Latest news with #Echelon
New York Post
5 days ago
- Business
- New York Post
Fitness equipment maker slapped with $250,000 overcharge fee in shipping snafu over tariffs -- and other companies can be in same boat
A US-based fitness equipment maker was forced to pay $250,000 after being overcharged in a shipping snafu tied to President Trump's shifting tariff policies – and it likely isn't the only company that has received an inflated bill, The Post has learned. Echelon, an eight-year-old company in Chattanooga, Tenn, was hit with the eye-popping tab by shipping giant DHL for a June delivery of 1,000 treadmills, stationary bikes and other items it manufactures in China. The overcharge was the result of a tariff increase on imported steel and aluminum in June – when the rates increased to 50% from 25% and spiked the cost of shipping household appliances for the first time. 4 Chattanooga, Tenn.-based Echelon makes treadmills, bikes and other equipment in China. AFP via Getty Images DHL was supposed to charge Echelon only for the amount of aluminum in its equipment but instead calculated the fee as if the entire delivery was made from the lightweight metal, according to the company's fuming boss Lou Lentine. 'It's very difficult for brokers to keep up with the ever changing rules, but a small mistake misclassifying [items] could put a company out of business,' Lentine told The Post. 'I don't think I'm the only one that this happened to.' He's probably right, said New York City-based customs broker Bobby Shoule of JW Hampton Jr. & Co. Mistakes are 'more common than people will admit,' Shoule told The Post. 'The problem is that the rules were written fast. Figuring out the new directives [from the government] is triple the amount of work we have to do.' DHL admitted its gaffe but refused to refund the $250,000, telling Lentine to take it up with Uncle Sam, according to an email it sent to Echelon that was shared with The Post. 'We acknowledge that the incorrect processing of entries has led to significant delays in processing your refund, and I fully understand the frustration this has caused,' a custom operations manager wrote to the company on June 16. 4 DHL overcharged a corporate customer by $250,000 for tariffs on goods made in China. AFP via Getty Images Lentine initially resisted paying the overcharge fee but forked over the money last week after US Customs sanctioned Echelon and held up its future shipments. 'I have to pay that amount and wait weeks if not months to get that money back from the government,' Lentine said. 'This will impact our cash flow.' A DHL spokesperson blamed the 'complexities of international tariffs' for the mistake. 4 Lou Lentine is the chief executive of Echelon, which makes fitness equipment. Linkedin/Lou Lentine 'This situation arose from an incorrect tariff code being applied, resulting from inaccurate information provided in the initial declaration of goods,' the rep told The Post on Friday. 'We understand that navigating the complexities of international tariffs can be challenging, especially with constantly changing regulations.' 4 Rapidly changing rules for tariffs has made it difficult for shippers and importers to calculate the correct tariffs, experts say. REUTERS On a reddit board for customs brokers, one user lamented, 'How do you explain China tariffs to new customers, (they) think I'm ripping them off.' The title of another Reddit user's recent post was, ''Duty assessed by mistake and DHL is a nightmare! What to do?' Others are also stumped. 'Furniture With Iron Bases — how to calculate tariff? Glass Tops and Tables and Chairs with Iron pedestals/legs,' wrote one confused reddit user in June.
Irish Independent
06-07-2025
- Business
- Irish Independent
Echelon sues US firms over alleged hijacking of multi-billion dollar plans for South Carolina data centre
Courts Echelon, one of Ireland's largest data-centre developers, has accused two US businesses of hijacking its multi-billion-dollar plans to build facilities in South Carolina. Last week, Nimol, Echelon's parent company, and three US-based subsidiaries filed a lawsuit in the US District Court of South Carolina against two American firms: power provider MPD Electric Cooperative and commercial real-estate developer Marlboro Development Team (MDT).
Cision Canada
02-07-2025
- Business
- Cision Canada
Decision Notice - CIRO Sanctions Echelon Wealth Partners and Stephen Burns Français
TORONTO, July 2, 2025 /CNW/ - On June 25, 2025, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) held a hearing pursuant to the Investment Dealer and Partially Consolidated Rules and accepted a settlement agreement, with sanctions, between CIRO Enforcement Staff, Echelon Wealth Partners Inc. (Echelon), now known as Ventum Financial Corp. (Ventum), and Stephen Burns. Echelon admitted to: (a) failing to use due diligence to learn and remain informed of the essential facts relative to the accounts and orders of four foreign broker-dealers, (b) failing to act as a gatekeeper in relation to the trading activity in U.S. Over-the-Counter (OTC) securities by the foreign broker-dealers, and (c) failing to establish, maintain, and enforce an adequate system of controls and supervision in relation to the U.S. OTC trading. Stephen Burns admitted to: (a) failing to use due diligence to learn and remain informed of the essential facts relative to the accounts and orders of four foreign broker-dealers, and (b) failing to act as a gatekeeper in relation to the trading activity in U.S. OTC securities by the foreign broker-dealers. Pursuant to the settlement agreement, Echelon/Ventum agreed to: (a) pay a fine of $500,000, (b) disgorge $1,700,000, (c) implement certain remedial measures, and (d) pay costs of $100,000. Stephen Burns agreed to: (a) pay a fine of $100,000, (b) be subject to a suspension of approval in any capacity for six (6) months, and (c) pay costs of $25,000. The Settlement Agreement is available at: The hearing panel's decision will be made available at The alleged violations occurred while Stephen Burns was a Registered Representative with Echelon. Stephen Burns is currently registered with Independent Trading Group Inc. Echelon has been a Dealer Member with CIRO and its predecessors since April 8, 2010 and amalgamated with Ventum in June 2024. The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments. For more information, visit All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO's website. Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms is available free of charge through the AdvisorReport service. Information on how to make dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322. CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
Tom's Guide
25-06-2025
- Business
- Tom's Guide
Huge treadmill sale knocks up to 50% off — save on Bowflex, Echelon, NordicTrack and more
The first 4th of July sales of the season are finally here. If you're looking to get in shape this summer, one of the best sales I've seen comes from Johnson Fitness & Wellness. Right now, you can get up to 50% off Johnson Fitness & Wellness treadmills. After discount, prices start from $999. The sale includes brands like Schwinn, NordicTrack, Echelon, Bowflex, and more. Up to 50% off treadmills: deals from $999 @ Johnson Fitness & WellnessJohnson Fitness & Wellness is taking up to 50% off its line of treadmills. The sale includes models from Schwinn, NordicTrack, Echelon, Bowflex, and more. After discount, prices start from $999. Whether you're shopping for the best treadmills or the best exercise bikes we've tested, you'll find it in Johnson Fitness & Wellness' sale. The company owns various major fitness brands like Bowflex, Vision, Echelon, TRX and more. As part of the sale, you can get the Bowflex Treadmill 10 for $1,000. That's $800 off and the lowest price I've seen for this treadmill, which we named the top folding treadmill on the market. In our Bowflex Treadmill 10 review, we said it's a great choice for serious training sessions and comfortable walking and running. We especially liked it for incline workouts. Just keep in mind that it's a large and heavy unit. Make sure to check out the entire Johnson Fitness & Wellness sale to find the best treadmill that's suitable for your space, budget, and needs.
Cision Canada
13-06-2025
- Business
- Cision Canada
Hearing Notice - CIRO to Hold a Settlement Hearing for Echelon Wealth Partners and Stephen Burns Français
TORONTO, June 13, 2025 /CNW/ - A hearing has been scheduled before a hearing panel of the Canadian Investment Regulatory Organization (CIRO) pursuant to the Investment Dealer and Partially Consolidated Rules to consider a settlement agreement between CIRO Enforcement Staff and Echelon Wealth Partners (Echelon) and Stephen Burns. The hearing will become open to the public if the panel accepts the settlement agreement. If the settlement agreement is accepted, the panel's decision and the settlement agreement will be made available at Settlement Hearing Date: June 25, 2025 at 10:00 a.m. (Eastern Time) Location: Toronto, Ontario (by videoconference) Members of the public, who would like to obtain further particulars, should fill out this form. The Notice of Motion announcing the settlement hearing is available at: Echelon Wealth Partners Inc. and Stephen Burns - Notice of Motion The alleged violations occurred while Stephen Burns was a Registered Representative with Echelon, where he is still employed in a registered capacity. Echelon has been a Dealer Member with CIRO and its predecessor since April 8, 2010. The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments. For more information, visit All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO's website. Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms is available free of charge through the AdvisorReport service. Information on how to make dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322. CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
