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    Police conduct series of gambling raids

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    Seck
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    Police conduct series of gambling raids

    Post  Seck on Mon 02 Dec 2013, 20:35

    In an attempt to stamp out gambling police this week carried out a series of raids island-wide confiscating 193 desktop computers, ten laptops, 108 hard drives, two televisions and around €16,490 in cash.

    On Wednesday, police confiscated 71 computers and arrested four people after raids at 13 betting shops in Paphos and one in Limassol. Officers raided 13 betting shops between 3pm and 9.30pm in Paphos and confiscated 63 computers. They also arrested four people who were charged in writing and released to be summoned at a later date. In Limassol, a betting shop was raided and eight computers were confiscated.

    Police also raided establishments on Tuesday in Nicosia, Larnaca and Paphos and confiscated a total of 112 computers, ten laptops, 108 hard drives, two televisions and around €16,490 in cash.

    In Nicosia they seized eight computers, two televisions and €155 in cash from one betting shop. The establishment's owner was cautioned and will appear in court at a later date.

    Police also raided a 32-year-old's home in Larnaca at around 6.30pm on Tuesday and confiscated 104 computers, ten laptops, €11,080 and $7,145 (around €5,259) in cash and 108 hard drives, from his storeroom which were suspected of containing gambling software.

    Officers found various numbers believed to be access codes to the computers, and a backpack with wads of Iraqi currency. Various documents were also found with deposits and withdrawals of money which police believe were the amounts won by various gamblers at the online casino.

    According to reports, the 32-year-old cut the power to his home as soon as he noticed the police had arrived to carry out a check. He was arrested and remanded yesterday by Larnaca district court for four days.

    The 32-year-old denied any knowledge of the matter and claimed that he was just a computer technician and that the storeroom was his workplace.

    Police are looking for one more person in connection with the case who they believe supplied the suspect with the computers. In another raid in Paphos, the 55-year-old owner of a coffee shop was cautioned after officers found and confiscated 89 playing chips and two decks of cards and six people who were playing cards.

    These operations will continue until the problem of gambling is put to an end, police said.
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    Iraqi currency case tossed Judge cites technicality; reindictment planned Read more at https://www.toledoblade.com/Courts/2013/11/28/Iraqi-currency-case-tossed

    Post  Seck on Mon 02 Dec 2013, 20:37

    Federal indictments charging three Toledo businessmen with duping investors out of millions of dollars in the sale of Iraqi currency and hedge fund shares were dismissed Wednesday on a technicality.

    U.S. District Court Judge Jack Zouhary dismissed the indictments against Bradford L. Huebner, 66, of Ottawa Hills; Charles Emmenecker, 66, of Sylvania, and Michael Teadt, 67, of Maumee citing speedy trial concerns raised by defense attorneys for the trio. Their case had been scheduled to go to trial Monday.

    Mike Tobin, spokesman for the U.S. Attorney’s Office, said the development has delayed the trial again.

    “We fully intend to seek to re-indict this case at the earliest possible time,” Mr. Tobin said. “It was surprising to see defendants who were repeatedly asking for delays in their trial date complaining that their trial was not speedy enough.”

    Attorney Rick Kerger, who represents Mr. Huebner, said the defense team was prepared to go to trial next week, but wanted to raise the speedy trial violation before trial rather than after.

    “When we became aware that there existed a basis to obtain a dismissal of the indictment, we were really duty-bound to raise it,” Mr. Kerger said.

    While it was the defense that asked for several continuances in their clients’ cases, Mr. Kerger said the court did not use the required language in granting the continuances, which resulted in the dismissal.

    “Nobody’s implying any bad faith on the part of the government, the court, or anybody, and it is a technicality, but it is a technicality that is sufficiently important that led to the dismissal of the indictment,” Mr. Kerger said.

    Judge Zouhary granted the dismissal “regretfully.”

    “As should be obvious, this court is most reluctant to grant this motion, which only serves to delay, not speed, the trial of this case,” he wrote in a 10-page opinion. “Defendants, on the eve of trial, filed a motion to dismiss knowing a dismissal will likely result in another indictment which will restart the clock.

    “For what purpose? To delay the inevitable trial? How does this make sense?” he asked.

    Mr. Heubner, the owner of BH Group, 17 N. St. Clair St., and two of his employees — Mr. Teadt and Mr. Emmenecker — had been charged with conspiring to defraud investors in the sale of Iraqi currency, called dinar, and in the sale of hedge fund shares between August, 2010, and September, 2012, resulting in losses of more than $23 million.

    A fourth co-defendant, Rudolph M. Coenen, 47, of Jacksonville pleaded guilty last April to conspiracy to commit wire fraud, wire fraud, and five counts of money laundering. The owner of Bayshore Capital Investments LLC in Jacksonville, Coenen has not been sentenced.

    Read more at https://www.toledoblade.com/Courts/2013/11/28/Iraqi-currency-case-tossed.html#2juWKDuvxDiMIIWi.99
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    Global Markets Overview

    Post  Seck on Mon 02 Dec 2013, 20:40

    As with everything in the currency world, there are two sides to every trade.

    Right now the talk is about the yen. The normal comparison currency for the JPY is the USD, however this can be applied to the EUR/JPY as well, but the most dramatic talk is around USD/JPY.

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    RBA

    The Reserve Bank of Australia is currently under fire for using a front man to deal with the brother-in-law of Saddam Hussein. The front man was trying to close a deal involving the sale of plastic banknotes to the Iraqi government at the height of the sanctions imposed by the United Nations.

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    Right now we have a central bank in the US gearing up for a change in its unconventional monetary policy. On the flip side the Bank of Japan has clearly stated that until inflation is 'stable at 2%', the current monetary stance will remain, which is USD positive and JPY negative.

    The BoJ's statement saw USD/JPY back at May highs last night, and the fact that there is over 27 difference pieces of US data and economic releases due this week (reaching a pinnacle on Friday with the release of the employment data), USD/JPY has (on paper at least) every reason to continue its current momentum.

    Last night the ISM manufacturing data hit a two-year high and was well above expectations. If the employment and inflation data also beat expectations, questions will getter louder about when the Fed will move, and this will see risk currencies in the firing line.

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    And this brings me to the AUD. Currently the local currency is well above the historic average of 75 cents; it is well above the RBA's 'comfort' level and it is making Australian economy uncompetitive.

    Since the last 25 basis-point cut in August, the RBA has been battling hype around a housing bubble and the fact that lending is now at its cheapest level in living memory. It is why today's decision is a forgone conclusion that rates will remain on hold.

    What will be key is the statement; just like the BoJ, the RBA has every reason to help the AUD on its current trajectory - which is weakness. We continue to hear three key things are impacting the local economy: concerns around employment, non-mining is still lagging its expectations and the of course the AUD's inflated price.

    I believe that the RBA will use today's statement to push the AUD lower by retaining the easing bias. I believe its current bluff with regards to exchange rate intervention will get louder and the reasoning behind this again comes back to concerns around Australian competitiveness.

    The RBA has every opportunity today to really pull the rug out from the under the AUD. Considering retail sales are expected to remain sluggish (even though today's data is the October sales and may see an election bounce) and terms of trade are holding the line at best, it is unlikely to counter the RBA's efforts.

    The RBA only has to hard talk the currency for a few more months before the Fed will do its bidding for them. The strength in the USD is only going to get stronger; this is perfectly illustrated in the gold price at the moment, as investors switch out of the inert metal and into real return instruments such as US treasuries.

    The fall in gold is the clearest indication that the USD is returning to an investment currency, which will only increase the bear market in gold, meaning USD pairs such as the AUD are set to move lower still.

    So come 2:30pm AEDT, I will be looking for a statement with not only a slight easing basis, but hard talk about the AUD. As they say 'talk is cheap', and a cheaper AUD will be a benefit for all.

    Ahead of the Australian open

    Ahead of the open the ASX 200 looks like following the current global weakness. The market looks like opening up 23 points lower to 5256, which would mean it is now 200 points from the year-to-date high seen in October and would have to repeat July and October's burst to finish 2013 at year-to-date highs.

    Trade today will be subdued as investors await the RBA statement, which is unlikely to affect the equity market immediately, however if it does help the currency move lower, cyclical stocks that are denoted in USDs should strengthen later in the day.

    BHP's ADR is suggesting the weakness seen in the stock yesterday could continue once more despite the London listing popping up and the iron ore price remaining about well above US$135 a tonne.

    The retail space is one area that may benefit from data drops with the retail sales figures; this will be a measure of the election as well as and on historical averages. Retail sales do tend to have a slight jump on the newly-found stability, so be aware the estimate may be beaten.

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      Current date/time is Fri 28 Jul 2017, 10:52