Strange bank account transactions point to a money mule

Strange bank account transactions point to a money mule - The Guardian

I'm 16 and have just about finished school. In November 2011, I received money from my father for necessities, shopping and costs for a college course. On 26 November, I lost my bank card so decided to cancel it as there was £2,992.99 left in there and the cost of the course is £1,999.99. I decided not to touch my account until nearer the date of the course.

I received an online banking statement in May and 41p was left in the account. Transactions had left my account at places I have never been to or don't need to go to. I have contacted Santander, but it is refusing to refund the amount, as the card should have been cancelled. Without this money I can't go to college. GA, east London

This turned out to be a lot more serious than it first appeared. You claim you had £2,992 in your account before anything happened, but Santander says the balance was showing £9 overdrawn. Then, between 25 and 28 November, four payments (which turned out to be fraudulent) totalling £4,802.13 began crediting your account from another Santander customer's account. After unusual spending on the card, Santander blocked it, but the bank then said you made "repeated calls", cleared security, checked the balance and had the block removed. On 28 November, when the money that went in had been spent and there was only £500 left, you again confirmed to Santander by phone that the previous transactions were genuine. This makes no sense, given that the transfers in were fraudulent and (you now claim) transfers out were not made by you. On the same day, you also reported your card had been lost on the morning of 26 November.

On 11 January 2012, Santander sent you a letter telling you that your account was to be closed because it had received fraudulent transactions, but you did not contact the bank until May, when you finally disputed the four transfers, claiming you had reported the card stolen. But Santander confirmed the fraud began before you reported the card had been lost.

By this time, Santander suspected "mule fraud" – and I agree with them. Money mules receive funds (the proceeds of fraud on other accounts) into their accounts, which they then withdraw and pass back to the fraudsters. Santander suspects you were probably promised a certain sum for helping out. I suspect you contacted the Observer when you realised you had been left less than promised and thought we could claw it back.

You say you have not willingly taken part in a scam and were expecting money to pay for your education from your father, which is why you didn't think £4,000-plus entering your account was strange. But this does not explain why you initially told the bank the fraudulent transactions were genuine, nor does it explain why you believe you have been left out of pocket – you were £9 overdrawn before it kicked off.

Financial Fraud Action UK says criminals looking to recruit a money mule often target vulnerable groups such as university students tempted by the lure of an apparently easy way of making extra cash. When caught, mules can suffer severe penalties, including a prison sentence of up to 10 years. Any profits they have made will be recovered from their accounts to reimburse the victims of fraud, while their bank account will be closed down and a bank may even share details of the activity with other banks (meaning they may no longer be able to open a bank account in the UK).

Santander has forcibly closed your account and you are no longer a customer, but it has not passed details of what happened to the police and you say you have managed to open an account with another bank.

You can email Mark King at your.problems@observer.co.uk or write to Mark King, Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include a phone number.

Hard-working Beatrice hopes to invest in a career in finance - Daily Mail

By Katie Nicholl

PUBLISHED: 18:59 EST, 7 July 2012 | UPDATED: 18:59 EST, 7 July 2012

Princess Beatrice is about to take her first career steps into the financial world after landing a job with a London-based venture capital firm – no doubt after a little advice from boyfriend Dave Clark.

After overcoming dyslexia to graduate with a 2:1 in history last September, Beatrice has taken on several work placements and now is poised to take on a role at an unnamed company.

A source close to Beatrice said: ‘She has been working really hard and she has been offered a job which she has accepted. Bea is already studying for her finance exams as a result.'

Working Royal: Princess Beatrice (left), with Princess Eugenie, may wish to run a business

The source added: 'She really likes it and although the exams are tough, when you’re really into something like that it becomes easier.

‘I think she would like the idea of running her own business one day.’

Ready for a role: Lourdes

Madonna famously cut her daughter Lourdes out of her epic film W. E. – but now the teenager’s father Carlos Leon is trying to get her a role in his current film.

Dancer-turned-actor Carlos, 45, hopes to secure her a walk-on part in new comedy Thinking With Richard, which he is filming in New York.

‘Lourdes is going to spend time with Carlos for his 46th birthday on Tuesday and he has told her he wants to get her a part in the movie,’ says a pal.

‘Lourdes loves acting and she can’t wait for her first role.’

Lourdes, 15, has been working on Madonna’s current MDNA tour as a wardrobe assistant.

Meanwhile, Coco Sumner is having another stab at the charts.

Sting’s 21-year-old daughter has had limited success despite critical acclaim, but a friend said: ‘Coco went to Ibiza for some chill-out time because she’s been working hard.

'She’s fired her manager because she needed a change and wanted to take her music in another direction.’

Money Watch: Should I put all my assets in 1 brokerage firm? - USA Today

Q: I work at a major brokerage firm. I have transferred all of my assets to this firm and am well diversified in well-known mutual funds, corporate bonds, annuities and a money market fund. Am I putting my financial future at risk because I work exclusively with this firm?

A: It is common for brokerage firms to require employees to keep their investment accounts in-house. As long as you keep in mind a few guidelines, you'll be fine.

It's important to know about the Securities Investor Protection Corporation. The SIPC protects brokerage accounts of each customer when a brokerage firm is closed due to bankruptcy or other financial difficulties and customer assets are missing from accounts. It also protects brokerage accounts of each customer up to $500,000 in securities, including up to $250,000 on claims for cash.

If you have an amount invested that exceeds these limits, you can protect it by having separate accounts that are held in different client names, such as one that is in an individual name and another in the name of a husband and wife. The SIPC would protect each account up to the stated limits.

Alternately, you could consider opening a second account with another brokerage firm. That way you'll get up to $500,000 coverage in both accounts. But you may need permission from your employer to open an account outside of your firm.

You should know that the SIPC does not insure losses that occur as a part of regular market fluctuations. Some people believe that SIPC will protect them from losing money on a bad investment, but this is untrue.

You can verify that your brokerage firm is a member of SIPC by calling the SIPC Membership Department at 202- 371-8300 or by going to www.sipc.org/ and searching under the "member database."

There are other financial considerations that you should also keep in mind.

•Loss of privacy. Your co-workers may be able to see your account balances.

•Expense. Most brokerage firms are rarely the low-cost option, so an employee could effectively be paying more than they need to by having all of their accounts with the employer. If you are allowed to look elsewhere, then you should seek out a better deal at firms such as Vanguard, TD Ameritrade and Fidelity Investments.

•Risk. If your employer offers you a 401(k) plan, which almost always needs to stay in-house, you may want to consider holding your non-401(k) money outside for greater diversification and less risk.

And don't forget that most certified financial planners recommend that you keep between nine months and 18 months worth of living expenses in cash or cash alternatives.

Since major brokerages generally pay low interest rates on savings, you can often do better by having your savings in a local or online bank. In the current interest rate environment, a bank money market can be a good option for a better-than-average interest rate.

Banks are also in a better position to provide consumer lending than brokerages. If you may need a mortgage, car loan, home equity loan or personal loan, a bank will likely be a better option.

Regardless of where you keep your investments and savings, it is always a good idea to ask a lot of questions, be informed and to shop around. It is rarely if ever the case that one financial firm will be the only answer for all of your financial needs.

Gregory Plechner,NAPFA-registered financial adviser

Modera Wealth Management, Westwood, N.J.

Read previous Money Watch columns:

Forex Weekly Outlook July 9-13 - FXStreet.com

The US dollar made sharp gains as the global slowdown dampened the mood. Mario Draghi’s speech, the US FOMC Meeting Minutes and US unemployment claims are just a few of our market-movers this week. Here is an outlook on the main events to shape Forex trading in the coming days.

US Non-Farm Payrolls gained only 80K despite the encouraging indicators released earlier. Economists expected a larger gain of 97,000 jobs but this disappointing figure did not lift unemployment rate which remained at 8.2%. On the whole, the report is not a disaster but this disappointment joined the already gloomy mood that began as three important central banks announced easing measures, reflecting a worsening environment. The ECB cut had the strongest impact. Let’s see what’s in store for us this week.

Japan Current Account: Sunday, 23:50. The Japanese Adjusted Current Account index narrowed its surplus to 0.29T in April, following a surplus of 0.79T in March. Economists expected a larger surplus of 0.62T. Overseas trade is getting weaker day by day, badly affecting Japan’s trade balance surplus and GDP growth. However domestic demand is getting stronger providing a modest contribution to Japan’s economic growth. A small rise to a surplus of 0.42T is expected now.
Mario Draghi Speaks: Monday, 12:30. ECB President Mario Draghi is scheduled to speak at European Parliament, in Brussels where he is likely to discuss the recent ECB rate cut and other urgent topics including the worsening situation in Greece. His words will cause volatility in the market. His recent words about “materializing downside risks” added fuel to the fire.
US Trade Balance: Wednesday, 12:30. The U.S. trade deficit contracted in April to $50.1 billion from March’s record level to $182.9 billion amid slower imports due to the slowdown in the US economy. Exports also declined in light of deteriorating economic conditions in Europe and in China. A further contraction to a deficit of 48.6 billion is expected this time
US FOMC Meeting Minutes: Wednesday, 18:00. In the last meeting in June, the Fed decided toextend Operation Twist and didn’t announce QE3. Analysts were split if this move was a substitute to QE3 that will never happen, or a stepping stone towards such a move of printing more dollars. The meeting minutes will reveal some of the internal discussions and might provide a hint towards the next meeting at the end of the month.
Australian employment data: Thursday, 1:30. The Australian economy added 38,900 jobs in May, following 7000 addition in April, contrary to predictions of a 2,200 contraction. However, the unemployment rate increased unexpectedly to 5.1%, despite the impressive job creation. The majority of workers are full-time laborers indicating Australian economy is improving. A small increase of 300 jobs and higher unemployment rate of 5.2% are predicted now. Australia is vulnerable toworsening Chinese conditions.
Japanese rate decision: Thursday. The Bank of Japan refrained from taking additional easing measures in its last meeting leaving room for action in case a further deterioration occurs in the European debt crisis. The rate remained in a 0.0%-0.1% range and the asset purchase program at Y70 trillion. No change in policy is expected.
US Unemployment claims: Thursday, 12:30. The number of Americans filing new unemployment claims dropped more than expected last week reaching 374,000 fro,388,000 in the week before. The figure posted was considerable lower than the 385,000 predicted by economists. The four-week moving average of new unemployment claims, decreased by 1,500, margin to 385,750 from the previous week’s revised average of 387,250. Moreover, the four-week average of new unemployment claims stayed below the 400,000 line since October 2011 suggesting an improvement trend in Unemployment rate. A small rise to 379,000 is anticipated.
US Federal Budget Balance: Thursday, 18:00. Federal Budget flipped again to a deficit of $125 billion in May broadly in line with predictions, following a rare surplus of 59.1 billion in April. May’s deficit was more than twice the level registered in the same month last year. An improvement to a deficit of $109.7 billion is predicted now.
US PPI: Friday, 12:30. The producer price index for finished goods dropped 1.0% in May following 0.2% decline in April. This was the largest one-month decline since July 2009. Economists expected a drop of 0.6%. On the other hand core prices increased yet again rising 0.2% following a 0.2% rise in April. Another decline of 0.5% is forecasted.
US UoM Consumer Sentiment: Friday, 13:55.University of Michigan consumer sentiment index dropped in June to 74.1 compared to79.3 in May. Economists expected a smaller decline to 77.5. The probable causes for this drop are the slowdown in the US economy and the deterioration in the US job market. Another decline to 73.5 is anticipated this time.

*All times are GMT.

That’s it for the major events this week. Stay tuned for coverage on specific currencies.

The Business Finance Store Discusses How Small Businesses Can Improve Sales - PRWeb

Funding Is Available

Santa Ana, CA (PRWEB) July 07, 2012

Sales in June increased by only 0.1% among major retailers, the worst sales since August 2009, the Los Angeles Times reported. Concerns are rising as we approach the back-to-school season. Shopping doesn’t seem to be improving. This is comes after news of malls closing across the country due to declining sales earlier this year, the New York Times reported. Many of these brick and mortar stores lost sales to online retailers. These declining sales bring up questions of how small businesses can differentiate themselves a bit more to improve their sales. In the recent blog post “Retail Virtually Improving,” The Business Finance Store discusses some ways small businesses can refine their customer’s shopping experience to compete against online retailers.

People do not just want to buy things: they want to get out of the house and have some sort of experience. Keeping this in mind might help small businesses overcome a sales dip. Read more about how to improve sales at The Business Finance Store Blog.

The Business Finance Store is a business financing and consulting firm that offers customized Business Financial Solutions. Seasoned professionals offer assistance in a variety of financial solutions to help small businesses succeed such as: Business Financial Solutions, Legal Solutions, and Accounting Solutions.

The staff at The Business Finance Store understands that starting and growing a business is an exciting time. They keep it exciting by taking care of some of the most difficult aspects, by providing legal advice, helping with vital responsibilities like accounting & bookkeeping, and by obtaining business finance. They can quickly and easily guide entrepreneurs through many different complicated processes and put them on the path to success.

For 10 years The Business Finance Store has been helping startups and other small businesses legally structure their companies, find the right franchises, get the funding they need, and achieve the American Dream of owning their own successful business. Since expanding nationwide in 2007, they have helped thousands of companies and have funded over $60 Million in business credit lines, not including SBA loans. The Business Finance Store sees limitless potential in the current climate, and looks forward to many strong years of growth to come. Take some time to review their services, and give them a call.

For more information, or a free, no-obligation analysis of your business needs, visit The Business Finance Store website: http://www.businessfinancestore.com. A member of their professional staff will contact you to discuss your business' short and long-term goals. Whatever you need, The Business Finance Store is there.

JPMorgan, Goldman Shut Europe Money Funds After ECB Cut - hereisthecity.com

JPMorgan Chase, Goldman Sachs and BlackRock have closed European money market funds to new investments after the European Central Bank lowered deposit rates to zero.

Bloomberg reports that JPMorgan, the world’s biggest provider of money-market funds, won’t accept new cash in five euro-denominated money-market and liquidity funds because the rate cut may result in losses for investors, the company said in a notice to shareholders.

Goldman Sachs won’t accept new money in its GS Euro Government Liquid Reserves Fund, and BlackRock, the world’s largest asset manager, is restricting deposits in two European funds.

'The European market environment is in unchartered territory with such historically low - or even negative - yields for high-quality issuance', Goldman Sachs (GS) said in a memo to fund shareholders, citing the ECB’s rate cut. 'It is not currently feasible for our portfolio managers to deploy capital without substantially diluting the yield for the existing base of shareholders'.

The ECB Thursday reduced its benchmark rate to a record low of 0.75 percent and took its deposit rate to zero. Money funds have been struggling to invest client assets at a profit as interest rates globally are near record lows and Europe’s sovereign debt crisis has reduced the supply of available debt. Managers have been forced to cut fees to keep customer returns above zero, and some have abandoned the business.

All three firms said the restrictions are temporary and they will monitor market conditions. Investor redemptions from the funds are not being limited.

Hit the link below to access the complete Bloomberg article:

JPMorgan, Goldman Shut Europe Money Funds After ECB Cut

India's forex reserves grow by $1.36 billion - Times of India

MUMBAI: India's foreign exchange reserves (forex) grew by $1.36 billion to $289.992 billion for the week ended June 29, data from India's central bank showed.

Foreign currency assets, the biggest component of the forex reserves kitty, grew by $1.17 billion to $256.95 billion for the week under review, the Reserve Bank of India (RBI) weekly statistical supplement said.

The RBI did not provide any reasons for the growth. It said the assets in US dollar terms included the effect of appreciation or depreciation of non-US currencies such as pound sterling, euro and yen held in reserve.

The reserves had plunged by $0.76 billion to $288.62 billion for the week ended June 22, apparently due to the Reserve Bank of India (RBI) selling dollars to curb the slide in the rupee value.

The rupee has weakened sharply in the last two months owing to ultra high current accounts deficit.

This follows increased demands from oil importers and outflow of foreign institutional investors (FIIs) funds, as poor gross domestic product (GDP) growth data dampened sentiment in the Indian markets.

The forex recovered in the week ended June 15 when it grew by $2 billion to $289.39 billion, and in the week ended June 8 when it recovered by $1.52 billion to $287.37 billion after falling for five straight weeks.

The value of gold reserves increased by $0.17 billion during the week under review at $25.76 billion.

The value declined in the week ended June 1 by $1.03 billion to $25.58 billion and since remained the same till week ended June 22.

The value of special drawing rights (SDRs) increased by $8.4 million to $4.37 billion and India's reserves with the International Monetary Fund (IMF) rose by $5.6 million to $2.89 billion.

FOREX NEW YORK COMPANIES

Saturday, July 7, 2012