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Hermes accuses LVMH of historic fraud—report

AFP FILE PHOTO/Miguel Medina

Hermes, the select handbag and scarf maker, accused luxury conglomerate LVMH of carrying out the “most important fraud in the history of the French stock market” in a court filing, as quoted in the Les Echos newspaper on Wednesday.

Posted: June 19th, 2013 in Latest Business Stories | Read More »

Biz Buzz: Who’s buying into PAL?

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Call it a process of price discovery. Taipan Lucio Tan has put the group’s remaining 51-percent stake in flag carrier Philippine Airlines on the block but its strategic partner, San Miguel Corp., is not ready to declare that it is buying this stake. However, SMC, at the end of the day, has the right of first refusal on this block, given its shareholders’ agreement with the LT group. If it does not like the new investor, it can match the offer.

Posted: June 12th, 2013 in Headlines | Read More »

First stock broker found guilty of securities fraud fined P2M

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A TV crew reports stock princes in front of an electronic stock indicator of a securities firm in Tokyo, Monday, March 25, 2013. A last-minute package of rescue loans that saves Cyprus from a banking collapse and bankruptcy helped push Asian stock markets higher Monday. Japan's Nikkei 225 index surged 1.9 percent to 12,546.46. AP/Shizuo Kambayashi

The president of a stock brokerage house was fined P2.1 million by a Makati regional trial court after he was found guilty of defrauding his clients in violation of the Securities Regulation Code (SRC), the first conviction secured by the government almost 13 years after the law was enacted.

Posted: March 31st, 2013 in Latest Business Stories | Read More »

PH boom seen to be a boon for ATM fraudsters

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The Philippines is expected to experience a surge in fraud committed against holders of automated teller machine (ATM) and credit cards over the next few years—the downside of having more people involved in the banking system as the country’s economy booms.

Posted: March 15th, 2013 in Headlines | Read More »

SEC files fraud raps vs Aman top execs

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Aside from the numerous syndicated estafa charges they are facing, the top officials of Aman Futures have been slapped with complaints by the Securities and Exchange Commission (SEC) for engaging in fraudulent transactions and operating without the proper registration.

Posted: November 30th, 2012 in Latest Business Stories | Read More »

3 Cebu traders duped of millions in investment scam

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Three Cebuano-based businessmen will be filing charges against the Aman Futures Group Philippines Inc. in the hope of getting back the P100-million they said they invested in the company.

Posted: November 13th, 2012 in Latest Business Stories | Read More »

Probe sought as Aman investors lose hard-earned savings

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Retired school supervisor Cristituto Potayre of Pagadian City had hoped to triple his hard-earned retirement pay after 30 days when he invested in a scheme ran by Pasay-based Aman Futures Group Phils. Inc.

Posted: November 13th, 2012 in Latest Business Stories | Read More »

Pag-IBIG clarifies CA decision

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Pag-IBIG Chief Executive Officer Darlene Marie Berberabe on Thursday responded to news reports saying that the Court of Appeals found her and the members of Board of Pag-IBIG liable to Globe Asiatique Realty Holdings Corporation.

Posted: November 8th, 2012 in Latest Business Stories | Read More »

Firm tagged in P244M fund scam remains barred from operating

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SEC_seal

The Securities and Exchange Commission warned the public on Tuesday not to heed erroneous reports that Aman Futures Group Phils. Inc.—a trading firm tagged in a P244-million “double-your-money” scam in Pagadian City and other parts of the Visayas and Mindanao—has been given fresh clearance to operate.

Posted: October 17th, 2012 in Latest Business Stories | Read More »

BoC renews warning against mail scam

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The Bureau of Customs has warned Filipinos against people posing as customs officials who defraud—through snail mail and e-mail—those who expect to receive packages.

Posted: August 22nd, 2012 in Headlines | Read More »

US officials allege $600M Ponzi scheme

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Jim Donnan, former coach at Marshall and Georgia 1990-2000, waves to the crowd after receiving his blazer during the College Hall of Fame pep rally in South Bend, Ind. The U.S. Securities and Exchange Commission is accusing Donnan of orchestrating a Ponzi scheme. (AP Photo/Joe Raymond, File)

Federal securities regulators have filed fraud charges and an emergency order to freeze the assets of a North Carolina company officials say operated a $600-million Ponzi scheme that is on the verge of collapse.

Posted: August 18th, 2012 in Latest Business Stories | Read More »

Unregistered securities

Barring any unexpected hitches, seven British and Australian nationals and one Filipino will be arraigned in court on August 14 for selling unregistered securities to the public.

Posted: August 9th, 2012 in Columnists | Read More »

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