38. The BBX Investigation Final Comments

The BBX Investigation has closed. The book is being collated and the last words are written here for the puppetmeister (mistress really) Carolin McDonald, CEO (by hook or by crook) of BBX International, a conglomerate of companies that I’ve shown to have stolen from their members for decades and who lie through their teeth at every conceivable possibility. I have nothing but contempt for the conduct of Madam McDonald, as can be seen through my final words . . . to her. [Read more…]

37. BBX Whistleblower: Cameron McKean

In this interview, I give opportunity for the BBX Whistleblower. Cameron McKean to speak. He has a lot at stake, first pulling out of BBX, then doing it the way he did, and then his questions getting out and The BBX Investigation following. His answers to my questions are very similar in style to those we had engaging during my investigation. I think it helps to see another perspective from a central character in the BBX saga. Enjoy! [Read more…]

36. MEDIA RELEASE: Barter Tax Avoidance Warning

Media Release

FOR: IMMEDIATE RELEASE

DATE: 8 March 2017

FROM: DENNIS A. SMITH, INVESTIGATIVE BLOGGER

SUBJECT: BARTER COMPANY DATA BREACH CAUSES TAX AVOIDANCE WARNING

CONTACT: www.dennis.co.nz, dennis@dennis.nz; +64 272 046-112

URL: http://www.dennis.co.nz/2017/03/36-media-release-barter-tax-avoidance-warning/

BARTER MEMBERS – TAX AVOIDANCE WARNING
A data breach from barter company BBX reveals all to the Tax Man

Auckland, New Zealand: A data security breach from Australian operated barter company BBX International has gained the attention of the Tax Man. Investigative blogger Dennis A. Smith confirms that New Zealand’s Inland Revenue Department (IRD) has been in contact with him to discuss potential breaches of tax compliance.

“New Zealand has very strict privacy laws, and the IRD will not disclose any details to third parties like myself, but I am certain that BBX members throughout New Zealand will be the subject of their attention in due course,” Mr Smith says.

He wishes to forewarn all barter members that using barter (such as BBX) as a form of tax avoidance can be a costly experience if investigated. “The raw BBX data is out there,” Mr Smith says, “They’ve got it, I’m sure, and if they find anything untoward in there, I’m sure they will be talking to their colleagues around the world!”

Mr Smith says that goods and services received though any barter system still require accounting for GST and Income Tax purposes.  “Another area of confusion can be business and personal expenditure. Using a barter account for wining and dining Mum and the kids may not be a legitimate business expense, and the Tax Man often focusses on these sorts of slip-ups”.

BBX International suffered a serious data breach in February 2017, and members’ financial and personal data and has been available online for weeks. It is believed that the company has not reported the breach to the Australian authorities as required to do by law, but has instead downplayed the significance.

In an email to all affected 88,000 members, BBX International CEO, Carolin MacDonald explained, “BBXI discovered that a server containing member information was accessed without authorization . . . we have ensured all pins have been updated.”

“BBXI has no evidence to date that such data has been used inappropriately,” she explained to the barter members.

Mr Smith recommends that following the BBX data breach, all barter members should ensure that they comply with relevant taxation laws with urgency and rectify any errors or omissions as a matter of priority.

About the Author: Dennis A. Smith is an author and investigative blogger operating from New Zealand. He specialises in providing analysis and commentary in the alternative currency sector which includes commercial barter. His investigations include the international Ormita fraud, the report of which led to the fraud’s speedy closure; a three-year expose of a Dutch scam & his book The Qoin Con that led to Qoin’s bankruptcy for more than £500k; a damning analysis of the Australian barter company, Bartercard which he claims operates like a Ponzi Scheme, and more recently, The BBX Investigation, in which his blogging has revealed serious deception & management deficiencies across eight countries.

END

35. BBX Rips Open the Barter Industry

The BBX Investigation has ripped open the Commercial Barter industry and this will have global ramifications. Michael Touma, founder of BBX, while he was alive had an aura of invincibility, but with his passing, the demise of his business has now shown all the scam it truly was. Despite the desperate efforts of IRTA to cover it all up, as the authorities investigate, first in New Zealand and then across the globe, the barter industries worst fears will inevitably come to pass – regulatory intervention. The sooner the better in my book! I conclude The BBX Investigation with my analysis of how the BBX saga will ripple out and affect the global barter industry. [Read more…]

34. BBX Devaluation Helps With Tax Losses

The publication of actual BBX figures, showing massive currency debasement is a two-edged sword. First and most obviously when reality hits home that we’ve been defrauded, it hurts, but there is an upside to this. We can now legitimately claim huge tax losses with a devalued currency. Furthermore for those who have kept business transactions within the BBX system hidden out of their business accounts (or who may have ‘confused’ personal and business expenditure) this is now the opportunity to rectify any past ‘indiscretions’, come clean and escape serious consequences. [Read more…]

33. Warning to BBX Staff & Associates

This is a formal warning to BBX staff, franchisees, sub-contractors, members and associated parties that their/your involvement in perpetuating a fraudulent barter operation (BBX) may place themselves at risk of aiding and abetting criminal activity, and if it is in New Zealand or associated with NZ following midnight 31st March 2017, will result in criminal charges. [Read more…]

32. BBX and Issues of Morality

I address here, the issues of morality, using a communication received from an angry BBX Member not only showing him up for the hypocrite that he is, but how immorality takes over when we blame others for what is our failing. BBX International blames the whistleblower; then BBX members blame me, the messenger and everybody wants somebody else to pay for their mistakes and greed. According to simple logic, this is all wrong, immoral. [Read more…]

31. BBX Members React – It’s War

BBX Members across the globe have and are continuing to rise up against Aussie Barter company BBX International. Reeling from The BBX Investigation, BBX staff and franchises are desperate to stem the leaks. The raw data is out and getting seen; court actions are commencing and the PR spin is that all is good and golden at BBX. It’s not! I share some of the things that have happened and that are being planned by BBX members across the globe. [Read more…]

30. The Raw BBX Data

In this post I share an email from John Attridge, CEO, BBX UK in which among other things he challenges me and my credibility. I also describe communications from IRTA’s Ron Whitney and activities from BBX’s Carolin MacDonald to undermine my credibility. I warned all that I would release the entire data set that I received via my Tipline should any challenge to my credibility occur. It now has. After providing commentary, I explain how I analysed the data and drew my conclusions, then I do exactly what I said I would do . . . provide the raw data to the public so that people may see what I see. Two lessons from today will likely reverberate around the globe for years, the first one being that BBX is decidedly NOT what the puppetmeisters claim it is and the second one is that I am a man of my word. Enjoy . . .  [Read more…]

29. BBX International in a Nutshell

This is a summary of the failed BBX International barter exchange, which (apart from release of the core data) wraps up The BBX Investigation. [Read more…]