littlebushy Posted August 23 Share Posted August 23 We are going to need a Chief Ministers press conference, the likes of which we haven't seen since Howard Quayle authoritatively deliberated over, on the VAT and private Jet scandal. Which random door do I walk through again? 1 Quote Link to comment Share on other sites More sharing options...
Gladys Posted August 23 Share Posted August 23 5 minutes ago, Albert Tatlock said: Licenced in a jurisdiction surely means a shit load more scamming profit due to additional credibility. Was the boiler room masquerading as a licensed gaming provider? Or was there a separate gaming operation which (mostly) complied with regs? It is just not clear how the two aspects interfaced. Are gaming companies subject to regulatory visits? At those visits was the throughput actually examine to see if there were gaming services provided? A lot of questions as to what went on and went wrong. 5 Quote Link to comment Share on other sites More sharing options...
Lxxx Posted August 23 Share Posted August 23 Lessons will be learnt Quote Link to comment Share on other sites More sharing options...
Gladys Posted August 23 Share Posted August 23 Lessons may not be learnt, but they may well be taught. Quote Link to comment Share on other sites More sharing options...
Roger Mexico Posted August 23 Share Posted August 23 7 minutes ago, Lxxx said: They're used to sheep falling off a cliff or another delay on the Mannanan. Not too sure their skillsets cover international fraud, criminal mafia and immigration scams. Best to say nothing and let people speculate. I'm not sure that our highly-paid 'communication specialists' ever bother to comment on such lowly things as livestock or shipping delays. A long stream of abstract nouns held together with bullshit is more their style. But it's the Friday of a Bank Holiday Weekend, so I imagine they will have something ready to put out next Wednesday. 4 Quote Link to comment Share on other sites More sharing options...
Lxxx Posted August 23 Share Posted August 23 1 minute ago, Roger Mexico said: I'm not sure that our highly-paid 'communication specialists' ever bother to comment on such lowly things as livestock or shipping delays. A long stream of abstract nouns held together with bullshit is more their style. But it's the Friday of a Bank Holiday Weekend, so I imagine they will have something ready to put out next Wednesday. Quite. Although agreed this is well above the pay grade of Gov comms. A comment from the Chief Minister or someone of that ilk is more appropriate for something of this level of international exposure. 3 Quote Link to comment Share on other sites More sharing options...
Boo Gay'n Posted August 23 Share Posted August 23 55 minutes ago, Lxxx said: A little embarrassing. Do we just let companies like this set up here with no initial and continuing due diligence? Or are we so happy they chose the island to move to that we roll out the red carpet regardless and hope for the best? I am no fanboy of the government, but... Confidence tricksters do what it says on the can - a person who swindles others by means of a confidence game. They are extremely credible, both to the authorities and those they seek to cheat. The initial due diligence may have come back squeaky clean. At least in this case the criminality has been exposed and the Isle of Man has collaborated with other jurisdictions in closing everything down. It is sad that the focus of the problem was here, as it makes a rod to beat us with, but similar things pop up all over the world on a daily basis. 1 Quote Link to comment Share on other sites More sharing options...
Lxxx Posted August 23 Share Posted August 23 (edited) 15 minutes ago, Boo Gay'n said: I am no fanboy of the government, but... Confidence tricksters do what it says on the can - a person who swindles others by means of a confidence game. They are extremely credible, both to the authorities and those they seek to cheat. The initial due diligence may have come back squeaky clean. At least in this case the criminality has been exposed and the Isle of Man has collaborated with other jurisdictions in closing everything down. It is sad that the focus of the problem was here, as it makes a rod to beat us with, but similar things pop up all over the world on a daily basis. Fair points. Although I must admit when I read about the grand plans for the huge campus it made me wonder what really is going on under the hood of all this to justify the sums of money it would have cost. If a layman like me thought it you'd hope people in positions a lot closer to the action would have had the same curiosity to investigate a little further. Edited August 23 by Lxxx 2 Quote Link to comment Share on other sites More sharing options...
Roger Mexico Posted August 23 Share Posted August 23 7 minutes ago, Boo Gay'n said: I am no fanboy of the government, but... Confidence tricksters do what it says on the can - a person who swindles others by means of a confidence game. They are extremely credible, both to the authorities and those they seek to cheat. The initial due diligence may have come back squeaky clean. At least in this case the criminality has been exposed and the Isle of Man has collaborated with other jurisdictions in closing everything down. It is sad that the focus of the problem was here, as it makes a rod to beat us with, but similar things pop up all over the world on a daily basis. Well it may be daily for you but: "This is the first such case we've seen of one of these [pig-butchering] scam operations setting up in a Western country," says Masood Karimipour, South East Asia representative at the UN Office on Drugs and Crime. And of course confidence tricksters (especially 'sophisticated' ones) don't just target anyone, they pick on marks they believe to especially gullible and not intelligent enough to pick up on signs that everything isn't legit. So what does that say about the Isle of Man Government? 5 Quote Link to comment Share on other sites More sharing options...
FANDL Posted August 23 Author Share Posted August 23 (edited) 1 hour ago, Lxxx said: They're used to sheep falling off a cliff or another delay on the Mannanan. Not too sure their skillsets cover international fraud, criminal mafia and immigration scams. Best to say nothing and let people speculate. This is largely a PR situation though. The Chinese Courts are crooked and very much are used to take people down for various arbitrary reasons. Half the people convicted in these situations won’t even go to prison. They’ll be gassed or injected in the back of a van and lose their major organs before they’re cremated. So the fact that this is a proven event of fraud in a Chinese Court is largely irrelevant at this stage so you’d maybe expect that the PR people should have been in overdrive on this if the BBC has been investigating for over a year. IOM Government must have had an approach before now for comment so should have a script ready. They have pulled licenses here and investigations are ongoing so they must have enough to pull together a response by now. The main unanswered question is who the hell would pull off a boiler room scam in the IOM where it’s going to cost four times as much than to pull it off in another jurisdiction like Hong Kong, the Philippines or Myanmar. There must be another USP. Funny that we’ve had a fivefold increase in VISA applications in the last 4 years. Have they looked at vulnerabilities in our government set up and decided that a nice byproduct of this is a VISA and ultimately the right to reside in the UK with all your scam money held outside of China via an IOM company? Edited August 23 by FANDL Quote Link to comment Share on other sites More sharing options...
Maugholdmafia Posted August 23 Share Posted August 23 https://www.manxradio.com/news/isle-of-man-news/public-support-for-tynwald-to-be-recalled-following-global-investigation/ Finally reported by Wanx Radio Quote Link to comment Share on other sites More sharing options...
The Phantom Posted August 23 Share Posted August 23 1 hour ago, Gladys said: Was the boiler room masquerading as a licensed gaming provider? Or was there a separate gaming operation which (mostly) complied with regs? It is just not clear how the two aspects interfaced. Are gaming companies subject to regulatory visits? At those visits was the throughput actually examine to see if there were gaming services provided? A lot of questions as to what went on and went wrong. I was thinking the same at lunch. What's reported doesn't seem to have much relation to a Gambling/Gaming Company, which do have visits from the Gambling Supervision Commision, which is essentially the FSA with a different hat on. I suppose the financial infrastructure set up for a bona fide Gaming Co, could be piggy backed upon for the boiler room scam. Quote Link to comment Share on other sites More sharing options...
Gladys Posted August 23 Share Posted August 23 6 minutes ago, The Phantom said: I was thinking the same at lunch. What's reported doesn't seem to have much relation to a Gambling/Gaming Company, which do have visits from the Gambling Supervision Commision, which is essentially the FSA with a different hat on. I suppose the financial infrastructure set up for a bona fide Gaming Co, could be piggy backed upon for the boiler room scam. Yes, the gaming side would be a good cover for moving funds received from the scams. Early on when there were the raids, someone put a link up to the gaming website which showed little activity. Quote Link to comment Share on other sites More sharing options...
NoTail Posted August 23 Share Posted August 23 If the government were conned into giving them financial incentives or support then whoever was responsible should be sacked. Clearly the proper due diligence was not carried out. 3 Quote Link to comment Share on other sites More sharing options...
The Phantom Posted August 23 Share Posted August 23 15 minutes ago, NoTail said: If the government were conned into giving them financial incentives or support then whoever was responsible should be sacked. Clearly the proper due diligence was not carried out. Well, it probably was on the gaming side of things. I doubt they have handed the GSC details on the boiler room residents. Seems like a massive deception. It's very similar to a discussion I had recently with a Compliance Bod about the Baines case. Baines received money from the client from him artificially inflating share price of his company. Classic pump and dump. But the source of wealth/funds would be via a regulated stock exchange and a regulated broker. Receive this and in any Compliance Team would be happy. Are they supposed to do a forensic accounting exercise on a listed US software company? Quote Link to comment Share on other sites More sharing options...
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