Image Image Image Image Image Image Image Image Image Image Image Image

| July 20, 2018

Scroll to top

Top

violations Archives -

Japanese Police Seize Cryptocurrency for Parking Violations

July 14, 2018 |

Japanese Police Seize Cryptocurrency for Parking Violations

Japanese police have seized cryptocurrency belonging to a man with unpaid parking fines. The police explain that the revised fund settlement law enacted in April last year allows cryptocurrency to be seized like any other asset.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Crypto Seized for Parking Violations

Japanese Police Seize Cryptocurrency for Parking Violations
Image from the Hyogo Prefectural Police’s website.

The Hyogo Prefectural Police traffic guidance division announced this week that it had seized cryptocurrency owned by a 59-year-old resident with multiple delinquent parking violation charges, local media reported. Hyogo is a prefecture in the Kansai region of the country’s main island, Honshu. Kobe, located west of Osaka and Kyoto, is the capital of the prefecture.

The Kobe Shimbun reported that about 5,000 yen (~US$ 44) worth of cryptocurrency was seized but the police did not reveal which crypto. Nikkei, on the other hand, reported that “there were 2 kinds” of cryptocurrencies “such as bitcoin deposited with an exchange that were seized.” The news outlet elaborated:

According to the prefectural police traffic guidance division, it is the first time in the country to seize virtual currency in relation to parking violations.

Japanese Police Seize Cryptocurrency for Parking Violations
Image from the Hyogo Prefectural Police’s website.

However, the crypto seized from the man’s account at an exchange currently does not cover the total amount owed to the cops. According to the Kobe Shimbun, he has failed to pay a total of 99,700 yen (~$ 885) in violation charges including four parking tickets issued between January 2014 and July 2016.

The news outlet further detailed that if payment is not received by the end of this month, which is the deadline for claiming seized property, the cryptocurrency will be cashed out at the current rate and paid to the prefectural police.

Crypto is Asset that Can be Seized

The man’s parking violations are considered “unattended vehicle.” The Kyoto Prefectural Police explained that the term means “a vehicle that is illegally parked, with its driver away from the car, and which cannot be started immediately. This is regardless of the length of parking time, or whether the vehicle engine is turned on or off, or whether the emergency flashing lights on or off.”

Japanese Police Seize Cryptocurrency for Parking ViolationsUsually, “Land, houses, automobiles, bank savings, salary, and life insurance payouts could be seized, based on the decision of the Public Safety Commission,” the police clarified.

However, in the case of the 59-year-old, the Hyogo Prefectural Police “did not know his place of work and [he] had no cash deposits or savings,” the publication conveyed. Citing that the revised fund settlement act that legalizes cryptocurrency as a means of payment enables the police to seize crypto assets, the news outlet elaborated:

According to the prefectural police, after [crypto] asset value was recognized by the revised fund settlement law enforced in April last year, it [cryptocurrency] was judged as an asset that can be seized.

The Hyogo Prefectural Police have been increasingly active in collecting unpaid fines and have seized small items including an automatic mahjong table, golf bags, figurines, and brand name goods, the Kobe Shimbun described. The division says that they will not allow violators “to escape since it will be unfair for the people who are paying [the fines].”

Editor’s Note: Nathalie Stucky contributed to this article.

What do you think of the Japanese police seizing crypto for unpaid fines? Let us know in the comments section below.


Images courtesy of Shutterstock and the Hyogo Prefectural Police.


Need to calculate your bitcoin holdings? Check our tools section.

The post Japanese Police Seize Cryptocurrency for Parking Violations appeared first on Bitcoin News.

Bitcoin News

Ripple Sued for Alleged Violations of US Securities Laws

May 6, 2018 |

Ripple Sued for Alleged Violations of US Securities Laws

A class action lawsuit has been filed against Ripple Labs, its CEO, and subsidiary. The plaintiff alleges that the defendants have violated the state and federal securities laws, engaging in schemes to raise hundreds of millions of dollars through the sale of unregistered ripple tokens (XRP).

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Class Action Lawsuit

Ripple Sued for Alleged Violations of US Securities LawsSan Diego resident Ryan Coffey has filed a “securities class action” lawsuit against Ripple Labs Inc, its CEO Bradley Garlinghouse, its wholly owned subsidiary XRP II LLC, and ten related persons. Attorney James Taylor-Copeland representing Coffey filed the lawsuit with the Superior Court of the State of California, seeking damages on behalf of Coffey and all others similarly situated.

According to the court document dated May 3, Coffey purchased 650 XRP at $ 2.60 per token around January 6 and sold them at approximately $ 1.70 per token around January 18. Coffey described:

[The lawsuit] arises out of a scheme by defendants to raise hundreds of millions of dollars through the unregistered sale of XRP to retail investors in violation of the registration provisions of state and federal securities laws.

‘XRP Genesis and the Never-Ending ICO’

Ripple Sued for Alleged Violations of US Securities LawsCoffey detailed in his filing, “unlike cryptocurrencies such as bitcoin and ethereum…all 100 billion of the XRP in existence were created out of thin air by Ripple Labs at its inception in 2013.”

Citing that 20 billion tokens were given to Ripple Labs’ founders and 80 billion to the company itself, he alleges that the defendants “earned massive profits by quietly selling off this XRP to the general public,” adding:

From 2013 to the present, [the] defendants have been engaged in an ongoing scheme to sell XRP to the general public in a never ending ICO…Defendants’ sales of XRP to the public accelerated rapidly in 2017 and early 2018.

He also claims that “these ICOs have become a magnet for unscrupulous practices and fraud.”

Coffey alleges that the “defendants market XRP to drive demand and increase [its] price,” including “blur[ring] differences between Ripple Labs’ Enterprise Solutions and XRP.” Other tactics include offering a bribe to Coinbase and Gemini exchanges to list XRP and promising R3, an enterprise software firm with a network of banks and financial institutions, a 5 billion XRP option, Coffey added.

At the time of this writing, XRP is trading at $ 0.91 on Bitfinex, a 73% drop from its high of $ 3.30 in January.

Ripple Sued for Alleged Violations of US Securities Laws

Violations of Securities Laws

Citing that the US Securities and Exchange Commission (SEC) has made it clear that digital tokens including XRP often constitute “securities and may not be lawfully sold without registration with the SEC or pursuant to an exemption from registration,” Coffey elaborated:

The XRP offered and sold by [the] defendants have all the traditional hallmarks of a security…However, [the] defendants did not register XRP with the SEC, and many of the representations [the] defendants made regarding XRP were designed to drive demand of XRP, allowing defendants to obtain greater returns on their XRP sales.

Last month, the SEC stated that both XRP and ether could be classified as securities. However, Ripple’s chief market strategist, Cory Johnson, told CNBC in early April:

We absolutely are not a security. We don’t meet the standards for what a security is based on the history of court law.

Do you think this securities class action lawsuit against Ripple has any legs? Let us know in the comments section below.


Images courtesy of Shutterstock, Trading View, and Ripple Labs.


Need to calculate your bitcoin holdings? Check our tools section.

The post Ripple Sued for Alleged Violations of US Securities Laws appeared first on Bitcoin News.

Bitcoin News

TMZ

Mariah Carey Sued by Former Manager for Civil Rights Violations

April 16, 2018 |

Mariah Carey’s former manager — the woman who fiercely protected her and managed numerous crises — has sued her… TMZ has learned. Stella Stolper has filed legal docs stating that a lawsuit is about to be filed against Mariah for violation of the…

TMZ.com

Safety violations hit compounding pharmacy, worsening hospital painkiller shortfalls

April 16, 2018 |

Safety violations at a major compounding pharmacy are exacerbating hospital shortages of key painkillers, particularly in California where health officials have taken the “extraordinary” step of prohibiting sales from one of its plants.

In late March, California’s Board of Pharmacy barred the distribution…


L.A. Times – Business

Twitter says it suspended 1.2 million accounts for terrorism-promotion violations

April 9, 2018 |

Twitter Inc. said Thursday it suspended 1.21 million accounts from its social media platform between August 2015 and the end of 2017 for “violations related to the promotion of terrorism.”

Twitter also said the suspensions were on a downswing.

They included 274,460 suspended accounts in the second…


L.A. Times – Business

Mural honoring officers in Dallas police massacre removed due to code violations

March 27, 2018 |

A mural honoring the five Dallas police officers who were killed during a 2016 ambush attack was taken down Monday over city code violations, but a family member hopes the artwork can still be saved.
FOX News

TMZ

Harvey Weinstein & TWC Sued by N.Y. Attorney General for Civil Rights Violations

February 11, 2018 |

Harvey Weinstein and The Weinstein Company are being sued by the New York attorney general for alleged civil rights violations in the workplace. New York’s AG, Eric Schneiderman, just filed suit against Harvey, his brother, Bob Weinstein, and the…

TMZ.com

Salt Bae no longer salting with bare hands amid concerns over NYC health violations

January 31, 2018 |

It appears Salt Bae has changed his ways — at least in New York.
FOX News

Judge fines CashCall $10.3 million, a fraction of what was sought by CFPB for lending law violations

January 24, 2018 |

A federal judge in Los Angeles has ordered Orange County lender CashCall Mortgage and its owner, J. Paul Reddam, to pay $ 10.3 million for violating consumer protection laws — a fraction of the $ 287 million in penalties and restitution sought by a federal regulator.

District Judge John Walter in…


L.A. Times – Business

CNN

Haley: Missile debris ‘proof’ of Iran’s UN violations

December 31, 2017 |

Standing in front of a display of recovered missile debris, US Ambassador to the UN Nikki Haley presented what she called “concrete evidence” of Iran’s weapons proliferation on Thursday at a military base in Washington and called on the international community to join “a united front in resisting this global threat.”
CNN.com – RSS Channel – World