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Pearls Ponzi victims win $90m – The Australian

More than $90 million funnelled to the Gold Coast by the masterminds behind India’s giant Pearls Group Ponzi scheme will be made available to victims and distributed under an Australian court-supervised remediation scheme.

In his findings, judge Michael Lee said “the only conclusion” to be drawn was that without the actions of Mr Coburn and his legal team, the proceeds of the Sheraton Mirage sale and two luxury Gold Coast properties would “most likely have been put beyond the reach of investors”.

See full article here: http://coburnci.com/wp-content/uploads/2018/08/Pearls-Ponzi-victims-win-90m-The-Australian-8_2_2018.pdf

2018-08-21T02:56:23+00:00By |

Indian officials, eyeing Gold Coast hotel millions, accused of corruption – Sydney Morning Herald

A former senior ASIC investigator has told the Federal Court in Brisbane of his fears of corruption among Indian Government officials meant to be acting in the interests of the millions of victims of the alleged Ponzi scheme run by India’s Pearls group.

Niall Coburn, now a barrister in private practice, was on Tuesday giving evidence in a case to determine what happens to the almost $100 million in proceeds from the 2016 sale of the Sheraton Mirage hotel on the Gold Coast by Australian company MiiResorts.

… see full story here: http://www.smh.com.au/world/indian-officials-eyeing-gold-coast-hotel-millions-accused-of-corruption-20180213-p4z06k.html 

2018-02-15T04:04:54+00:00By |

Regulatory Insight: Ten Regulatory risk insights for Asia in 2015

2015 will be the year that marks the end of major international regulatory reforms designed to lessen the occurrence of another financial meltdown and a renewed emphasis on ethics and customer responsibility. This article presents my ten regulatory risk insights for the Asia/Pacific region for this year, which include, culture, conduct risk, lines of management responsibility and accountability, customer disclosure, staff training and competency, AML (beneficial ownership), cyber security governance, anti – corruption, terrorist financing with particular emphasis on transactions in relation to ISIS, regulatory implementation and planning for final global reforms arising from the G20 summit.

2016-12-20T11:40:34+00:00By |

Impact Analysis: Hayes becomes Libor scapegoat as senior bankers escape liability

The Serious Fraud Office (SFO) criminal prosecution against former UBS and Citigroup yen derivatives trader Tom Hayes was a resounding success in obtaining the unprecedented 14 year jail term for rigging Libor between 2006 and 2010. The verdict represents public sentiment against banks as much as the lone individual who was the first to stand trial in the most prolific financial rate rigging conspiracy in history. There is no doubt that Hayes is the first of a number of scapegoats for an array of international banks whose senior bankers have maintained the script “I know nothing” and walked away without liability leaving the traders – the more mid tier members of the organisations to take the fall.

2016-12-20T11:40:40+00:00By |

To Catch a Tiger: Cross Border Regulation At Its Best

The case of Tiger Asia Management LLC (Tiger Asia) shows that the Securities & Futures Commission of Hong Kong (HK SFC) has thrown down the gauntlet to foreign participants operating outside their jurisdiction, but who violate securities laws on their turf. Recently, the HK SFC was given the all clear by The Hong Kong Court of Final Appeal to proceed with its civil action for damages against Tiger Asia and its management for insider dealing on the Hong Kong Stock Exchange, even though the hedge fund is neither regulated, nor has any presence in the region.

Recent HK SFC action against Tiger Asia illustrates, that it not only acts as an enforcer, but is prepared to be a civil protector of collective interests for persons dealing on Hong Kong securities’ markets, who have been injured by regulatory misconduct by firms operating outside their jurisdiction. The message from the HK SFC is clear: if you violate our laws we will not hesitate to take civil action even if we don’t regulate you! This matter is interesting because both the US SEC and the HK SFC have taken parallel enforcement action on both sides of the Pacific

2016-12-20T11:40:47+00:00By |