Illegal Broker Blamed Pandemic and the Bank for Withdrawal Failure
While
multiple brokers have seen a boom in transaction volume during the
epidemic, some have experienced withdrawal issues and blamed it on the
banks that remained closed due to lockdown measures. Is that what's
really happening？ Take a look at this case below.To get more news about
WikiFX, you can visit wikifx news official website.
Event recap
In
August 2019, the complainant Mr. Jung opened an account and deposited
on the trading platform of Forman Forex, a broker that prides itself on a
long history in the trade and claims to hold ASIC license. In the first
few tradings, Mr. Jung generally made good returns, so he gradually
dispelled doubts about the platform. For the rest of 2019, Mr. Jung's
trading operations and withdrawals on the platform had no problems, and
everything seemed to go well.
However, the sudden coronavirus
outbreak dealt an unexpected hard blow on Mr. Jung's transactions. Under
the influence of the epidemic, Mr. Jung's transaction frequency
decreased significantly, while the withdrawal applications submitted at
this time failed to be approved in time as before. In several occasions
Mr. Jung had to cancel the withdrawal application after waiting for many
days in vain.
But when he applied to withdrawal again on March
19th, the application was soon shown as completed on the MT5 trading
software. However, after waiting for a long time, Mr. Jung still didn't
receive the withdrawn funds.
Mr. Jung immediately contacted the
platform but was told that the above delay was because the bank hadn't
resumed usual business during the epidemic lockdown. But as time goes
by, Mr. Jung's withdrawal still failed to arrive even after the bank
processing transactions of Forman Forex already resumed business on a
large scale, while his recently-submitted withdrawal application had not
been approved and remained in progress.
The broker claims to hold a
valid regulatory license granted by ASIC, but according to
investigation, both of the broker's licenses are invalid. The investment
consulting license limits the licensee's business scope to financial
consultation services and doesn't qualify the broker for providing
services involving forex and other financial derivatives products.
Meanwhile, the MM license(regulatory number 403863) the broker claims to
hold actually belongs to another broker Synergy, not Forman Forex. In
addition, according to WikiFX's on-site investigation, Forman Forex's
office is not located at the claimed address.
Up to now, WikiFX App
has included profiles of about 18,000 global forex brokers. If you have
any question about a broker's qualification, you may check the broker's
profile on the WikiFX App. WikiFX has also released the new feature of
“Wiki Fair”, a forum where investors can discuss forex trend and expose
illegal brokers.
Kobe Bryant and his daughter, Gianna, were among nine who died in the crash
A
post-mortem examination of the helicopter crash that killed basketball
star Kobe Bryant has ruled blunt force trauma as the cause of death for
all nine victims.To get more news about
WikiFX, you can visit wikifx news official website.
The 180-page report also found that the pilot, 50-year-old Ara Zobayan, tested negative for drugs and alcohol.
The cause of the 26 January crash, which occurred in California amid heavy fog, is still being investigated.
Bryant's 13-year-old daughter, Gianna, was with him on board the helicopter.
The
passengers - which included two of Gianna's basketball teammates, their
relatives and a coach - were on their way to a tournament in Thousand
Oaks where Bryant had been set to coach.
A giant who had his controversies
Gianna Bryant: The basketball talent killed alongside father
Petition calls for Bryant to be on NBA logo
Alyssa
Altobelli, John Altobelli, Keri Altobelli, Payton Chester, Christina
Mauser all died alongside the Bryant's and pilot Ara Zobayan when the
helicopter crashed into a hill just north of Los Angeles.
“On Jan.
28, the cause of death for all nine victims was ruled as blunt trauma,”
the examination said. “The manner of death was certified as an
accident”.
The results of the post-mortem examination were posted
on the website of the Los Angeles County Medical Examiner-Coroner office
on Friday.
Media captionSite where basketball legend Kobe Bryant was killed in a helicopter crash
Bryant,
a five-time NBA champion, played for the LA Lakers throughout his
career and is considered one of the greatest players in the game's
history.
He retired in April 2016 after a 20-year career with the team.
Lawyers for his widow, Vanessa Bryant, have filed a lawsuit against the company that operated the helicopter.
It alleges that Zobayan - who died in the crash - did not assess weather data before taking off.
Separately,
earlier this year, the sheriff of Los Angeles County said eight
deputies had admitted possessing graphic photos of the crash site.
Alex
Villanueva said he was “devastated and heartbroken” by their conduct.
He said he had instructed the deputies to delete the images.
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Ho, 97-years-old, has been married to four different women who have
birthed 17 of his children. Fifteen are still alive, and some of them
are jockeying for power of SJM Holdings, the casino group Ho founded in
1962.To get more news about stanley ho daughter, you can visit shine news official website.
Pansy has made a fortune in her own right – along with operating a Hong
Kong shipping and ferry business, she was responsible for forming MGM
China with the late billionaire Kirk Kerkorian.
The Straits Times says Pansy’s goal is to ensure stability in the
wake of her father’s departure. She also wants to prevent Angela Leong,
Ho’s fourth wife, from taking control. SJM is valued at $6 billion.
SJM Holdings lost its monopoly on commercial gambling in Macau soon
after Portugal returned the enclave to the People’s Republic in 1999.
The only place in China where casinos are permitted, Macau today has
six licensed operators. Along with SJM, Las Vegas Sands, MGM, Wynn,
Melco, and Galaxy Entertainment operate gaming floors.
SJM and MGM Resorts will see their licenses expire in 2020. The four
others are scheduled to terminate two years later.Melco Resorts was
founded by Ho’s ninth child Lawrence. The 42-year-old originally founded
the organization as Melco Crown Entertainment with fellow billionaire
James Packer.
Lawrence severed his relationship with the Australian casino giant
after Chinese authorities arrested numerous Crown Resorts employees on
“gambling crimes.” Ho would later state that Crown was “deliberately
spitting” on Chinese law.Ho’s career began in the importing and
exporting business. He allegedly smuggled food and luxury goods into
China from Macau to initially create his fortune. In 1962, he convinced
the Macau government to grant him a license to operate casinos. He was
Macau’s only permitted gambling operator for the next 40 years.
SJM has continued to see its market share shrink over the last 15
years. As multibillion-dollar integrated resorts spread across Macau and
the Cotai Strip, Ho failed to follow suit. Only now is the company
building in Cotai – more than a decade after Sands opened The Venetian.
Today, SJM Holdings controls about 15 percent of Macau’s gaming industry. Eight years ago, the company held a 31 percent stake.
Chinese stocks have seen the highest highs and the lowest lows in
recent weeks. While the country suffered the first economic shocks of
the novel coronavirus that originated in Wuhan, China’s aggressive
containment strategy has allowed the country to reopen in recent weeks,
sending stocks at least temporarily to multi-year highs.To get more news
about luckin coffee share price, you can visit shine news official website.
Yet, those bold numbers aren’t always what they seem. Multiple
scandals in recent weeks have raised serious questions about the state
of Chinese accounting practices, and whether stock exchanges are doing
enough to protect investors from fraud and scandal.
The most notable story the past few weeks has been the fall of Luckin
Coffee, which announced that it may have overstated sales by hundreds
of millions of dollars. The company has since fired its CEO and COO, and
has declined in value on Nasdaq by nearly 91% from its mid-January
peak. The company in a filing with the SEC said that it delayed
releasing its financials due to COVID-19 (as well as, just maybe, the
fraud investigation as well).
A quieter scandal has been a similar accounting irregularity at TAL
Education Group, a China-based tutoring company traded on NYSE. And then
overnight, Muddy Waters, the same research firm that first brought
potential fraud at Luckin Coffee to light, released a new report on GSX
Techedu indicating potential fraud, accusations which were denied by the
education company. In its report, Muddy Waters claims that almost 70%
of GSX’s students are “bots” and the company is wildly overstating its
financials.
In new filings with the SEC, Nasdaq proposed amending its ruled to
allow for tighter listing standards for companies based in a
jurisdiction “that has secrecy laws, blocking statutes, national
security laws, or other laws or regulations restricting access to
information by regulators of U.S. listed companies.” While the rules
would apply equally to all countries with information restrictions,
context clearly points at China as being the biggest target. The new
rules would require greater financial minimums and accountability
standards to qualify for listing.
Shares of Luckin Coffee (NASDAQ:LK) declined on Thursday after a key
rival warned of heavy losses in the coming quarters. As of 11:33 a.m.
EDT today, Luckin’s stock was down more than 15%. To get more news about
luckin coffee china, you can visit shine news official website.
It’s been a rough few months for Luckin and its long-term investors.
After the Chinese coffeehouse chain disclosed on April 2 that it had
fabricated as much as $310 million in sales from the second quarter of
2019 to the fourth quarter, its stock plummeted. In the weeks that
followed, Luckin’s CEO and chief operating officer vacated their
positions due to their alleged involvement in the scandal, and the
company’s chairman will reportedly face criminal charges in China for
his role in the fraud. Today, Luckin’s stock price is down roughly 85%
from the level it traded at before news of the accounting scandal broke.
But shares are actually up approximately 170% from the lows they
reached in May. Some investors are betting that the company will
eventually recover from these incidents and that its business still
holds value.
Unfortunately, recent announcements by Starbucks (NASDAQ:SBUX) throw
that investment thesis into question. Starbucks said on Wednesday that
it expects to suffer a sales decline of as much as $3.2 billion in its
fiscal third quarter due to the impact of COVID-19. While much of those
losses will occur in its core U.S. market, Starbucks projects its
same-store sales in China to fall as much as 20% in fiscal 2020.
Although Starbucks said that it expects its comps to “substantially
recover” by the end of the fourth quarter, Luckin is in a far weaker
financial position and may not be as able to ride out the coronavirus
storm. It was already unprofitable before the pandemic, and its
financials will likely look a lot worse after we know the full extent of
its accounting shenanigans. Starbucks’ warnings come at a terrible time
for Luckin and could signal that more pain lies ahead for its
investors.
Are you interested in buying Luckin Coffee (NASDAQ:LK) stock? If so,
you might want to reconsider that investment. The controversial Chinese
coffee shop has seen its share price fall by around 94% year to date
because of massive accounting fraud that saw the company fake up to $310
million worth of sales transactions in 2019. The scandal has sent
Luckin’s market cap from $12.7 billion in January to around $590 million
in early June, and the stock now trades at around $2.50 per share,
which is less than 1/10th its earlier valuation.
While that price might look cheap to some investors, it isn’t. Here
are three reasons why Luckin Coffee stock could fall even further.
China’s sinking stock market reached an unwelcome milestone, with the
Shanghai Composite Index closing at the lowest level since 2014, erasing
the last traces of its recovery from a boom that turned into a $5
trillion bust.The second China International Import Expo will be held at
the National Exhibition and Convention Center in Shanghai from November
5 to 10, 2019.For further information about China International Import
Expo, please visit:
https://www.shine.cn/China-International-Import-Expo/.Find the latest breaking shanghai news, photos, videos and featured stories on
shanghai composite index. SHINE provides trusted national and world news as well as local and regional perspectives.
The Shanghai gauge dropped 1.1 percent to 2,651.79, below its
January 2016 bottom. Back then, officials had just introduced and then
hastily scrapped a disastrous circuit-breaker program as they grappled
with one of the market’s worst-ever routs.
Trade tensions with the US are exacerbating investor concern. With
President Donald Trump telling aides to proceed with additional tariffs
on Chinese products, the Chinese government is considering declining an
offer of talks, according to a Wall Street Journal report, which cited
officials with knowledge of the discussions.It’s hard to buy Chinese
stocks even if they sell down" given the trade war and weak company
fundamentals, said Toshihiko Takamoto, a Singapore-based money manager
at Asset Management One. "Even if the valuation gets cheaper, there’s a
reason for that. It’s hard to find factors that would spark a sharp
rebound."
A weaker yuan also makes the nation’s shares less attractive.
China’s currency has fallen almost 7 percent since the end of March amid
speculation the government was trying to counter the impact of U.S.
tariffs.This year’s hefty declines -- the Shanghai gauge is down 20
percent in 2018 -- ends a period of relative stability for the stock
market that began with the appointment of Liu Shiyu as the top
securities regulator in early 2016 after his predecessor Xiao Gang was
blamed for the crash. Under Liu, the stock index climbed 32 percent from
the end of February 2016 though its high in January this year.
The latest plunge in Chinese equities will likely increase the
appeal of other speculative assets such as property, undermining the
government’s efforts to make the stock market a steady base for
companies to raise funds.
Delta has moved from Terminal 1 to the new Satellite Terminal (S1) at
Shanghai Pudong International Airport. The relocation, alongside partner
China Eastern Airlines, will create a more seamless and convenient
connecting experience for customers.The second China International
Import Expo will be held at the National Exhibition and Convention
Center in Shanghai from November 5 to 10, 2019.For further information
about China International Import Expo, please visit:
https://www.shine.cn/China-International-Import-Expo/.Find the latest breaking shanghai news, photos, videos and featured stories on
pudong airport. SHINE provides trusted national and world news as well as local and regional perspectives.
"Delta is committed to continuously investing to improve customers'
on-the-ground and in-flight experience," said Wong Hong, Delta's
President ¨C Greater China and Singapore. "This move is part of our
broader strategy to collaborate with China Eastern to better address the
growing needs of the U.S.-China market."
Delta customers departing from and arriving to Shanghai-Pudong will
enjoy fast and seamless customs procedures, connections and boarding at
S1. Check-in will take place at Terminal 1 with mass rapid transit
system transfer to S1 around the clock. Customers will also enjoy
shopping, dining and entertainment inside the satellite terminal
building. China Eastern's new VIP lounges at S1 will be open to Delta
One customers and SkyMiles Diamond, Platinum or Gold Medallion members.
Moreover, Delta flights arriving at S1 can now park at the gate, so
travelers no longer need to bother with remote parking, air stairs or
bussing.
Delta operates nonstop daily flights between Shanghai Pudong Airport
and four major U.S. gateways, including Detroit, Seattle, Los Angeles
and Atlanta. Delta's partnership with China Eastern also gives customers
access to over 1,350 codeshare domestic flights per week to more than
40 cities across China. By collocating at S1, Delta and China Eastern
will give customers new convenience in both international and domestic
connections.
Meanwhile, Delta service from Pudong to Atlanta will transition to
the newly retrofitted B777 by early December. By then, all Delta service
between Shanghai and the U.S. will be operated by the flagship A350,
the new A330-900neo and retrofitted B777, all of which are equipped with
next-generation Delta One suite and Delta Premium Select cabins.
The new satellite terminal building, known as S1 and S2, covers
620,000 square meters and is the largest structure of its kind in the
world. The sprawling H-shaped terminal has 90 boarding bridges and
connects with Terminals 1 and 2 easily via the mass transit system. With
the opening of the new satellite terminal, the Shanghai Pudong Airport
has the capacity to handle 80 million passengers annually.
Taste of Sichuan, which opened in February in the same mid-State Street
spot as Soga Shabu Shabu, has picked up where the former Chinese
restaurant left off. It has a similarly expansive menu, shabu shabu (hot
pot, cook-your-own) choices, free dessert bar, and Soga’s comfortable,
vibrant atmosphere.The second China International Import Expo will be
held at the National Exhibition and Convention Center in Shanghai from
November 5 to 10, 2019.For further information about China International
Import Expo, please visit:
https://www.shine.cn/China-International-Import-Expo/.Find the latest breaking shanghai news, photos, videos and featured stories on
taste of sichuan. SHINE provides trusted national and world news as well as local and regional perspectives.
Like its predecessor, it also offers a great lunch deal. The
restaurant was doing a strong noontime business on my two recent visits,
drawing in largely Chinese students and a handful of others for its
$9.95 bento box lunch specials.
The 22 choices offer lots of variety, everything from pan-fried pork
intestine to General Tso’s chicken. There are also seafood, beef and
vegetarian items.The meals come with soup, rice, and a choice between ox
tongue and tripe with chili sauce and steamed chicken with chili oil
sauce. The chicken had an off-putting taste and smell, and the fat and
skin wasn’t cut off. The menu calls it white meat, but it was dark.
Of the four soups, I’ve tried the wonton and egg drop. Both broths
were thin on flavor, and with the egg drop soup you could practically
taste the cornstarch. The wonton soup’s dumplings redeemed it, but next
time I’ll go for the spicy and sour soup or the seafood soup.Seaweed
salad was also promised on the menu, but isn’t available. A manager
translating for the new owner said that’s a menu mistake. The menu is
written in Chinese and English, and the English descriptions can be
flawed because most customers are Chinese so they don’t ask about them,
she said.
When I opted out of both the tongue and chicken on my second lunch
visit, my server offered me a vegetable spring roll, on the menu for
$3.95 for two. It was OK, but bland, the vegetable matter inside
blending into mush. At least it had a delicate, crisp shell, instead of a
doughy one. A bowl of sweet and sour sauce on the side helped.
On my first visit, the four-compartment box came with three fried
pork dumplings that were crisp and not greasy.In terms of the main
course, I had the best luck with the fish filet with “pickle pepper.”
The fish was steamed and served in chunks, which fortunately weren’t
breaded. My dining partner said it “melted in her mouth.”Our server told
me it was flounder, and it reminded me of the excellent flounder at
Asian Sweet Bakery on Park Street. Pickling the chili peppers toned down
their heat and gave the dish a slightly sour quality. Thinly-sliced
ginger and onions added flavor.
The sesame chicken featured mostly bite-sized pieces of breaded
chicken. The sauce had a slight sweetness, which I enjoyed, and the
broccoli underneath was saturated in sauce. Sesame seeds on top added
visual appeal. A third meal, an oily eggplant with chili sauce, needed
more seasoning, despite its chunks of garlic. All three meals were
generous and filling.Servers didn’t tell us about the dessert bar in the
back room, so it would be a good idea to advertise that fact on the
menu. It’s included with all meals and features fortune cookies, almond
cookies and less familiar butterfly cookies. Two flavors of Jello,
orange slices and not-quite-ripe cantaloupe are also usually available. I
left with a renewed interest in almond cookies.
Soga Shabu Shabu was in the same spot on the 500 block for about a
year after moving from a second floor location across the street.New
owner Ying Xiong Wu, who cooks and manages the kitchen, got into the
restaurant business through his best friend, Jin Chen, who with his
wife, Aichan “Wendy” Weng, owns and operates Dragon I and Poke Plus
& Teriyaki, both on State Street, and Ichiban on Park Street.
Ying, Jin and Aichan are from the southeastern Chinese city of
Fuzhou, the capital of China’s Fujian province. The former owner is also
from Fuzhou, but the two parties didn’t know each other before the
sale.Aichen is helping to run Taste of Sichuan, even though she’s busy
with her own restaurants. She spoke for Ying, who doesn’t speak English.
Ying didn’t make any changes to the space, as far as I can tell. For
more privacy and quiet, diners can sit in the back room, which has the
same roomy red booths as the bright, lively main room.A TV in the front
was broadcasting a soap opera with closed captioning and thankfully no
sound. American pop music played softly in the background, commercials
and all, thanks to local station Magic 98.Ying inherited the food photos
and artwork from the former owner. These include generic lighthouse and
landscape canvases, as well as scenes of the Capitol and Lambeau Field.
The same location housed the casual pizza and pasta restaurant Mia
Za’s for 10 years. When it comes to Chinese food on State Street,
there’s a lot of competition, and Taste of Sichuan is in the thick of
it.“It’s very hard because so many restaurants open,” Aichan said. “I
don’t understand why everyone wants to open a business on State Street
for Chinese food right now. It’s almost like China Town.
