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☆ This pro skateboarder got his first big check for 6 figures at 15 years old—here's his No. 1 splurge
▼ + stars: | 2023-11-23 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +2 min

Professional skateboarder Nyjah Huston, 28, started with a "humble, simple upbringing" growing up in a strict Rastafarian household as the middle of five children. So when he began earning a few hundred dollars from his first sponsor, the streetwear brand Element Skateboards, at 7 years old, "I didn't even care about making money at the time," he tells CNBC Make It. Today, Huston is among the highest-paid skateboarders in the world with sponsorship deals with NikeSB and Monster. Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.

Persons: Nyjah Huston, Huston, NikeSB, Warren Buffett Organizations: CNBC, League, Mercedes, Lamborghini, Team USA, NBCUniversal, NBC Sports, NBC Olympics, NBC, Games, NFL Locations: Paris, U.S

☆ Anthony Farrer of LA’s The Timepiece Gentleman accused of scamming $3 million from customers
▼ + stars: | 2023-11-15 | by ( Faith Karimi | ) edition.cnn.com time to read: +7 min

According to federal court documents, Farrer’s life started unraveling months before his arrest. His watch business started in Dallas and moved to LAIn court documents, federal agents detailed Farrer’s downfall from luxury watch seller to alleged scammer. Investigators said Farrer pocketed customers’ money from the watch sales and used it to maintain his lavish lifestyle. At times, court documents said, Farrer would send customers pieces that were different from what they’d requested. Court documents state the Rolex actually belonged to another customer who’d given it to Farrer to sell on consignment.

Persons: CNN — Anthony Farrer’s, Farrer, ”, Erica Choi, scammer, “, Anthony Farrer, they’d, who’d, he’d, “ I’ve, I’ve, …, Ciaran McEvoy, he’s Organizations: CNN, Lamborghini, Ducati, Business, YouTube, Office, Central, Central District of, Rolex, US Locations: Beverly Hills, Santa Monica, Las Vegas, Central District, Central District of California, Dallas, LA, Los Angeles, California, South Carolina , Colorado , Texas, Florida, Beverly, Swiss, Texas

☆ COVID-19 fraudsters bought fancy cars, a Pokemon card - even a private island
▼ + stars: | 2023-11-10 | by ( ) www.cnbc.com time to read: +9 min

Patrick Parker Walsh is serving five and half years in federal prison for stealing nearly $8 million in federal COVID-19 relief funds that he used, in part, to buy the island. Instead, he's serving five and half years in federal prison for stealing nearly $8 million in federal COVID-19 relief funds that he used, in part, to buy Sweetheart Island. They potentially plundered more than $280 billion in federal COVID-19 aid; another $123 billion was wasted or misspent. They've created special "strike forces " to hunt down COVID-19 aid thieves and vowed not to give up the chase. A few weeks after Oudomsine applied for the pandemic aid, the government rushed him $85,000 to keep his non-existent business afloat.

Persons: Richard Lardner, Patrick Parker Walsh, Julio Aguilar, he's, fraudsters, Donald Trump, Ivanka Trump, James Brady, Trump, Alex Wong, Bob Westbrooks, Westbrooks, They've, Lisa Monaco, General Merrick Garland, Garland, David Weiss, Hunter Biden, Joe Biden, Drew Angerer, Konstantinos Zarkadas, Cartier, Zarkadas, Lee E, Price III, Price, Vinath Oudomsine, Oudomsine, Mickey Mantle, Dudley H, Bowen, Patrick Walsh's, Walsh, Jamie Lovemark, Kevin Lamarque Organizations: Press, AP YANKEETOWN, Associated Press ., James, Getty, YouTube, U.S . Justice, Top Justice Department, U.S, U.S . Department of Justice, Rolex, Houston, Associated Press, National Transportation Safety Board, Bethany Locations: Yankeetown, Fla, Sweetheart, Coast, Florida's, Florida, Associated Press . WASHINGTON, DC, U.S, Washington ,, Las Vegas, Tennessee, Vermont, COVID, Washington , DC, New York, Houston, Georgia, America, Bethany Beach , Delaware

☆ Find me a zebra and you can have the job: What it's like to work for top YouTube stars, according to 17 current and former staffers of creators like MrBeast and Kai Cenat
▼ + stars: | 2023-11-01 | by ( Marta Biino | Amanda Perelli | ) www.businessinsider.com time to read: +10 min

Cenat, who is a top Twitch streamer and YouTube creator with millions of subscribers across multiple platforms, was looking for an assistant. Cenat responded to her message, writing that she could have the job if she could get one task done. There's even a job board dedicated to finding work with a YouTube creator: YT Jobs . The staffers ranged from full-time employees to contractors, and they described days filled with unimaginable stunts, inconsistent work hours, varying salaries, and frequent pivoting. "It's like the old adage of, 'If you love what you do, you never work a day in your life.'"

Persons: Brianna Lewis yearned, Kai Cenat's, Cenat, Lewis, She's, Jimmy Donaldson, Preston Arsement, YT, Britt Carter, Kai Cenat, Brianna Lewis, Carter, Drake, Peter Sanjur, Sanjur, Zi Yuan, Yuan, Jason Russak, YouTuber Jesse Riedel, Russak Organizations: Instagram DMs, YouTube, Research, Oxford Economics Locations: Georgia, Charlotte , North Carolina, Atlanta , Georgia, Greenville , North Carolina, Smoky, Japan, Tokyo

☆ Deductions for megamansions and Ferraris: The IRS details tax dodges by the ultra-wealthy and says it recently squeezed 100 millionaires for $122 million in missing taxes
▼ + stars: | 2023-10-20 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

There's more enforcement to come, thanks to the Inflation Reduction Act. The passage of the Inflation Reduction Act infused billions of dollars into the previously perpetually underfunded and paper-laden IRS. "Inflation Reduction Act funding gives us the ability to take swift and aggressive action to improve compliance and close the tax gap." Since the passage of the IRA, the IRS has closed several cases of high-earning taxpayers getting creative with their business expenses and deductions. The IRS is specifically taking aim at Americans who earn over $1 million, and have over $250,000 in tax debt.

Persons: it's, —, Daniel Werfel, That's, Werfel Organizations: IRS, Service, dodgers, Ferrari, Bentley, Lamborghini Locations: COVID

☆ The Classic Lamborghini He Waited 44 Years For
▼ + stars: | 2023-09-29 | by ( A.J. Baime | Photographs Cayce Clifford For The Wall Street Journal | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/lifestyle/cars/the-classic-lamborghini-he-waited-44-years-for-84d33df6

Persons: Dow Jones, 84d33df6

☆ EU ministers weaken position on vehicle emissions
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +2 min

A sign directing towards electric vehicle charging points is seen in a car park in Manchester, Britain, September 8, 2023. The European Union has progressively tightened road vehicle emission limits since 1992. Spain, which holds the rotating presidency of the European Union, presented a compromise text agreed by the Council of the European Union, the grouping of EU ministers. The EU countries agreed not to change the existing "Euro 6" test conditions and emissions limits for cars and vans, although they will be lower for buses and heavy vehicles. They also accepted new particle emissions limits for brakes and tyres.

Persons: Phil Noble, Hernández, Adolfo Urso, Roberto Vavassori, Sudip Kar, Alvise Armellini, Giulio Piovaccari, Philip Blenkinsop, Hugh Lawson, Barbara Lewis Organizations: REUTERS, Rights, Union, European Union, of, The, European Commission, EU, Italian Industry, Ferrari, Lamborghini, Maserati, Thomson Locations: Manchester, Britain, Rights BRUSSELS, France, Italy, Czech Republic, Spain

☆ Take a look at the powerful and easy-to-drive $2.1 million Rimac Nevera electric hypercar
▼ + stars: | 2023-09-16 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

MALIBU, California – The most amazing thing about the $2.1 million Rimac Nevera is how easy it is to just get in and drive. It sits low — very low — to the ground, and at first glance it looks like the simple act of getting into it could be complicated. Gears are shifted with a big knob to the left of the steering wheel, the power seat's adjustments are hidden in a touchscreen, and switches for the turn signals and headlights are mounted directly on the steering wheel. One of the first things I noticed as we got underway is that it's easy to see out of the Nevera. And the Nevera is very special indeed — as it should be for its just over $2 million asking price.

Persons: you've, That's, There's, Rimac's Ryan Lanteigne Organizations: Ferraris Locations: MALIBU, California, Croatia

Now, given the current high car costs and interest rates, drivers are shifting their focus to less expensive models. That shift shows in so-called "days to turn" numbers, which measure how long cars are in dealer inventory before being sold. "People have stopped going for top-of-the-line cars and are going for mid-trim cars," he added, "That's where we're starting to see the shift." Paul Waatti industry analyst at AutoPacificFive years ago, there were 12 vehicles selling for an average price of more than $100,000. Know your budget — really Most car buyers use monthly payments to conceptualize how expensive a car is.

Persons: Patrick T, Joseph Yoon, homebuyers, Yoon, Edmunds, Brian Moody, Kelley, Moody, Paul Waatti, Waatti, they're, Tom McParland Organizations: Fallon, Bloomberg, Getty, Finance, Mitsubishi Mirage, Consumers, Chevrolet, Chrysler, Fiat, Honda, Hyundai, Kia, Mazda, Mitsubishi, Nissan, Subaru, Toyota, Volkswagen —, Auto, AutoPacific, Ferrari, Lamborghini, Royce, Automatch Consulting Locations: Autonation, Carvana, Buffalo , New York, Edmunds

☆ I drove Lamborghini's wild, spaceship-inspired concept car and got a glimpse of the brand's electric future
▼ + stars: | 2023-09-09 | by ( Tim Levin | ) www.businessinsider.com time to read: +8 min

Lamborghini recently unveiled the Lanzador, a wild-looking concept car that previews its first EV. The Lamborghini Lanzador. The Lamborghini Lanzador. Jordan Lenssen/Lenssen PhotoEven as it looks years ahead, the brand isn't ready to fully embrace touchscreens and give up on clicky, clacky switches. The Lamborghini Lanzador.

Persons: Lamborghini, Lamborghini Lanzador, Jamey Price Lamborghini, wasn't, Jamey Price, could've, Tim Levin, Jordan Lenssen, Rouven Mohr, Mohr, " Mohr, Lambo Organizations: Service, Lamborghini, Sporting, Huracan Locations: Wall, Silicon, Monterey , California

☆ From BMW to Porsche: Take a look at the cars on display at one of the world's biggest auto shows
▼ + stars: | 2023-09-08 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +6 min

BMW Vision Neue KlasseBMW revealed the BMW Vision Neue Klasse, a concept electric vehicle that will underpin its foray into battery-powered cars. Mercedes-Benz Vision One ElevenThe Mercedes-Benz Vision One Eleven on display at the IAA Mobility show in Munich, Germany. GTI ConceptThe all-electric Volkswagen ID GTI Concept car on display at the IAA Mobility 2023 show in Munich, Germany. Porsche Mission XThe Porsche Mission X on display at the IAA Mobility 2023 show in Munich, Germany. Lego Lamborghini Sián FKP 37A Lego version of the Lamborghini Sián FKP 37 on display at IAA Mobility 2023 in Munich, Germany.

Persons: Olaf Scholz, Ola Källenius, Mercedes, Sven Hoppe, Arjun Kharpal, Leapmotor, Zhu Jiangming, BYD, Warren Buffett, Kharpal, Lucid, Cyberster Organizations: Management, Mercedes, Benz AG, Getty, Mobility, BMW, Neue, CNBC, Benz, IAA, Leapmotor, Opel, CNBC Stellantis, Air, Volkswagen, IAA Mobility, Porsche, Carrera GT, Shanghai Auto, Lamborghini Locations: Munich, GERMANY, Germany, Xpeng, BYD, Hangzhou, Europe

☆ Sustainability takes back seat in auto industry sourcing decisions - survey
▼ + stars: | 2023-09-04 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

REUTERS/Simon Dawson/File PhotoBERLIN (Reuters) - Automakers and suppliers are deprioritising sustainability initiatives in their sourcing policies and focusing on lowering exposure to geopolitical risk after years of supply chain turmoil, a survey of over 1,000 executives showed on Monday. The average amount suppliers are investing in sustainability initiatives has fallen to $30.5 million in 2023 from $36.6 million in 2022, it said. One-third of all companies surveyed said they did not have a comprehensive sustainability strategy. The most common factors respondents based supply chain decisions on were quality, geopolitical risk, cost, and resilience - followed by sustainability. Respondents said around 50% of semiconductor supply was still not considered fully secure, with full-stack computing platforms and microcontrollers the hardest to obtain.

Persons: Simon Dawson, ” Capgemini, Ford Organizations: REUTERS, BERLIN, Lamborghini, Capgemini Locations: Britain, London, BYD

☆ The 10 Best Lego Sets for Adults That’ll Make You Feel Like a Master Builder
▼ + stars: | 2023-08-30 | by ( Rachel Simon | ) www.wsj.com time to read: +7 min

“Adults are building more Lego sets for creativity, stress relief, nostalgia and rewarding challenges,” says Ethan Dungan, a Willis, Texas-based artist known for his Lego creations. We spoke to six Lego superfans and artists to get their recommendations of the very best sets for adults available to buy now. For the explorerLego Tales of the Space Age $50 at LegoThis ultracool space-themed set features four connectible 3-D blocks depicting rockets, planets and “retro-styled landscapes inspired by space exploration,” says Catarino. The bookshop’s “phenomenal colors, diverse design techniques, and expandability make this set a great option for adults,” he says. For the architecture buffAs fun as it can be to build Lego sets, displaying them in your home once they’re done can be equally satisfying.

Persons: Rachel Simon, Legos isn’t, ”, Ethan Dungan, Willis, Joshua Chawner, ” Chawner, you’ll, Jessica Ragzy, Dante Dentoni, Tiago Catarino, “ it’s, I’ve, that’s, Ryan McCullough, McCullough, It’s Organizations: Lego, Lego’s, YouTube, Star Locations: Willis , Texas, Liverpool, England, Lego’s, New York City, Miami Beach, Fla, Lisbon, Orlando

Consider this: In July, just one car model — the Mitsubishi Mirage — had an average new-vehicle transaction price below $20,000, according to Kelley Blue Book data. The $20,000-or-below barometer is a sort of unofficial price threshold for an affordable new car, said Brian Moody, executive editor for Kelley Blue Book. Five years ago, there were 12 vehicles selling for an average price of more than $100,000. The average new-vehicle purchase price today is about $48,000, up from about $30,000 in 2012, according to Kelley Blue Book. Know your budget — really Most car buyers use monthly payments to conceptualize how expensive a car is.

Persons: Kelley, Brian Moody, Moody, Tom McParland, Paul Waatti, Waatti, Joseph Yoon, they're, Yoon, McParland Organizations: Mitsubishi, Manufacturers, Kia, Hyundai, Nissan, Mitsubishi —, Automatch Consulting, Consumers, Edmunds, Auto, Ferrari, Lamborghini, Royce

☆ Lamborghini's first electric car is a badass 4-seater with over 1,000 horsepower
▼ + stars: | 2023-08-20 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

The Lanzador concept, which the company said is a "concrete vision" of the production version of the all-electric Lambo, debuted at Monterey Car Week. Lamborghini Lanzador concept LamborghiniA new tech halo for LamboThe Lanzador previews a slew of new technology for the sports car brand. Lamborghini Lanzador concept LamborghiniLambo heads into an electric futureLamborghini's Lanzador electric car is the first step into the brand's all-electric future. In addition to Lanzador, Lamborghini will also sell plug-in hybrid replacements for the Aventador and Huracan supercars, as well as the Urus SUV. Lamborghini Lanzador concept LamborghiniProduction is slated for the company's Sant'Agata Bolognese factory, which will require expansion and additional employees, the company said.

Persons: Lamborghini, Stephan Winkelmann, Winkelmann Organizations: Morning, Monterey Car, Lamborghini, Huracan

☆ Lamborghini hops on the EV trend, revealing its new all-electric Italian bull
▼ + stars: | 2023-08-18 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +4 min

CNN —The Lamborghini Lanzador is only a concept car for now, but the Italian supercar maker says it offers a preview of the brand’s very first fully electric model which will go into production in 2028. With no space needed for a gas engine — in a gas-powered Lamborghini sports car, it would be behind the seats — the Lanzador has small back seats. Other automakers, like Rimac and Automobili Pininfarina (which uses Rimac technology), already sell electric two-seat supercars costing millions of dollars. Porsche — which like Lamborghini is part of the Volkswagen Group — took a similar approach with its first EV. Lamborghini has committed to selling only “electrified vehicles,” meaning either plug-in hybrid or fully electric, by the end of 2024.

Persons: Lamborghini, It’s, Stephan Winkelmann, Winkelmann, Rimac, — Organizations: CNN, Lamborghini, luxe, Pininfarina, Porsche, Volkswagen Locations: Italian, Urus

☆ Ford reveals 800 horsepower Mustang with $300,000 price tag
▼ + stars: | 2023-08-17 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —Ford has just unveiled the 800-horsepower Ford Mustang GTD which will be available in late 2024 or early 2025 at a starting price around $300,000. “Ford vs. Ferrari” recounted the 1960s Le Mans races won by the Ford GT40 race car which was developed specifically to spite the Italian automaker after Ford couldn’t buy the company. In the 2000s, Ford has produced two modern versions of the Ford GT that have both become highly collectible. The Ford Mustang GTD's body is made almost entirely from carbon fiber. Multimatic is a specialist automotive company that also works on the Mustang GT3 race car.

Persons: CNN — Ford, It’s, “, ”, Jim Baumbick, Ford, Ferrari ”, “ Ford, Le, Ford couldn’t, Baumbick, “ We’ve Organizations: CNN, Ford, Lamborghini, Le Mans, Ford GT, Le, Ford Motor Co Locations: Italian, , Michigan, Markham , Ontario, Canada

☆ Electric Cadillac Escalade to test GM's EV strategy, cash machine
▼ + stars: | 2023-08-08 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

The Escalade IQ is the first – and most important – traditional Cadillac model to be released as an EV. The automaker plans to initially sell the new electric Escalade IQ alongside the current traditional models. A close-up of the illuminated front end of the electric Cadillac Escalade IQ, including a black crystal shield badge. CadillacA teaser video released by GM of the Escalade IQ appears to have more design elements similar to the automaker's Cadillac Lyriq and Cadillac Celestiq than the traditional Escalade. The first-generation Cadillac Escalade was produced from 1998 through 2000 by General Motors.

Persons: Escalade, Mary Barra, It's, Tyson Jominy, John Roth, Roth, Edmunds, Michael Simcoe, Steve Fecht, Rory Harvey, Wayne Cherry Organizations: Motors, GM, General Motors, Cadillac, CNBC, U.S, Auto, Benz, Ferrari, Lamborghini, Cadillac's, GM Tech Center, General Motors GM, GM North America, GMC Hummer, Chevrolet Silverado, Cruise, Arlington Assembly, Chevrolet, GMC, ICE Locations: New York City, Cadillac's U.S, U.S, Warren , Michigan, Detroit, Texas, Simcoe

☆ I fell for a Facebook Marketplace Zelle scam involving a piano that's increasingly common
▼ + stars: | 2023-08-03 | by ( Jane Ridley | ) www.businessinsider.com time to read: +6 min

I couldn't believe it when I spotted a Steinway & Sons grand piano for free on Facebook Marketplace. His jaw would drop at the sight of a Steinway baby grand piano. The video on his application showed him sweeping back the tails of his tuxedo and playing a grand piano. So I couldn't believe my luck when I spotted an ad on Facebook Marketplace for a gleaming baby grand piano by Steinway & Sons. There were dozens of hits with titles like "Avoid Baby Grand Giveaways" and "Don't fall for the Grand Piano Scam."

Persons: I'd, —, John Lennon, Jane Ridley, it's, Joyce Ehle, I'm, Ehle, It's, Jane Ridley I, Steinway, I've Organizations: &, Facebook, Morning, Craigslist, Steinway & Sons, PayPal, Zelle, Ehle Locations: Czech Republic

☆ Lamborghini could hit 10,000 sales this year, CEO says
▼ + stars: | 2023-07-31 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +2 min

The Italian brand, a subsidiary of Germany's Volkswagen (VOWG_p.DE), sold 5,341 cars between January and June, up 4.9% on the same period last year. Chairman and CEO Stephan Winkelmann said it was not easy to make forecasts due to market uncertainties, including with raw materials, but added that selling 10,000 cars this year was a "feasible goal". Rival Ferrari (RACE.MI), whose headquarters is less than 40 kms (25 miles) away, shipped more than 13,200 cars last year. Lamborghini is investing 1.9 billion euros to 2027 in its shift to hybrid and electric cars, but further investments are expected. The line-up is set to become all hybrid next year with the new Urus and a new sports car replacing the Huracan.

Persons: Stephan Winkelmann, Winkelmann, Ferrari, Lamborghini, Giulio Piovaccari, Mark Potter Organizations: EMEA, Lamborghini, Germany's Volkswagen, Huracan, Ferrari, Thomson Locations: U.S, H1 MILAN, United States, Europe

☆ VW cuts 2023 deliveries outlook, aims to boost cash flow
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +3 min

Supply of key components such as semiconductors had improved but transport and logistics delays weighed on the first half, Volkswagen said. Still, it expected significantly shorter waiting times in the second half and said demand was stable with order books full at 1.65 million vehicles. Reuters GraphicsWorldwide, the Volkswagen Group delivered 2.3 million vehicles in the period from April to June, 18% more than in the same period last year. The focus for the second half is now on strengthening net cash flow," said Chief Financial Officer Arno Antlitz. In May, Volkswagen said it had sold its shares in Volkswagen Group Rus to Art-Finance, which is supported by autodealer group Avilon.

Persons: DAX, Arno Antlitz, Cupra, Miranda Murray, Rachel More, David Goodman Organizations: VW, BERLIN, Volkswagen, Benz, Renault, Graphics Worldwide, Volkswagen Group, VW Commercial Vehicles, Skoda, Audi, Lamborghini, Bentley, Ducati, Reuters Graphics Reuters, Rus, Art, Finance, Victoria, Thomson Locations: Kaluga

☆ Volkswagen Seeks to Regain Edge in China as It Cuts Delivery Forecast
▼ + stars: | 2023-07-27 | by ( Melissa Eddy | More About Melissa Eddy | ) www.nytimes.com time to read: +3 min

But overall revenue increased 18.2 percent as the company stemmed some of its losses in China, where deliveries were down 1.2 percent. Western Europe provided the company with its strongest business, with 1.65 million vehicles ordered in the first half of the year, and 200,000 of them — or 12 percent — were electric vehicles, the company said. Volkswagen hopes that its investment in XPeng will help advance the German automaker’s electric vehicle software to the standards produced by Chinese manufacturers. Some analysts interpreted the move as a concession that Volkswagen was unable to compete with Chinese companies on the latest technology. But Oliver Blume, Volkswagen’s chief executive, expressed confidence that VW customers, including those in China, want more variety in their vehicles.

Persons: ”, Ferdinand Dudenhöffer, Oliver Blume, Mr, Blume, “ Organizations: Volkswagen, Volkswagen Group Rus, China, BYD, Audi, SAIC, British, Center for Automotive Research, “, Tesla, Volkswagen Group, Porsche, Lamborghini, VW Locations: China, Western Europe, Russia, Avilon, Moscow, XPeng, Duisburg, Germany

☆ UAE crypto scammer sentenced to 8 years in prison for multimillion dollar fraud scheme
▼ + stars: | 2023-07-19 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

A United Arab Emirates resident and Nigerian citizen was sentenced to 8 years in federal prison for orchestrating a multi-million dollar fraud scheme that victimized businesses across the U.S., Illinois federal prosecutors said. Ponle worked with a network of scammers to masquerade as corporate entities using phishing emails. Ponle will forfeit those items, collectively valued at over $1 million, and pay more than $8 million in restitution to victim companies. Ponle was prosecuted despite the lack of an extradition treaty between the UAE and the United States. Federal officials at the DOJ'S Office of International Affairs worked with their UAE counterparties to secure Ponle's rendition.

Persons: Olaekan Jacob Ponle, Ponle, Royce Cullinan, Lamborghini Organizations: Jumeirah, United, United Arab Emirates, Federal Bureau of Investigation, Justice Department, Royce, UAE, Federal, DOJ'S, International Affairs, UAE counterparties Locations: Dubai, United Arab Emirates, United Arab, U.S, , Illinois, UAE, Nigeria, Nigerian, United States

☆ China's Huawei says it earned patent revenues of $560 million last year
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

SHENZHEN, China, July 13 (Reuters) - Chinese tech giant Huawei Technologies(HWT.UL) received $560 million in royalty revenues in 2022, Alan Fan, its head of intellectual property (IP), said on Thursday in a speech at company headquarters in the city of Shenzhen. Huawei earned more than it paid out in royalties over the last two years as the decline in handset sales meant it needed to pay less to other IP holders, Fan said. The company has entered into patent licenses with phone makers Samsung and Oppo and automakers including Audi, Mercedes Benz, BMW, Porsche, Subaru, Lamborghini and Bentley, Huawei said. Last year, Huawei spent $23 billion on research and development, with 114,000 staff, 55% of its total, working on research, the company said. From 2019, rounds of U.S restrictions after authorities there called the company a security risk reduced its access to chipmaking tools.

Persons: Alan Fan, Fan, Mercedes Benz, David Kirton Organizations: Huawei Technologies, Huawei, Samsung, Oppo, Audi, BMW, Porsche, Subaru, Lamborghini, Bentley, Thomson Locations: SHENZHEN, China, Shenzhen

☆ An Amazon manager who stole almost $10 million with fake invoices and used the money to buy a house, a Tesla, and a Lamborghini was jailed for 16 years
▼ + stars: | 2023-07-08 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +4 min

An Amazon manager was sentenced to 16 years in jail for running a fraud worth close to $10 million. Kayricka Wortham created fake vendors and invoices, with funds sent to bank accounts she controlled. She spent the proceeds on a $1 million Georgia home, as well as Tesla and Lamborghini cars. Kayricka Wortham, worked as an operations manager at an Amazon warehouse in Smyrna, Georgia between August 2020 and March 2022. She used her position to create fake vendors, passing them on to unknowing subordinates to process, per the US Attorney's Office for the Northern District of Georgia.

Persons: Kayricka Wortham, Wortham, Brittany Hudson, Hudson, Lamborghini, Lamborghini Wortham, Nick Lotito, Steven R, Ryan K, Buchanan Organizations: Georgia, Lamborghini, Service, Amazon, US, Office, Northern, Northern District of, Tesla, CRUS, Company, The New York Times, Wortham, Chief, Judge, Hudson Locations: Wall, Silicon, Smyrna , Georgia, Northern District, Northern District of Georgia, Smyrna, Dodge Durango, Atlanta, Wortham

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