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☆ Federal judge dismisses crypto scam lawsuit against Kim Kardashian, Floyd Mayweather Jr.
▼ + stars: | 2022-12-07 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

A federal judge on Wednesday dismissed a proposed class action lawsuit by investors against the founders of the cryptocurrency EthereumMax, as well as celebrity endorsers including Kim Kardashian and boxer Floyd Mayweather Jr. over their promotion of the cryptocurrency on social media. Investors who bought EMAX tokens alleged they had suffered losses after taking the word of the celebrity influencers about the value of the crypto. The suit claims the defendants engaged in a conspiracy to artificially inflate the value of the EMAX tokens. "We're pleased with the court's well-reasoned decision on the case," Michael Rhodes, a lawyer for Kardashian, told CNBC. Fitzgerald in his ruling Wednesday said the EthereumMax lawsuit reflects a broader conflict surrounding celebrity and influencer promotional schemes.

"The entire defense strategy here is to promote the notion that Weisselberg did it for Weisselberg," Steinglass told the jury in a New York state court in Manhattan. Steinglass told jurors that Trump executives other than Weisselberg were involved, saying the company's chief operating officer and a former general counsel received Christmas bonuses as if they were independent contractors. If convicted on all nine counts it faces, Trump's company faces up to $1.6 million in fines. 'SMORGASBORD OF BENEFITS'Defense lawyers had told jurors on Thursday that Weisselberg's intent was to benefit himself and not the company. Weisselberg is expected to serve five months in jail after pleading guilty to tax fraud and other charges.

☆ Trump company tax fraud trial nears end in battle over who to blame
▼ + stars: | 2022-12-01 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +5 min

Joshua Steinglass, a prosecutor with the Manhattan district attorney's office, said Weisselberg was a product of the "culture of fraud and deception" at Trump's company, and not its only tax fraud beneficiary. Weisselberg is expected to serve five months in jail after pleading guilty to tax fraud and other charges. He told jurors his greed motivated him to cheat on taxes, and described the company's modest payroll tax savings as a "byproduct." Necheles told jurors: "The issue here is not whether as a byproduct the company saved some money. Steinglass urged jurors to dismiss the defense's "far-fetched argument" that Trump's company relied on Mazars to catch wrongdoing.

☆ Trump Organization's criminal tax fraud trial heads to closing arguments
▼ + stars: | 2022-12-01 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +4 min

REUTERS/Jonathan Ernst/File PhotoCompanies Trump Organization Inc FollowNEW YORK, Dec 1 (Reuters) - Closing arguments to the jury by prosecution and defense lawyers are set to begin on Thursday in the criminal tax fraud trial of former President Donald Trump's real estate company, which is accused of running a 15-year scheme to defraud tax authorities. Trump, who announced this month he will again seek the presidency in 2024, has not been charged in the case. To prove the Trump Organization guilty, prosecutors must show that Weisselberg and other executives acted as "high managerial agents" of the company when they carried out tax fraud and that the company benefited in some way. Weisselberg has worked for the Trump family for about five decades and is currently on paid leave from the company. Reporting by Luc Cohen in New York; Editing by Will Dunham and Noeleen WalderOur Standards: The Thomson Reuters Trust Principles.

☆ Nobel laureate Paul Krugman says the US rental market is cooling off – and official price stats overstate the inflation threat
▼ + stars: | 2022-11-23 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Slowing growth in US rents could mean the inflation threat is fading, Paul Krugman said. Krugman noted the slowdown is likely to have a large but delayed impact on inflation. Krugman noted that shelter makes up more than 30% of the Consumer Price Index, and 40% of core CPI, which excludes food and energy. Yet a cooler rental market doesn't necessarily spell the end of America's inflation woes, he noted. Now rental growth appears to be tapering off, Krugman likely feels greater conviction in that view.

The company, which has pleaded not guilty, could face up to $1.6 million in fines for the three tax fraud counts and six other counts it faces, if convicted. The first witness called by the defense was Donald Bender, an accountant with the firm Mazars who handled the Trump Organization's taxes. Bender was granted immunity from prosecution for testifying before the grand jury that indicted the company and Weisselberg. Bender said he prepared tax returns for Weisselberg and his family members free of charge as an "accommodation." Mazars in February dropped the company as a client and said it could no longer stand behind a decade of Trump's financial statements.

☆ Prosecutors rest case in Trump Organization's criminal tax fraud trial
▼ + stars: | 2022-11-21 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

The Trump Organization, which operates hotels, golf courses and other real estate around the world, could face up to $1.6 million in fines for the three tax fraud counts and six other counts it faces, if convicted. Trump, a Republican who last week launched another bid for the presidency in 2024, has called the charges politically motivated. The district attorney's office charged the Trump Organization and Weisselberg, who pleaded guilty to charges including grand larceny and tax fraud in an August deal with prosecutors calling for a jail sentence of five months if he testified truthfully in the trial. Weisselberg, who has worked for the company for nearly half a century, is on paid leave from the Trump Organization. U.S. Attorney General Merrick Garland on Friday named a special counsel to oversee the Justice Department's investigations related to Trump including his handling of sensitive government documents after leaving office and efforts to overturn the 2020 election.

It showed 2022-23 Ukraine corn production at 25.8 million tonnes versus USDA’s official estimate of 31.5 million. However, official USDA estimates also use this general “policy in place” framework, so it is a decent bet that the approach was similar. That means its Ukraine estimates still include Crimea and all Russian-occupied areas, and no land area has been added to Russia. CHINA CORNThe market was tipped off in mid-2020 that something may be amiss with Chinese corn stocks as domestic prices began rallying well before U.S. ones. In other words, it appears USDA does not have hard, indisputable evidence of a strong decline in Chinese corn stocks.

A New York state judge on Thursday ordered an independent monitor to oversee the Trump Organization's financial statements following allegations that the company has been vastly overstating its assets. In a hearing in state Supreme Court in Lower Manhattan, Trump attorney Chris Kise argued the move was unnecessary and could hamper the company's business. The motion for a preliminary injunction said Trump Organization representatives created a new company with the same name in Delaware six days before James’ office brought the suit. The company then filed paperwork to register Trump Organization II LLC in New York on Sept. 21, the same day the civil action was filed. In a letter to Engoron on Thursday morning, James' office said the trust documents "pertain to ownership and control of the business assets."

☆ Customers sue California marijuana company for false advertising. The plaintiffs say the weed wasn't strong enough.
▼ + stars: | 2022-10-29 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +3 min

Two customers are suing a California marijuana company for false advertising. The class action lawsuit claims a range of prerolled joints had lower THC content than was advertised. The lawsuit refers to a Weed Week report, which accuses the company of inflating the THC content by up to 19%. In the complaint against the marijuana company, it is alleged that the plaintiffs bought "Jeeter" prerolled joints which had a true THC content lower than was advertised. "As a leader in our industry, we challenge any person and institution to demonstrate where we have been out of compliance in representing our THC content."

The charges to which Weisselberg pleaded guilty included grand larceny and tax fraud, and he admitted concealing $1.76 million in income. The Trump Organization, which operates hotels, golf courses and other real estate around the world, could face up to $1.6 million in fines for the three tax fraud counts and six other counts it faces. In his guilty plea, Weisselberg admitted to scheming with the company so that "substantial portions" of his and other employees' income was unreported or misreported. Weisselberg has worked for the Trump Organization for nearly half a century. After his guilty plea, he was placed on a paid leave of absence, according to a person familiar with the matter.

The Manhattan district attorney's office charged the Trump Organization and Allen Weisselberg, its then-chief financial officer, in July 2021. Weisselberg pleaded guilty in August to 15 charges, which included grand larceny and tax fraud, and admitted concealing $1.76 million in income in an agreement with prosecutors that requires him to testify at this trial. Prosecutors accused the company of engaging in a sweeping tax fraud over a period of 15 years starting in 2005. Lawyers for the Trump Organization have called the case a "selective prosecution" based on animosity by the prosecution toward Trump for his political views, though the judge overseeing it has rejected that argument. Two other Trump Organization employees received compensation in the form of lodging and car leases, prosecutors added.

☆ Deutsche Bank's DWS sued by consumer group over alleged greenwashing
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Oct 24 (Reuters) - A German consumer group said on Monday it is suing Deutsche Bank's (DBKGn.DE) asset management unit DWS (DWSG.DE) for allegedly misrepresenting a fund's green credentials in marketing materials. DWS, which has repeatedly denied it misled investors, rejects the allegations by the consumer group, which represents consumers in the state of Baden-Wuerttemberg. The group said it filed a suit against DWS on Sept. 26 in a Frankfurt court, which has set a hearing for March 10. The lawsuit against DWS is one of several filed by the consumer group against financial firms for allegedly overstating their green credentials. Asoka Woehrmann resigned as chief executive of DWS in June after German prosecutors raided the offices of DWS and Deutsche Bank in Frankfurt over allegations of greenwashing and misleading investments.

While jurors cannot be excluded for simply holding certain political views or expressing disapproval of Trump, experts said the lawyers will aim to remove jurors who cannot be fair and impartial. Similarly, Gomez said the government will look to weed out strongly pro-Trump jurors who are unable to put those views aside. However, a guilty verdict must be unanimous, which means one juror unwilling to convict the Trump Organization would upend the government's case. Neither the district attorney's office nor the Trump Organization's lawyers responded to requests for comment. Lawyers for the Trump Organization have claimed the Manhattan district attorney's case is a "selective prosecution" based on animosity toward Trump's political views, though the judge overseeing it has rejected that argument.

Prosecutors on Monday asked the judge to sentence Bannon to six months in prison, while Bannon's attorneys had sought probation. Bannon has played an instrumental role in right-wing media and has promoted right-wing causes and candidates in the United States and abroad. In addition to Bannon, prosecutors have charged former Trump White House adviser Peter Navarro with contempt of Congress for defying a subpoena from the same committee, with a Nov. 17 trial date set. Friday's sentencing does not end Bannon's legal troubles. Trump is facing a federal criminal investigation over the removal of sensitive government records from the White House.

His plea agreement requires him to testify at the trial against the Trump Organization, which operates hotels, golf courses and other real estate around the world. Register now for FREE unlimited access to Reuters.com RegisterJury selection is scheduled to begin on Monday in Manhattan state court. The Trump Organization could face up to $1.6 million in fines for the three tax fraud counts and six other counts that were brought. The company's lawyers also said prosecutors presented no evidence to the grand jury that returned the indictment that the Trump Organization evaded payroll taxes. Two other Trump Organization employees received compensation in the form of lodging and car leases, prosecutors said.

☆ China auto market faces slowdown as inventory builds - CMBI
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

Automakers had delivered 1 million vehicles to dealers in China over the first nine months of this year, a record volume for the world's largest auto market, analysts at China Merchants Bank International (CMBI) said. Register now for FREE unlimited access to Reuters.com RegisterThe China Association of Automobile Manufactures reports overall vehicle sales. CMBI analysts used insurance registration data to track retail sales separate from wholesale deliveries to dealers. The diverging trend in deliveries to dealers and retail sales "makes us very concerned about automakers' wholesale volume in 2023," the CMBI report said. "We expect China's wholesale volume to fall in 2023, with more significant decline for internal-combustion engine (ICE) vehicles than this year."

☆ Why analysts say Netflix's third-quarter results signal the start of a 'narrative defining period'
▼ + stars: | 2022-10-19 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Netflix 's subscriber turnaround in the third quarter signaled to many that the streaming giant's troubles are behind it. But some analysts warn the company isn't out of the woods just yet and the stock is entering a defining period. The streaming giant on Tuesday reported subscriber growth of roughly 2.4 million, topping expectations set by analysts, after back-to-back quarters of subscriber losses. That said, Morgan Stanley's Benjamin Swinburne wrote in a note to clients that the stock is overstating Netflix's outlook ahead. But without a boost in the pace of streaming growth, he sees difficulty for Netflix to surpass 10% growth in the foreseeable future.

☆ A Capitol rioter who received phone call from the White House on Jan. 6 was identified as a 26-year-old Trump-loving New Yorker who joked about shooting Nancy Pelosi
▼ + stars: | 2022-09-26 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

CNN revealed the identity of a Capitol rioter who received a phone call from the White House on Jan. 6Anton Lunyk, 26, pleaded guilty to one riot-related charge earlier this year. According to CNN, Lunyk claims to not remember getting the call. Sign up for our newsletter to receive our top stories based on your reading preferences — delivered daily to your inbox. Anton Lunyk, 26, had already left the Capitol premises that day when his phone rang at 4:34 p.m., according to records reviewed by the outlet. The revelation of Lunyk's identity as the mysterious call recipient comes after a former technical advisor to the the House Select Committee investigating the insurrection said Friday that he traced a call between a rioter and the White House switchboard during the attack.

☆ How Mar-a-Lago figures into New York AG Letitia James' lawsuit against Donald Trump, his business, and his children
▼ + stars: | 2022-09-21 | by ( C. Ryan Barber | Sonam Sheth | ) www.businessinsider.com time to read: +6 min

New York AG Letitia James said Mar-a-Lago was part of an alleged yearslong fraud scheme by Trump. Trump claimed Mar-a-Lago was worth $739 million, nearly 10 times its actual worth of $75 million, James said. In this aerial view, former U.S. President Donald Trump's Mar-a-Lago estate is seen on September 14, 2022 in Palm Beach, Florida. James' lawsuit brought a new intensity to just one of the many areas of legal jeopardy for the former president. In an appeal, the Justice Department said the decision would cause "irreparable harm" to efforts by the intelligence community to protect national security.

☆ UEFA bans Manchester City from top European tournaments for 2 seasons, imposes $33 million fine
▼ + stars: | 2020-02-14 | by ( Michael Sheetz | ) www.cnbc.com time to read: +1 min

Riyad Mahrez of Manchester City in action during the Premier League match between Manchester City and Huddersfield Town at Etihad Stadium on August 19, 2018 in Manchester, United Kingdom. The Union of European Football Associations (UEFA) declared on Friday it has banned Manchester City from European competitions for two seasons for "serious breaches" of financial regulations. The club, last year's champion of the English Premier League, was also fined 30 million euros ($33 million) by UEFA. Manchester City, also known as "Man City," has the right to appeal the ban. "Manchester City is disappointed but not surprised by today's announcement by the UEFA Adjudicatory Chamber," the club said in a statement.

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