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UK investment fraud reports jump by a third as criminals exploit COVID pandemic – Yahoo Canada Finance

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People aged 55 and over, with access to their retirement funds, fell victim to investment scams with offers of outlandish returns. Photo: Getty

Reports of investment fraud in the UK climbed 32% as criminals sought to capitalise on the coronavirus pandemic by tailoring scams to fit changing lifestyles.

Losses from these scams rose 42% to £135.1m ($186m) last year, with people of all ages targeted, while “authorised” fraud losses increased 5% to £479m, UKFinance reported.

In particular, people aged 55 and over, with access to their retirement funds, fell victim to investment scams with offers of outlandish returns.

Impersonation scam cases, where fraudsters pretend to be from trusted organisations such as the NHS or government departments, also nearly doubled to nearly 40,000 cases since the start of the health crisis.

UKFinance added that criminals were also adapting to the rise in online shopping and remote working by impersonating parcel delivery companies, e-commerce platforms or broadband providers.

“In a year when coronavirus and the national lockdown led to a surge in vulnerability in the UK, the spike in scams was predictable but nonetheless shocking,” Tom Selby, senior analyst at AJ Bell, said.

“If you are tempted by an online offer of this nature, or are contacted out of the blue by someone you don’t know about your pensions and investments, display extreme caution and be sure not to hand over your money without checking you are dealing with a bona fide, regulated organisation.

“Failure to do so could result in your money being stolen and your retirement dreams going up in smoke.”

READ MORE: Online scams skyrocket as toll reaches £1.7bn in a year

Bank staff on the frontline have been working throughout the pandemic to protect customers from fraud and to help the police catch those responsible.

The industry stopped £1.6bn of unauthorised fraud losses in 2020, data showed, equivalent to £6.73 in every £10 of attempted fraud being stopped.

Bank branch employees are trained to spot the signs of fraud that suggest customers may have fallen victim to one of these scams and make emergency calls to the police. The Banking Protocol, the bank branch rapid response scheme that stopped £45.3 million of scams last year, is now being expanded to include online and telephone banking.

In addition, the banking industry funded Dedicated Card and Payment Crime Unit arrested over 100 fraudsters during the year, including criminals involved in COVID-19 scams, the report said.

READ MORE: ‘I take responsibility’ for failure to stop £236m ‘suspected fraud’, says Bank of England chief

It comes as half of the UK adult population show characteristics of vulnerability including poor health, low financial resilience or recent negative life events.

The Financial Conduct Authority (FCA) has previously said that COVID-19 has had a severe impact on financial resilience of Brits, with over a quarter of adults (some 14.2 million people) being labelled as having ‘low financial resilience’.

“Depressingly, this uncertainty and distress is like catnip to scammers, who use increasingly sophisticated tactics to prey on the vulnerable,” Selby adds.

“The political response to this ever-present but evolving threat is often piecemeal, in part because the issues span different areas of Government. The decision to not include financial scams in the Online Safety Bill, for example, has been met by understandable incredulity by campaigners.

“Given the rising incidence of scams, we believe there is a strong case to be made for creating a Minister for Scam Prevention role.

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Here’s What Makes Intuit (INTU) A Meaningful Investment – Yahoo Finance

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Cooper Investors, an investment management firm, published its “Cooper Investors Global Equities Fund (Hedged)” third quarter 2021 investor letter – a copy of which can be downloaded here. For the rolling three months to one year, the Fund returned 5.7% and 28.24% respectively, while its benchmark, by comparison, returned -0.42% and 26.57% over the same period. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.

Cooper Investors, in its Q3 2021 investor letter, mentioned Intuit Inc. (NASDAQ: INTU) and discussed its stance on the firm. Intuit Inc. is a Mountain View, California-based software company with a $156.4 billion market capitalization. INTU delivered a 50.80% return since the beginning of the year, while its 12-month returns are up by 72.12%. The stock closed at $572.80 per share on October 19, 2021.

Here is what Cooper Investors has to say about Intuit Inc. in its Q3 2021 investor letter:

“The other meaningful deal during the quarter was Intuit’s acquisition of Mailchimp for $12bn. Intuit has reinvented itself over the last decade and thrived with a leadership position in QuickBooks Online, the financial accounting software for small businesses (effectively the ‘Xero of the US’). We originally invested in Intuit in February 2020, excited by the QuickBooks prospects.

Management have executed exceptionally well on the opportunity set which has seen the shares double since our initial purchase. However, the company has now conducted two meaningful deals in Mailchimp and Credit Karma worth a combined US$20bn over the last 12 months. The investment proposition has shifted from a focus on QuickBooks to now being a financial and small business software conglomerate. We continue to very much admire the company, but with Intuit now trading on 50x forward earnings we no longer see such attractive latency on offer, nor the rewards for the level of execution risk and thus we have exited the position.”

Software

Software

Based on our calculations, Intuit Inc. (NASDAQ: INTU) was not able to clinch a spot in our list of the 30 Most Popular Stocks Among Hedge Funds. INTU was in 66 hedge fund portfolios at the end of the first half of 2021, compared to 68 funds in the previous quarter. Intuit Inc. (NASDAQ: INTU) delivered an 11.34% return in the past 3 months.

Hedge funds’ reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn’t keep up with the unhedged returns of the market indices. Our research has shown that hedge funds’ small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by 115 percentage points since March 2017 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter.

At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, lithium mining is one of the fastest-growing industries right now, so we are checking out stock pitches like this emerging lithium stock. We go through lists like the 10 best EV stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our homepage.

Disclosure: None. This article is originally published at Insider Monkey.

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New Found Announces $48 Million Investment by Eric Sprott – Yahoo Finance

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/THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF NEW FOUND GOLD CORP.’S SECURITIES IN THE UNITED STATES/

VANCOUVER, BC, Oct. 21, 2021 /CNW/ – New Found Gold Corp. (“New Found” or the “Company“) (TSXV: NFG) (NYSE American: NFGC) is pleased to announce that it has arranged a non-brokered private placement with Mr. Eric Sprott of 5 million common shares of New Found (the “Common Shares“), at a price of C$9.60 per Common Share, for gross proceeds of C$48 million (the “Offering“).

New Found Gold Corp. Logo (CNW Group/New Found Gold Corp.)

New Found Gold Corp. Logo (CNW Group/New Found Gold Corp.)

New Found intends to use the proceeds of the Offering to fund exploration of New Found’s 100% owned Queensway Project and for working capital and general corporate purposes. The Offering is subject to the satisfaction of customary closing conditions, including the approval of the TSX Venture Exchange (the “TSXV“) and approval by the shareholders of the Company if required by the TSXV.

Collin Kettell, Founder & Executive Chairman of New Found Gold stated: “Mr. Eric Sprott has been a major supporter of New Found Gold since prior to the Company’s IPO. New Found Gold finds itself in an enviable position, well-funded with approximately $150 million in working capital post raise, as the Company continues to explore for high-grade gold at its Queensway Project. With a district size land package and our success to date, we believe there is great potential for this success to continue to build as we advance our program. On behalf of management and the Board of Directors, I would like to thank Eric for his continued support.”

Mr. Sprott currently beneficially owns 31,601,200 common shares of New Found. Upon closing of the Offering, Mr. Sprott will beneficially own 36,601,200 common shares of New Found.

In the event the TSXV requires shareholder approval of the Offering, the Company will call a special meeting of its shareholders. The Offering is expected to close shortly after all necessary approvals are obtained.

Any securities issued pursuant to the Offering will be subject to a hold period under applicable Canadian securities laws, which will expire four months plus one day from the date of closing of the Offering. A 1% finders’ fee is payable in connection with the Offering.

The securities to be issued under the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of New Found’s securities in the United States.

About New Found Gold Corp.

New Found holds a 100% interest in the Queensway Project, located 15 km west of Gander, Newfoundland, and just 18 km from Gander International Airport. The project is intersected by the Trans-Canada Highway and has logging roads crosscutting the project, high voltage electric power lines running through the project area, and easy access to a highly skilled workforce. The Company is currently undertaking a 200,000m drill program at Queensway. With a current working capital balance of approximately $103 million, New Found is well funded for this program.

Please see the Company’s website at www.newfoundgold.ca and the Company’s SEDAR profile at www.sedar.com.

Contact

To contact the Company, please visit the Company’s website, www.newfoundgold.ca and make your request through our investor inquiry form. Our management has a pledge to be in touch with any investor inquiries within 24 hours.

New Found Gold Corp.
Per: “Craig Roberts”
Craig Roberts, P.Eng., Chief Executive Officer
Email: contact@newfoundgold.ca
Phone: + 1 (910) 406 2407

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statement Cautions

This press release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, relating to the Offering, TSXV approval of the Offering, the requirement for and timing of shareholder approval of the Offering, the closing of the Offering, and the timing related thereto, drilling on the Queensway gold project and funding of the drilling program. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “suggests,” “potential,” “goal,” “objective,” “prospective,” “possibly,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company’s ability to satisfy the conditions to close the Offering, including the Company’s ability to obtain all necessary shareholder and stock exchange approvals, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of assay results and the drilling program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company’s exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company’s business and prospects. The reader is urged to refer to the Company’s Annual Information Form and Management’s discussion and Analysis, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.

CisionCision

Cision

View original content to download multimedia:https://www.prnewswire.com/news-releases/new-found-announces-48-million-investment-by-eric-sprott-301405422.html

SOURCE New Found Gold Corp.

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Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2021/21/c0025.html

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Bitcoin is over $66,000. Here are 3 questions to ask yourself before you invest – CNBC

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Bitcoin, the largest cryptocurrency by market value, hit an all-time high on Wednesday, surging above $66,000. Its previous record of $64,899 was set in mid-April.

This surge comes after the first U.S. bitcoin futures exchange-traded fund made its market debut on Tuesday.

With all the hype, investors may feel tempted to buy in on the fear of missing out, or “FOMO.”

“A lot of people who have yet to get into the space or really learn more about it are going to be bombarded with a lot of noise right now,” Douglas Boneparth, certified financial planner and president of Bone Fide Wealth, tells CNBC Make It.

But before investing in bitcoin or any other cryptocurrency, it’s important to step back from the noise and excitement and first understand what it means to invest in a digital asset, he says.

To do that, Boneparth recommends asking yourself three questions.

1. Why am I investing?

First, assess why you want to invest in the first place.

If you’re just afraid of missing out, then you should probably pause before moving forward. It’s important to truly understand bitcoin, cryptocurrency or any asset prior to investing in it.

“‘Educate before allocate’ is a phrase that me and my friends are using,” says Boneparth, who has invested in bitcoin since 2014.

Taking a step back may be difficult, especially now as bitcoin hits an all-time high, but it’s worth taking some time to research what it is, how it operates and what the risks are before parting with your money.

2. Can I handle volatility?

Next, consider how well you handle extreme swings in price, since bitcoin is a notoriously volatile asset. “That’s not easy to handle for most investors,” Boneparth says.

For some people, the volatility “may be OK, that may coincide with your appetite for risk and your own risk tolerance and investment time horizon,” Boneparth says. “But, you still got to live with it.”

Other investors may prefer something more stable.

But regardless of your tolerance level, financial experts warn that the volatility makes bitcoin and other cryptocurrencies a riskier investment than something like a low-cost index fund, which should be kept in mind.

3. How much can I afford to allocate?

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