis going bad etc - and a legal fight which involved Equititrust and David Kennedy. David Anderson's recent Court performance re MFS matters was less than flattering and one would need to question whether he ought be in charge of another Public fund. Anyone got any news on this? I saw on an ASIC search that long standing Director Wayne McIvor has resigned from Equititrust as well.... often a sign that things are not good”
Pending early signs
It’s a pity the Equititrust thread highlighted the issue by @kostag way back in June 2010 just after he joined ASF. I’ve often wondered if kostag "passed" (died) before knowing the final resolution with these fraudsters. It’s pleasing to learn that he regularly checks in & has as recently as mid-January of this year. (so that pleases me).
Below is an article on fraudulent behaviour (stealing)
The article relates to the markets, which is financial fraud. The similarities of fraud are simply astounding when you read the summary below by the N.Y. Attorney General in the case against (Bitfinex & Tether Ltd) both joined the hip to defraud its members of millions.
What the boom in fraud says about the current market environment
The hyperlinks at the bottom of the post is an article that lists recent fraud that has been uncovered. The last article is about "Crypto fraud" that has been going from 2018 to the present day. I have included the hyperlinks for an easy Sunday afternoon read how the N.Y. Attorney General is bringing these individuals to justice.
Why pick Crypto fraud by Tether Ltd
No other reason than it was the last article to demonstrate how the fraud was perpetrated by this company. It could have been any article as the "Modus Operandi" (M.O.) is the same in most fraudulent cases. It's interesting that "Modus operandi", is a "Latin Phrase" that means “operating method”, & in criminology, it means a distinct pattern that comes to be associated with a particular criminal behaviour.
Summary of fraud by Tether Ltd
A bit of background first - Tether is a controversial cryptocurrency with tokens issued by "Tether Limited". It formerly claimed that each token was backed by one United States dollar, but on 14 March 2019 changed the backing to include loans to affiliate companies. "Notice the similarities starting to appear".
In November 2018, the Attorney General issued subpoenas to Bitfinex and Tether, which are owned and operated by the same small group of individuals, and claim not to do business in New York. As alleged in court papers filed by the Attorney General’s office, the Bitfinex trading platform allows New Yorkers to purchase and trade virtual currencies, including the so-called “tether” stablecoin, a virtual currency the companies long claimed was “backed 1-to-1” by U.S. dollars held in cash reserve.
Similarities
The filings explain how Bitfinex no longer has access to over $850 million dollars of co-mingled client and corporate funds that it handed over, without any written contract or assurance, to a Panamanian entity called “Crypto Capital Corp.,” a loss Bitfinex never disclosed to investors. In order to fill the gap, executives of Bitfinex and Tether engaged in a series of conflicted corporate transactions whereby Bitfinex gave itself access to up to $900 million of Tether’s cash reserves, which Tether for years repeatedly told investors fully backed the tether virtual currency “1-to-1.”
Members funds used as a slush fund
According to the filings, Bitfinex has already taken at least $700 million from Tether’s reserves. Those transactions – which also have not been disclosed to investors – treat Tether’s cash reserves as Bitfinex’s corporate slush fund, and are being used to hide Bitfinex’s massive, undisclosed losses and inability to handle customer withdrawals. The Office’s filings further detail how the companies obfuscated the extent and timing of these corporate transactions during the Office’s investigation.
These Hyperlinks make interesting reading to follow the pattern of fraud
https://www.ft.com/content/3ac4809e-7c4d-4d9f-83ea-7112bfd3480a
https://ag.ny.gov/press-release/201...s-court-order-against-crypto-currency-company
https://thefelderreport.com/2021/01...ud-says-about-the-current-market-environment/
Skate.
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