₦airaland Forum

This was what I read today. Please take your time to read also.



Panic spread on the Internet Friday as word about
Arthur Budovsky Belanchuk’s arrest reached users of
his digital currency business Liberty Reserve, which
was shut down on Friday.
Budovsky, 39, was arrested on Friday in Spain as part
of a money laundering investigation performed
jointly by police agencies in the United States and
Costa Rica. U.S. officials likely will seek his
extradition.
Costa Rican prosecutor José Pablo González said
Budovsky, a former U.S. citizen and naturalized Costa
Rican of Ukrainian origin, has been under
investigation since 2011 in Costa Rica for suspected
money laundering using apparent shell companies
he created to run Liberty Reserve.
Budovsky relocated to Costa Rica after he and
partner Vladimir Kats were indicted on July 27, 2006,
in New York on charges of operating an illegal
financial business, GoldAge Inc. – a precursor to
Liberty Reserve – from their Brooklyn apartments,
according to the U.S. Justice Department. U.S.
officials said the two had transmitted at least $30
million to digital currency accounts worldwide since
beginning operations in 2002.
Budovsky and Kats were sentenced to five years in
prison in 2007 for engaging in the business of
transmitting money without a license, a felony
violation of state banking law. They received five
years probation.
Officials have not commented on how much money
Liberty Reserve accounts handled, nor how many
clients are affected by its closing. But those numbers
could be higher than in the GoldAge case.
The daily La Nación reported that Budovsky, a
naturalized Costa Rican, renounced his U.S.
citizenship last year, after the joint investigation
began. The Tico Times could not independently verify
that information, as Costa Rican government
agencies are closed for the weekend.
In 2011, Costa Rica’s financial regulatory authority,
the Financial Institution Superintendency (SUGEF),
closed Liberty Reserve, citing a lack of transparency
and accounting of funding sources, La Nación
reported.
However, Budovsky continued operating the
company in conjunction with other Costa Rican
corporations, including Silverhand Solutions and
Technology S. A, Worldwide E-Commerce Business
S .A., Grupo Lulu Limitada, Triton Group A and A, S. A.
and Cyberfuel.com.
The same year SUGEF ordered Liberty Reserve
closed, U.S. prosecutors based in New York asked
Costa Rican officials to begin investigating Budovsky
and his companies. On Friday, San José prosecutors
raided Budovsky’s home and offices in Escazú and
Santa Ana, southwest of San José, and in the
province of Heredia, north of the capital.
Investigators allege that Budovsky’s businesses in
Costa Rica were used to launder funds from child
pornography websites and drug trafficking.
Both GoldAge and Liberty Reserve operated under a
similar system, allowing users to nearly anonymously
open accounts with limited documentation of
identity. Deposits are backed by gold and other
precious metals, and customers could withdraw
money by requesting wire transfers to accounts
anywhere in the world or by having checks sent to
individuals.
U.S. officials have targeted companies like
GoldAge and Liberty Reserve for years, saying
they are hotbeds for criminal activity including
money laundering, drug trafficking and tax evasion.
“The ability to conduct transactions in digital
currencies is constantly available, making digital
currencies more convenient than other methods of
funds transfer, which may be limited by normal
business hours and international time zones.
Additionally, digital currency transactions can be
conducted from any location or device with Internet
access,” a 2008 report by the U.S. National Drug
Intelligence Center stated.
“Because most digital currencies are denominated
into internationally recognized weights of precious
metals, inconveniences traditionally associated with
international financial transactions, such as
calculating international exchange rates for another
nation’s currency, are eliminated,” the report added.
Liberty Reserve, which operated without oversight
from any global agency, was a convenient tool for
foreign currency brokers, as it allowed them to
bypass local legislation and avoid exchange rate
fluctuations, particularly in developing countries. But
its lack of oversight also attracted organized criminal
elements, prosecutors said.
“Payment in digital currencies makes it easier for
traffickers to launder funds that no longer need to be
placed into the traditional financial system. Payment
can be immediately forwarded to an international
digital currency account, perhaps in payment to the
original source of supply, or further layered through
multiple digital currency accounts and exchangers
until reintegrated into the legitimate economy,” the
National Drug Intelligence Center stated.
To open a Liberty Reserve account, users needed only
to submit a name, address, email address, date of
birth and occupation.
Budovsky’s arrest and the closing of the Liberty
Reserve website prompted a wave of online chatter
from affected clients. Forex Magnates, which
describes itself as a “specialized forex news and
research source,” called Liberty Reserve “the leading
payment channel for traders in emerging and frontier
markets.”
Citing a broker and analyst in Pakistan, Forex
Magnates said, “Forex brokers have been benefiting
from Liberty Reserve’s vast access as a payment
provider, especially in countries where traders face
difficulties in transferring funds. Liberty Reserve was
a ‘gift’ for several traders, especially after the State
Banks’ (State Bank of Pakistan) changes to
international money transfers.”
Online reaction has also come from Nigeria, Malaysia
and other countries.
An earlier story on www.ticotimes.net about
Budovsky’s arrest prompted worried clients to
ponder the fate of funds deposited with the
company.




HOW MUCH WAS LOST PLEASE SHARE.

Thanks for your interest

Icee20:
Is the platform also Available to sell Info Products?

Absolutely, Yes.
Must be something very hard to get, just introduce it, let's see.

Thanks for your interest

DAPMAN601: am a Web developer and Content writer.I can submit very useful info about the use of Content Management System as an ideal method of web development and also a guide on Software Architecture. Pohema1987@gmail.com

I think there are thousands of write ups online, nice idea but looking forward to something more challenging.

wandeok: Great Topic! Am a writer, blogger, web-developer and an internet entrepreneur. From my own understanding Nigerians love free information, even though we are not good readers, we can still withhold great information maybe not large to be more than 1 page. They say sex sells, you can still give out free romantic e-books ranging from true life stories to fictions.

Hum,my brother you haven't droped any info, do you have those ebooks?

Wanted something Nigerians are actually looking for

Thanks For Your Interest

Our Company is working on improving a membership site, we want to offer customers free packages after sign up. Those free packages are to entice them into loving the program, we have gotten few. Example is

How to register a .com domain name for just N950 and many more.

Have you made research lately? Or have you written an E book? Do you know what most Nigerians are longing to get/know?

Just drop your info and what your package is all about and we shall contact you if though we don't like it. Thanks For Reading.

THANKS FOR YOUR INTEREST.

Thanks for your interest.

Currently working on improving a paid membership
program, and at this point we are looking for reliable
and trusted companies that we can refer to as our
partners. What the program is all about and the
benefits shall be sent to your mail box. If you are
interested just drop your email add and you shall
hear from me ASAP.
Please participants must have a website-
You will receive an email from me with the subject ''
About Web Partnership'' you are advised to drop
your domain email. Example
mail@yourcompany.com, so that its easy to know
those who have a website.

@piwunoh:
@marketingtips
@frisahost
@EasyNaija.com

Please check your box the details have been sent to you,also you can check your spam folder. The message requires an answer, its either you are interested or not, but please make sure you reply the email. Thanks.

Check your box, just mailed u.

@all
Thanks for your interest i have sent the details to your box.

Currently working on improving a paid membership program, and at this point we are looking for reliable and trusted companies that we can refer to as our partners. What the program is all about and the benefits shall be sent to your mail box. If you are interested just drop your email add and you shall hear from me ASAP.

Please participants must have a website-
You will receive an email from me with the subject '' About Web Partnership'' you are advised to drop your domain email. Example mail@yourcompany.com, so that its easy to know those who have a website.

Website design at the moment is a give away. Dont pay any designer, get your website designed for free.

I Just joined their affiliate program http://www.aikwebdesign.com/affiliates/youngler

Hurry i think they said first 100 sites to be designed free.

Aik web Design just designed a website for me and they are worth recommending, though i just joined their affiliate program http://www.aikwebdesign.com/affiliates/youngler

Hurry i think they said first 100 sites to be designed free.

Aik web Design just designed a website for me free of charge, and they are worth recommending, though i just joined their affiliate program http://www.aikwebdesign.com/affiliates/youngler

Hurry i think they said first 100 sites to be designed free.

How true ooo.