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Found 4 results

  1. Montreal Croupiers Take Electronic Poker Table Battle to Court by PokerPages.com Mon, Jan 28th, 2008 @ 12:00am Three unions representing 1,450 croupiers at Quebec area casinos lodged a request with Quebec Superior Court to force the board that regulates gambling in the province, the Regie des alcools des courses et des jeux, to address complaints that the 25 automated electronic Texas Hold'em poker tables installed Jan. 18 at the Montreal Casino are illegal. The croupiers, who have been without a contract since Dec. 21, 2006, are in ongoing discussions with the Societe des casinos du Quebec. The croupiers say the tables are illegal and charmless. The PokerPro tables, made by PokerTek, a North Carolina USA-based company, do not meet Quebec's legal requirement that slot machines be pure games of chance, said Jean-Pierre Proulx, a spokesperson for the croupiers union, affiliated with the Quebec Federation of Labour. Proulx maintains that poker has a large element of strategy as well as chance, so should not be treated the same as a slot machine. The union has been waiting for a ruling from the Regie on the legality of the machines. 43 Electronic Tables Already Installed Besides the 25 automated poker tables installed at the Montreal, 13 have been installed at Lac Leamy in Gatineau and 5 in Charlevoix. According to Vito Casucci, a spokesman for Pokertek, the machines can deal 50 per cent faster than human dealers, allowing customers to spend their money faster. The union is concerned that casino staff may consequently lose their jobs and that the new poker rooms represent a trend toward more electronic games. According to a union spokesperson, the Regie has steadfastly refused to meet with them or confirm that a complaint against the introduction of the dealer-free machines has been lodged. The union filed a complaint with Quebec's alcohol and gaming regulator Dec. 7, arguing that the absence of a human dealer makes the tables illegal under Quebec law. "We are asking the court to make a ruling that the Regie has to meet with us," union spokesperson Jean-Pierre Proulx said. "They have not responded to our demands, they put our lawyer on hold and said they have no file of our complaint. Technically, the Regie is not doing their job." He said the croupiers' unions, affiliated with the Quebec Federation of Labour and representing workers from Montreal, Gatineau and Charlevoix, complained to the Regie twice in December and twice this month. Regie spokesperson Rejean Theriault said receipt of the complaints was acknowledged but the situation could not be analyzed until the machines were opened Jan. 18. "It's like investigating a murder when there's no body," Theriault said. http://www.pokerpages.com/poker-news/news/montreal-croupiers-take-electronic-poker-table-battle-to-court--30339.htm
  2. Yesterday I realized my METRO (Van-Horne at Darlington) is selling lots of expired products (like cheese that expired three months ago). I always check and this had rarely happened before, but a large amount of the products I checked yesterday were expired. Then when I went to return a particular product which escaped my obsessive checking, I realized that about 10+ items (more than half of the items) of that product were expired. I put them in a cart and took them all to the cashier, who was all like "ohhhhhh, you didn't have to do this". I told her that I did it for the people, not for the supermarket (I'm a hero, I know). Do you think I should file some kind of complaint? I know it's legal to sell expired products, but it is not legal to knowingly do it. Anyways be careful next time you buy groceries
  3. Je vous conseille de lire l'histoire, très intéressante ! http://www.bloomberg.com/apps/news?pid=20601087&sid=a3uKf5P1lFmg&refer=home Madoff Confessed $50 Billion Fraud Before FBI Arrest (Update1) By David Voreacos and David Glovin Dec. 12 (Bloomberg) -- Bernard Madoff confessed to employees this week that his investment advisory business was “a giant Ponzi scheme” that cost clients $50 billion before two FBI agents showed up yesterday morning at his Manhattan apartment. “We’re here to find out if there’s an innocent explanation,” Agent Theodore Cacioppi told Madoff, who founded Bernard L. Madoff Investment Securities LLC and was the former head of the Securities Industry Association’s trading committee. “There is no innocent explanation,” Madoff, 70, told the agents, saying he traded and lost money for institutional clients. He said he “paid investors with money that wasn’t there” and expected to go to jail. With that, agents arrested Madoff, according to an FBI complaint. The 8:30 a.m. arrest capped the downfall of Madoff and businesses bearing his name that specialized in trading securities, making markets, and advising wealthy clients. Many questions remain unanswered, including whether Madoff’s clients actually lost $50 billion. The complaint and a civil lawsuit by regulators describe a man spinning out of control. Madoff appeared in federal court in Manhattan at 6 p.m., wearing a white-striped shirt and dark-colored pants. U.S. Magistrate Judge Douglas Eaton described the securities-fraud charge against him and set a $10 million bond at a hearing where Madoff said nothing. Madoff later posted the bond, secured by his apartment and guaranteed by his wife. Hedge Funds, Banks Madoff’s firm had about $17.1 billion in assets under management as of Nov. 17, according to NASD records. At least half of its clients were hedge funds, and others included banks and wealthy individuals, according to the records. The firm was the 23rd-largest market maker on Nasdaq in October, handling an average of about 50 million shares a day, exchange data show. It took orders from online brokers for some of the largest U.S. companies, including General Electric Co. and Citigroup Inc. Prosecutors joined the Securities and Exchange Commission, which filed a civil lawsuit, in scrambling to unravel the collapse of Madoff’s Investment Securities business. The broker-dealer and investment adviser was housed in a lipstick-shaped building at 885 Third Ave. A rapid series of events in early December preceded the firm’s demise, according to the arrest complaint and SEC lawsuit. In the first week of December, Madoff told a worker identified as Senior Employee No. 2 that clients had requested $7 billion in redemptions, he was struggling to find liquidity, and he thought he could do so, according to the FBI and SEC. ‘Under Great Stress’ Senior employees “previously understood” that the investment advisory business managed between $8 billion and $15 billion in assets, according to the documents. On Dec. 9, Madoff told a colleague identified as Senior Employee No. 1 that he wanted to pay bonuses in December, or two months earlier than usual. The next day, Madoff got a visit at his offices from the employees. They said he appeared “under great stress” in prior weeks, according to the documents. Madoff told the visitors that “he had recently made profits through business operations, and that now was a good time to distribute it,” according to the FBI complaint. When the workers challenged that explanation, Madoff said he “wasn’t sure he would be able to hold it together” at the office and preferred to meet at his apartment, Senior Employee No. 2 told investigators. He ran his investment advisory business from a separate floor of his firm’s offices, keeping financial statements “under lock and key,” prosecutors said. ‘One Big Lie’ At his apartment, Madoff told the employees that his investment advisory business was a “fraud” and he was “finished,” according to the FBI complaint. He said he had “absolutely nothing,” that “it’s all just one big lie,” and that it was “basically, a giant Ponzi scheme,” Agent Cacioppi wrote in the complaint. The senior employees understood Madoff to be saying he had paid investors for years out of principal from other investors, the agent wrote. The business had been insolvent for years, said Madoff, who then estimated losses at more than $50 billion. Madoff said he had $200 million to $300 million left, and he planned to pay employees, family, and friends. Madoff, who had also confessed to a third senior employee, said he planned to surrender to authorities within a week, according to the complaint. Cacioppi and another agent beat Madoff to the punch. After saying he had no “innocent explanation,” Madoff confessed “it was all his fault,” Cacioppi wrote. ‘Broke,’ ‘Insolvent’ “Madoff also said that he was ‘broke’ and ‘insolvent’ and that he had decided that ‘it could not go on,’ and that he expected to go to jail,” the agent wrote. “Madoff also stated that he had recently admitted what he had done to Senior Employee Nos. 1, 2, and 3.” Madoff founded the firm in 1960 after leaving law school at Hofstra University in Hempstead, New York, according to the company’s Web site. His brother, Peter, joined the firm in 1970 after graduating from law school, it said. Madoff, who owned more than 75 percent of his firm, and his brother Peter, are the only two listed on regulatory records as “direct owners and executive officers.” Madoff was influential with the Nasdaq Stock Market, serving as chairman of the board of directors, according to the FBI complaint. He was chief of the Securities Industry Association’s trading committee in the 1990s and earlier this decade. He represented brokerages in talks with regulators about new stock-market rules as electronic-trading systems and networks grew. Madoff, who founded his firm in 1960, won an assignment to manage a $450,000 stock offering for A.L.S. Steel Corp. of Corona, New York, two years later, according to an SEC news digest. He was an early advocate for electronic trading, joining roundtable discussions with SEC regulators considering trading stocks in penny increments. His firm was among the first to make markets in New York Stock Exchange listed stocks outside of the Big Board, relying instead on Nasdaq. Madoff’s Web site advertises the “high ethical standards” of his firm. “In an era of faceless organizations owned by other equally faceless organizations, Bernard L. Madoff Investment Securities LLC harks back to an earlier era in the financial world: The owner’s name is on the door. Clients know that Bernard Madoff has a personal interest in maintaining the unblemished record of value, fair-dealing, and high ethical standards that has always been the firm’s hallmark.” The case is U.S. v. Madoff, 08-MAG-02735, U.S. District Court for the Southern District of New York (Manhattan).