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| March 23, 2019

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penalties Archives -


Aretha Franklin Owes IRS Almost $8 Million in Back Taxes and Penalties

December 27, 2018 |

When Aretha Franklin died in August she left behind a legacy as the undisputed “Queen of Soul” … and also a huge debt to Uncle Sam. According to legal docs obtained by TMZ … the IRS claims Franklin owes more than $ 6.3 MILLION in back taxes from…

Philippines Senator Wants Harsher Penalties for Cryptocurrency Crimes

April 18, 2018 |

Philippines Senator Wants Harsher Penalties for Cryptocurrency Crimes

On Monday April 16, the Philippines opposition senator Leila M. de Lima asked her fellow bureaucrats to push the passage of the cryptocurrency bills she helped frame. The proposed bills aim to introduce a harsher penalty towards criminals who use cryptocurrencies during illegal activities.

Also read: ‘Cryptomatoes’ Using Excess Mining Heat to Grow Produce

Philippines Lawmaker Wants to Speed Up Cryptocurrency Regulations

Philippines Senator Wants Harsher Penalties for Cryptocurrency CrimesThere’s been a lot going on in the Philippines as far as cryptocurrencies are concerned and lawmakers are yearning to form some laws around the industry that provides this technology to citizens. Only recently the Philippine National Police (PNP) arrested a couple who were involved in a Ponzi scheme that had participants paying for investments in bitcoin. Arnel and Leonady Ordonio accumulated 1 billion Philippine Pesos ($ 1.9Mn USD) worth of bitcoins from investors. The Ordonios promised investors guaranteed 30 percent profits and some people spent $ 50,000 USD. Further, reported on the Philippines Securities and Exchange Commission (SEC) taking a stance against cloud mining operations just recently and the SEC believes mining contracts should be defined as securities.

Opposition senator Leila M. de Lima thinks that the legislative chamber needs to prioritize Senate Bill 1694, a proposal she filed a month ago. The recent Ordonio Ponzi scheme has compelled her to call upon her colleagues.

“I hope that this occurrence will push my esteemed colleagues in the Senate to take my proposed bill seriously and help pass it into law soon,” the senator explains.

Knowing that virtual currency resembles money, and that the possibilities in using it are endless, higher penalty for its use on illegal activities is necessary.


Philippines Senator Wants Harsher Penalties for Cryptocurrency Crimes
Opposition senator Leila M. de Lima thinks criminals who use cryptocurrencies should have harsher sentences than those who use other means of funding. De Lima is also facing trial for alleged participation in the illegal drug trade.

The Opposition Senator Believes Cryptocurrency Criminals Deserve Harsher Penalties

SB1694 would re-define the Republic Act No. 3815 or the Revised Penal Code (RPC) in order to penalize cryptocurrency criminals one degree higher than the traditional RPC.

“No matter how small or big a group, a punishment must be given. It should never be easy to escape after stealing the hard earned money of other people,” de Lima said.

The older RPC also states that “syndicated estafa and other forms of swindling shall be punishable by life imprisonment to death” if the act involves five or more individuals. De Lima’s proposal wants to lessen the guidelines of the law to two or more people involved with a syndicated crime involving cryptocurrencies.

The opposition senator also details that citizens from the Philippines should be leery of cryptocurrency investments. It’s also worth noting that senator Leila M. de Lima is a controversial figure, and is currently facing trial for profiting from the illegal narcotics trade. 

What do you think about the Philippines senator who wants harsher punishments for those who use cryptocurrencies in crimes? Let us know what you think in the comments below.

Images via Shutterstock, Pixabay, AP, and Wiki Commons. 

Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

The post Philippines Senator Wants Harsher Penalties for Cryptocurrency Crimes appeared first on Bitcoin News.

Bitcoin News

Trump denies that Wells Fargo may avoid federal penalties for alleged mortgage lending abuses

December 10, 2017 |

President Trump on Friday denied a report that the federal consumer financial watchdog might drop sanctions against Wells Fargo & Co. for alleged mortgage lending abuses, and said the bank could face even tougher penalties.

Trump’s comments on Twitter appeared to be in response to a Reuters report

L.A. Times – Business

Didn’t pay your HOA assessments? Get ready for steep penalties and interest costs

March 18, 2017 |

Question: Our homeowner association is trying to foreclose on our home for unpaid dues and assessments. The mortgage payments have been paid on time, but the board is still threatening foreclosure. Worse, after the board hired a lawyer, our total owed dramatically increased.

We agree the unpaid…

L.A. Times – Business

Takata Agrees to $1B in Penalties Over Air Bag Scandal

February 28, 2017 |

As expected , Japanese auto parts maker Takata Corp. pleaded guilty to fraud Monday and agreed to pay $ 1 billion in penalties for concealing an air bag defect blamed for at least 16 deaths, most of them in the US. The scandal, meanwhile, seemed to grow wider when plaintiffs’ attorneys charged…

Super Bowl party penalties: Is your insurance ready to defend your turf?

February 5, 2017 |

Hosting a Super Bowl bash can feel like trying to dodge a blitz. With lots of guests, alcohol and charged emotions, disaster can strike from any direction. Here’s how homeowners insurance can keep your wallet from taking a hit.

Intercepted belongings

Even small parties could include a few friends…

L.A. Times – Business

Should there be carbon penalties for ‘no growth’ communities?

December 27, 2016 |

Imagine having to plant a few hundred trees near the Oregon border or handing over all the money in your wallet next time your city council votes down a housing project. 

That is one of the ideas coming out of a new report from the California Apartment Assn., which represents residential property…

L.A. Times – Business

Trump Warns Firms Will See Penalties if Jobs Leave the U.S.

December 1, 2016 |

President-elect Donald Trump took credit for saving manufacturing jobs in Indiana and vowed to pursue stiff penalties for other American companies that decide to move operations overseas. US Business

‘NHL 17’ Review: Speed, Impact And Minor Penalties

September 10, 2016 |

The positives and negatives for EA Sports’ NHL 17.
Forbes Real Time

Volkswagen Faces Brussels Push for Penalties in 20 EU Countries

September 5, 2016 |

The European Commission is working with national authorities in 20 member states to fine Volkswagen and seek compensation for drivers over the German auto maker’s alleged breach of EU consumer-protection laws. US Business