Tag: funds

First American assures security of funds following recent cyberattack



First American assures security of funds following recent cyberattack | Insurance Business America















It was first announced on December 21

First American assures security of funds following recent cyberattack

Cyber

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First American, a title insurance company, states that funds at First American Trust and third-party partner banks are secure even after a cybersecurity incident occurred last week and affected the firm’s operations.

It stated that despite the disruption brought by the incident to its normal business operations, it was still able to process funds safely and securely.

“Our bank, First American Trust, continues to accept incoming wires, and all funds at First American Trust and our third-party partner banks remain secure,” the firm said.

First American previously announced on its website that its email system had been taken offline and warned its consumers about emails that were falsely claiming to be from First American, First American Title, or from FirstAm.com.

This followed First American’s filing of regulatory documents with the SEC which notified the agency about the cyberattack.

“The company is working diligently to restore those systems and resume normal operations as soon as possible but cannot estimate the duration or extent of the disruption at this time,” the firm said.

It added that it was retaining leading experts as well as working with law enforcement and notifying regulatory authorities.

First American has yet to state if the incident was a ransomware attack. The 8-K filing with the SEC said that the firm recently identified unauthorized activity on certain systems and isolated systems from the internet.

New rules mandate that companies need to quickly disclose “material” cybersecurity incidents and annually share details of their cybersecurity risk management, strategy, and governance with the SEC. Firms need to report issues in 8-K filings within four business days unless

Top AI researcher launches new Alberta lab with Huawei funds after Ottawa restrictions

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Richard Sutton, a computer scientist and well known AI researcher, at home in Edmonton, Alta., on Nov. 23. Prof. Sutton is launching a new AI research institute in Edmonton with funding from Huawei.Amber Bracken /The Globe and Mail

One of the country’s most accomplished artificial intelligence researchers is launching a new non-profit lab with $4.8-million in funding from Huawei Canada, after the federal government restricted the Chinese company’s ability to work with publicly funded universities.

Richard Sutton, a professor at the University of Alberta and a pioneer in the field of reinforcement learning, says the Openmind Research Institute will fund researchers following the Alberta Plan, a 12-step guide he co-authored last year that lays out a framework for pursuing the development of AI agents capable of human-level intelligence.

Openmind will be based in Edmonton and kicks off Friday with a weekend retreat in Banff.

Canada banned the use of equipment from Huawei in 5G networks last year, citing the company as a security risk because of its connections to the Chinese government, which could use the company for espionage. Huawei has long denied the accusation.

Jim Hinton, a Waterloo, Ont.-based patent lawyer and senior fellow at the Centre for International Governance Innovation, said Huawei’s involvement with Openmind raises concerns. “Even if the money is coming with as little strings attached as possible, there is still soft power that is being wielded,” he said. “The fact that they’re holding the purse strings gives a significant amount of control.”

In 2021, Ottawa started restricting funding for research collaborations between publicly funded universities and entities with links to countries considered national security risks, including China. Alberta has implemented similar restrictions for sensitive research at a provincial level. Artificial intelligence is particularly sensitive because the technology has military

My Forex Funds Questions CFTC’s Jurisdictions on Its Business

The legal representatives of My Forex Funds and its CEO, Murtaza Kazmi, have responded to all the allegations brought by the Commodity Futures Trading Commission (CFTC) and categorically denied them.

According to the 41-page motion filled in the US court yesterday (Tuesday), “the CFTC has no likelihood of succeeding on its allegations because MFF has never solicited or accepted any investments from its customers or engaged in retail foreign exchange transactions or, indeed, any transactions with retail investors.”

The CFTC initially filed the lawsuit against two entities named Traders Global Group, one based in New Jersey and the other in Canada, operating as My Forex Funds, and Kazmi, who controls them as the CEO. With many allegations, the crux of the regulatory lawsuit is that Traders Global is a fraudulent organization.

The Defense Denies All Allegations

In the recent response, the attorneys of My Forex Funds and Kazmi questioned the jurisdiction of the CFTC over the prop trading platform, stating that “the transactions between MFF and its customers fall outside the scope of the Commodities Exchange Act’s (CEA’s) anti-fraud provisions, registration requirements, and off-exchange trading prohibitions.”

“But even if those provisions did apply, the CFTC’s allegations are devoid of factual support,” the motion of the defense added.

Murteza Kazmi, CEO at My Forex Funds

The court filing detailed the business model of My Forex Funds, highlighting that the platform “paid out tens of millions of dollars to customers in accordance with the rules it established and that were agreed by its customers.” Further, it pointed out that the CFTC failed to produce evidence from even a single distressed customer of

Active Funds Battered As Investors Take Passive Route – Calastone – Forbes Advisor UK

Capital at risk. All investments carry a varying degree of risk and it’s important you understand the nature of the risks involved. The value of your investments can go down as well as up and you may get back less than you put in. Investments in a currency other than sterling are exposed to currency exchange risk. Currency exchange rates are constantly changing which may affect the value of the investment in sterling terms. You could lose money in sterling even if the stock price rises in the currency of origin. Stocks listed on overseas exchanges may be subject to additional dealing and exchange rate charges, and may have other tax implications, and may not provide the same, or any, regulatory protection as in the UK.

Cryptocurrency is an extremely high-risk and complex investment. Don’t invest unless you’re prepared to lose all the money you invest. You are unlikely to be protected if something goes wrong. Forbes Advisor has provided this content for educational reasons only and not to help you decide whether or not to invest in Cryptocurrency. Should you decide to invest in Cryptocurrency or in any other investment, you should always obtain appropriate financial advice and only invest what you can afford to lose.


5 October: UK Stocks Spurned Despite Attractive Valuations

UK investors ditched ‘actively-managed’ equity funds last month in favour of ‘passive’ investments run by computers rather than human stock-pickers, writes Andrew Michael.

According to global funds network Calastone’s latest Fund Flow Index, investors dumped £206 million of actively-managed equity funds in September 2023, preferring passively managed portfolios including index tracker funds.

Calastone said that algorithmic-based investments, such as global index funds, attracted £1.1 billion in investor inflows last month “as the summer’s volatile bond markets forced a reappraisal of stock valuations”.

In recent

Crypto king fed funds from Chatham company, Banknote

A Chatham, Ont. mother is spearheading a class action lawsuit alleging a company that collected $14 million in investments from members of her community was actually a Ponzi scheme that fed nearly a third of its funds to Ontario’s self-described ‘crypto king’ Aiden Pleterski.

“It’s definitely been overwhelming,” Emily Hime, the 31-year-old mother, told CTV News Toronto in an interview earlier this month. “The financial stress of it all, it’s impacted my family life quite significantly.”

The class action, filed at the Ontario Superior Court of Justice in May, is representing 125 people who invested with Banknote Capital Inc. after a whistleblower from the company filed a complaint to the Ontario Securities Commission in early 2023 alleging the owner pocketed investments. The lawsuit is ultimately aiming to trace and preserve assets with the goal of redistributing money to investors.

Speaking out for the first time, the whistleblower – former Banknote employee Brock Tedford – told CTV News Toronto he believes his boss and close friend, Ryan Rumble, saw Pleterski “getting away” with allegedly exploiting investors and “decided to do the same thing.”

Pleterski – a 24-year-old from Whitby, Ont., who allegedly operated a $40 to $100 million Ponzi scheme – was pushed into bankruptcy a year ago. According to previous court documents, more than 98 per cent of the money he collected was never invested.

“I think he saw how quickly Aiden was getting away with it,” Tedford said of his boss.

HOW DID IT UNFOLD?

At the start, in the spring of 2021, Pleterski boasted six per cent earnings per week and offered investors a 70-30 per cent split on capital gains, a motion filed in court last month states.

Excited about the prospect of making quick profits, Rumble decided to create Banknote with two other directors in 2021

Can You Make Funds With Smart Living Business (SLC)?

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Can You Make Funds With Sensible Living Business (SLC)?

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