Sixteen individuals and one company have been charged with securities fraud in New York regarding ‘multiple schemes’ that allegedly swindled more than $100 million from investors around the world Those charged are from or operated in many onshore and offshore countries we and our partners use technologies like cookies to store and/or access device information Consenting to these technologies will allow us and our partners to process personal data such as browsing behavior or unique IDs on this site and show (non-) personalized ads may adversely affect certain features and functions Click below to consent to the above or make granular choices. Your choices will be applied to this site only. You can change your settings at any time or by clicking on the manage consent button at the bottom of the screen Sign In Register American authorities are alleging one of the largest and most complex stock manipulation schemes ever seen has roots in British Columbia including possible connections to the Hells Angels Motorcycle Club The Federal Bureau of Investigation and U.S Department of Justice announced on April 14 that they charged Courtney Vasseur with multiple counts of criminal securities fraud conspiracy to commit wire fraud and conspiracy to commit money laundering for their part in a set of alleged fraud schemes involving over US$1 billion in illegal trading Vasseur is a Burnaby resident and was previously reported to be a full-patch member of the Hells Angels according to the province’s anti-gang agency Combined Forces Special Enforcement Unit Vasseur resided on Government Road when his summons was issued Attorney’s Office said Canadian police arrested Vasseur and the United States intends to extradite him resident Curtis William Lehner and former B.C Domenic Calabrigo and Julius Csurgo were also arrested Only Auringer remains at large among the Canadian defendants Spain and the British Virgin Islands were also charged Officials note the defendants are presumed innocent unless and until proven guilty made over $100 million by orchestrating ‘pump-and-dump’ stock manipulation schemes of publicly traded shares of U.S.-based issuers These pernicious ‘pump-and-dump’ schemes made the defendants rich while causing real harm to ordinary retail investors who were left swallowing the losses,” wrote U.S Securities and Exchange Commission (SEC) also issued numerous civil fraud charges related to the alleged scheme on April 18 The director of enforcement Gurbir Grewal claimed the defendants “orchestrated some of the most complex microcap stock fraud schemes ever charged by the SEC." Among those facing civil but not criminal charges is Vancouver businessman David Sidoo Those individuals allegedly generated $194 million in illicit proceeds A global scheme orchestrated from Vancouver The alleged scheme used a global network of shell companies to conceal beneficial ownership of company shares and trades “While on paper the defendants and their co-conspirators had no connection to these companies including installing management at the companies and funding payments for attorneys in order to prepare public filings,” noted the U.S the defendants "pumped" the stock by conducting trades between entities to artificially increase shares' trading volume and price They also reportedly conducted promotional campaigns that frequently contained false and misleading claims about the companies They allegedly used "boiler rooms" or call centres to cold-call investors to generate more interest in the shoddy stocks Vancouver was at least one base for promotions who the SEC charged with securities fraud in January 2020 is alleged to have assisted in the promotions with Vasseur and Lehner “By selling their shares while the share price was artificially inflated the defendants and their co-conspirators were able to realize millions of dollars in illicit profits.  “The defendants and their co-conspirators then laundered the proceeds of the schemes back to themselves in a manner designed to conceal the source of the funds and/or the identity of the recipients Such laundering was frequently accomplished through the use of fabricated invoices according to the civil SEC complaint in the Southern District of New York is alleged to be part of a sub-network that conspired to manipulate nine U.S companies that were thinly traded and typically traded at less than $2 per share is alleged to have generated US$35 million in illicit proceeds alone also allegedly worked with former Vancouver lawyer and offshore shell company facilitator Fred Sharp Sharp also faces criminal fraud charges in a separate indictment Sharp has an outstanding default judgment against him with the SEC Sharp is implicated as the central figure in over US$1 billion worth of illegal trading alleged by the SEC last August Sharp allegedly coordinated numerous sub-networks or “control groups” to manipulate stocks in hundreds of U.S It's unclear how Sharp's alleged activity overlaps with these newly-revealed schemes Officials specifically allege Vasseur manipulated the stock of a Nevada shell company called Bing Nation Inc. which purported to be offering televised bingo games And it was Sharp and Lehner who are said to have controlled the corporations used to conceal Vasseur’s ownership of shares in Bing Nation Around the time the commission halted trading of Bing Nation Vasseur was facing a charge of drug possession for the purpose of trafficking Police found the men unconscious with upwards of $28,000 worth of drugs in the vehicle Justice Heather Holmes ruled there was reasonable doubt either man knew about the drugs officials have raised possible connections between Hells Angels and the alleged scheme in court filings In January, the commission revealed, in an amended complaint to the New York court, text communications between Sharp and associate Yvonne Gasarch showing concerns about money laundering and keeping their operation concealed "On aug 12 u wrote a draft for grand yachts against cash Cld u pls explain to me how this is legitimate payment My concern is money laundering: hells angels gives us cash find out charterhouse paid for it; visit us and ask why Thomas asks them sign loan agreement for us Thomas will call me back," Gasarch replies officials claim are controlled by Sharp also traded shares in a Canadian company called Emerald Health Therapeutics who also faces criminal charges related to the scheme The company is not named in any SEC documents Its subsidiary (and controlling entity) was co-founded by Dhillon's nephew Maheep Dhillon and his cousin Yadvinder Kallu who was sentenced to nine years in a New York federal prison in 1999 after being caught running drugs and cash in Los Angeles The directors initially sought a consulting agreement on behalf of the subsidiary to conduct cannabis research on a Richmond property would be raided by RCMP and Delta police in October 2020.  police say the operation was worth $18 million annually and was linked back to organized crime specifically the Hells Angels and the UN Gang Delta Police have yet to lay charges from the investigation and multiple property raids dubbed "Operation Rolling Thunder" and "Project Big Smoke." Department of Justice has not been able to locate and serve Sharp Dhillon remains under house arrest in Long Beach [email protected] This article was published more than 1 year ago Toronto-based brokerage Echelon Wealth Partners Inc Burns joined the investment dealer in 2018 as managing director of electronic trading regulators say Echelon executed more than $185-million of trades in shares on the U.S OTC shares are typically illiquid and receive little regulatory oversight – and have been frequent targets of stock-manipulation schemes in the past and Canadian regulators say fraudsters often target OTC stocks for what are called pump-and-dump schemes – heavily promoting shares and driving up the price Neither U.S. nor Canadian authorities allege that Echelon itself initiated any suspect trades. But in a recent disciplinary action launched against the dealer and Mr. Burns, the Canadian Investment Regulatory Organization (CIRO) alleges they both broke industry rules by failing to do due diligence on four customers – all foreign brokerage companies – that used accounts at the Toronto dealer to trade heavily in U.S CIRO alleges Echelon failed to properly control and supervise trading by its customers have been tied to multiple cases of securities fraud – some criminal – alleged by U.S a California resident who pleaded guilty to charges of securities fraud involving his OTC trading and began to serve a 5½-year prison sentence late last year Echelon denies it breached any of CIRO’s regulations related to due diligence and supervision of OTC trading “contrary to what is asserted,” Echelon had policies and procedures in place for the trades and those rules were “reviewed and enhanced repeatedly over time.” Customers’ trading patterns “did not raise any red flags that were not reasonably addressed by Echelon’s compliance department.” proceedings concluded that clients of Echelon’s four foreign customers “engaged in wrongful conduct.” But by the time regulators and prosecutors announced the proceedings it had “long ceased trading” in OTC stocks arguing CIRO is making its allegations “only with the benefit of hindsight.” Now CIRO wants “to retroactively impose a higher standard of conduct.” In a written statement Echelon provided to The Globe and Mail chief executive officer David Cusson said his company “has co-operated and has engaged constructively and transparently with CIRO on this matter” and “disputes the allegations and conclusions made by CIRO’s staff.” Echelon and Mr Burns intend “to vigorously defend ourselves,” he said CIRO’s allegations have not been tested before its hearing panel which is scheduled to begin proceedings May 29 Echelon launched in 2010 as Euro Pacific Canada it tripled in size by acquiring Dundee Goodman Private Wealth renamed itself Echelon and sold a majority stake to Miles Nadal the former chairman and CEO of advertising holding company MDC Partners Inc More recently, last November, Echelon placed a $30-million lien on the assets of hedge fund manager Traynor Ridge Capital Inc. leaving Echelon and other brokers on the hook for trades that failed to execute Echelon said its estimated losses were “significantly lower” than the lien Echelon’s trading in OTC securities was “infrequent occurring at the request of an existing client.” The regulator says it was under Mr Burns that Echelon’s OTC business expanded rapidly CIRO alleges Echelon executed nearly $185-million worth of OTC trades Nearly 60 per cent of that trading business – nearly $106-million – came from just four foreign companies The business was heavily imbalanced: Stock sales represented nearly all of the dollar value of the OTC transactions with few share purchases – a red flag that should have warranted further review and inquiry Burns made $7.75-million in commissions for himself from the entire OTC business with nearly $5-million of that coming from the four foreign customers CIRO said its enforcement staff began to investigate Echelon after an unnamed Canadian brokerage company filed a report in October which acted as an executing broker for Echelon’s OTC orders reported what it identified as “excessive trading” in some OTC securities Echelon says CIRO did not notify it about the 2018 report and the dealer “cannot be faulted for not addressing red flags … that were available yet hidden” from Echelon by regulators CIRO also alleges Echelon did not make any changes to its supervisory policies and procedures to monitor the increase in U.S Echelon says the company had policies and procedures for trading U.S Echelon says the policies and procedures were prepared “in consultation and cooperation” with Echelon’s carrying broker and that they were “reviewed and enhanced repeatedly over time.” Fidelity Canada spokesperson Chris Pepper told The Globe in an e-mail that Echelon’s response to CIRO is “not consistent” with Fidelity’s practices and that broker-dealers are “responsible for their own policies and procedures and ensuring their employees adhere to them.” “We do not sign off on their policies and procedures and are not aware that this happened in this case,” Mr The criminal and civil charges filed by the U.S Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) against the clients of the four-broker dealers who used Echelon for trades allege market manipulation or stock fraud They allege the defendants acquired shares in OTC companies often participated in pumping up a stock’s prospects and then dumped the shares at inflated prices on unsuspecting investors These market manipulations are typically called pump and dumps There are legitimate reasons for a stock to trade OTC: Small companies that don’t meet the requirements for listing on a U.S stock exchange can access investor capital by trading over the counter But lack of regulation makes those stocks targets of market manipulation Of the four foreign companies that traded through Echelon with Echelon executing $78.6-million worth of stock sales CIRO says some of those sales involved shares of a small U.S Echelon sold approximately $18.5-million worth of Oncology Pharma stock for its customers Oncology Pharma’s stock traded below 50 US cents at the beginning of 2021 but traded between US$17 and US$39 during that period authorities contacted Echelon with an inquiry about trading in Oncology Pharma in September CIRO alleges an internal risk committee at Echelon took steps after the second contact to halt all trading by Valor Capital successfully lobbied Echelon’s internal risk committee to resume trading for Valor Capital including daily maximums for shares traded that once Valor resumed trading with Echelon on July 28 2021 – about a month after the halt – it sold more than $28.5-million worth of shares of Oncology Pharma The trading exceeded Echelon’s new trading limits for Valor Capital on more than 40 days over an 11-month period CIRO alleges that over a three-year period Echelon wired more than $90-million for Valor Capital to various banks located in St In actions launched last year the DOJ and the SEC said Mr Padilla used Valor Capital to sell US$150-million worth of Oncology Pharma shares between January as well as a charge of attempting to obtain a fake Ukrainian passport so its allegations have not yet been tested in court Echelon said it responded to the 2020 inquiry by U.S regulators about Oncology Pharma and “further enhanced” its OTC policies and procedures in May Echelon says that after receiving another U.S it temporarily suspended trading and conducted “substantial due diligence” on the stock before permitting trading to resume Echelon says that “in some instances” of Oncology Pharma trading its volume limits for Valor were exceeded because multiple clients were trading the same U.S and not because of any violation of its internal policies Burns failed to make enough inquiries to realize there were connections among Valor Capital and its three other foreign broker-dealer customers: Financials Worldwide Inc. Weiser Asset Management and Blacktower Ltd CIRO alleges the four companies “were all interconnected either directly through control persons or indirectly through mutual clients or commission referral agreements.” U.S officials at the SEC and DOJ have alleged that some of those clients were engaged in stock manipulation schemes during the same period that Echelon was executing trades for them CIRO does not allege in its complaint that Echelon initiated any of the trades that underlie the U.S CIRO spokesperson Joanna Nicholson declined to comment on the matter Padilla make references to “Toronto” or “Canadian” brokerage companies SEC spokesperson Cory Jarvis declined to comment on the identity of those companies CIRO alleges Echelon executed sales of 483,175 shares in OTC stock Lifequest World Corp corporation called Antevorta Capital Partners Ltd CIRO alleges Antevorta sold its shares after paying for an online article promoting Lifequest the SEC sued Antevorta and its owner-controller alleging they were part of stock manipulation schemes from 2013 to 2018 who it says is nicknamed “the viper,” for running “pump and dumps” from 2015 to 2019 Echelon notes the SEC chose not to use Antevorta’s Lifequest trades described by CIRO as part of its own case CIRO says another foreign broker in its Echelon allegations traded on behalf of a company called Tendall Capital Markets Ltd said Tendall was “often used as a broker-dealer by Wintercap SA.” The regulator sued Wintercap and its owner alleging their participation in a US$165-million microcap stock fraud Knox pleaded guilty to securities fraud charges he was sentenced to three years in federal prison Knox through the lawyers who represented him at the time.) in an unsigned e-mailed response to The Globe’s questions said Echelon has delivered global trade execution services for Weiser in more than 10 countries and the OTC trade volumes cited in the CIRO allegations represent less than 1 per cent of Echelon’s trade execution for Weiser Burns “have consistently adhered” to strict know-your-customer and anti-money-laundering standards “Information on underlying investors to a trade is always readily available amongst financial counter parties and the regulator.” CIRO alleges Echelon knew another one of its customers was a predecessor company to Valor Capital a special agent with the Federal Bureau of Investigation said a confidential witness in the case said Mr Padilla “directed trading” for Financials Worldwide Brown also cited an encrypted text message sent by Mr that said “[w]e are very close to being operational for valor and fww.” The fourth broker-dealer in CIRO’s allegations investment company called Gel Direct Trust The regulator alleges that since Gel Direct was a U.S it couldn’t use Echelon directly for its trades Burns suggested Gel Direct divert its trades through Blacktower first Blacktower did not respond to an e-mail request by The Globe the SEC sued Gel Direct and its two co-owners claiming Gel Direct was acting as a broker without being registered used executing brokers to do more than 19,000 trades involving more than 300 billion shares in more than 400 companies These trades generated more than US$1.2-billion of trading proceeds and Gel Direct received more than US$12.4-million in compensation Echelon says that the SEC’s complaint against Gel Direct came after Echelon ceased OTC trading are “based on information unknown” to it when it was executing OTC trades With files from Rick Cash and Stephanie Chambers Report an editorial error Report a technical issue Editorial code of conduct Study and track financial data on any traded entity: click to open the full quote page Authors and topics you follow will be added to your personal news feed in Following David Milstead is a reporter for The Globe and Mail David began writing for The Globe and Mail in 2009 and passed the Level I exam in the Chartered Financial Analyst program in December 2007 He has also worked for the the Rocky Mountain News in Denver and the Wall Street Journal Clare O’Hara is an award-winning journalist She covers wealth management and insurance as a reporter for The Globe and Mail's Report on Business Clare began her career as a research reporter at Investment Executive a national newspaper for financial service industry professionals Her coverage of Canada's biggest banks blocking the sale of independent investment funds prompted a regulatory investigation in 2022 and led to a Gold SABEW Canada Best in Business Award for Personal Finance and Investing She has also been awarded first place at the PMAC Awards for Excellence in Investment Journalism was nominated for a National Newspaper Award for revealing the scant progress from companies that had publicly pledged to improve the diversity of their workforces and combat systemic racism She has an undergraduate degree in media information from University of Western Ontario and a journalism degree from the University of King’s College 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For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions BAHAMAS — Ten people – one of whom was arrested in The Bahamas – have been indicted in an international stock manipulation ring that targeted retail investors and generated over $100 million in illicit proceeds The scheme spanned the globe and the 10 defendants charged were residents of Canada Ronald Bauer was arrested in the United Kingdom Courtney Vasseur and Julius Csurgo were arrested in Canada Domenic Calabrigo was arrested in the Bahamas The United States intends to seek the extradition of Bauer a citizen of Canada and resident of the United Kingdom; Hasan Sario a citizen and resident of Turkey; and Daniel Ferris a citizen of the United Kingdom and resident of Monaco The defendants allegedly participated in “pump-and-dump” schemes that followed a typical pattern the defendants and their co-conspirators secretly amassed control of the vast majority of the stock of certain publicly traded companies that were traded on the over-the-counter (OTC) market in the United States the defendants and their co-conspirators then manipulated the price and trading volume for these stocks causing the share price and trading volume to become artificially inflated through coordinated trading and false and misleading promotional campaigns that they funded the defendants sold out of their secretly amassed positions at these inflated values at the expense of the investing public the defendants used a network of nominee entities to trade shares and funnel proceeds of these schemes back to the defendants and their co-conspirators Holding the shares through the network of nominee entities allowed the defendants and their co-conspirators to conceal the fact that they controlled the vast majority of the shares of the issuer The securities that the defendants and their co-conspirators sought to manipulate were issued by small companies and typically traded at less than $2 per share These publicly traded shell companies frequently had few actual assets or actual business operations While on paper the defendants and their co-conspirators had no connection to these companies and funding payments for attorneys in order to prepare public filings with OTC Markets Group Inc and the Securities and Exchange Commission (SEC) caused private businesses to be merged or “vended” into the publicly traded shell companies The private businesses were often in industries likely to attract the investing public’s interest the defendants and their co-conspirators frequently engaged in manipulative trading activity in order to artificially increase the trading volume and share price of the stocks coordinated “match” trades in which the defendants and their co-conspirators caused one nominee entity or other brokerage accounts subject to their control to sell a certain quantity of shares while causing another nominee entity or brokerage account subject to their control to buy a similar quantity of shares that same day which often occurred on days when there was low trading volume had the effect of artificially increasing the share price and trading volume of the stock the defendants and their co-conspirators financed and coordinated promotional campaigns through which promotional materials touting the stocks were distributed to the investing public These stock promotional materials frequently contained false and misleading claims about the issuer with the objective of inducing retail investors to purchase the shares of the issuer which allowed the defendants and their co-conspirators to sell their substantial positions for a profit The defendants and their co-conspirators often expended hundreds of thousands of dollars on these stock promotion campaigns certain of the defendants used a “boiler room” to solicit investors including investors based in the United States to purchase shares of certain of the companies These “boiler rooms” involved multiple individuals working in a coordinated effort to contact potential investors often through unsolicited “cold calls,” and providing investors with false and/or exaggerated information about the relevant issuer in order to induce the potential investors to purchase shares The defendants and their co-conspirators profited from the scheme by selling their shares into the market at the artificially high prices they had created through their manipulative activities By selling their shares while the share price was artificially inflated the defendants and their co-conspirators were able to realize millions of dollars in illicit profits Once the defendants and their co-conspirators had sold off their shares and ceased the stock promotion campaign and their manipulative trading tactics the share price of the relevant companies typically dropped precipitously The defendants and their co-conspirators then laundered the proceeds of the schemes back to themselves in a manner designed to conceal the source of the funds and/or the identity of the recipients made over $100 million by orchestrating ‘pump-and-dump’ stock manipulation schemes of publicly traded shares of U.S.-based issuers,” said US Attorney Damian Williams for the Southern District of New York “These pernicious ‘pump-and-dump’ schemes made the defendants rich while causing real harm to ordinary retail investors who were left swallowing the losses These defendants used a web of nominee entities and shell companies located all over the world attempting to disguise their own orchestration of these schemes Today’s charges should send a clear message to all of those who think they can make millions running ‘pump-and-dump’ schemes – no matter where in the world you are located and no matter how many fake accounts and offshore shell companies you try to hide behind our office will vigorously pursue and prosecute you.” “Stock manipulation schemes such as the one charged here today serve to undermine confidence in our financial markets and create a playing field designed to illegally benefit a greedy few fraudsters at the expense of many honest investors,”  said Assistant Director Michael J Driscoll for the FBI’s New York Field Office the 10 charged defendants operated a global scheme that reaped more than $100 million in illicit proceeds Our action today should serve as a reminder of our commitment to insure free and fair markets for all investors.”           Eyewitness News is The Bahamas #1 trusted source for local news By signing up, I agree to our TOS and Privacy Policy The most recent attempt at bringing water to residents of the northern part of Bedford Township has run into some costly snags Bedford Township’s Board of Trustees voted 6-1 Sept 1 to contribute an additional $49,243 toward the extension of the water line along Lewis Ave and under the railroad tracks into the northern part of the township The contribution will be matched by the Monroe County Drain Commission which manages the South County Water System and is overseeing the project Deputy Drain Commissioner Tim Csurgo and Barry Buschmann senior vice president of The Mannik & Smith Group explained to the board that the type of soil in the construction area as well as the haphazard layout of the existing pipelines that run under the railroad tracks have contributed to delays and additional costs in extending the water line Also included in the total estimated overrun is a onetime permit fee of $13,000 to Watco Transportation Services (WTS) the company that owns the railroad tracks that the water line will cross under Buschmann explained that his firm and the drain commission were initially told there would be an annual permit fee for running the line under the tracks but they were able to negotiate that down to a one-time cost “Our intention was to have water flowing north of the railroad tracks for September 1,” Csurgo said We’ve had a very difficult time getting the water line under the railroad tracks on Lewis Ave “To get under the tracks and finish the project of which the South County Water would contribute half of that amount to contribute the other half of the funds to complete the project.” Buschmann said that snaking the line through the existing network of gas pipes He said that those lines are laid out “ more like spaghetti” rather than run parallel with each other was forced to dig much deeper than is typically necessary for water lines due to the existing pipeline network as well as the soft soil conditions on site to brainstorm on this one,” Buschmann said “What Tim and I have presented is about the best we can do for you guys after several week of negotiating and pounding our heads.” Township Trustee Craig Montri was the lone “no” vote on Tuesday Montri was upset with the drain commission and Mannik & Smith for not giving the board advance notice that they would be requesting more money from the township at the meeting The agenda only indicated that the board would be receiving an update regarding the project “I don’t think anybody wants to slow the project up any more the project has taken long enough as it is,” Montri said “I think the problem is there’s no time or information to make a decision I think this would not be as hard of a decision to make if maybe we had any information “(My vote) has nothing to do with the project itself and everything to do with the blindsided nature of this agenda item.” Csurgo apologized for the lack of information provided to the board saying that the drain commission and Mannik & Smith hadn’t had any final numbers until a day or two before the meeting “The project has been kind of on hold the last five or six weeks because of the problem with this bore,” Csurgo said Buschmann and Mannik & Smith have done a great job “I wish we had a better solution,” Buschmann added “The bottom line is this is as good as we’re going to get An outspoken opponent of the project in the past trustee Nancy Tienvieri said she voted “yes” on Tuesday because the township had come too far to turn back now the township has now spent over $200,000 on the project “In light of the money we’ve spent already it makes no sense to allow this project to fail,” Tienvieri said hogy a 90-es évek első felében Magyarország úgy 40-50 ezer főt SPAR keeps going forward in 2025: two SPAR supermarkets in… Today sport is way more than just a sponsorship platform:… Snacking is gradually losing its snacking character North Macedonia’s hard discounter Stokomak has launched its first Serbian… Barilla has announced the return of its Al Bronzo pasta… hiding costs or “trickling” them – dark patterns… Hivatalos Matesz audit adatok Trade Magazin Retail chain ranking 2023 Retail chain ranking 2022 Retail chain ranking 2021 Telefon: +36 30 826 4158 © 2023 GRABOWSKI Kiadó Kft | Minden jog fenntartva demonstrates the alliance’s capability of tackling the crisis situation in the eastern region and the collaboration of member states a senior army official said at a Hungarian military base on Tuesday The British troops participating on the drill are already in Hungary “The help with logistics and national support is as much a part of the NATO exercise as the execution of its tasks,” Colonel Attila Csurgó the commander of a technical regiment of the armed forces said in Szentes The British troops that are on their way to Romania to participate in the exercise had made a stopover before at the army base in Pápa in north-western Hungary and arrived in Szentes during the night carrying their equipment “There are currently 120-140 British soldiers staying here at the base and there will be more of them arriving here during the night.” According to a statement by the defence ministry some 10,000 troops from nine NATO countries will participate at the Steadfast Dart 2025 exercise which will be held in Bulgaria and website in this browser for the next time I comment 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