Fraud on the Minority – Does it Apply to Strata and Owners Corporations? Can the exercise of power in accordance with the voting rights be challenged? – Watson & Watson Lawyers Sydney

Comment by tonytran2015: The article from this laws firm offers some hope to the (low income) lot owners in large blocks where managerial frauds often occur.

‘Rip off’ body corporate managers stay registered

Comment by tonytran2015: Many Owners Corporation Managers have ripped-off (low income, unknowledgeable) lot owners in Victoria in recent years. The problem is growing and it becomes terrible when owners of (medium, low priced) lots don’t pay enough attention to the management of their buildings; low income lot owners in large blocks (of low priced lots) often make this mistake. Australian ASIC should be more active in this area where Managers often rip off low income home owners.

BRICS Ministers of Finance Hold a Meeting – It Is Time to Replace Western Financial Trade Mechanisms and Remove The Dollar | MCViewPoint

The objective of the BRICS group is simply to present an alternative trade mechanism that permits them to conduct business regardless of the opinion of the multinational corporations in the ‘western alliance.’


FBI Invites Public In On Its Forfeiture Racket, Promises Them A Cut Of The Take | Aletho News

By Tim Cushing – techdirt – March 16, 2022

There aren’t many ways to make something as objectively awful as civil asset forfeiture worse, but the FBI has found a way to do it. As it stands now, forfeiture allows law enforcement to take cash and property from people under the (unproven) theory that it was illegally obtained. The rest of the process does nothing to prove the theory. The burden of proof is often shifted to people who had their stuff taken by law enforcement and the process of seeking the return of property is so expensive and counterintuitive, most people just take the L and move on.

The FBI wants to make asset forfeiture even shittier. It’s rolling out what appears to be a pilot program in Charlotte, North Carolina — supposedly a major hub on the East Coast drug distribution chain. Behold these (also unproven) claims the FBI has deployed to justify its new forfeiture ride-along program.

The FBI Charlotte Field Office is offering cash rewards for tips that help agents intercept drug trafficking shipments through Charlotte. With multiple interstates running directly through the Queen City, the route is appealing to traffickers who deliver their products and transfer the cash proceeds up and down the East Coast. While law enforcement agencies are effective at intercepting many of the shipments, the FBI recognizes the value the public can offer to our investigations.

Did you get that? Multiple interstates leading to a large city is all the “evidence” the FBI needs to call literally any city with a network of accessible roads a hotspot for drug trafficking activity. Everything is a hub and every road is an artery. That’s how the interstate highway system works. And because it works, every road must be a drug trafficking route and every city must be simultaneously a source for drug distributors and the home to thousands of drug customers.

All of North Carolina is suspect, according to the FBI. To clean up this southeastern drug paradise, the FBI is asking the public to contribute to its government theft program.

If a drug/cash shipment is successfully seized, the tipster could receive up to 25% of the seized money. FBI Charlotte will use the Department of Justice Asset Forfeiture Program to pay tipsters. Currently, the new program is only active in the Charlotte metro area with plans to expand across North Carolina in the future.

The FBI has set up an SMS accessible tip line in addition to its normal field office phone numbers. Tipsters who know where some drug cash might be found can directly profit from providing information that points agents in the direction of seizable property.

Unlike other tip lines with reward offers like CrimeStoppers, there’s no need to wait around to see if the tip results in arrests or convictions. The civil asset forfeiture process doesn’t require arrests and convictions, only nebulous accusations about the cash itself, which is named as the “defendant” in forfeiture proceedings as though it committed criminal acts all by itself.

And while it might be tempting to flood the tip line with bogus reports, keep in mind making false statements to federal agents is a federal crime, one that can lead to real, in-fucking-federal-prison sentences. It isn’t like filling out a false police report, which may lead to little more than a few months of probation and local cops treating future reports as highly suspect. Federal crimes are no joke and the FBI loves to catch people lying because it allows the DOJ to add to its prosecutorial wins even when agents are unable to find evidence of any actual criminal activity.

The hard rule (DON’T!) about talking to federal agents without a lawyer present applies here as well. Think about it. You provide a tip, thinking you’re doing a good deed by sending agents to seize the ill-gotten gains of an alleged criminal enterprise. But if any entity is capable of ensuring no good deed goes unpunished, it’s the FBI.

Agents may decide the submitted tip indicates the tipster is involved in drug trafficking or, at the very least, may be able to provide even more tips on criminal activity. This may lead to some in-person “interviews” with agents who — as noted above — can always accuse a tipster of lying if they believe they’re not being fully honest about their relationship to the seized cash or the people who formerly possessed it. They may also attempt to pressure a tipster into becoming a federal snitch and make their lives miserable if they refuse to play ball.

No good can come of this. No good comes from civil asset forfeiture and this invitation for the public to skim the federal government’s take makes it much, much worse. If the FBI’s going to be this stupid, it’s time for federal lawmakers to take this abusable revenue stream away from it by requiring forfeitures to be tied to convictions.

Fears Russia will not be able to pay its debts mount – BBC News

Comment by tonytran2015: Russia has money in the bank but the West has frozen its money to make it go into default. Is that a genuine default?

It is due to make $117m in interest payments to investors on two dollar-denominated bonds today.

But Russia’s access to $630bn (£470bn) of foreign currency reserves has now been frozen.

Credit ratings agencies have warned that a debt default is “imminent”.

Energy Traders Ask For Central Bank Bailouts To Save Them From “Margin Call Doom Loop”
Energy Traders Ask For Central Bank Bailouts To Save Them From “Margin Call Doom Loop” Yesterday, we reported that the Bloomberg news that one of the world’s largest independent energy merchants, the secretive Trafigura which trades hundreds of billion in commodities every year, […]

Family wins battle against Public Trustee to keep brother’s financial independence – ABC News

The trustee challenged her late father’s will in 2018 on behalf of his two sons, Terry and John, who have disabilities.

Ms Nunn said it forced the family into a protracted legal battle.

She said she was shocked to learn the trustee was charging her brother John
— a 54-year-old who has Down syndrome — 40 per cent of his disability
pension to look after his finances.

“It equated to just over $8,000 a year, so that’s a substantial hit to his income,” Ms Nunn said.

How a billionaire’s short bet on nickel shut down the London Metal Exchange – ABC News

  • The nickel price surged 250 per cent after a short squeeze
  • It is unclear when the London Metal Exchange will allow nickel to be traded again
  • Tsingshan Holding Group faces losses of up to $US8 billion

One Of China’s Largest Banks Unable To Pay Margin Call After Today’s Monster Nickel Squeeze
One Of China’s Largest Banks Unable To Pay Margin Call After Today’s Monster Nickel Squeeze Around the time Peabody was served with a $534 million margin call on its hedging coal futures short, which it funded with a new $150MM unsecured (10%) revolver from Goldman Sachs, one of China’s largest banks was also served with […]