Wednesday, March 12

Tag: Manhattan

Two brothers plead guilty to insider trading charges related to taking Trump Media public
4Apr By adminNo Comments
Money

Two brothers plead guilty to insider trading charges related to taking Trump Media public

Two Florida brothers pleaded guilty Wednesday to insider trading charges, admitting making over $22 million illegally before the public announcement in 2021 that an acquisition firm was taking former President Donald Trump's media company public.Michael and Gerald Shvartsman entered their pleas to a single count of securities fraud in Manhattan federal court, where Judge Lewis J. Liman set sentencing for July 17.The men said that they knew they were committing a crime when they made trades in October 2021 through a New York broker, buying shares of Digital World Acquisition Corp., a so-called blank check company designed to take another company public without an IPO. The pair had been tipped off that Digital World had planned to merge with Trump Media & Technology, whose main asset is...
Read More
The Welfare-Industrial Complex Is Booming
31Dec By adminNo Comments
Business

The Welfare-Industrial Complex Is Booming

Dec. 31, 2023 11:23 am ETDrill into the nation’s 3.7% unemployment rate, and you’ll find a growing welfare-industrial complex beneath the seemingly strong labor market. Government, social assistance and healthcare account for 56% of the 2.8 million net new jobs over the past year, and for nearly all gains in blue states such as New York and Illinois.The tens of thousands of migrants pouring into big cities need to be tended to. So do the hundreds of thousands of drug-addled and mentally ill homeless living on the streets. Progressive government doesn’t do anything on the cheap. America’s welfare state has thus become a proverbial Big Dig, and it keeps getting bigger.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More
Nikola Corp founder gets 4 years prison for exaggerating claims on zero-emission trucks
19Dec By adminNo Comments
Money

Nikola Corp founder gets 4 years prison for exaggerating claims on zero-emission trucks

The founder of Nikola Corp. was sentenced Monday to four years in prison for his conviction for exaggerating claims about his company's production of zero-emission 18-wheel trucks, causing investors to lose hundreds of thousands of dollars.Trevor Milton learned his fate in Manhattan federal court when Judge Edgardo Ramos announced the sentence, saying he believed that a jury in October 2022 "got it right" when it convicted him. The judge also ordered Milton to pay a $1 million fine."Over the course of many months, you used your considerable social media skills to tout your company in ways that were materially false," the judge said, noting investors suffered heavy losses. "What you said over and over on different media outlets was wrong." A report from ...
Read More
Caroline Ellison says working at FTX with Bankman-Fried led her to “lie and steal”
11Oct By adminNo Comments
Money

Caroline Ellison says working at FTX with Bankman-Fried led her to “lie and steal”

Sam Bankman-Fried's former top executive for his crypto hedge fund says the collapse of FTX left her feeling "relief that I didn't have to lie anymore."In emotional testimony in Manhattan federal court on Wednesday, Caroline Ellison blamed Bankman-Fried for crafting justifications for conduct that was wrong and illegal.Ellison, the former CEO of Alameda Research, recalled Bankman-Fried's contention that he wanted to do the greatest good for the most people, and that edicts such as "don't lie" or "don't steal" had to be ignored at times.  Testifying for a second day, Ellison said she thought her onetime romantic partner's philosophy made her "more willing to do things like lie and steal over time." ...
Read More
Jailed Sam Bankman-Fried is surviving on bread and water, harming ability to prepare for trial, lawyers say
23Aug By adminNo Comments
Money

Jailed Sam Bankman-Fried is surviving on bread and water, harming ability to prepare for trial, lawyers say

Sam Bankman-Fried pleads not guilty at Manhattan arraignment Sam Bankman-Fried pleads not guilty at Manhattan arraignment 00:32 FTX founder Sam Bankman-Fried is surviving on bread, water and sometimes peanut butter because the jail where he's housed continues to serve him a "flesh diet" despite requests for vegan dishes, his attorneys told a magistrate judge Tuesday. His limited diet and other issues are hampering his ability to prepare for his trial, they added.Earlier this month, Bankman-...
Read More