UK boiler room money funneled through Canada

James Langton A British man faces four and a half years in jail after being convicted of money laundering that involved funneling money through Canada, among other countries, to perpetrators of a boiler room fraud. The UK Financial Services Authority announced that Michael McInerney was convicted of three counts of money laundering and sentenced to four and half years in jail, following a joint investigation by the FSA and City of London Police. It reports that McInerney acted as a banker for a syndicate of boiler rooms that defrauded an estimated 1,700 investors out of £27.5 million. Three men behind the scheme have already been sentenced to jail for a total of 19 years. Share this article and your comments with peers on social media BFI investors plead for firm’s sale Keywords Money laundering,  EnforcementCompanies Financial Services Authority The FSA says that McInerney opened bank accounts for three different companies (Rock Solid Asset Management, Worldwide Assets Limited and Universal Management Services) which were purportedly for property management, but were actually in the business of receiving the proceeds of boiler room fraud. He also arranged transfers of funds to offshore accounts in Jersey and Malta, and funds were distributed to accounts in Canada, Hong Kong, Dubai, Lithuania, Spain, Switzerland, Slovakia, and Austria, which were operated by the boiler room fraudsters. Tracey McDermott, the FSA’s acting director of enforcement and financial crime, said the sentence in the case “sends a clear message that the court takes boiler room offences seriously and will hand down significant sentences to those involved in them.” PwC alleges deleted emails, unusual transactions in Bridging Finance case Related news Mouth mechanic turned market manipulator Facebook LinkedIn Twitter read more

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Provinces, territories on unsustainable fiscal path as health costs rise: report

first_img Provinces to feel the pandemic pinch in 2021: Moody’s Related news Provincial bonds get record attention from foreign investors: StatsCan A new report is warning that the net debt of the country’s provinces, territories and municipalities is on an unsustainable path with health spending set to accelerate along with the aging population. The parliamentary budget office estimates the net debt of these subnational governments will climb above 200% of the gross domestic product in 75 years unless steps are taken to ease the burden — such as increasing federal health transfers. The federal budget watchdog says by contrast, Ottawa’s books are on a sustainable path and that its net debt is set to be eliminated in 35 years. The annual report comes out less than a week after Canada’s premiers urged Ottawa to boost federal health-care funding so that it covers at least 25% of all health spending by the provinces and territories. The document says the provinces, territories and cities can get back on a sustainable trajectory by adding a total of $28 billion to their bottom lines this year through options such as higher federal transfers, reduced program spending or increased revenues. The analysis also found recent policy changes such as the increased universal child care benefit and the expanded limit on tax-free savings accounts will have little impact on the federal government’s bottom line over the long term. In its fiscal sustainability report, the budget office also said the Canada Pension Plan and Quebec Pension Plan would be able to cover the rising costs associated with more and more Canadians expected to retire in the coming years. Canadian Press center_img Provincial finance ministers divided on top priority for meeting with Morneau Facebook LinkedIn Twitter Keywords Provinces Share this article and your comments with peers on social medialast_img read more

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CI Financial names Peter Anderson as CEO

first_img See: Aston Hill appoints new president and CEO CI also announced that Sheila Murray, executive vice president and general counsel, has been appointed as the firm’s president while Bill Holland remains in his position as executive chairman of the board of directors. “I have been extremely fortunate to be part of such a successful organization and work with such a capable team for over 22 years,” says MacPhail, who has also held the positions of chief financial officer, chief operating officer and president with CI, in a statement. “We have just achieved another year of record profits and CI continues to be recognized as a leader in the Canadian wealth management business. I have always said that when there was a succession plan in place and I was nearing 60, I would pass the baton. I am delighted that my good friend Peter Anderson has agreed to return to CI and lead this incredibly talented management team.” “What a strange feeling it will be to look to the office next to me and for the first time in over 22 years, not see Steve,” adds Holland, former CEO of CI, in the statement. “It would be impossible for me to overstate his achievements and immense contribution to CI.” See also: CI to pony up $156.1 million in compensation, plus make voluntary payment to the OSC Toronto-based mutual fund giant CI Financial Corp. (CI) announced on Thursday that Peter Anderson will take over as the firm’s president and CEO from Stephen MacPhail, who will retire on June 30 after a 22-year career with CI. Anderson was formerly an executive vice president and a member of CI’s board of directors. He also held the positions of chief investment officer and CEO with CI subsidiary CI Investments Inc. Anderson left CI in 2012 and was a director and, most recently, interim CEO with Toronto-based Aston Hill Financial Inc. IE Staff Keywords AppointmentsCompanies CI Financial Corp. Share this article and your comments with peers on social media CI GAM names its first-ever head of investment management PenderFund names new SVP for investments Related news TD getting new head of private wealth, financial planning Facebook LinkedIn Twitterlast_img read more

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Real estate trusts report May commercial rent payments in line with April

first_imgOffice buildings in Toronto’s financial district niloo138/123RF Related news Keywords REITs,  Coronavirus The amount of commercial rent payments for May look to be similar to April, several real estate investment trusts said while reporting quarterly earnings, in spite of concerns the picture would worsen amid extended business closures.REITs such as SmartCentres, Crombie, First Capital Corp. and CT say levels were similar, despite the additional full month of Covid-19-related restrictions, though the trusts saw wide differences in overall payments. Canadian Press Facebook LinkedIn Twitter Share this article and your comments with peers on social media Desjardins posted big gains in Q1 Covid vaccine-sharing discussions to dominate G7 summit talks “Everything seems to be almost identical” to the beginning of April, said Mitchell Goldhar, chairman of the board at SmartCentres on an earnings call, though he noted there are some exceptions.For April, the trust collected 69% of contracted rent, excluding two outlet centres.First Capital Corp. CEO Adam Paul said on a conference call that while it takes some time to get a clear picture on payments, May rent collection was “shaping up to be very similar to April.”The trust collected 74% of gross rent payable for April, before adjusting for deferrals, but expects to ultimately collect a “significant portion” of the unpaid April rent.Paul said they are working on deferrals with small business tenants that are strained. He said the firm will look into the federal government’s commercial rent program when they have more details.He said there are also large companies who have yet not paid rent but which the trust believes have the means to pay.“We will take an aggressive approach to collect the rent owed from these tenants,” he said.Crombie REIT reported that it collected 87% of gross rent and that May was “very much aligned with April.”The trust has also started to put more pressure on larger tenants who they think can pay and have seen some response, said chief operating officer Glenn Hynes.“The good news is by … the end of April, when we put a bit of pressure on some of those larger tenants who hadn’t paid through default letters, we actually did get a positive response in some cases.”CT REIT, which says about 95% of its tenants including Canadian Tire stores are essential services, said about 97.2% of tenants paid in April, while 96.5% paid in May.Some real estate companies, however, declined to provide a picture for May.RioCan CEO Edward Sonshine said that while the trust reported it had collected about 66% of non-deferred April payments, it wouldn’t be disclosing details for May as it is focused more on the long-term.“Monthly rent figures are not an indicator of what will eventually be collected,” he said.Sonshine also committed to considering the federal commercial rent assistance program for small businesses, but like other companies he noted they need to see more details first.The federal government is expected to announce more details soon as it aims to have the program open in the second half of May. Virtual meetings to continue post-pandemic in B.C.last_img read more

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Former advisor heads to jail for fraud

first_img Keywords Enforcement,  FraudCompanies RBC Dominion Securities Inc., Investment Industry Regulatory Organization of Canada, Alberta Securities Commission A former financial advisor has been ordered to serve two years in jail for fraud and to pay restitution to his former firm, RBC Dominion Securities Inc., which compensated his victims.The Alberta Securities Commission (ASC) and the Alberta RCMP said Thursday that former broker Shaun Wayne Howell was sentenced to two years in prison and ordered to pay $155,480 in restitution to RBC DS after pleading guilty to three counts of fraud over $5,000. Mouth mechanic turned market manipulator Share this article and your comments with peers on social media James Langton Court. 123RF PwC alleges deleted emails, unusual transactions in Bridging Finance case In 2018, Howell was charged with three counts of fraud and three counts of theft following an investigation by the Joint Serious Offences Team (JSOT) — an enforcement partnership between the ASC, RCMP and Alberta Crown Prosecution Service — which alleged that he fraudulently raised approximately $200,000 from six investors.After he pleaded guilty on the fraud charges, the Crown stayed the theft charges.In 2016, Howell agreed to a $500,000 penalty, $10,000 in costs, and a permanent ban in a settlement with the Investment Industry Regulatory Organization of Canada (IIROC), after it found that he misappropriated money from clients and engaged in unapproved personal financial dealings.According to IIROC’s unpaid fines report, none of the sanctions have been paid. Facebook LinkedIn Twitter Related news BFI investors plead for firm’s salelast_img read more

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New Sporting Initiative Launched by the Prince of Wales

first_imgNew Sporting Initiative Launched by the Prince of Wales UncategorizedMarch 13, 2008 RelatedNew Sporting Initiative Launched by the Prince of Wales RelatedNew Sporting Initiative Launched by the Prince of Wales RelatedNew Sporting Initiative Launched by the Prince of Walescenter_img FacebookTwitterWhatsAppEmail The Prince of Wales’ Peace Cup Community Football was launched by His Royal Highness, the Prince of Wales on the grounds of King’s House yesterday.The sport initiative is spearheaded by the group, the Beacons of Peace and Achievement (BPA), which is an internationally affiliated NGO led by inner-city youth who are determined to establish peace in their communities.Prince Charles, Prince of Wales said he was immensely pleased to see the establishment of the event.“I remember being asked about it years ago, and it seemed to me such a wonderful way to show that people were able to use sport as a means of helping to overcome conflict, misunderstanding, prejudice, disagreement, all these things,” he told persons at the launch.The Honourable Olivia “Babsy” Grange Minister of Information, Culture, Youth and Sports, said, in an interview with JIS, that she welcomed the initiative and looked forward to seeing it replicated islandwide. She said the Ministry was committed to using Sports as an agent of peace.“We are developing a new Sports policy, we have set up a task force to develop a very comprehensive Sports policy, and part of that policy is to encourage such initiatives community by community, organization by organization,” the Minister said.Parliamentary secretary in the Ministry Senator Warren Newby said it was difficult for sporting initiatives to fail in Jamaica because the public has a great appreciation for Sports. He noted that this widespread interest made Sports an appropriate avenue through which peace could be established.“Communities that are traditionally adverse to each other, as long as football, netball or basketball is being played, the arms are thrown down and they come together around the sporting events”, he said.The Prince of Wales was given the opportunity to draw the ticket for the parish where the first set of games will be held. The honour went to St. Elizabeth.Their Royal Highnesses, the Prince of Wales and his wife, the Duchess of Cornwall are on an official visit to Jamaica. Advertisementslast_img read more

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Government commits $17 million in Ontario to fight drug-induced driving

first_img “Impaired driving is a dangerous criminal offence that will not be tolerated in Ontario,” said Sylvia Jones, Solicitor General of Ontario. “Getting behind the wheel while impaired by alcohol or cannabis puts you at odds with the vast majority of your fellow citizens who take the safety of themselves and others seriously. Police are on the front lines of the fight to make our roads safe, and our government will continue to support them in this imperative work.”RELATED “Far too many Canadians continue to risk their lives and the lives of others by driving while impaired by cannabis or other drugs,” said Blair. “The measures we are taking gives officers the tools, training and resources they need to detect impaired drivers, get them off our roads and keep our communities safe. The combination of Canada’s strict new impaired driving legislation and these new tools for frontline law enforcement mean that anyone who drives impaired will be caught and face serious legal consequences. Don’t drive high.” Created with Raphaël 2.1.2Created with Raphaël 2.1.2 No matter how you slice it, consuming any amount of cannabis before driving is dangerous.  Jocelyn Malette / Sun Media Enjoy 4/20, Canada! Just not from behind the wheel of your car Motor Mouth: Is consuming cannabis a greater threat to road safety than alcohol?Portions of the funds will go to purchasing screening devices for police, likely including a new tool that’s currently undergoing a 30-day testing period. There’s also a new ad campaign on the way, meant to educate and deter people from getting behind the wheel after using cannabis.And while it’s not solely about Canada’s latest legal vice, weed (or cannabis as we’re all calling it now), Blair clearly stated that it was mostly to fight “persistent myths and misconceptions” surrounding cannabis-impaired driving. The Canadian federal government has announced its plans to crack down on drug-impaired driving in Ontario by investing $17 million in a variety of provincial initiatives. The spending is part of the fed’s $81-million commitment to supporting public and road safety activities across the countryMinister of Border Security and Organized Crime Reduction Bill Blair took to the podium to announce the plan that will help train and equip 40 per cent of Ontario’s front line police officers with field sobriety testing skills by 2021, while also helping to educate the public about the risks of driving while high or otherwise impaired. Trending Videos advertisement Trending in Canada RELATED TAGSSafety and MaintenanceMaintenanceNew VehiclesOttawaToronto & GTAWindsorOntario The Rolls-Royce Boat Tail may be the most expensive new car ever PlayThe Rolls-Royce Boat Tail may be the most expensive new car everPlay3 common new car problems (and how to prevent them) | Maintenance Advice | Driving.caPlayFinal 5 Minivan Contenders | Driving.caPlay2021 Volvo XC90 Recharge | Ministry of Interior Affairs | Driving.caPlayThe 2022 Ford F-150 Lightning is a new take on Canada’s fave truck | Driving.caPlayBuying a used Toyota Tundra? Check these 5 things first | Used Truck Advice | Driving.caPlayCanada’s most efficient trucks in 2021 | Driving.caPlay3 ways to make night driving safer and more comfortable | Advice | Driving.caPlayDriving into the Future: Sustainability and Innovation in tomorrow’s cars | Driving.ca virtual panelPlayThese spy shots get us an early glimpse of some future models | Driving.ca COMMENTSSHARE YOUR THOUGHTS See More Videos We encourage all readers to share their views on our articles using Facebook commenting Visit our FAQ page for more information. ‹ Previous Next › Buy It! Princess Diana’s humble little 1981 Ford Escort is up for auction An engagement gift from Prince Charles, the car is being sold by a Princess Di “superfan”last_img read more

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CU-Boulder Proceeds With Lawsuit To Clarify County Authority Over CU-Boulder South Issues

first_imgShare Share via TwitterShare via FacebookShare via LinkedInShare via E-mail Editors: Copies of the Amended Complaint for Declaratory and Injunctive Relief are available upon request. The University of Colorado at Boulder announced today it is proceeding with its lawsuit, originally filed in December 2001, intended to clarify the authority of Boulder County on matters related to the CU-Boulder South property. In January 2002, the county and the university entered into a “standstill agreement” halting litigation while attempting to resolve the issues through discussion. Discussion failed to identify a solution to all the issues, according to Paul Tabolt, vice chancellor for administration, and the standstill agreement was terminated by mutual agreement. “These are very complex issues related to state jurisdiction and authority, and the university would like to have them resolved once and for all,” Tabolt said. “Unfortunately, that leads us to asking the court to make a determination so that we all know the ground rules.” While the lawsuit was on hold, the university obtained approval from the county to proceed with the construction of 12 tennis courts and associated parking spaces on the 308-acre site. Tabolt said the tennis court permit application process was “inordinately time-consuming, cumbersome and costly. Six public hearings were required before the county could agree to approve the tennis court application, including one hearing and two City Council meetings held by the City of Boulder.” Tabolt said the lawsuit asks the court to resolve questions about the applicability of the county’s land-use regulations to the university. “We do not believe the regulations can apply to a parcel of land that was zoned by the county for development long before the state delegated authority to the county to assist with regulations for areas and activities of state interest.” The university also asks the court to determine the county’s authority to expand the definition and designation of the floodplain within the property. In addition, the lawsuit questions the county’s delegation of authority to the City of Boulder, forcing any development permit to be reviewed not only by the county but by the city as well. Representatives of the university and the City of Boulder are scheduled to enter into negotiations on other issues concerning the property, including discussions about possible annexation.  The university’s purchase of the property was authorized in 1996 by the CU Board of Regents, the Colorado Commission on Higher Education (CCHE) and the state of Colorado. Tabolt said the land was purchased as “a strategic acquisition designed to meet the long-term needs of the Boulder campus.” A 2001 master plan approved by the regents and CCHE outlined plans for use of the property for athletic and recreational purposes through 2008. Also in 2001, the regents approved a long-term Conceptual Land Use Assessment for the property that proposed designating 128 acres potentially developable for buildings; 82 acres preserved for natural wetlands and habitat areas; 45 acres for recreational fields and flood storage; an additional 32 acres for a combination of buildings, recreational fields and flood storage; and 10 acres for ponds. Published: Oct. 16, 2002 last_img read more

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Senior Anthropologist From Leakey Team To Speak At CU-Boulder Oct. 27

first_imgGeorge Washington University Professor Bernard Wood, who has been working with Richard Leakey in Africa on early hominid research for nearly 40 years, will give a free public lecture at the University of Colorado at Boulder on Saturday, Oct. 27.The presentation by Wood, who directs the GWU Center for Advanced Study of Human Evolutionary History, is titled “Recent Advances in Our Understanding of Human Evolution.” The event is the CU-Boulder anthropology department’s annual Distinguished Biological Archaeology Lecture.The talk will be held at 5 p.m. in room 270 of the Hale Science Building and will include a question-and-answer session with the audience. Hale Science is located just east of Broadway and Pleasant Street and parking is available along University Avenue.Wood also will give a second, more specialized talk on problems and opportunities in investigating human evolution on Friday, Oct. 26, at 4 p.m. in Hale 270. That talk also is free and open to the public. Wood also is an adjunct professor at the Smithsonian’s National Museum of Natural History and a physician who practiced as a surgeon before moving into academic life in 1972. He joined the Leakey team in 1968 on Richard Leakey’s first expedition to Lake Turkana, then known as Lake Rudolf, while he was a medical student, and has remained with the group and has described many of the primary fossil discoveries.The Leakey expeditions included trips to the eastern and western shores of Lake Turkana in Kenya’s Great Rift Valley resulting in many important finds. They included early stone age tools dating to about 1.9 million years old and evidence of early members of the genus Homo, including skulls of Homo habilis and Homo erectus and remains of australopithecines. The extraordinary discovery of the nearly complete 1.6 million-year-old Homo erectus skeleton known as “Nariokotome Boy” is thought to be among the most important discoveries by Leakey’s group.As the most highly cited hominid paleobiologist in the world, Wood has authored or co-authored eight books and nearly 300 papers, articles and book chapters.Wood’s research centers on increasing the understanding of early human evolutionary history by developing and improving ways to analyze the human fossil record. Such techniques, including the use of bioinformatics have improved the way early human evolution information is stored and organized.Wood currently holds the title of the Henry R. Luce Professor of Human Origins at GWU. He previously was the chair of anatomy at both the University of London and the University of Liverpool and was dean of the University of Liverpool Medical School from 1995 to 1997, when he moved to GWU. Published: Oct. 15, 2007 Share Share via TwitterShare via FacebookShare via LinkedInShare via E-maillast_img read more

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Government Provides $12.2 Million in Grant Funding to CASE

first_imgPhoto: JIS PhotographerMinister of Agriculture, Labour and Social Security, Hon. Derrick Kellier (right), signs an agreement to provide grant funding of $12.2 million to the College of Agriculture, Science and Education (CASE) to renovate its Dairy Unit. Waiting to afix his signature to the document, is Minister of Education, Hon. Rev. Ronald Thwaites (second right). Also pictured at the head table (from left) are State Minister for Agriculture, Hon. Luther Buchanan and CASE Board Chairman, Ambassador Derrick Heaven. The agreement was signed during a ceremony at the school’s Passley Gardens location in Portland on Friday (Jan. 30). RelatedAgriculture Ministry Targets Banana Export Trade Advertisements Government Provides $12.2 Million in Grant Funding to CASE AgricultureJanuary 31, 2015Written by: Alecia Smith-Edwards The Government has provided $12.2 million in grant funding to the College of Agriculture, Science and Education (CASE) to renovate its Dairy Unit.Making the announcement, Minister of Agriculture, Labour and Social Security, Hon. Derrick Kellier, said this intervention is in keeping with the administration’s thrust to bolster the Ministry’s dairy development programme.“Our dairy farmers are ageing and it is critical that we involve our young people in the rejuvenation and survival of the sector. We are committed to working with CASE and the other tertiary institutions to revamp and upgrade their dairy programme with equipment, technical support and stock through the Jamaica Dairy Development Board,” he said.An agreement for financial support was signed between the college and the Ministries of Agriculture and Education, during a ceremony at the school’s Passley Gardens location in Portland on Friday (Jan. 30)The money which is being provided by the Agriculture Ministry through the Jamaica Dairy Industry Board, will be used to renovate the existing building and structures; repair the existing cooling system; acquire fodder chopping equipment; install machine milking system; resusitate and create new pastures; and acquire a pasteuriser and supporting equipment.“We have also included a pasteuriser and supporting equipment as part of our assistance package. This will ensure that the milk produced at CASE will be safe for use in the school feeding programme. Several basic and infant schools in this parish stand to benefit from having milk from CASE in their porridge under the breakfast programme,” the Minister said.The Government’s support also includes a donation of 25 Jamaica Hope heifers procured from Serge Island Farms Limited. In addition, two scholarships valued at $600,000 annually will be awarded to students of animal science and/or general agriculture.The Minister informed that a book grant will also be provided to the library to ensure that the college is up to date on the latest publications in agriculture, animal science and dairy science.“It is also important that in addition to the equipment, and the animals and the physical infrastructure, we are also aiming to significantly improve the capacity of both our lecturers to teach and our students to learn the management of dairy farms so that students can become managers of such enterprises,” he said.In his remarks, Minister of Education, Hon. Rev. Ronald Thwaites, said through this initiative, the Government is fulfilling its duty to ensure that the right tools are provided to learning institutions that will redound to the success of students.The Minister expressed the hope that shortly, CASE will no longer need to rely on the money provided by the Government for its upkeep, but that through these capacity building interventions, become a profitable institution, producing enough food to feed itself and surrounding communities.The signing ceremony coincided with the annual College Founders’ Day activity, which marks 105 years of agriculture education to the nation. The two-day event was held under the theme: “Celebrating Our Legacy Creating Visions of Excellence”. Related5,000 Acres of Cotton Could be Planted Within Four Yearscenter_img Government Provides $12.2 Million in Grant Funding to CASEJIS News | Presented by: PausePlay% buffered00:0000:00UnmuteMuteDisable captionsEnable captionsSettingsCaptionsDisabledQualityundefinedSpeedNormalCaptionsGo back to previous menuQualityGo back to previous menuSpeedGo back to previous menu0.5×0.75×Normal1.25×1.5×1.75×2×Exit fullscreenEnter fullscreenPlay RelatedPan-Caribbean Sugar Company Lauded for Upgrading Frome Factory Story HighlightsThe Government has provided $12.2 million in grant funding to the College of Agriculture, Science and Education (CASE) to renovate its Dairy Unit.Making the announcement, Minister of Agriculture, Labour and Social Security, Hon. Derrick Kellier, said this intervention is in keeping with the administration’s thrust to bolster the Ministry’s dairy development programme.An agreement for financial support was signed between the college and the Ministries of Agriculture and Education, during a ceremony at the school’s Passley Gardens location in Portland on Friday (Jan. 30) FacebookTwitterWhatsAppEmail last_img read more

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