Archive | May, 2004

Indicted fraudster funnelled money through Bermuda

By Lilla Zuill An Oregon-based currency trader has been indicted on numerous counts of mail fraud, wire fraud and money laundering after allegations that his company swindled investors and funnelled funds, that should have been invested, through numerous offshore bank accounts – some in Bermuda. A news report from Oregon Live.com last Thursday reported that […]

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Who is really benefiting in outsourcing jobs?

By Denis Kleinfeld The other day my mother stopped in at the Gap store to buy a pair of jeans and top for my daughter as a gift. I think she spent something like USD29 for the jeans and the top was on sale for USD21. At dinner that night my mother and I were […]

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Firm Names Clients In Tax Shelter Mess

By The Associated Press WASHINGTON — A federal judge ordered the law firm Jenkens & Gilchrist to release names of tax shelter investors to the IRS, which believes taxpayers used abusive shelters sold or organized in the firm’s Chicago office to shield at least $2.4 billion from federal income taxes. The order, issued by Judge […]

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Ex-accountant gets 17 years in laundering case

A federal judge threw the book at Marc M. Harris on Friday, calling the one-time poster boy for offshore financing the ”go-to man” in a money-laundering and tax-evasion scheme and sentencing him to 17 years in prison and $26 million in restitution and fines. Harris’ attorney, Joaquin N. Fernandez, argued repeatedly against the lengthy prison […]

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Biometric ID card trial kicks off in Glasgow

By Lucy Sherriff The biometric enrolement process which will underpin the UK ID card scheme went on trial in Scotland today. Home Office minister Des Browne launched the pilot at the Glasgow DVLA (Driver and Vehicle Licencing Authority) office. Volunteers will have their iris scans, finger prints and facial biometrics recorded as part of the […]

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Offshore account may hold key to murder

By Siyabonga Mkhwanazi An offshore account that went from $125 000 (about R800 000) to $397 (about R2 700) in three months might hold clues to the motive for the mysterious murder of a Johannesburg teacher. Brian Currin, 49, a senior mathematics teacher at St John’s private school in Houghton, was shot once in the […]

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Funds need to wake up and smell the cynicism

By John Waggoner and Christine Dugas, USA TODAY If mutual fund executives think investors are ready to forgive and forget the trading irregularities and other indiscretions that have battered their companies for the past nine months, they had better think again. “The time for blind faith is over,” says Mary Audette, who works for a […]

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EU-Swiss leaders adopt tax, borders deal

BRUSSELS (AFP) – European Union and Swiss leaders adopted a long-awaited deal on offshore tax fraud that will in return see the Alpine state join the bloc’s passport-free zone. The accord to tax secret bank accounts held in Switzerland by EU residents will be initialled by the end of this month and signed in August, […]

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Brazil’s Best Beaches

The more rustic beaches on the northern coast of Sao Paulo became chic after a paved road was built connecting the states of Santos and Rio de Janeiro. A beach house 100 yards from the ocean costs from $50,000 to $70,000. You can buy ocean views for around $80,000 but oceanfront and houses fronting the […]

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The Many Ages of Retirement

Ask people what the retirement age is, and they’ll probably say 65. That concept stems from the original Social Security law, passed in 1935, which anointed age 65 as the age at which a worker could receive his or her “full” or “normal” retirement benefit. Yet the reality is quite different. Since 1985, more than […]

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