SEC emergency action halts Plexcorps ICO scam

SEC emergency action halts Plexcorps ICO scam

The Securities and Exchange Commission (SEC) yesterday announced it obtained an emergency asset freeze to halt a fast-moving Initial Coin Offering (ICO) fraud.

It was reported in the suit filed by SEC that PlexCorps raised up to $15 million from thousands of investors since August 2017 by falsely promising a 13-fold profit in less than a month on PlexCoin investments.

The charges filed against Dominic Lacroix and his company, PlexCorps by SEC had the complaint filed in federal court, Brooklyn, New York. It alleges that Lacroix and PlexCorps marketed and sold securities called PlexCoin on the internet to investors in the U.S. and elsewhere, claiming that investments in PlexCoin would yield a 1,354 percent profit in less than 29 days. SEC also charged Lacroix’s partner, Sabrina Paradis-Royer, in connection with the scheme.

According to Robert Cohen, Chief of the Cyber Unit “This first Cyber Unit case hits all of the characteristics of a full-fledged cyber scam and is exactly the kind of misconduct the unit will be pursuing. He added that the Commission acted quickly to protect retail investors from this initial coin offering’s false promises.

Based on its filing, the SEC obtained an emergency court order to freeze the assets of PlexCorps, Lacroix, and Paradis-Royer.

Recall that SEC’s Office of Investor Education and Advocacy earlier issued an Investor Alert captioned “PUBLIC COMPANIES MAKING ICO-RELATED CLAIMS” in August 2017 warning investors about scams of companies claiming to be engaging in initial coin offerings. If only the information was well disseminated, so many people would not have fallen prey!

Consequently, SEC’s complaint charges Lacroix, Paradis-Royer and PlexCorps with violating the anti-fraud and registration provisions, of the U.S. federal securities laws.  The complaint seeks permanent injunctions, disgorgement plus interest and penalties. Hmm! One wonders, if they will ever get out of these charges.

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Oscar Pistorius murder sentence increased from 6 to 13 years

Oscar Pistorius murder sentence increased from 6 to 13 years

Oscar Pistorius jail sentence has being increased from six years to thirteen years and five months for the murder of his girlfriend Reeva Steenkamp.

Throw-back picture of Reeva Steenkamp and Oscar Pistorius in 2013

The south supreme court of appeal increased the jail term after state argued that his original term of six years was “shockingly lenient”.

Meanwhile some quarters have argued that he should have been issued a lifetime imprisonment.

According to newsmen, the athlete was in jail as at the time of the recent ruling.

Recall that Pistorius was jailed in July 2016 after being found guilty in the murder of 29-year-old Steenkamp on Valentine’s Day 2013.

It’s very strange Pistorius has not being given a life sentence following the murder of an innocent woman. Who actually issued him licence to possess a gun? What a wicked world we live in!

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OAU workers and students protest over court ruling on Elujoba

OAU workers and students protest over court ruling on Elujoba

Series of protests by workers and students of the Obafemi Awolowo University OAU Ile Ife Osun State on Tuesday forced the reversal of a court ruling against former acting vice chancellor of the institution Prof. Anthony Elujoba to be remanded in prison.

The presiding judge Justice David Olajimeji of an Osun State high court sitting in Ede earlier ordered and ruled that Elujoba be remanded in the custody of Economic and Financial Crimes Commission EFCC but reversed the ruling following the refusal of angry workers and students of the university to leave the court premises despite heavy presence of policemen.

Counsel to the accused Ibrahim Lawal announced to the protesting crowd that a judge also changed the adjourned date from July 19th to 14th for ruling on bail application.

The workers and students blocked the road leading to the court with buses while some of them surrounded the court premises and vowed never to allow Elujoba to be taken to Ilesha prison. They also threatened to occupy the prison if Elujoba is eventually taken there.

The former acting vice-chancellor of OAU is being prosecuted by the EFCC for alleged corruption.

See press statement released by the EFCC on July 7, 2017;

EFCC Arraigns Former OAU VC, Bursar for N‎1.4billion Fraud

The Economic and Financial Crimes Commission, EFCC, July 7, 2017 arraigned a former acting Vice Chancellor, Obafemi Awolowo University , Prof. Anthony Elujoba and the University Bursar, Mrs. Aderonke Akeredolu  before  Justice A. D. Oladimeji  of the Osun State High Court sitting in Ede on a 7-count charge bordering on  conspiracy, stealing, abuse of office and using position for gratification.

The defendants, however pleaded not guilty to the charges preferred against them

In view of their plea, prosecution counsel, Festus Ojo prayed the court for a trial date and to remand the defendants in prison custody. The defense counsel however approached the court with a formal application for bail which the prosecution counsel opposed to on the grounds that he was served the application in court and needed time to formally respond.

One of the charges reads: “That you, Professor Anthony Elujoba and Josephine Aderonke Akeredolu whilst being Public Officers of the Obafemi Awolowo University, Ile-Ife in Osun State between the month of August and September 2016 at  Ile-Ife within the jurisdiction of this Honourable Court conspired to distribute the sum of N1,060,725,000.00k (One Billion, Sixty Million and Seven Hundred and Twenty Five Thousand Naira) to your colleagues as productivity bonus.

The defendants were arraigned following a petition alleging that  Elujoba, alongside the Bursar, diverted over One Billion Naira from the University’s Fixed Assets and Endowment Fund without approval from the Federal Ministry of Education and Governing Council of the University to pay some unapproved allowances from which he received N7m (Seven Million Naira) as furniture allowance.‎

Justice Oladimeji  adjourned the case to 11 July, 2017 for hearing of the bail applications and remands ‎the defendants in the EFCC custody.

Media and Publicity
7 July, 2017

Mega looters! Should he escape from the net of the EFCC then the whole world will know something is wrong somewhere.

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Uber fires 20 people over sexual harassment, more investigations on-going

Uber fires 20 people over sexual harassment, more investigations on-going

Uber is on the way to sanitize its system over sexual harassment that has gone viral. This could be medicine after death.

The technology company has terminated appointments of over 20 harassers after a company-wide investigation into sexual harassment while over 50 investigations are on-going.

As a means to revamping the system, Uber has hired at least two high profile senior executives whose job is to setup strategy and re-branding.

Recall that Susan J. Fowler left Uber in December and joined Stripe in January due to sexual harassment Uber couldn’t address.

Here is a true life story from Susan J. Fowler;

“As most of you know, I left Uber in December and joined Stripe in January. I’ve gotten a lot of questions over the past couple of months about why I left and what my time at Uber was like. It’s a strange, fascinating, and slightly horrifying story that deserves to be told while it is still fresh in my mind, so here we go.

I joined Uber as a site reliability engineer (SRE) back in November 2015, and it was a great time to join as an engineer. They were still wrangling microservices out of their monolithic API, and things were just chaotic enough that there was exciting reliability work to be done. The SRE team was still pretty new when I joined, and I had the rare opportunity to choose whichever team was working on something that I wanted to be part of.

After the first couple of weeks of training, I chose to join the team that worked on my area of expertise, and this is where things started getting weird. On my first official day rotating on the team, my new manager sent me a string of messages over company chat. He was in an open relationship, he said, and his girlfriend was having an easy time finding new partners but he wasn’t. He was trying to stay out of trouble at work, he said, but he couldn’t help getting in trouble, because he was looking for women to have sex with. It was clear that he was trying to get me to have sex with him, and it was so clearly out of line that I immediately took screenshots of these chat messages and reported him to HR.

Uber was a pretty good-sized company at that time, and I had pretty standard expectations of how they would handle situations like this. I expected that I would report him to HR, they would handle the situation appropriately, and then life would go on – unfortunately, things played out quite a bit differently. When I reported the situation, I was told by both HR and upper management that even though this was clearly sexual harassment and he was propositioning me, it was this man’s first offense, and that they wouldn’t feel comfortable giving him anything other than a warning and a stern talking-to. Upper management told me that he “was a high performer” (i.e. had stellar performance reviews from his superiors) and they wouldn’t feel comfortable punishing him for what was probably just an innocent mistake on his part.

I was then told that I had to make a choice: (i) I could either go and find another team and then never have to interact with this man again, or (ii) I could stay on the team, but I would have to understand that he would most likely give me a poor performance review when review time came around, and there was nothing they could do about that. I remarked that this didn’t seem like much of a choice, and that I wanted to stay on the team because I had significant expertise in the exact project that the team was struggling to complete (it was genuinely in the company’s best interest to have me on that team), but they told me the same thing again and again. One HR rep even explicitly told me that it wouldn’t be retaliation if I received a negative review later because I had been “given an option”. I tried to escalate the situation but got nowhere with either HR or with my own management chain (who continued to insist that they had given him a stern-talking to and didn’t want to ruin his career over his “first offense”). 

So I left that team, and took quite a few weeks learning about other teams before landing anywhere (I desperately wanted to not have to interact with HR ever again). I ended up joining a brand-new SRE team that gave me a lot of autonomy, and I found ways to be happy and do amazing work.

Over the next few months, I began to meet more women engineers in the company. As I got to know them, and heard their stories, I was surprised that some of them had stories similar to my own. Some of the women even had stories about reporting the exact same manager I had reported, and had reported inappropriate interactions with him long before I had even joined the company. It became obvious that both HR and management had been lying about this being “his first offense”, and it certainly wasn’t his last. Within a few months, he was reported once again for inappropriate behavior, and those who reported him were told it was still his “first offense”. The situation was escalated as far up the chain as it could be escalated, and still nothing was done.

Myself and a few of the women who had reported him in the past decided to all schedule meetings with HR to insist that something be done. In my meeting, the rep I spoke with told me that he had never been reported before, he had only ever committed one offense (in his chats with me), and that none of the other women who they met with had anything bad to say about him, so no further action could or would be taken. It was such a blatant lie that there was really nothing I could do. There was nothing any of us could do. We all gave up on Uber HR and our managers after that. Eventually he “left” the company. I don’t know what he did that finally convinced them to fire him. …”

What a sad story for Susan you would say!

Meanwhile Law firm Perkins Coie LLP led an investigation reviewing 215 human resources claims and has taken no action in 100 instances. It’s still probing 57 others.

However, a separate investigation led by former U.S. Attorney General Eric Holder whose result will be out next week but not expected to be made public.

Uber Technologies Inc. is a technology company with its headquarter in San Francisco, California, United States. It operates in 570 cities worldwide. It develops, markets and operates the Uber car transportation and food delivery mobile apps.

What a shame! How could a mega company with such pedigree be dragged to this mess.

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NBA faults Buhari’s administration on anti-corruption strategy

NBA faults Buhari’s administration on anti-corruption strategy

The Nigerian Bar Association NBA has faulted the current anti-corruption
strategy of the Federal Government. It suggested an urgent review with attention directed at strengthening existing investigating and prosecuting agencies.

The group expressed worry that over 8 months after some judges were suspended for misconduct, no major progress has been made by the investigating agency.

It called for the discontinuance of such investigations to enable the affected judges resume official duties.

The NBA President Abubakkar Mahmood stated this in Abuja on Monday.

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Lawmaker Ibrahim Baba Hassan arraigned in court for certificate forgery

Lawmaker Ibrahim Baba Hassan arraigned in court for certificate forgery

The Independent Corrupt Practices and Other Related Offences Commission ICPC has arraigned Ibrahim Baba Hassan, former Deputy Speaker and current member representing Jos North State Constituency in the Plateau State House of Assembly for allegedly submitting a forged academic qualification to the Independent National Electoral Commission INEC to contest in the 2015 State Assembly Election.

The law maker was docked before Justice J.U.A Musale of High Court 31 of the Federal Capital Territory sitting in Jabi.

According to a statement issued by a spokesperson of ICPC Mrs. Rasheedat A. Okoduwa, the Legislator was also accused of lying under oath.

The statement said the lawmaker who is presently a three time member of the Plateau State of House of Assembly was said to have forged a Diploma in Business Administration of the University of Jos dated November 1996.

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Buhari can work from anywhere – Malam Yusuf Olaolu

Buhari can work from anywhere – Malam Yusuf Olaolu

A constitutional lawyer who resides in Ilorin, Kwara State Mallam Yusuf Olaolu Ali says according to law, president muhammadu Buhari is working from home based on doctors advice.

The lawyer is reacting to the way lawyers and political parties are accusing Buhari of working from home.

Ali said it is not written in any law that Nigerian president should not work from home.

He later compared the president working from home with the law makers not having plenary sessions. Stressing that Buhari can work from any where he likes as long as he is working.

Could this lawyer be telling the truth and nothing but the truth?

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APC suspends two executive members for anti-party activities

APC suspends two executive members for anti-party activities

The leadership of the All Progressive Congress APC in Uhunmwode Local Govt. Area of Edo State have suspended two of its executive members for anti-party activities.

The suspended members are Charles Idahosa and Harrison Oyegue.

Speaking at a press conference in Benin on Sunday, the local government acting chairman of the party Hon. Okpepi Monday said the suspension followed the resolution reached by 15 members of the local government executives and other party leaders.

Okpepi said the party has set up a disciplinary committee to be chaired by Barr. Samuel Iroh where the suspended members will appear within 48 hours in line with due process and fair hearing. He lamented on the high rate of suspension of members from Uhunmwode local government area as he calls on the party leadership to be fare to all.

He also alleged that the suspension of some party members in Uhunmwode was without due process as he did not pay attention to provisions of article 21 of the APC constitution which spells out modalities for disciplined airy members.

They however affirmed that total loyalty and support in Dr. Obaseki’s government and called on members to remain focused and law abiding.

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Former NNPC boss seeks to discontinue with suit earlier filed

Former NNPC boss seeks to discontinue with suit earlier filed

Federal High Court in Abuja has struck out 1 billion naira fundamental right enforcement suit filed by former Group Managing Director, NNPC Andrew Yakubu against the Economic and Financial Crimes Commission EFCC and the Attorney General of the Federation over his detention in relation to over 3 billion naira cash recovered in his Kaduna home.

Legal Counsel to the former NNPC boss Adeola Adedipe told the court on Tuesday that his client has decided to discontinue with the case.

Adedipe noted that his client has been properly charged to court and granted bail as they consider it necessary to discontinue legal action.

His statement reads; “We consider it necessary to discontinue with this suit, we have served the notice on all the parties and they are not opposed to our application.”

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Ali Olanusi: Court nullifies impeachment of ex-deputy governor of Ondo State

Ali Olanusi: Court nullifies impeachment of ex-deputy governor of Ondo State

Court of Appeal sitting in Akura on Friday nullified the impeachment of Ali Olanusi as the Ondo State deputy governor.

Olanusi was impeached on April 7, 2015 by the state house of assembly over anti-party activities.

The ex-deputy governor who is now a board member of the All Progressive Congress APC board of trustees was away on medical vacation when he was impeached.

The Akure high court earlier approved the impeachment a development which prompted Olanusi to approach the appellate court.

The Appeal court held that the impeachment did not follow the provisions of the law.

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