Rare And Beautiful Rose Cut Diamond Engagement Rings

Rare and Beautiful Rose Cut Diamond Engagement Rings

by

Johnn Smith

Rose cut diamonds for engagement rings are making something of a return. Thought to have originated first in India in the late 1300s, Rose cut diamonds and gemstones first become used and exceptionally beloved during the Renaissance, when they were thought to represent a mystical, even “neo-pagan” type of Christianity that was flourishing in those days. They flourished in the Romantic and Neo-Classical Eras. But they became out of style by the late Victorian Age (which for all intents and purposes closed out in the year 1900).

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Rose cut diamonds have flat bottoms without the distinctive tapering body; instead, the crown of the diamond or other gemstone is elevated in a faceted dome where anywhere from 3 to 24 triangular facets are used to mimic the progressively tighter spiral of a rose. As they come together, they reflect the central focal point of a rose bud.

Now, the rose cut lost its flourish eventually because, to diamond and gemstone aficionados, it’s got a fatal defect. The rose cut diamond “leaks light”. Gems, especially diamonds, are “supposed” to be cut in such a way that they emit an internal light (or seem to), a trait know as “fire and brilliance”. Rose cuts tend not to do this; rather, they reflect light that is coming in from around them (that is, it’s obvious this is what they are doing). Rose cuts are made in such a way that they capitalize on a stone’s carat weight; but this gives them more risk of being flawed in their facets. While this feature can be used to cover up a flaw, it can also distort the color of the stone. Jewelers have used thin silver, gold or foil backings to enhance the appearance of “fire and brilliance” in rose cut stones.

So, if rose cuts are so defective, why then desire them for one’s engagement rings? Well, price for one thing. The rose cut can offer up a gemstone that sparkles like a star without breaking one’s bank, since it is focused on reflecting exterior light rather than radiating captured light from its interior. Also, this cut is so unique in shape that it can provide a powerful air of sophistication or mystery; and it can evoke “ye olden days” and is thus perfect for retrofitting a ring.

However, remember that the rose cut can be very hard to find, since it has been out of style for so long and is so one-of-a-kind. You may have to find one in estate collections or heirloom collections that are for sale, or go through an antiques dealer. You may even search for that ring online. But this all means that a rose cut gem ring can be more costly than taking a standard size ring with gems featuring more trendy contemporary cuts like the round-brilliant, princess or marquis. If you have an upper price range limit, the rose cut gem engagement ring can be a bargain, but if you have lower budget it can be too expensive because of its rarity.

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Home-invaders pose as NYC police

Monday, July 16, 2007 

In two separate incidents, men posing as members of the New York Police Department (NYPD), have invaded homes in the New York City area. In both cases, they robbed the residents, but in the most recent, they sexually assaulted a woman.

On Saturday, July 14, at 1:09 a.m. EDT (UTC-4), four men knocked on the door of a Yonkers, New York, apartment. The 33-year-old male that lives there opened the door, as the men outside wore NYPD hats and t-shirts, and had badges hanging around their necks.

The men promptly ordered the male victim to the floor. “When this guy pushed me, he had a gun in my face,” the victim said. “I could see the other guy. He motioned to the others, come on, let’s go, let’s go.” The intruders shouted “Where are the drugs?” as they ransacked the apartment.

Two of the men entered the bedroom and sexually assaulted the 30-year-old female. The couple has a five-year-old child, who was sleeping in another bedroom. “The more I resisted, the more he began to hit me,” the woman said. She said she was sexually assaulted by two of the men while her boyfriend was bound and guarded.

Police said the men then left with a cell phone, a laptop computer, a diamond ring and a gold chain. Police do not believe that they were real officers. As of this afternoon, no arrests have been made.

On Thursday, July 5, shortly after six p.m. in the East New York neighborhood of Brooklyn five men knocked on the door claiming to be “the police.” When the victims opened the door, they pushed their way in demanding the family give them drugs and money.

When police responded to a call reporting a robbery, they found the family, husband, wife and their daughter, tied up. The man suffered a head injury when he was pistol-whipped. Police say the robbers got away with a camera, jewelry, and US$5,000 in currency.

Neighbors told NY1 that they were stunned. “Frightened. Make you think twice before you want to open the door, you know,” said one of the neighbors. “Now you be asking for all this ID and stuff and even still you’re going to wonder, are they for real? So it’s kind of scary.”

There is no word about whether the two cases are connected. Yonkers is on the border of New York City, but is outside the jurisdiction of the NYPD.

Zimbabwe government allocates US$10 million for relocation of thousands of families near diamond field

Saturday, November 14, 2009 

The Zimbabwean government has allocated US$10 million worth of funds for the relocation of thousands of families living near the Chiadzwa diamond fields in the Manicaland province.

Murisi Zwizwai, the Deputy Mines Minister, said that the funds would be used to build houses for the residents in the area, and for developments in . “I can confirm that US$10 million has been set aside for the relocation. The relocation may take place after they have harvested their crops,” he said in an interview, as quoted by the New Zimbabwe news agency.

Zwizwai also added that “the money would be used to build new houses, clinics among others.” According to him, the residents would not be relocated until the 2009–10 agricultural season.

In a 100-day plan, the Zimbabwean coalition government noted that diamonds in the area might be a large source of funds and finance for the country, and could help revive the economy.

Diamonds: Anglo American to pay US$5.1 billion for 40% of De Beers

Friday, November 4, 2011 

Anglo American PLC has negotiated a price of US$5.1 billion to buy 40% of diamond giant De Beers from the Oppenheimer family. Anglo’s stake will jump from 45% to either 75% or 85%; the Botswanan government has an option to increase its own stake.

“This has been a momentous and difficult decision as my family has been in the diamond industry for more than 100 years and part of De Beers for over 80 years,” said De Beers chairman Nicky Oppenheimer. The Oppenheimers are selling their entire remaining stake in the company they took over in the 1920s. They retain 2% of Anglo, founded in 1917 by Sir Ernest Oppenheimer. Until Nicky’s resignation this year Anglo’s board has always featured an Oppenheimer.

As-of June De Beers assets totalled US$8.2 billion with US$1.2 billion pre-tax profit over the prior six months, compared to a US$863 million pre-tax profit last year. The firm owns two Canadian mines and one in South Africa, along with joint ownership with Botswana in two of the world’s biggest diamond mines.

Part of the sale deal promises the Oppenheimers will be given part of any value increase if the firm is floated within two years. Nonetheless, Anglo CEO Cynthia Carroll denied this means a flotation is planned. She also said there is no connection between the purchase, which is set to be finalised next year, and Chilean state-owned copper firm Coldeco’s recent major purchase of 49% of various Anglo property. The Oppenheimers receive 20% of any price increase if a float occurs within a year, and 10% if one happens the year after.

Dogs In Restaurants Are A Bad Dog Law

By T. Peterson

A Possible New Dog Law

There has been talk recently about a new dog law in Oregon that would allow dogs in restaurants. If one state passes such a law, then other states are sure to follow. As an injury lawyer who has handled many dog bite injury cases, I believe that such a law is a very bad idea.

With more and more people going out in public in recent years with pets such as dogs and treating them as if they were equal members of the family almost as if they were human there is a heightened risk to the public at large of being bitten or attacked. Coffee shops, restaurants, or any other business that is open to the public, rather than requiring owners to tie their pets up outside, would become potential places of risk for dog bite injuries.

New Dog Law A Further Catering to Dog Owners

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Some coffee shops and restaurants already cater to dog owners for business. For instance, they may have dog water bowls or special areas where owners may chain or tie their dogs while their owners are inside conducting business. Even in this situation, third parties such as other customers could be injured by dogs present on the business property.

In such situations, dog owners are always independently liable for their negligent actions. For example, if the owner were to tie up his dog next to a revolving door where a large number of people are going in and out, this would be negligent. Prudent business owners will assess risk and weigh the cost benefit analysis of risk or harm versus the benefit of having a pro-dog environment or a safe environment that takes into consideration the needs of the non-dog-owning public.

Dog Laws Affect Businesses and Consumers

Dogs bite people for a variety of reasons and the dog biting psychology is very complex and is a field of its own. An injury can range from a laceration to multiple lacerations, punctures, removal of flesh, or even a no-bite injury such as that which occurs when a patron trips and falls on the extended dog leash tying up the dog.

Businesses of every kind have a common law and statutory legal obligation to prevent injury to others and provide a safe business environment free from foreseeable harm, including dog bites. While dog owners are always independently liable for their dogs bad behavior, the owner of the business premises may become a second source of liability. In certain cases, businesses may become the primary source of a financial recovery since they are a deeper pocket. Hence, they may become the central focus or target of a tort claim for money damages in a dog bite injury claim. Such damages may include medical bills, lost wages, and a pain and suffering award. Because dog bites often result in facial or other bodily injury including scarring, many pain and suffering awards have been significant depending upon the jurisdiction.

Who do Dog Laws Hold Responsible for Injury?

While the dog owner may be primarily liable many dog owners may avoid ultimate legal responsibility for their bad dog ownership because they may not have homeowners or renters insurance which would provide coverage for such claims. In such situations, a dog owners low net worth may compel a legal claim against the deeper pocket business entity. Most commercial business policies will cover a limited amount of no fault medical coverage for people injured upon their property irrespective of fault (such amounts may range from $5,000 to $15,000 or more). Beyond no fault medical provisions, most commercial policies carry fixed coverage amounts, some up to a million dollars or more. Depending upon the type of business entity involved, there may be personal liability of the business owner if the commercial policy is exhausted by a large money award.

The business owner faces a unique legal liability to third parties, including those injured by dogs upon their property. This is because a business owner invites the public to transact business; in return, the law imposes a heightened duty to care for third parties in order to prevent negligent occurrences such as dog bites. According to this scenario, the customer is called a business invitee and the law imposes a legal duty upon the business owner to prevent harm, usually by making the owners affirmatively remove the harm or at a minimum advising the person of the risk of harm at hand through a warning or notice that dogs are present and may bite.

A business owners legal liability becomes heightened even more if there are prior bad dog bite injuries which have occurred in the past. A business owner in such a situation may face strict liability in certain jurisdictions if there is a history or minimal pattern to a dog bite attack or bite of any kind. Certainly the risk to a business owner for legal liability is much greater, as is the publics when they frequent businesses which cater to dogs and the safety of their other customers is forgotten and ignored.

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Pirate Bay case: Internet group attacks websites in “Operation Baylout”

Saturday, April 25, 2009 

Anonymous, the loosely defined online activist group most known for organizing mass protests against the Church of Scientology, has begun a campaign against the websites of entities associated with the prosecution in the Pirate Bay Trial, Wikinews has learned.

Termed “Operation Baylout”, the group claims that hundreds of volunteers are taking part in coordinated efforts to jam the websites of the International Federation of the Phonographic Industry and MAQS, a law firm working with the prosecution in the Pirate Bay case. As of Friday evening MAQS’s website read “Our website is currently under attack and we have therefore decided to shut it down until the attack ceases.”

The group is also coordinating efforts to jam the fax lines of the MPAA’s anti-piracy office and of prosecuting attorney Monique Wadsted.

Andrew Norton of Pirate Party International rejected the attacks, saying, “While we can’t condone these acts, it does show there is a wealth of feeling that opposes the decisions and actions of this trade body. Perhaps if this trade group [the IFPI] was not so focused on increasing their members’ short-term profits, and focused on long term growth and giving customers what they have wanted for the last 10 years, we would not all be in this situation now. However, if people really want to make a difference, and get a result, then they should be supporting their local pirate parties, which will give a lasting result, by providing a government that is more resistant to the lobbying efforts of the IFPI and their ilk.”

While one participant told Wikinews that he or she had taken part in the Church of Scientology protests, and while websites announcing the attacks claim to be affiliated with Anonymous, the decentralized and informal nature of the group makes it difficult to verify whether the attacks are a “legitimate” Anonymous operation.

Some seven hundred to one thousand users took part in an April 20 distributed denial of service (DDOS) “raid” against the IFPI’s website, taking it down for several hours.

The group makes use of Anonymous’s tactics from Project Chanology in coordinating raids. Ideas for targets are proposed in open discussion forums on a range of websites, mainly spinoffs of 4chan, although both participants Wikinews spoke to expressed disdain for that site particularly. When an idea finds favor with a significant portion of the group, it quickly — sometimes within four hours — evolves and is elaborated through a number of IRC channels. As a plan develops, word is put out to other members, and when enough people are assembled, the members activate customized but rudimentary programs downloaded from popular anonymous upload sites such as RapidShare to their home computers. These programs, “Epic Fail Cannon” and “Bayloutlazer”, execute a UDP ping flood against the target website. Most participants are by and large not computer experts, instead relying on the instructions and programming skills of others.

The group also coordinates its efforts through Anonymous’s message boards and one message announced, “Do local coordinating for individual cells on their respective Chanology boards.” Posters to those boards express common themes in support of The Pirate Bay: against censorship, for freedom of information and in personal concern about being jailed for internet piracy.

However, most participants are casual rather than dedicated members, involved “for lulz” — cheap entertainment at the expense of others.

One participant quoted to Wikinews the following statement from 888chan.org, a message board where the Baylout raids originated: “Project Chanology began as an online attack against Scientology because they fucked with our Internets. Nothing more. 2) It has since morphed into a caricature of itself, in which moralfags genuinely think it’s all about destroying an evil cult. We couldn’t care less about how evil they are except that they fucked with our Internets. 3) The lulz value of Project Chanology now lies in the fact that Anon has managed to personal army thousands of people into destroying our enemy for us. People will go to great lengths to participate and contribute to a “cause” when they don’t know they’re the victims of a very grand and subtle troll. The lulz is not in what they do but in the fact that they are being PA’d by Anons. This moralfag personal army in turn trolls everyone who takes them seriously, because they take themselves seriously, without ever being aware of the fact of the troll themselves. It’s pretty slick tbh.”

It is, however, entirely possible that this assertion is itself a bluff.

Coordinated attacks against Swedish government and media industry websites have become commonplace in retaliation for legal actions against The Pirate Bay.

The group plans its next raid to take place at 12:00 GMT on April 26, against the IFPI’s Swedish website. Previous attacks on websites have been attributed to the same group. On January 20, 2008 Anonymous claimed responsibility for attacking the Church of Scientology’s website which resulted in an arrest. In October 2008, Dmitriy Guzner, aged 18, admitted to the DDOS attack on the Church and pleaded guilty to computer hacking.

High Court of Australia dismisses appeal against conviction, compulsory voting

Wednesday, April 17, 2013 

Last Friday, following over two years of lawsuit over failure to participate in general election, Anders Holmdahl attended a High Full Court of Australia hearing with an audio-link from Canberra to Adelaide, South Australia, claiming voting is a right, not a duty, citing the Australian constitution. However the Justices dismissed the application for leave to appeal against conviction, ruling it had “no prospect of success” over a point that the Commonwealth Electoral Act was enacted within power.

Anders Holmdahl was represented by Kevin Borick, QC, the president of the Australian Criminal Lawyers Association, throughout the process.

Anders Holmdahl cited “fundamental distinction” between the words vote, which he defined as “exercise of free will”; right, “something you are privileged to be granted”; and duty, “something you are required to do”. After a 20-minute discourse with the lawyer representing the applicant, Justice Kenneth Hayne said, “An appeal to this Court would enjoy no prospect of success. Special leave to appeal is refused.” and adjourned the Court. Justices Stephen Gageler, Patrick Keane were also present at the hearing and participated in the verbal discourse, also enquiring the lawyer about their reasoning but not specifying reasons other than what Hayne J said. Wikinews contacted both Anders Holmdahl and the High Court and confirmed there was no other documentation of reasons behind the judgment.

The standard High Court procedures involve hearing each matter by a single Justice and only escalating it after a special leave to appeal is granted. The current case had been irregular, as the matter had been escalated to the Full Court (three Justices) directly.

The appeal also had exhausted lower means of appeal before being lodged in High Court; the Supreme Court of South Australia had dismissed it on September 24, 2012. It cited that the Australian Constitution allows each state to enact their own election laws, and the Federal Parliament has the power to make laws “with respect to … matters in respect of which this Constitution makes provision until the Parliament otherwise provides”. The Court concluded that the Commonwealth Electoral Act was legislation enacted within power.

Prior to escalation to the Supreme Full Court of South Australia, in May 2012, a single Justice Gray had forwarded the matter for consideration of Full Court (three Judges) at his discretion. This happened several months after a Magistrate had recorded the conviction following a trial in February 2012. Anders Holmdahl originally pleaded not guilty during his first Magistrates court appearance in December 2011 regarding the August 21, 2010 election.

The electoral system of Australia requires all citizens to enroll. Then they must vote at each general election — election of members of the House of Representatives and Senate of the Parliament of Australia. At the time of the election, Anders Holmdahl was enrolled as an elector on the Commonwealth Electoral Roll for the Division of Hindmarsh.

The High Full Court hearing was a last instance of appeal with further escalation only possible at international level. Anders Holmdahl had decided to take the case before the United Nations Human Rights Council.

Female lawyers to be granted court access in Saudi Arabia

Tuesday, February 23, 2010 

Female lawyers in Saudi Arabia may soon be granted limited court access for the first time. Mohammed al-Issa, the justice minister, said that the law was part of King Abdullah’s ongoing reform to Saudi Arabia’s judicial system. The law would allow female lawyers to represent other women at family-related cases, including marriage, divorce, and child custody.

Saudi women that are educated in law are currently permitted to work in the female section of government and court offices. Positions of higher authority are reserved for the opposite sex. The Saudi government is also building specialized “personal status” or family courts where female lawyers will be permitted to practice.

Women rights are strictly defined by Islamic Sharia law in Saudi Arabia. Employment and educational opportunities are dependent on a system of male guardianship. For example, a female under the age of 45 must gain the approval of a male before traveling.

According to the BBC, the law and other minor changes are steps in the direction of easing restrictions placed on Saudi women.

1031 Tax Exchange Frequently Asked Questions

By Nationwide1031

After years of conducting tens of thousands of successful 1031 exchanges, we found that there are a number of frequently asked questions related to this type of transaction

Equity and Gain

Is my tax based on my equity or my taxable gain?

Tax is calculated upon the taxable gain. Gain and equity are two separate and distinct items. To determine your gain, identify your original purchase price, deduct any depreciation which has been previously reported, then add the value of any improvements which have been made to the property. The resulting figure will reflect your cost or tax basis. Your gain is then calculated by subtracting the cost basis from the net sales price.

Deferring All Gain

Is there a simple rule for structuring an exchange where all the taxable gain will be deferred?

Yes, the gain will be totally deferred if you:

1) Purchase a replacement property which is equal to or greater in value than the net selling price of your relinquished (exchange) property, and

2) Move all equity from one property to the other.

Definition of Like-Kind

What are the rules regarding the exchange of like-kind properties? May I exchange a vacant parcel of land for an improved property or a rental house for a multiple-unit building?

Yes, “like-kind” refers more to the type of investment than to the type of property. Think in terms of investment real estate for investment real estate, business assets for business assets, etc.

Simultaneous Exchange Pitfalls

Is it possible to complete a simultaneous exchange without an intermediary or an exchange agreement?

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While it may be possible, it may not be wise. With the Safe Harbor addition of qualified intermediaries in the Treasury Regulations and the recent adoption of good funds laws in several states, it is very difficult to close a simultaneous exchange without the benefit of either an intermediary or exchange agreement. Since two closing entities cannot hold the same exchange funds on the same day, serious constructive receipt and other legal issues arise for the Exchangor attempting such a simultaneous transaction. The addition of the intermediary Safe Harbor was an effort to abate the practice of attempting these marginal transactions. It is the view of most tax professionals that an exchange completed without an intermediary or an exchange agreement will not qualify for deferred gain treatment. And if already completed, the transaction would not pass an IRS examination due to constructive receipt and structural exchange discrepancies. The investment in a qualified intermediary is insignificant in comparison to the tax risk associated with attempting an exchange, which could be easily disqualified.

Property Conversion

How long must I wait before I can convert an investment property into my personal residence?

A few years ago the Internal Revenue Service proposed a one-year holding period before investment property could be converted, sold or transferred. Congress never adopted this proposal, so therefore no definitive holding period exists currently. However, this should not be interpreted as an unwritten approval to convert investment property at any time. Because the one-year period clearly reflects the intent of the IRS, most tax practitioners advise their clients to hold property at least one year before converting it into a personal residence.

Remember, intent is very important. It should be your intention at the time of acquisition to hold the property for its productive use in a trade or business or for its investment potential.

Involuntary Conversion

What if my property was involuntarily converted by a disaster or I was required to sell due to a governmental or eminent domain action?

Involuntary conversion is addressed within Section 1033 of the Internal Revenue Code. If your property is converted involuntarily, the time frame for reinvestment is extended to 24 months from the end of the tax year in which the property was converted. You may also apply for a 12-month reinvestment extension.

Facilitators and Intermediaries

Is there a difference between facilitators?

Most definitely. As in any professional discipline, the capability of facilitators will vary based upon their exchange knowledge, experience and real estate and/or tax familiarity.

Facilitators and Fees

Should fees be a factor in selecting a facilitator?

Yes. However, they should be considered only after first determining each facilitator’s ability to complete a qualifying transaction. This can be accomplished by researching their reputation, knowledge and level of experience.

Personal Residence Exchanges

Do the exchange rules differ between investment properties and personal residences? If I sell my personal residence, what is the time frame in which I must reinvest in another home and what must I spend on the new residence to defer gain taxes?

The rules for personal residence rollovers were formerly found in Section 1034 of the Internal Revenue Code. You may remember that those rules dictated that you had to reinvest the proceeds from the sale of your personal residence within 24 months before or after the sale, and you had to acquire a property which reflected a value equal to or greater than the value of the residence sold. These rules were discontinued with the passage of the 1997 Tax Reform Act. Currently, if a personal residence is sold, provided that residence was occupied by the taxpayer for at least two of the last five years, up to $250,000 (single) and $500,000 (married) of capital gain is exempt from taxation.

Exchanging and Improvements

May I exchange my equity in an investment property and use the proceeds to complete an improvement on a vacant lot I currently own?

Although the attempt to move equity from one investment property to another is a key element of tax deferred exchanging, you may not exchange into property you already own.

Related Parties

May I exchange into a property that is being sold by a relative?

Yes. However, any exchange between related parties requires a two-year holding period for both parties.

Partnership or Partial Interests

If I am an owner of investment property in conjunction with others, may I exchange only my partial interest in the property?

Yes. Partial interests qualify for exchanging within the scope of Section 1031. However, if your interest is not in the property but actually an interest in the partnership which owns the property, your exchange would not qualify. This is because partnership interests are excepted from Section 1031. But don’t be confused! If the entire partnership desired to stay together and exchange their property for a replacement, that would qualify.

Another caveat. Those individuals or groups owning partnership interests, who desire to complete an exchange and have for tax purposes made an election under IRC Section 761(a), can qualify for deferred gain treatment under Section 1031. This can be a tricky issue! See elsewhere in this publication for more information. Then, only undertake this election with proper tax counsel and only with the election by all partners!

Reverse Exchanges

Are reverse exchanges considered legal?

Although reverse exchanges were deliberately omitted from Section 1031, they can still be accomplished with the aid of an experienced intermediary. Since reverses are considered an aggressive form of exchanging, your intermediary and tax advisor should assist you with exchange and tax planning based upon successful reverse exchange case law.

The Taxation Section of the American Bar Association has submitted suggested guidelines for the IRS in evaluating reverse exchanges and issuing new regulations. Although it is unknown when the IRS will make a definitive reverse exchange ruling, one is expected in the future.

Identification

Why are the identification rules so time restrictive? Is there any flexibility within them?

The current identification rules represent a compromise which was proposed by the IRS and adopted in 1984. Prior to that time there were no time-related guidelines. The current 45-day provision was created to eliminate questions about the time period for identification and there is absolutely no flexibility written into the rule and no extensions are available.

In a delayed exchange, is there any limit to property value when identifying by using the 200% rule?

Yes. Although you may identify any three properties of any value under the three property rule, when using the 200% rule there is a restriction. It is when identifying four or more properties, the total aggregate value of the properties identified must not exceed more than 200% of the value of the relinquished property.

An additional exception exists for those whose identification does not qualify under the three property or two hundred percent rules. The 95% exception allows the identification of any number of properties, provided the total aggregate value of the properties acquired totals at least 95% of the properties identified.

Should identifications be made to the intermediary or to an attorney or escrow or title company?

Identifications may be made to any party listed above. However, many times the escrow holder is not equipped to receive your identification if they have not yet opened an escrow. Therefore it is easier and safer to identify through the intermediary, provided the identification is postmarked or received within the 45-day identification period.

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Commonwealth Bank of Australia CEO apologies for financial planning scandal

Thursday, July 3, 2014 

Ian Narev, the CEO of the Commonwealth Bank of Australia, this morning “unreservedly” apologised to clients who lost money in a scandal involving the bank’s financial planning services arm.

Last week, a Senate enquiry found financial advisers from the Commonwealth Bank had made high-risk investments of clients’ money without the clients’ permission, resulting in hundreds of millions of dollars lost. The Senate enquiry called for a Royal Commission into the bank, and the Australian Securities and Investments Commission (ASIC).

Mr Narev stated the bank’s performance in providing financial advice was “unacceptable”, and the bank was launching a scheme to compensate clients who lost money due to the planners’ actions.

In a statement Mr Narev said, “Poor advice provided by some of our advisers between 2003 and 2012 caused financial loss and distress and I am truly sorry for that. […] There have been changes in management, structure and culture. We have also invested in new systems, implemented new processes, enhanced adviser supervision and improved training.”

An investigation by Fairfax Media instigated the Senate inquiry into the Commonwealth Bank’s financial planning division and ASIC.

Whistleblower Jeff Morris, who reported the misconduct of the bank to ASIC six years ago, said in an article for The Sydney Morning Herald that neither the bank nor ASIC should be in control of the compensation program.