Fraud Attorneys Unveil Incredibly Close Ruling In February Tax Cases
The Forex Capital Market around the globe is a fast, non stop, non margin money market. The various foreign currencies of different countries are traded here in order to earn profit and also the transactions are usually handled by dedicated professional brokers. Foreign currencies in the Forex Capital Market world are always bought and sold for profit. The Forex markets are open twenty four hours round the clock.
The Forex markets have seen a lot of fluctuations lately due to the economic interest rate changes in Europe. The euro has lost ground against major currencies over recent months and traders have become more nervous due to the market movements. Traders can now place their orders for buying or selling at any time throughout the day and night. In february the average daily turnover was EUR eight billion. This figure is expected to increase or decrease according to the direction of the market trends.
A number of investment companies offer trading platforms for foreign exchange market forex. These platforms offer ready made trading systems. They can be customized according to the investors’ preferences. There is an increasing trend of managed trading platforms being offered by foreign exchange market forex firms. These platforms are offered by well known investment firms in Europe. Some of these investment firms are named E-Trader, Netante, FTX, AGN, and Better Trade.
Most forex investment firms offer free training programs to the potential customers regarding foreign exchange trading. These training programs provide knowledge on forex trading systems, market analysis tools, indicators, signal generators and many such information. Potential investors should be able to understand the nature of currency trading. They should also be able to understand the role of a broker in foreign exchange trading.
Foreign Exchange market players should use their trading strategies with a mindset of fair price and good faith. Forex brokers must demonstrate transparency in transactions. The forex trading strategies used by forex players must be managed with respect to the potential risk level involved. The forex brokers must effectively manage deceptive representations and the forex capital markets.
There is disturbing news out of New York which has made many investors sit up and take notice. According to the reports, the Internal Revenue Service (IRS) recently fined a forex broker firm with $20 million due to the fraudulent activity of its sole director, Shimla Yoshai. Mr. Shimla Yoshai was the sole director of the brokerage firm called Interbank Debit and Brokerdealer that worked on behalf of banks who were providing credit facilities to some currency speculators. These forex traders deliberately deceived the banks that they were purchasing large blocks of currencies from these banks in order to make profits. One can only imagine the number of jobs this would have destroyed had it been exposed and acted upon by the authorities.
The government discovered that Mr. Shimla Yoshai falsified information in his applications for tax benefits, as well as misrepresentations of his firm’s trading activities to the forex broker dealers. He will pay a fine of 20 million dollars. This represents the largest fine ever imposed by the Internal Revenue Service on a single individual for willfully making false representations in an attempt to secure tax benefits. The tax penalties reflect the importance of managing the forex capital markets properly. The courts are likely to uphold the decision, as this was a case where the taxpayers had suffered a significant loss and the penalties were an important component of that loss.
The U.S. Attorney’s office for the Southern District of New York has brought the case against Shimla Yoshai. The complaint names Shimla Yoshai, along with six other individuals, including the founder of the Forex Trading Platform Company. The complaint is also lodged against the Bank of India, which is accused of failing to prevent the currency trading platforms from being used by terrorists in Iran to execute terrorist attacks. The complaint seeks damages for injuries to life, health, and property, caused by defendants’ negligence and failures to prevent the use of the currency trading platforms. The court is expected to issue a ruling in the near future.
