shaw capital management financial news:Aussies’ financier Western Gulf Advisory accused of fraud

http://www.theaustralian.com.au/national-affairs/aussies-financier-western-gulf-advisory-accused-of-fraud/story-fn59niix-1226014420602

Hedley Thomas, National chief correspondent

From:The Australian

March 02, 2011 12:00AM

AUSTRALIAN businesses desperate for funds to stay afloat have been paying millions of dollars in up-front fees to a mysterious Switzerland-based company fighting accusations that it is running a scam.
The company, Western Gulf Advisory, and its head, Ahsan Ali Syed, have vehemently rejected accusations of fraud and of receiving huge fees as part of a “due diligence” process that drives the businesses further into debt.
WGA demands from would-be borrowers an unusually high percentage of the loan being sought as an up-front payment.
Sources said yesterday Australian businesses had sent tens of millions of dollars offshore to Mr Ali since a high-profile Sydney public relations firm, Jackson Wells, was retained last year to promote him and his companies as potential providers of loans of up to $500 million.
But in unusual circumstances, the PR firm said it “sacked” WGA weeks later, after being unable to verify the truthfulness of its widely publicised claims about its capacity to provide the funds to beleaguered businesses.
The media releases distributed by Jackson Wells to the Australian media generated favourable publicity that has continued to attract desperate borrowers to WGA.
The Australian has established that the operators of Queensland’s financially troubled Cubbie Group, the country’s biggest irrigator, paid about $3 million in fees to WGA in the middle of last year.
Mr Ali could not be contacted at his headquarters in the Swiss city of Zug late yesterday, and the company’s Sydney-based solicitor did not return calls.
But in a fierce counter-attack on accusers he describes as “fraudsters” on the home page of his corporate website, he strenuously denies the allegations against him.
“Western Gulf Advisory Asset and Wealth Management, Western Gulf Advisory, based in Zug, Switzerland, and their founder and president Mr Ahsan Ali Syed strongly refute allegations about their businesses being propagated by the fraudsters,” the website says.
“The source of these serious allegations is known.
“They are manifestly false and defamatory.”
WGA’s website says the company and its president “reserve their rights against authors, editors, publishers, distributers (sic) and printers who repeat these allegations in any form; and they expressly reserve their rights against any person or entity which repeats any of the erroneous allegations contained on the website”.
Mr Ali and his companies are under internet siege as a result of a campaign started four weeks ago by a NSW man who set up a website, www.wikifrauds.net, after collating dossiers of documentation on the track record of WGA in Australia and overseas.
The man said yesterday he felt compelled to act after he realised the scale of what he alleged was a global scam preying particularly on struggling Australia and New Zealand businesses which urgently needed cash. He said his site was receiving about 1500 visits a day and that information was pouring in from insiders, companies and individuals who had dealt with WGA.
“It has become a personal challenge for me,” he said. “My motivation is simple — people need to be warned.”
The man, who is in close contact with the Australian Federal Police, said his website had been the target of an organised hacking campaign and that he had taken steps to conceal his identity from WGA.
“The difficulty for a lot of the people who have been sucked in by WGA is that it is extremely embarrassing,” he said.
“I talk to them every day and they live in hope and fear — hope that they will get a loan or their fees returned, and fear that they will be publicly outed and humiliated. But there are no loans. I have told them that it’s just better to come clean.”
Cubbie Group chairman Keith de Lacy said yesterday Cubbie paid significant funds to start a negotiation with WGA for a proposed equity injection of more than $200m into Cubbie, but the talks broke down.
Mr De Lacy, a former treasurer of Queensland, declined to comment when asked if Cubbie and its creditors were “scammed”. But he said WGA had returned about half the fees to Cubbie and he hoped the remainder would be repaid.
“Yes, we were in negotiations with them for an equity investment in Cubbie Station which was supported by the administrators (McGrathNicol) but it ultimately did not make progress and we withdrew. We couldn’t bring it to a conclusion,” Mr de Lacy said.
A source said some of those close to the negotiations now believe WGA had never intended to extend the funds to Cubbie.
Due diligence should ordinarily identify such risks. A Brisbane partner of the administrators of Cubbie Station, McGrathNicol, did not return The Australian’s call.
John Wells, the founding partner of Jackson Wells, the firm WGA hired to help it establish a media presence and credibility in Australia, said he had severed ties with WGA and regretted having made the connection.
“Last August, Jackson Wells had a disagreement with Western Gulf Advisory after we had asked the company to substantiate (the truth of) a number of announcements it had made through the media relating to the funding of projects in Australia,” Mr Wells told The Australian.
“WGA refused to substantiate these announcements. Jackson Wells parted company with WGA immediately.
“We told WGA that we were no longer prepared to work for them. Jackson Wells is owed a substantial amount of money in unpaid fees.”
Mr Ali, who travels in a corporate jet and is believed to live in Lucerne in Switzerland, has had a colourful background in Britain, where he was promoting the potential purchase of Blackburn Rovers soccer club.
But his credibility there was tarnished after an investigation by the BBC last September highlighted serious concerns over his integrity. The BBC said he had left a trail of debts, including thousands of pounds of unpaid rent and council taxes on British properties. It said Mr Ali had misrepresented his businesses and investments and was ordered to cease trading in Bahrain.
Mr Ali responded: “The BBC’s report contained a number of false and misleading allegations.”
Mr Ali has since established a following among football fans in Spain after promising to buy into an ailing club, Racing Santander, and support businesses with introductions and cash injections. Since the BBC investigation, however, journalists in Spain, New Zealand and India have been investigating and reporting adversely on his business activities.
WGA calls itself “a self-sustaining investment and asset management company that has provided investments and services . . . on the basis of its own adequate internal resources”.
Its website says: “WGA believes in providing innovative financing solutions . . . We understand the pressure that is already on today’s businesses and industries. Conventional banks and financing institutions are not helping the situation with their cumbersome loan policies and a pathetic attitude to the borrower’s plight.
“In a career spanning 12 years, the company has established a successful track record of enhancing liquidity and credit status of several clients from a wide cross-section of industries and sectors. WGA is diligently working to become one of the world’s leading financial advisory companies through its extremely confidential and sensitive approach. Western Gulf draws on the rich expertise of 3200 consultants based all across the globe.
“While the firm’s world headquarters is located in Bahrain, Western Gulf Advisory AG is based in Zug, Switzerland.”

shaw capital management:Taiwan’s Economy: by Shaw Capital Management Korea

With gross domestic product clocking 10.2% growth from a year ago in the fourth quarter, and 4.2% from the previous quarter, Taiwan returned to pre-financial crisis growth levels. In spite of the strong recovery in the second half of the year, Taiwan’s economy still shrank by 1.9% in 2009. The government expects GDP to grow 4.7% this year, an upward revision from its previous forecast of 4.4% growth. With rising new orders Taiwan’s economy has entered a sustained expansion cycle.
Taiwan’s exports rose 75.8% in January to US$21.75 billion from US$12.37 billion a year earlier and imports in January more than doubled to US$19.25 billion from US$8.97 billion a year earlier.
Taiwan had a trade surplus of US$2.49 billion in January, bigger than the government forecast of a US$1.93 billion surplus. The island had a trade surplus of US$1.65 billion in December.
Taiwan will lower investment barriers for its technology companies to do business in China. This sector is the latest to benefit from tighter economic ties between the mainland and the island.
Shaw Capital Management – New Economy – Although we have seen an explosive decade of growth and cycle in the economy, the bombs have been filtered out leaving the economy poised for steady and certain growth. Smart money is now wise to the problems the past few years, lessons have been learned, and the best investments are now at hand.
We have seen extraordinary growth in technology, but at the same time a buffering and selection process in industry. Although the infrastructure is stable for the moment, there are new technologies emerging, which would otherwise have been lost in the chaotic trends of recent times. This settling of the infrastructure will allow these new technologies to become visible more easily, but fast response time is critical.
Poised for Growth. Based on the stabilized infrastructure and upswing and recovery in the economy, business is poised for an explosive period of growth as smart money now focuses in on those business models and innovations designed for success. These select companies are key to your financial growth and your future wealth.
But how to determine which companies are the movers. Short term trends only show day to day trading and market momentum. These are important indicators to a markets early acceptance of a company. The real key is having industry knowledge, and understanding how a company fits into the evolving New Economy over time.
What is required is a group of professionals working together sharing, discussing, and evaluating those market trends and the companies which will be filling the needs of industry over time. Through careful research the Shaw Capital Asset Management Korea staff of investment professionals document and compare the relative strengths of the hottest new companies and affiliates. Staff origins and histories are reviewed. Only those companies with the strongest and most consistent foundations are considered. From those companies with strong foundations of support, the technology and product offerings are then compared in search of the stellar products which address industry needs for a stable fit into the economy, but also do so in a fashion which goes beyond just “filling a gap” in the market. In other words, a strong company and equally strong and visionary products. This type of dedication and selection is what allows us to be a driving force behind the evolution of the New Economy.

shaw capital management: Shaw Capital Management: South Korea’s Economy

South Korea’s output is continuing to accelerate, and the government needs to exit from its accommodative economic policies earlier than anticipated. The HSBC Korea’s purchasing managers’ index (PMI) rose from 55.6 in January to 58.2 in February — the highest since December 2007. New orders are coming in, and there are rising backlogs of unfulfilled orders.
Shaw Capital Management: South Korea’s Economy – Employment too is rising suggesting that the current pace of growth will be sustained for the next several months. Inflation paced a little with consumer prices up 3.1% in January from a year earlier. But inflation in Korea is likely to remain stable for some months.
The central bank is expected to tighten its monetary policy by starting to raise interest rates from the current record low of 2% in the later part of the second quarter as the government retains its focus on job creation and growth.
Shaw Capital Management: South Korea’s Economy – Exports expanded 31% year on year, better than Reuters’ forecast of 22.7%. South Korea posted a much larger-than-expected
trade surplus of $2.33 billion in February as ship deliveries boosted exports, while imports fell as holidays reduced crude oil and natural gas demand.
The government expects a monthly trade surplus of more than $1 billion from March as demand improves. The current-account surplus is most likely to dwindle to around $17 billion this year from $42.7 billion in 2009 as imports rise. A new Bank of Korea governor, widely expected to be a more pro-government figure, will not rush to raise rates after taking office
in April.
Exports grew 31% from a year earlier to $33.27 billion, faster than the expected rise of 21%, while imports climbed 36.9% to $30.94 billion, exceeding a forecast of an expansion of 34.0%.
South Korea, which is heading the G20 group of leading economies wants to leave an imprint of its presidency.
Shaw Capital Management: South Korea’s Economy – It is trying to introduce a system of international currency swaps which it hopes will reduce global imbalances by lessening the need for countries to accumulate reserves, seen as one of the causes of last year’s financial and
economic crisis.
Shaw Capital Management – Every investor will achieve better long-term risk-adjusted results by working with a true open architecture advisor. Our philosophy is simple: almost every investor will achieve better long-term risk-adjusted results by working with a true open architecture advisor.
Before Shaw Capital launched the open architecture revolution, investors had to make the unhappy choice between selecting an advisor who was independent, but unsophisticated (the traditional pension and endowment consulting firms), or selecting an advisor who was sophisticated but had conflicting interests (global banks, trust companies, money management firms).
Today, virtually all investors faced with the challenge of managing a significant pool of capital can access open architecture advice.
A true open architecture firm is completely independent of the rest of the financial services industry and accepts compensation only from its clients.
In addition, open architecture firms must make the financial commitment to hire only the most experienced advisors, and those advisors must apply their experience to the issues that will most affect their clients’ wealth.
Matters like asset allocation and manager search are simply too important to be left in the hands of young analysts.
We are proud of our role in leading the open architecture revolution, and look forward to introducing you to its benefits.

Portfolio Recommendations: Shaw Capital Management Korea

We have made no changes in the balance of our portfolios this month. The strength of the equity markets is encouraging, and we expect that the global economy will continue to recover, and push the markets even higher by year-end.
Portfolio Recommendations: Shaw Capital Management Korea. Market Developments. Economies virtually everywhere have been recovering for some months; the question is what to do post-crisis. For some, like Ireland, Iceland and Latvia, there is little option but severe and immediate public sector retrenchment. For most however there is a choice: on the fiscal side
cuts (or tax rises) now, or later spread over a long period. On the monetary side, continued printing of money or cessation and even reversal. In fact this is one of those periods when the ‘independence’ of central banks, that is their independent authority to set interest rates and
the extent of money printing, is a disadvantage for the economy, all of which need at present careful coordination of monetary and fiscal policy.
Portfolio Recommendations: Shaw Capital Management Korea. There has been an increase in the risks in the bond market; the current situation, with the latest attempts to resolve the Greek debt crisis achieving only limited success, and a sudden weakening in the world bond market emphasising the funding problems that are affecting the entire bond market.
Portfolio Recommendations: Shaw Capital Management Korea. Independence of Central Banks. Economies virtually everywhere have been recovering for some months, the question is what to do post-crisis. For some, like Ireland, Iceland and Latvia, there is little option but severe and immediate public sector retrenchment.
For most however there is a choice: on the fiscal side cuts (or tax rises) now, or later spread over a long period. On the monetary side, continued printing of money or cessation and even reversal. In fact this is one of those periods when the ‘independence’ of central banks, that is their independent authority to set interest rates and the extent of money printing, is a disadvantage for the economy, all of which need at present careful coordination of monetary and fiscal policy.
At Shaw Capital Management we give you the information and insight you need to make the right investment choices. We look forward to working with you and being the open architects of your financial well being.
Every investor will achieve better long-term risk-adjusted results by working with a true open architecture advisor. Our philosophy is simple: almost every investor will achieve better long-term risk-adjusted results by working with a true open architecture advisor.
Before Shaw Capital Management South Korea launched the open architecture revolution, investors had to make the unhappy choice between selecting an advisor who was independent, but unsophisticated (the traditional pension and endowment consulting firms), or selecting an advisor who was sophisticated but had conflicting interests (global banks, trust companies, money management firms).
Today, virtually all investors faced with the challenge of managing a significant pool of capital can access open architecture advice.

Shaw Capital Management: Brazil’s Economy

Brazil’s economy emerged from a deep but short recession in the second half of last year. The economy is expected to grow by at least 5.5% this year. But along with economic growth, expectations of higher inflation have also returned.
Shaw Capital Management Korea: Brazil’s  Economy – The government’s target for annual consumer price inflation is 4.5%. To contain inflation Brazil’s central bank has raised banking reserve requirements on term deposits from 13% to 15%. In addition to the increase in reserve requirements, the bank also restored additional charges on cash and term deposits to 8% from 5% and 4%, respectively.
According to the Central Bank President Henrique Meirelles, the changes were necessary to neutralize the impact of excess liquidity brought by reserve requirement reductions made in 2008, amid the onslaught of the global financial crisis. However, for the central bank it would be a politically difficult task to raise interest rates in the run up to Brazil’s presidential, congressional and other elections in October.
Shaw Capital Management Korea: Brazil’s  Economy – The government has launched a new investment trust to invest in the domestic Brazilian economy. BM&F Bovespa, the São Paulo equities and derivatives exchange is to raise its stake in the CME Group of Chicago, the
world’s biggest exchange group, to 5% in an attempt to attract more institutional and retail investors to Brazil.
Shaw Capital Management Korea: Brazil’s  Economy – The plan for the two exchanges is to work together to develop a new multiasset electronic trading platform based on the CME’s Globex system.
President Lula da Silva, the most popular President in Brazilian history, would like to see October’s presidential election as a plebiscite on his eight years in power. He is asking voters to transfer his success to Ms Dilma Rousseff, his chief minister, whose candidacy has been endorsed by his Workers’ party (PT).
Shaw Capital Management Korea: Brazil’s  Economy – Ms Rousseff is further to the left than the present administration, but she has pledged not to make a sudden change of direction. The investors andvoters believe her so far.
We look forward to working with you and being the open architects of your financial well being.
Our goal is to provide consistent quality investment advice to our clients. Although the stock market provides many facets of opportunity for today’s investor, there are always just a few stellar markets or niche companies at any given time. It is true that in a healthy market, investments yield favourable returns in a given growth area. The key is to pick those investments that are driving the trends and will become tomorrow’s brightest stars.
One problem is proper allocation of research resources. It is true there is power in numbers, and teams of researchers will generally spot and confirm trends that the individual investor would miss. But on the other hand, too broad of an effort will squander research resources and loose sight of those special investments in an overwhelming sea.
Developing Strategic Research Capital. By having broad and robust resources, then viewing and deploying those resources in a multi-dimensional fashion, a balanced research model is created yielding greater and more focused results. In short, Research Capital. To achieve this result, research is targeted to different dynamics of the market rather than a flat view of just general market trends.
Market trends are viewed across a broad spectrum for change and interaction with associated segments, and then for life and duration of changes.
From this initial analysis comes the ability to focus resources on those segments and opportunities that will shine brightest and meet your investment goals. This is the result of a properly developed research program yielding the greatest return of Research Capital, in short a wealth of specific focused knowledge to provide the depth of advice you need to make the right decision.
At Shaw Capital Asset Management your investment is important to us. That same care in managing our Market Analysis Research Strategy provides you with the information you need to make the right choice.

shaw capital management financial: 10 Scary Financial Scams That Target The Elderly

http://www.enewspf.com/latest-news/human-interest/22217-10-scary-financial-scams-that-target-the-elderly.html
THURSDAY, 03 MARCH 2011 14:23 ACCOUNTINGDEGREE.COM HUMAN INTEREST
Financial scams can target people at any age, but seniors are often favorite targets of scammers because most are homeowners, have substantial savings, are more trusting and may not know enough about the latest technology and laws to protect themselves. These scams cost older Americans millions, if not billions, every year — and despite crackdowns, they aren’t likely to stop anytime soon. So how can you protect your loved ones or yourself? Through education and proactivity, of course! If you’re unsure if any company is legit or committing fraud, contact the Better Business Bureau or the FTC and look for these common schemes — it just might save your financial future.

1. Low-risk, high return investment scams. These kinds of scams seem like an opportunity that can’t be missed, but they’re really much more of a risk and a potential for serious loss than perpetrators would have the elderly believe. Nearly all scams that target the elderly use this idea in some form or another, promising a sage investment with ridiculous returns. Yet the old adage holds true: if it sounds too good to be true, it probably is. Always, always check up on any investment opportunity or consult a financial professional before making any moves with your money.
2. Charitable gift annuity scams . Charitable annuities in and of themselves can actually be a good thing when done right, but unfortunately many scammers take advantage of elderly using just this idea. Scammers create a fake charity and solicit donations from elderly individuals, promising a return on their investment through an annuity. Do not ever give money to a charity without researching it first to make sure that it’s legitimate. Additionally, you should only set up a charitable annuity through a trusted financial advisor, not anyone who contacts you randomly over the phone.
3. Fake high-return CD scams. Like other investment scams, these frauds play on the all-too-human desire to get something for nothing, with a safe, reliable “opportunity” that’s supposed to pay big dividends. Scammers will fool seniors into thinking they’re legit by saying the CDs are sold through major banks (when really they have no affiliation) or by choosing a name that’s very similar to an existing one. The fake company takes your money, but no investment is made. Instead the money goes into their pockets – and disappears just as quickly as the company soon will.
4. Prize and sweepstakes frauds. Who wouldn’t want to pick up the phone and hear that they’ve won a free trip, money or prizes? Unfortunately, most of these calls and mailings are simply scams. In order to get your prize, scammers will tell recipients they’ll have to pay taxes or fees on them first and they’ll be mailed to them later. Unfortunately, the prizes rarely (if ever arrive). If you have genuinely won a prize, there should be no tax or fee to get the item. Ever. Any taxes due will be paid to the government at the end of the fiscal year, not upon receiving the prize.
5. Home, auto repair or medical equipment scams. Finding the money to make major home repairs can be hard, especially for seniors on a fixed income – and scammers know that. They offer up deals to finance your home and auto repairs or medical equipment purchases for you. Sounds like a great deal, right? It isn’t so great when you find out the interest rates the loans come with, making it nearly impossible to repay and garnering thousands in debt in a few months. Protect yourself by not getting loans through companies that solicit over the phone– anyone reputable won’t have to come to you– and avoid anyone targeting those with credit score problems.
6. “I need your help” scams. Whether it’s a Nigerian prince or a person down and out, these kinds of scams have been around for ages and are still fooling many Americans into sending cash to scammers. Often, they promise a return on a cash donation but others are more sinister, posing as credit examiners, police officers or bank employees. Victims of these scams are tricked into giving money or even providing account information, a mistake that can cost thousands. A rule of thumb to keep you safe is to delete all emails from unknown addresses and to remember that a bank or regulatory institution will never ask for your personal information over the phone. If you have your suspicions, it’s always better to be safe than sorry.
7. Reverse mortgage scams. Reverse mortgages can spell disaster for many homeowners who don’t do their research. While it is possible to get a legit reverse mortgage, it’s much more likely that you’ll be falling into a scam. These deals are created by scammers in order to steal the equity from a property and frequently target seniors. Victims may be lured in through the promise of free property, investment returns or other benefits that will never materialize. Any real reverse mortgage deal will be insured by the Federal Housing Authority. Any that isn’t you can assume is a scam.
8. Credit repair scams. No one wants to live with bad credit. It can make getting a house, credit card or loan pretty darn hard. In these scams, a company promises to help an individual repair their credit– for a fee of course. While it sounds like a good deal, it’s entirely fraudulent. There is no easy way to repair your credit other than time, paying bills promptly and making good on any debts. If anyone promises to help you repair your credit overnight, they’re trying to scam you.
9. Loss recovery scams. These kind of scams target those who’ve already been scammed once, making them twice as sinister. Elderly individuals who’ve been tricked into thinking they’ve won a prize who’ve paid money without receiving it are targeted by these fraudsters. They claim they can help you get your hands on that prize, often posing as government agents working on your case. They ask for a large sum of cash to help conduct the investigation (which should be a red flag), which victims will never see again. A government employee will never, under any circumstances ask for cash to do their job, so if you’ve already been scammed once, don’t let it happen again.
10. Help you pay your bills scams. There are few people out there who wouldn’t love a little assistance in paying their bills, but these kinds of scams will show you that there really is no such thing as free money. These scammers have no intention of helping you pay your bills and may actually make it impossible for you to do so by robbing you of thousands of dollars. How does this kind of scam work? Fraudsters will convince you to make them joint account holders on your accounts, with the idea that they’ll help you pay your bills and manage your finances. Unfortunately, this kind of access lets them take every penny you have or claim your entire account when you die. Never, ever let someone have this kind of power over your finances unless it’s someone you know and trust.

shaw capital management financial: Fraud Alert: That letter is not from DOT!

http://www.wtsp.com/news/local/story.aspx?storyid=179677&catid=81
Carolyn Dolcimascolo 9 hrs ago
Washington, DC — The U.S. Department of Transporation has issued a fraud alert warning all current DOT or potential DOT contractors of a phishing scam.
According to the agency, these fraudulent letters request that current or potential contractors register by submitting their company’s financial information on a release form entitled, “Authorization to release financial information.”
Please be aware that DOT does not require any financial information to be submitted in order to be eligible for procurement.
Following is a list of fraudulent letters which have been faxed out to current or potential contractors:

• December 29, 2005, signed by “Frank M. Orell”
• February 8, 2006, signed by “Randy Cohen”
• April 27, 2006, signed by “Dan Jacobs”
• July 28, 2006, signed by “Dan Jacobs”
• November 8, 2006, signed by “Lisa Johnson”
• February 26, 2007, signed by “Lisa Johnson”
• March 26, 2007, signed by “Jason Scarlett”
• May 10, 2007, signed by “Jason Scarlett”
• July 11, 12, and 20, 2007, signed by “George Mason”
• August 27 and 28, 2007, signed by “Julie P. Wenzel”
• September 10, 2007, signed by “Julie P. Wenzel”
• October 12, 2007, signed by “Julie P. Wenzel”
• October 21, 2007, signed by “Julie P. Wenzel”
• January 28, 2008, signed by “Julie P. Weynel”
• February 7, March 3, March 31, 2008, signed by “Bradley K. Wash”
• April 1, 2008, signed by “Bradley K. Wash”
• April 28, 2008, signed by “Bradley K. Wash”
• June 3, 2008, signed by “Robert Dal”
• June 4, 2008, signed by “James Buchanan”
• September 5, 2008, signed by “David Jacobson”
• October 20, 2008, signed by “Jennifer Donaldson”
• December 8, 2008, signed by “Jennifer Stewart”
• December 19, 2008, signed by “Jeffrey Steinberg”
• January 27, 2009, signed by “John Steinberg”
• February 17, 2009, signed by “Joshua Greenberg”
• April 1, 2009, signed by “Jason Wallace”
• April 20, 2010, signed by “Julie P. Wenzel”
• August 23, 2010, signed by “Julie P. Wenzel”
• August 25, 2010, signed by “Julie P. Wenzel”
• January 19, 2011 signed by “Julie P. Wenzel”
• January 19, 2011 signed by “Julie P. Wenzel”
• February 3, 2011 signed by “Julie P. Weynel”
• February 7, 2011, signed by “David Hoffman”

Click here for an example of the latest letters being sent out to contracting personnel.
If you receive one of the fraudulent letters, please report it to the Department of Transportation Office of the Inspector General Hotline at 1-800-424-9071.
OnGuard Online suggests these tips to help you avoid getting hooked by a phishing scam:

• If you get an email, fax or pop-up message that asks for personal or financial information, do not reply. Legitimate organizations or companies don’t ask for this information by email. If you are concerned about your account, contact the organization mentioned in the email using a telephone number you know to be genuine, or open a new internet browser session and type in the company’s correct Web address yourself. In any case, don’t cut and paste the link from the message into your internet browser – phishers can make links look like they go to one place, but that actually send you to a different site.
• Area codes can mislead. Some scammers send emails that appear to be from a legitimate business and ask you to call a phone number to update your account or access a “refund.” Because they useVoice over Internet Protocol technology, the area code you call does not reflect where the scammers really are. If you need to reach an organization you do business with, call the number on your financial statements or on the back of your credit card. And delete any emails that ask you to confirm or divulge your financial information.
• Use anti-virus and anti-spyware software, as well as a firewall, and update them all regularly. Some phishing emails contain software that can harm your computer or track your activities on the internet without your knowledge.
  Anti-virus software and a firewall can protect you from inadvertently accepting such unwanted files. Anti-virus software scans incoming communications for troublesome files. Look for anti-virus software that recognizes current viruses as well as older ones; that can effectively reverse the damage; and that updates automatically.
  A firewall helps make you invisible on the internet and blocks all communications from unauthorized sources. It’s especially important to run a firewall if you have a broadband connection. Operating systems (like Windows or Linux) or browsers (like Internet Explorer or Netscape) also may offer free software “patches” to close holes in the system that hackers or phishers could exploit.
• Don’t email personal or financial information. Email is not a secure method of transmitting personal information. If you initiate a transaction and want to provide your personal or financial information through an organization’s website, look for indicators that the site is secure, like a lock icon on the browser’s status bar or a URL for a website that begins “https:” (the “s” stands for “secure”). Unfortunately, no indicator is foolproof; some phishers have forged security icons.
• Review credit card and bank account statements as soon as you receive them to check for unauthorized charges. If your statement is late by more than a couple of days, call your credit card company or bank to confirm your billing address and account balances.
• Be cautious about opening any attachment or downloading any files from emails you receive, regardless of who sent them. These files can contain viruses or other software that can weaken your computer’s security.
• Forward phishing emails to spam@uce.gov – and to the company, bank, or organization impersonated in the phishing email. Most organizations have information on their websites about where to report problems. You also may report phishing email to reportphishing@antiphishing.org. The Anti-Phishing Working Group, a consortium of ISPs, security vendors, financial institutions and law enforcement agencies, uses these reports to fight phishing.
• If you believe you’ve been scammed, file a complaint with the Federal Trade Commission atwww.ftc.gov/complaint, and then visit the FTC’s identity theft website at ftc.gov/idtheft. Victims of phishing can become victims of identity theft. While you can’t entirely control whether you will become a victim of identity theft, you can take some steps to minimize your risk. If an identity thief is opening credit accounts in your name, these new accounts are likely to show up on your credit report. You may catch an incident early if you order a free copy of your credit report periodically from any of the three major credit reporting companies. See www.annualcreditreport.com for details on ordering a free annual credit report.

shaw capital management financial: AG empowers consumers to fight fraud

http://www.warwickonline.com/view/full_story_news/12219677/article-AG-empowers-consumers-to-fight-fraud?instance=lead_story_left_column
by Meg Fraser
Consumer scams are always lurking, but with the economy stalling in the recession, Attorney General Peter Kilmartin warns that Rhode Islanders need to be especially careful with personal and financial information.
“Consumer fraud and identity theft does continue to be a major problem. It still happens because, unfortunately, it works,” Kilmartin said.
The AG was joined by Mayor Scott Avedisian Friday at the Pilgrim Senior Center to kick off National Consumer Protection Week, which officially began on Sunday.
“[Scams] probably come in when the economy goes sour,” said Tammy Miller, director of the Consumer Protection Unit in Kilmartin’s office.
To prevent falling victim to scams, the attorney general advises people to take extra care to destroy documents that contain bank account information, Social Security numbers and even just your name and address.
To that end, the AG is partnering with Doc Shredding to hold free “shred-a-thon” events across the state. Shredding events begin today at the Pilgrim Senior Center from 10 a.m. to 1 p.m.
“The attorney general has given us an opportunity to take care of that for all of our seniors. We think it’s a fantastic venture,” Avedisian said.
Councilman Joseph Solomon was also on hand to lend his support to the NCPW event.
Wednesday’s event will be at the Woonsocket Public Library, Thursday’s event at the Middletown Police Station, Friday’s event at the Stedman Government Center in Wakefield and Saturday’s event at the Office of the Attorney General in Providence. All events will take place from 10 a.m. to 1 p.m.
“We are committed and excited to be working in cooperation with the attorney general’s office during this week to help provide the people of Rhode Island a helping hand in the secure disposal of sensitive information. We look forward to being a part of this important public event,” said Brian Johnson of Doc Shredding Corp.
All events are free and open to the public, and individuals are allowed to bring up to two full bank boxes of documents (equivalent to the box reams of paper come in).
“It’s very safe and secure,” Kilmartin said. “The old adage goes ‘one man’s trash is another man’s treasure’; it rings true for identity thieves. They will take advantage of any opportunity to, frankly, rip us off.”
In addition to shredding bills, officials in the Consumer Protection Unit said receipts and catalogues are also important to destroy. Many scams are seasonal. Miller said that this time of year, for example, often prompts tax-related schemes. While last week’s event highlighted safeguards for seniors, she said that scams target people of all ages and backgrounds.
“It’s really across the board,” she said.
Kilmartin knows that first hand. He was charged for a purchase that came out of Germany for a horse harness made in Texas, a purchase that he knew nothing about.
“It does happen to everyone. No one is immune to it, so we have to stay ever vigilant. Everyone, especially in his economy, has worked so hard for what little money we have,” he said.
Touching upon some of the warning signs, Kilmartin advised consumers to beware of foreign lotteries that ask for a small amount of money in order to win millions.
“When you see that, that’s a scam right off the bat,” he said.
Though many of the callers, or letters, that come through seem plausible, he said consumers should take added precaution and call the AG’s office if they have any questions on the legitimacy of these “contests.”
“These are sophisticated people who use sophisticated weapons,” he said.
Kilmartin explained that, oftentimes, the criminals are targeting Americans but are living outside of the country.
“It’s very hard for the office of the attorney general to prosecute these people,” he said.
The most common frauds the AG identified are fake check scams where someone is instructed to deposit a check only to find out it is fake after wired money back to the criminal; “sweetheart swindles,” where criminals befriend an individual in chat rooms or dating sites only to request money as a favor or travel expenses; auctions for bogus merchandise and foreign lotteries.
Also supporting the Consumer Protection Week efforts was Brigadier General Brian Goodwin, the assistant adjutant general of the army, Rhode Island National Guard. The Family Assistance Center in his office is available to military families who have questions on identity theft or fraud.
“We do not need you to be having these hassles at home when your loved one is serving overseas,” Goodwin said. “There are evil people who will prey on you if it’s allowed.”
He urged military families, many of which are strapped for time with one parent serving abroad, to take advantage of the shred-a-thon and other available resources to protect themselves. More and more Rhode Island families could be at risk, he pointed out, since this year is a major deployment for the state’s armed forces. To date, there have been 450 deployments, with another 230 scheduled for this month and another 400 in November.
Goodwin reminded military families that the army “will never call you and ask you for personal information; we have it.” He, too, has been victim to identity theft, despite checking his bank statements daily.
“It happens to everybody. My wife is determined to shred everything,” he said, laughing.
Kilmartin said he believes there is “nothing more despicable” than a criminal who preys on the men and women in the armed services. Whether military or not, though, the attorney general said protecting consumer interests is a priority of his office. He hopes consumers across the state will do their part to prevent attack.
“It’s your identity. You own it, you’ve earned it, so keep it for yourself,” he said.
To contact the Consumer Protection Unit, call 274-4400 or e-mail contactus@riag.ri.gov. To contact the Family Assistance Center, call 275-4321. To access a free credit report, which can indicate instances of identity theft, visit www.annualcreditreport.com or call 1-877-322-8228.

shaw capital management financial: Senior safety academy planned in Kane County

The Central Kane County TRIAD will host its spring senior safety academy April 20, with a focus on prescription drug use and a visit from a representative of the attorney general’s office to discuss financial scams.
“It’s very important for senior citizens to attend these programs so that they can stay abreast of issues that they may not even realize are affecting thousands of seniors every day,” said Laurie Laine, TRIAD president. “There are so many crafty scam artists who target this population. Awareness is key to maintaining physical, mental and financial safety.”
A representative from the attorney general’s office will present the Silver Beat program, which teaches seniors about financial exploitation rings, debt settlement traps, how to avoid fake check-cashing scams, health care fraud and new credit card rules.
Representatives from the Kane County Sheriff’s Department and Elgin Police Department also will discuss the theft of prescription drugs from senior citizens by family members to support their abuse.
The free event will be held from 9 a.m. to noon at Delnor Hospital’s 351 building in the lower level rooms 3 and 4. The hospital’s address is 300 Randall Road, Geneva.
The Delnor room can hold about 150 people and attendees need to RSVP by calling (630) 232-3602 no later than April 8 so organizers can get an accurate count for breakfast, snacks and lunch.
Laine said the TRIAD does two senior safety programs a year and the last academy, which focused on fires and falls in the home, drew 94 people.
Dog trainer guilty
A 30-year-old Algonquin man and German shepherd trainer accused of ordering his dogs to attack his wife during a December 2009 domestic dispute avoided a possible prison term when he pleaded guilty to misdemeanor domestic battery last month.
Jonathan E. Richard, of the 100 block of Mohawk Trail, was charged with felony aggravated battery, unlawful restraint and misdemeanor domestic battery.
He faced up to five years in prison if convicted, but probation also was an option.
In a plea agreement accepted by McHenry County Judge Joseph P. Condon, Richard pleaded guilty to the misdemeanor charge and will be on supervision for 18 months and must attend anger management counseling. The felony charges were dropped.
He also must pay $6,870 in fines, fees and restitution. Richard’s wife was briefly hospitalized after the attack.
hhitzeman@dailyherald.com