Nov 24 for re-mention of BM's case

ohh btw Owen ..what was that 2-bit writer's name anyway?...i forgot....it was something like "ketchuphand" or something...lol

Perhaps it is important to remember that,if the company had audited accounts the investigation would never have gotten started.

BNM investigated for over a year.They presumably felt there was "just cause" in bringing charges against Bryan and Sharon Marsden.Or are they just a bunch of incompetents and its all a dreadful mistake?

Believe in nothing except the verdict.

Dreamer - that is exactly right. Given a set of properly audited accounts there would have been no need for servers to have been seized etc.

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Originally Posted by Owen Platt

Lapcus - take my advice and don't become a lawyer or an accountant!

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Geeez ...he probably make a fortune at either he be hired by all those who would want their position argued whether it made sense or not!!

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Originally Posted by Owen Platt

Dreamer - that is exactly right. Given a set of properly audited accounts there would have been no need for servers to have been seized etc.

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See....Bryan should of hired Lapcus .

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Originally Posted by jeffc

I met Brian and Sharon at the Bistro, which was for real and served real food.
I also visited the fashion designers who were for real and had some very nice clothes. His main concern was, and i paraphrase, that the big boys would do all they could to stop him. enough said!!!
There is a well known saying "The rich get rich and the poor get poorer. When bankers and financiers are paid many millions in annual bonuses over and above their oft inflated salaries why would they want to allow any to muscle in on their domain.
I am fortunate to have found 3 programmes that are solid so life goes on
anyone interested pm me
jeff

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To stay alive within the pool of sharks you need a steel cage - you need to watch your back and chose the country you're in very carefully.

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Originally Posted by jeffc

I met Brian and Sharon at the Bistro, which was for real and served real food.
I also visited the fashion designers who were for real and had some very nice clothes. His main concern was, and i paraphrase, that the big boys would do all they could to stop him. enough said!!!
jeff

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Hardly...how about the truth?? I want to know what Bryan did with all our monies. Bryan collected allot of money 10's of millions of dollars and owes Billions. THAT'S BILLIONS
Where is it and what did he do with it? The fact that he spent alot of it on a lame brain restaurant and even stupider fashion house makes me feel sick

I want a full and fair accounting, I want the truth, and mostly now I want JUSTICE.....

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Originally Posted by Owen Platt

As there seems to be a little confusion over what constitutes "money laundering," perhaps this will help:

Money laundering is the practice of engaging in specific financial transactions in order to conceal the identity, source and/or destination of money. In the past, the term "money laundering" was applied only to financial transactions related to organised crime. Today, its definition is expanded by government regulators to encompass any financial transaction which generates an asset, or a value, as the result of an illegal act, which may involve actions such as false accounting.
By the strictest definition of the term, anyone who assists in concealing the proceeds gained from his transactions is considered a money launderer.

There are two relevant statutes upon the Malaysian law books relating to Bank Negara Malaysia in this respect:

1.Anti-Money Laundering Act 2001 (Act 613)

The AMLA, which came into force on 15 January 2002 criminalises money laundering of proceeds from the predicate offences and provides for suspicious transaction reporting, record-keeping and the functions of a financial intelligence unit.

2.Essential (Protection of Depositors) Regulations 1986
These Acts give the Central Bank the powers to investigate the affairs of any person it suspects or has reason to believe is a deposit-taker. It empowers the Bank freeze the properties of the deposit-taker and other persons associated with the deposit taker, assume control over the deposit-taker, and to appoint receivers and managers. These Acts also enumerate the powers of the Managers, provisions on priority of payment and cost.

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Thanks Owen,

As clear as this is to some of us, Lapcus still chooses to believe that money laundering has to do with the money being dirty, as in the origination on money, and as you and most understand, it has nothing to do with this in Marsden's case. Lapcus will never get it, so nothing we will do will change his mind. LOL

Good luck to all, Mike

PIPS may have been BM's company, and wholly-owned by himself and Sharon, but it had hundreds of millions of dollars in liabilities (i.e. pending withdrawals). For him to take company funds away from that to his own personal accounts is at least ethically questionable, and at worst, fraud/money-laundering/embezzlement (choose your term). Companies are seperate legal entities to their owners'.

Also, don't forget that BM had stated that his only took a modest salary from Pips. I'd hardly classify millions of dollars throughout a 6-month period as "modest".

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Originally Posted by nej

PIPS may have been BM's company, and wholly-owned by himself and Sharon, but it had hundreds of millions of dollars in liabilities (i.e. pending withdrawals). For him to take company funds away from that to his own personal accounts is at least ethically questionable, and at worst, fraud/money-laundering/embezzlement (choose your term). Companies are seperate legal entities to their owners'.

Also, don't forget that BM had stated that his only took a modest salary from Pips. I'd hardly classify millions of dollars throughout a 6-month period as "modest".

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Good point.I remember that Bryan said, "you could live like a king in Malaysia on $5000 a month".