Western governments need better mechanisms in place to be able to integrate refugees they help with. The world has a lot of displaced refugees who need genuine help. Bad actors are actively looking to exploit this as a vulnerability. Better screenings and integration is needed!

EFCC Arraigns Man over N6.2m Forex Deal in Uyo

The Uyo Zonal Office of the Economic and Financial Crimes Commission, EFCC on Monday, January 25, 2021 arraigned one Inibehe Ndarake Eden before Justice F. O. Riman of the Federal High Court sitting Uyo, Akwa Ibom State.

He was arraigned on a one-count charge bordering on obtaining by false pretence to the tune of N6,200,000.00 (six million, two hundred thousand naira).

The defendant allegedly obtained the said sum from one Inime Marcus Umanah sometime in July 2017, on the pretext that he will invest it for him in forex trading.

Umanah, according to his petition dated May 17, 2019 alleged that he agreed to invest the money because of the profit sharing formula of 80% and 20% for investor and trader respectively...

...and that he will also be getting 30% of the invested capital monthly, through his trading system, Eden System-FX.

Chile is the poster child for extreme economic inequality in a developed country. I spent time there last year for my book (which has a chapter on Chile) and what I found hardest to understand is why there wasn't more political unrest. Now there

A few choice facts about Chile and inequality:

In Chile, the social security system is basically designed to redistribute wealth from the masses to the rich, because workers are required to put their savings into private investment funds that charge ridiculous fees.

The commitment to private industry runs deep. If the available water is sufficient either for drinking or growing avocados... well, you get the idea.

The result in Chile is two worlds, side by side.

And what is most remarkable is that, for the longest time, even the ostensibly left-wing parties were on board. Chile's socialists basically don't like socialism.

Hilarious Rush Limbaugh moment from his 2009 CPAC address -->

1/ By far, the biggest Ponzi scheme I've discovered until now was the diamonds one. In 2014, two years before other media and 3 years before prosecutors, I wrote stories about physical diamonds sold by 2 brokers through banks to tens of thousands of Italian investors.

2 / Diamonds were sold at constantly rising prices in a sort of linear progression, which wasn't related to real market prices. The prices were produced by the two brokers themselves, Intermarket Diamond Business (Idb) and Diamond Private Investment (Dpi), then published monthly

3/They published monthly table of their prices in markets pages on my newspaper, Il Sole 24 Ore, Italy's highest-selling financial daily. Then the 2 diamonds brokers cut the price tables from the pages and presented them to the public as "Il Sole 24 Ore records" but they weren't

4 / People were lured into the scheme with the promise of constantly revaluating physical luxury assets, easy to be hidden (a lot of diamonds were sold to tax evaders and probably gangsters). For just connecting their clients to the 2 brokers, banks earned 15-20% fees.

5 / The business throve thanks to a hole in Italy's financial regulations: diamonds weren't overseen neither by Bank authority Bank of Italy nor financial authority Consob. In two decades, the 2 brokers sold diamonds for 2/3 billion € proceeds.