Consumers should be on high alert when shopping online, and traders should be fully aware of the rules. As recent checks carried out by national Consumer Protection Cooperation (CPC) authorities have shown, rogue traders use various means to attract consumers, there are a significant number of products which are falsely presented as able to cure or prevent COVID-19 infections or bear false conformity certificates and in some cases, fraudsters also use offers to steal email addresses and passwords.
A Fraude Rogue Trader 23
As the new virus spreads across the EU, rogue traders advertise and sell products, such as protective masks, caps and hand sanitizers to consumers, which allegedly prevent or cure an infection. It is in the general interest to guarantee a safe online environment where consumers, in particular in the context of distress caused by the current crisis, feel well protected against any illegal practices that potentially put their health at risk.
The Unfair Commercial Practices Directive (UCPD) prohibits commercial practices which deceive consumers about the benefits or the results to be expected from the use of a product; or when a trader claims that a product is able to cure an illness or that the product is only available for a very limited time when this is not true. Where a trader claims that his product is able to cure an illness, they need to be ready to provide the relevant evidence as to the accuracy of such claims. In accordance with the requirement of professional diligence under the UCPD and Directive 2000/31/EC, platform operators who are active in the EU should take appropriate corrective measures whenever they become aware of any illegal activity taking place on their websites. The CPC network, with the support of the European Commission, investigate potential breaches of these rules and take the necessary coordinated enforcement measures.
For example, if the stock price for Coca-Cola is trading at US$45 on the New York Stock Exchange, but the equivalent of US$44.90 on the London Stock Exchange, an arbitrage trader would be short Coca-Cola in New York (to profit when the price goes down), and buy it, or go long, in London (to profit when the price rises.) Then when the prices converge, with one going higher, the other lower, he makes money.
When the last of the unauthorised positions was sold, and the dust had settled, Jerome Kerviel had lost SocGen US$7.2 billion, making him the worst rogue trader in history, at least in terms of money lost.
Little in Jerome Kerviel's background suggested he would become possibly the biggest rogue trader of all time. And the big question remains: What led him to orchestrate what France's second-largest bank describes as massive, fraudulent trades that cost it more than $7 billion?
In the Paris suburb of Neuilly, the apartment building where neighbors said he had lived was surprisingly modest for a trader on the glamorous futures trading desk of the award-winning bank. Societe Generale said Kerviel was involved in "plain vanilla" trading -- the more basic forms -- and had "limited authority." He took home a relatively modest salary and bonus of less than 100,000 euros ($145,700).
In the end, the power plant is never built. Regardless, Van Lanschot manages to hire 25 new people for the energy department. Among them are various biodiesel traders, an ethanol trader, electricity traders, and supporting personnel for cargo handling and risk management.
The measure signifies a victory for the European biodiesel industry, but it is bad news for Nidera: the firm sees its profitable trade route dry up. The splash and dash game is not over yet, however. Had Nidera exploited a loophole in the US Energy Bill before, the trade firm now takes it a step further, thanks to its Canadian outpost. One former biofuel trader tells Follow the Money about the ingenious detour Nidera discovered:
However, risk management remains anything but bulletproof. In 2015, The Wall Street Journal reports that biodiesel trader Remie hid a derivates deal with Polish partner Petrodom back in 2011. The loss: 1 million dollars. Regardless, Remie was allowed to stay.
UK-based Metro Bank became the first major bank to suffer from a new type of cyber intrusion that intercepts text messages with two-factor authentication codes used to verify various customer transactions. The attackers exploited flaws in the Signaling System 7 (SS7) protocol, which is used by telecommunications companies to route text messages around the world. A spokesperson for the bank stated that only a small number of those defrauded were Metro Bank customers.
In late 2016, the Securities and Exchange Commission (SEC) sued three Chinese traders, arguing that they had installed malware on the networks of two law firms to steal confidential, market-moving information on mergers and acquisitions.
In late 2016, the Securities and Exchange Commission (SEC) sued three Chinese traders, arguing that they had installed malware on the networks of two law firms to steal confidential, market-moving information on mergers and acquisitions. The men were ordered to pay $8.9 million in penalties, and the trio were also indicted on criminal charges, which are ongoing. Hong Kong refused a request to extradite one of the men to the United States in 2017.
Jérôme Kerviel took advantage of his detailed knowledge of the control systems. He was an assistant trader for over two years and had forged personal relationships with many members of the middle and back offices.
Hola ERVA.Cómo resultó finalmente este posible fraude?, Podrías decirme que excusa te dijeron para la retención del equipaje?, Creo que me pasó lo mismo, con esta misma supuesta compañía courier.Gracias por la información de antemano.
James 1: Any one wanderingabout and begging is declared a rogue and a vagabond.Justices of the peace in petty sessions are authorised tohave them publicly whipped and for the first offence toimprison them for 6 months, for the second for 2 years.Whilst in prison they are to be whipped as much and as oftenas the justices of the peace think fit... Incorrigible anddangerous rogues are to be branded with an R on the leftshoulder and set to hard labour, and if they are caughtbegging again, to be executed without mercy. These statutes,legally binding until the beginning of the 18th century,were only repealed by 12 Anne, c. 23.
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