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Allen Stanford has been sentenced to 110 years in jail for operating a Ponzi scheme that defrauded investors of more than $7 billion

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Tycoon Allen Stanford has been sentenced to 110 years in jail for operating a Ponzi scheme that defrauded investors of more than $7 billion. The scheme was described as one of the largest in US history. In court, Allen Stanford denied any guilt, telling the judge at his sentencing hearing: “I did not defraud anybody.” Allen Stanford, a Texan banker, rose to prominence outside the US w...

Yingluck Shinawatra is being investigated in connection with the government's controversial rice subsidy scheme

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...cial anti-corruption commission in connection with the government’s controversial rice subsidy scheme. The policy guarantees Thai rice farmers a much higher price than on the global market, but critics say it is too expensive and vulnerable to corruption. The commission has already charged one minister, and is investigating others. The news comes as Yingluck Shinawatra already faces intense...

Yingluck Shinawatra has been summoned by an anti-corruption panel to hear charges of negligence over a government rice subsidy scheme

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...’s rice exports being badly hit and accumulated losses of at least $4.4 billion. Recently, the scheme has left many farmers out of pocket, as the government cannot borrow money to make the payments until a new parliament has convened. Yingluck Shinawatra says she was only in charge of formulating the policy, not the day-to-day running of the scheme. She has also complained that the commissio...

India is rolling out an ambitious plan for a cash payout of subsidies to the poor in 20 districts

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...suring federal welfare money reaches those who need it most. Analysts, however, say implementing the scheme may not be easy as only 222 million people in India have so far enrolled into a biometric identity scheme, most poor families do not have bank accounts and many villages do not have a bank. Indian authorities say around 360 million people currently live in poverty. But one estimate suggests...

Herbalife sells a range of nutritional products across the globe through a network of independent distributors

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...nvestigation comes just a day after prominent hedge fund manager, William Ackman, renewed his attack on the firm. William Ackman has been one of Herbalife’s biggest critics and has a $1 billion short sale position on the firm’s stock – betting that the share price will drop. He first publically accused Herbalife of running a pyramid scheme in 2012. On Tuesday, William Ackman accu...

Full Tilt Poker built a global Ponzi scheme that bilked online players out of at least $390 million, said federal prosecutors

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Full Tilt Poker and its operators built a global Ponzi scheme that bilked online players out of at least $390 million, said federal prosecutors who filed a civil lawsuit against the internet gambling site. According to U.S. attorney’s office in Manhattan, besides defrauding the U.S. banking system, as alleged in a civil lawsuit last spring, Full Tilt Poker was “not a legitimate poker...

Cricket tycoon Allen Stanford has been found guilty by a court in Houston, Texas, of running a $7 billion Ponzi scheme

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...es should run consecutively. The jury of eight men and four women found Allen Stanford not guilty of one charge of wire fraud. Allen Stanford looked down as the guilty verdicts were announced, and one of his daughters started crying. Cricket tycoon Allen Stanford has been found guilty by a court in Houston, Texas, of running a $7 billion Ponzi scheme   The same jury will now deliberate in a...

Thai protesters have forced the evacuation of the government's top crime-fighting agency, on the fourth day of street demonstrations in Bangkok

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...Democrat Party lawmaker Suthep Thaugsuban, for whom police have issued an arrest warrant. They began on Sunday and so far have targeted the finance, foreign and interior ministries, among others. Thai protesters have forced the evacuation of the government’s top crime-fighting agency, on the fourth day of street demonstrations in Bangkok “Let the people go to every ministry that remai...

JP Morgan is set for a record $13 billion fine to settle investigations into its mortgage-backed securities

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...ar-collapse of the banking system in 2007. JP Morgan is set for a record $13 billion fine to settle investigations into its mortgage-backed securities Last month, JP Morgan was fined almost $1 billion in a separate case over the “London Whale” trading debacle. The scandal arose from disastrous trades by former bank employee Bruno Iksil, who made big bets on the financial markets. The...

Standard Chartered bank illegally "schemed" with Iran to launder as much as $250 billion for nearly a decade

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Standard Chartered bank illegally “schemed” with Iran to launder as much as $250 billion for nearly a decade, a US regulator says. The New York State Department of Financial Services said that the bank hid 60,000 secret transactions for “Iranian financial institutions” that were subject to US economic sanctions. Standard Chartered bank illegally "schemed" with I...

Charred remains of Reeves furniture shop Croydon, South London, following riots on Monday

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...cted by the rioting aftermath.   PM David Cameron announced that a Riot Act police compensation scheme will operate as normal.   PM David Cameron announced that a Riot Act police compensation scheme will operate as normal, which has been welcomed by the UK insurance industry and ABI pledged to use its expertise to help the government and police authorities implement the scheme. Otto Thor...

Authorities in Dubai are launching an initiative of offering gold in return for weight loss in an scheme to encourage healthier living

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.... Authorities in Dubai are launching an initiative of offering gold in return for weight loss in an scheme to encourage healthier living Called Your Weight in Gold the scheme was announced by Hussain Nasser Lootah, director general of Dubai Municipality. “Ramadan is the most appropriate season to launch such initiatives as it reminds us about many health benefits of reducing weight and enco...

Clashes erupted in central Bangkok on Tuesday with several protesters and police officers injured

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...ion body said it would file charges against PM Yingluck Shinawatra over a controversial rice subsidy scheme. Thailand has been embroiled in anti-government protests since November. Demonstrators have occupied official sites over the past few months, calling on the government to step down. The government has announced that it wants to retake all the besieged buildings this week. The prime minister&...

A New Mexico inmate, an ex-convict on probation and his nephew are under investigation for plotting to castrate and murder pop singer Justin Bieber

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Dana Martin, a New Mexico inmate, an ex-convict on probation and his nephew are under investigation for plotting to castrate and murder pop singer Justin Bieber, police said. Their unsuccessful scheme called for targeting Justin Bieber and his bodyguard while in New York City in mid-November, and their motive grew from the inmate’s quest for notoriety and his infatuation with Justin Bieber,...

Europe has almost exhausted its stock of old-style internet addresses

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...ses – called IPv4 – has been started by the body that hands them out in Europe. From now on, companies can only make one more application for IPv4 addresses and, if successful, will only get 1,024 of them. In addition, any application for more old addresses must demonstrate how an organization is using the new, replacement, addressing scheme. “The day has come, finally,” sa...

Malta has changed its controversial new passport scheme for non-EU nationals

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Malta has responded to EU pressure over its controversial new passport scheme for non-EU nationals, announcing that applicants will now be required to spend at least a year in the country in order to qualify. The new condition was announced by Malta in a joint statement with the European Commission. Applicants will still have to invest at least 1.15 million euros ($1.57 million) in Malta to get a...

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European Union leaders have agreed on a roadmap for eurozone integration beyond the deal on centralized banking supervision, German Chancellor Angela Merkel said. Specific dates have not yet been agreed for the phases of integration. But the EU summit chairman, Herman Van Rompuy, said a deal should be reached next year on a joint resolution scheme for winding up failed banks. Herman Van Rompuy...

A federal government shutdown has begun as the US Congress has failed to agree a budget by October 1st

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...ation (FBI) agents and support personnel in the field will be exempt as their operations are focused on national security and investigations involving protection of life and property. Drug Enforcement Administration agents working on active counternarcotics investigations, agents in the Bureau of Alcohol, Tobacco, Firearms and Explosives, and US attorneys will be exempt. Staff at federal prisons w...

GM is recalling 1.3 million more cars for power steering loss

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...f February, GM has recalled more than 6 million cars and is now facing the wrath of multiple federal investigations and lawsuits. GM is recalling 1.3 million more cars for power steering loss The NHTSA did not provide recall documents explaining the problem in greater detail. GM said dealers would replace one or a combination of parts, including the power steering motor, steering column and the m...

Prince Philip has been admitted to hospital for an exploratory operation

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...ns” and is expected to stay in the hospital for up to two weeks. The operation will take place on Friday under general anaesthetic. It is a planned, not an emergency, admittance. Prince Philip, who will be 92 on 10 June, pulled out of an official engagement earlier this week. In the past week, the duke has been having unannounced “abdominal investigations” at the hospital in cent...

Grimilda Figueroa, the mother of Ariel Castro's children, repeatedly went to authorities with accusations he was beating, abusing and threatening her

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...s dropped. “She was afraid,” said Chris Giannini, a former police officer and owner of International Investigations, a private investigations company, who tried to help protect Grimilda Figueroa from Ariel Castro. Domestic violence experts say abuse victims often raise charges and then back down from pursuing them out of fear or other difficulties with the legal system. “If they don’t have t...

City officials in San Francisco plan to ban Apple Macintosh computers purchase in local government agencies

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...government agencies. The move follows the firm’s decision to pull out of a green certification scheme designed to identify which electronic devices pose the least risk to the environment. CIO Journal reported the ban was designed to encourage Apple to reconsider. It noted local officials spent $45,579 on Apple equipment in 2010. The sum is a fraction of the firm’s $65 billion net sales...

EU banking union plan is fraught with legal complications

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...ted the bloc’s rules. But French President Francois Hollande said the summit must keep focused on plans for a banking union. Francois Hollande wants action to revive growth, while Germany stresses budget discipline. “The topic of this summit is not the fiscal union but the banking union, so the only decision that will be taken is to set up a banking union by the end of the year and esp...

Apple was accused yesterday of ripping off consumers as it emerged the next version of the iPhone could render all current accessories obsolete

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...ol over accessory makers. Apple charges firms to create accessories as part of its “made for iPhone” scheme which approves add-ons, although the firm has never revealed how much it charges to join the scheme. Manufacturers must also buy a special “authentication chip” for some of their accessories, a move by Apple to cut down on unapproved accessories, and it is believed the chip is even found in...

Hilary Neiman, a former lawyer from Maryland has been jailed for five months for her part in an international baby-selling ring that paid women to have babies to sell

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...in an international baby-selling ring that paid women to have babies to sell. Hilary Neiman, 32, is one of three women who pleaded guilty to the scheme and she was sentenced on Thursday and condemned for preying on couples. The woman was ordered by U.S. District Judge Anthony Battaglia to forfeit $133,000 – profits that prosecutors said she made from her role in the fraud, reports the San D...