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☆ Trump Media merger partner DWAC settles with SEC over fraud charges
▼ + stars: | 2023-07-20 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +2 min

Former U.S. President and Republican presidential candidate Donald Trump speaks at a campaign event in Council Bluffs, Iowa, July 7, 2023. WASHINGTON — The Securities and Exchange Commission announced Thursday that it had settled fraud charges with Digital World Acquisition Corp ., the company that is seeking to take former President Donald Trump's social media venture public. As part of the settlement, DWAC was ordered to pay an $18 million civil penalty fee in the event that it executes a final merger and takes Trump Media and Technology Group public. Shares of DWAC rose 30% in extended trading following the SEC announcement. The fraud charges stem in part from what the SEC says were DWAC's "extensive SPAC merger discussions" with Trump's media company several months before filing paperwork to go public in Sept. 2021.

Persons: Donald Trump, Donald Trump's, DWAC, Patrick Orlando, Trump Organizations: U.S, Republican, WASHINGTON — The Securities, Exchange Commission, Trump Media, Technology Group, SEC, White House Locations: Bluffs , Iowa, Florida, DWAC, New York, Georgia

☆ Opinion | A Look Back at Our Coming War With China
▼ + stars: | 2023-07-18 | by ( Carlos Lozada | ) www.nytimes.com time to read: +4 min

For instance, what if China seeks to take the island by force and Washington opts to not respond? Published in 2021, “2034,” is basically a beach read about how we get to nuclear war. In “The Avoidable War,” Rudd cautions that the incentives for Beijing and Washington to escalate hostilities, whether to save lives or save face, “could prove irresistible.” Ackerman and Stavridis follow that script. Both the United States and China view themselves in exceptional terms, Allison explains, as nations of destiny. “China will be a falling power far sooner than most people think,” Brands and Beckley declare.

Persons: ” Kevin Rudd, ” Rudd, Rudd, ”, Elliot Ackerman, James Stavridis, “, Allison, Thucydides, ” Ackerman, —, Xi Jinping, China’s Organizations: Marine, NATO, Harvard, U.S, . Security, Brands, Beckley, ” Brands Locations: Xi, China, Australia, Taiwan, Washington, Munich, United States, Iraq, Afghanistan, South China, U.S, Beijing, San Diego, Shanghai, India, New York, New Delhi, America, China’s, Beckley

☆ The BBC is unflinching in its coverage of the scandal facing one of its top anchors
▼ + stars: | 2023-07-12 | by ( Oliver Darcy | ) edition.cnn.com time to read: +3 min

CNN —The BBC is ensnared in scandal — and its reporters are not shying away from covering it. On Tuesday, the British news organization broke news that a second young person had come forward to accuse one of its anchors — who still remains unnamed — of inappropriate behavior. The BBC reported that the person, whom the outlet described as in their 20s, was threatened by the host on an online dating app. The news came amid explosive allegations that the same BBC anchor paid a young person starting at age 17 for explicit photos. “And like with any other organization, BBC News has to ask BBC management or BBC services for responses and contact the BBC press office for official statements.”The note continues, “Occasionally BBC journalists approach senior managers for unplanned interviews - known as ‘doorsteps’ in the news business.

Organizations: CNN, BBC, BBC News, Fox News, Voting Locations: British

CNN —House Republicans unloaded a barrage of criticism directed toward FBI Director Christopher Wray Wednesday, outlining a litany of complaints while Wray testified before the House Judiciary Committee. Chairman Jim Jordan opened the hearing launching into a wide array of attacks on the FBI. “House Republicans will attack the FBI for having had the audacity to treat Donald Trump like any other citizen. FBI Director Christopher Wray is sworn in prior to testifying before a House Judiciary Committee hearing. “We did stand up a whole dedicated unit to focus on threats to FBI, individuals, FBI employees and FBI facilities because of the uptick that we saw over that time period,” Wray said.

Persons: Christopher Wray, Wray, Jim Jordan, Hunter Biden, Donald Trump, Joe Biden, “, ”, Matt Gaetz, ” Wray, ” Gaetz, Edgar Hoover, Gaetz, Jonathan Ernst, ’ Wray, Trump . Jordan, Jordan, Jerry Nadler, ” Nadler, Saul Loeb, –, John Durham, Biden, Hunter, ” that’s, ” Jordan, Thomas Massie, Massie, Nadler, Jack Smith’s, – Wray Organizations: CNN — House Republicans, FBI, Catholic Church, Florida Republican, Reuters, GOP, Foreign Intelligence, Republican, Trump ., Ohio Republican, Republicans, Trump, DOJ, FISA, “, White, ” New York Rep, ”, Committee, Getty, CNN, US State Department, Biden, White House, Democratic National Committee, Capitol, Trump’s Locations: Richmond, Florida, Washington , DC, Ohio, United States, Russia, Durham, Ukrainian, Louisiana, Kentucky, Lago, Mar

☆ The elite Horatio Alger Association, which counts Clarence Thomas among its members, has repeatedly been given unusual access to the Supreme Court's courtroom: report
▼ + stars: | 2023-07-09 | by ( John L. Dorman | ) www.businessinsider.com time to read: +5 min

Clarence Thomas' membership in the Horatio Alger Association gives it rare access, per the Times. The elite group welcomed Thomas into the fold after his stormy Supreme Court confirmation hearings. Thomas soon became a member of the Horatio Alger Association himself and cherished his ability to speak with students and mentor scholarship recipients. "They really treated him like a brother, like he mattered and, in return, he opened up the Supreme Court," Williams added. Thomas hosts the induction ceremony in the Supreme Court courtroom, where roughly 10 new individuals are welcomed into the elite organization.

Persons: Clarence Thomas, Horatio Alger, Thomas, Anita Hill, Thomas —, District of Columbia Circuit —, Horatio, Ginni, Armstrong Williams, Williams, Tom Selleck, Lou Dobbs, —, Anthony Hutcherson, ProPublica, megadonor Harlan Crow Organizations: Horatio, Times, Service, Commission, Appeals, District of Columbia Circuit, Distinguished, The New York Times, Horatio Alger Association, Judicial Conference Locations: Wall, Silicon, Virginia, Washington , DC, United States

☆ China is restricting the export of two little-known metals crucial to the semiconductor industry. It shows Beijing still holds important chips in its tech war with the West.
▼ + stars: | 2023-07-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China will restrict the exports of gallium and germanium — metals vital to chipmaking — from August 1. The export curb is seen as a retaliatory move by Beijing amid a chip war with the West. A recent move by China to restrict the export of two little-known metals has again sent the semiconductor industry into a tailspin. Exporters can apply for export licenses if they want to continue shipping the products out of China, per the notice. China accounts for about 80% and 60% of global gallium and germanium production, respectively, according to Critical Raw Materials Alliance, a European industry association.

Persons: —, Biden, Janet Yellen, haven't, Ewa Manthey, Europe — Organizations: Authorities, Morning, West, Wall Street, Eurasia Group, US, Industry, Reuters, Alliance, ING Locations: China, Beijing, Netherlands, United States, Japan, European, North America, Europe

SHANGHAI/HONG KONG, June 27 (Reuters) - China should allow cross-border sharing of information by financial firms operating in the country, a leading financial lobby group said, as authorities tighten control of data generated within its borders in a national security drive. Last July, China unveiled cross-border data review measures that require a security review for "important" offshore data transfers - a move that triggered confusion and concern among foreign financial firms operating in the country. The financial sector lobby group said cross-border transfer of data such as investment outlooks, portfolio analysis, shareholding information and anti-money laundering information should be allowed. However, ASIFMA said the data security rules have made operating in China "very painful" for some of its members. One major complaint from firms operating in China is that Chinese data rules are ambiguous, the lobby group said.

Persons: Alice Law, Lyndon Chao, ASIFMA, Chao, Neuberger Berman, They've, Law, Samuel Shen, Selena Li, Sumeet Chatterjee, Sonali Paul Organizations: Asia Securities Industry, Financial Markets Association, BlackRock, Fidelity International, Thomson Locations: SHANGHAI, HONG KONG, China, Beijing, U.S

☆ Vice Media, once worth billions, set to be acquired out of bankruptcy by its creditors for $225 million
▼ + stars: | 2023-06-22 | by ( Oliver Darcy | ) edition.cnn.com time to read: +2 min

CNN —Vice Media, the once-high flying digital media company valued at billions of dollars, is set to be acquired out of bankruptcy by three investment companies, including Fortress Investment Group, for $225 million. Bruce Dixon and Hozefa Lokhandwala, co-chief executives of Vice Media Group, informed staff of the decision in a memo Thursday morning. The acquisition agreement is the latest in a tumultuous period for Vice Media, which was once held up as the future of the business. Vice Media filed for Chapter 11 bankruptcy in mid-May. A person familiar with the matter told CNN that GoDigital was preparing to submit a bid between $300 million and $350 million.

Persons: —, Bruce Dixon, Hozefa Lokhandwala, ” Dixon, Lokhandwala, ”, Shane Smith, Nancy Dubuc, Monroe, GoDigital Organizations: CNN —, Media, Fortress Investment, Soros Fund Management, Monroe, Vice Media, “, Soros, GoDigital Media Group, CNN Locations: Fortress

The president's son has worked as a lobbyist, lawyer, investment banker and artist, and has publicly detailed his struggles with substance abuse. Hunter Biden disclosed in December 2020 that Weiss's office was investigating his tax affairs. President Biden has long expressed support and pride in his son for overcoming his addiction. The corrupt Biden DOJ just cleared up hundreds of years of criminal liability by giving Hunter Biden a mere 'traffic ticket.' President Biden has two surviving children, Hunter Biden and daughter Ashley Biden.

Persons: Joe Biden's, Hunter Biden, David Weiss, Donald Trump, Trump, Christopher Clark, Hunter, Clark, " Hunter Biden, Biden, Ian Sams, Weiss, James Comer, Comer, Ashley Biden, Beau Biden, Naomi Biden, Aaron Crawford, Crawford, George H.W, Bush's, Neil, Richard Nixon's, Don, Howard Hughes, Sarah N, Lynch, Jeff Mason, Trevor Hunnicutt, Susan Heavey, Tom Hals, Moira Warburton, Doina Chiacu, Heather Timmons, Jonathan Oatis Organizations: Democratic, Republican, U.S . Navy Reserve, Reuters, . Treasury, Republicans, Biden DOJ, University of Tennessee, Thomson Locations: U.S, Delaware, Ukraine, China, Washington, Wilmington , Delaware

The target was Aleksandr Poteyev, a former Russian intelligence officer who disclosed information that led to a yearslong F.B.I. investigation that in 2010 ensnared 11 spies living under deep cover in suburbs and cities along the East Coast. In keeping with an Obama administration effort to reset relations, a deal was reached that sought to ease tensions: Ten of the 11 spies were arrested and expelled to Russia. According to Mr. Walton’s book, a Kremlin official asserted that a hit man, or a Mercader, would almost certainly hunt down Mr. Poteyev. Based on interviews with two American intelligence officials, Mr. Walton concluded the operation was the beginning of “a modern-day Mercader” sent to assassinate Mr. Poteyev.

Persons: Aleksandr Poteyev, Obama, Sergei V, Mr, Poteyev, Brown, Calder Walton, Walton’s, Ramón, Joseph Stalin’s, Leon Trotsky’s, Walton, Mercader ”, Grigory Mairanovsky Organizations: Intelligence, Harvard, The New York Times, Kremlin Locations: Russian, East Coast, Russia, Moscow, Britain, Mexico City, S.V.R

☆ Opinion: This is bigger than just the US and China
▼ + stars: | 2023-06-16 | by ( Opinion Michael Bociurkiw | ) edition.cnn.com time to read: +6 min

He is a senior fellow at the Atlantic Council and a former spokesperson for the Organization for Security and Cooperation in Europe. The possibility of miscalculation has increased in recent months as China has triggered some close encounters with US ships on the high seas. (In 2020, China overtook the US as Europe’s biggest trading partner for goods.) The confusion in Europe over how to treat China was on full display earlier this year when French President Emmanuel Macron and President of the European Commission Ursula von der Leyen made their disastrous joint visit to China. Blinken’s visit to Beijing is being marketed as a bilateral meeting with a shot at achieving détente.

Persons: Michael Bociurkiw, Antony Blinken, Michael Bociurkiw Chrystia, Laura Ballman, Blinken, Li Hui, Lu Shaye, can’t, Emmanuel Macron, Ursula von der Leyen, Angela Merkel, Philippe Moreau Chevrolet, ”, “, Xi Jinping Organizations: Atlantic Council, Organization for Security, Cooperation, CNN, Amsterdam CNN —, NATO, CIA, European Commission, Twitter, Facebook Locations: Odesa, Europe, Beijing, United States, China, Ukraine, Washington, Taiwan, Canada, Russia, Paris, French, Russian, Poland, Saudi Arabia, Iran

☆ Trump’s Indictment Puts Us Into Uncharted Waters - The New York Times
▼ + stars: | 2023-06-08 | by ( Damon Linker | ) www.nytimes.com time to read: +2 min

That’s especially true in our era of stark partisan polarization and intense negative partisanship. That Mr. Trump would be running against an opponent with persistently low approval ratings who will be 81 years old on Election Day 2024 only makes a Biden-Trump matchup more uncertain. Mr. Trump is not a standard-issue politician who happened to run afoul of corruption statutes. God Bless President Trump.” It’s likely that tens of millions of our fellow citizens agree with the sentiment. To most Americans, such a reaction to news of Mr. Trump’s indictment seems unimaginable.

Persons: Trump, He’s, ”, Jim Jordan, ” It’s, Trump’s Organizations: White, Biden, Trump Locations: United States of America, Ohio, America

☆ North American lobster industry confronts 'ropeless' traps after whale entanglements
▼ + stars: | 2023-06-07 | by ( Lauren Owens Lambert | ) www.reuters.com time to read: +7 min

That is a large number, given there are fewer than 350 North Atlantic Right Whales remaining, including just 70 breeding females, say regulators, researchers and conservationists. North Atlantic Right Whales who live off the eastern North American coast stretching from Florida to the Canadian Maritimes provinces are now on the verge of extinction. Traditional lobster fishing uses traps that sink to the ocean floor and are connected by a rope to a buoy floating at the surface. Ropeless gear, by contrast, only deploys a rope and buoy to the surface when its owner activates a release trigger by remote control. When the 2,100 square-kilometer zones are shut, only harvesters with ropeless gear are allowed to fish there, Gilchrist said.

Persons: Matt Weber, lobsterman, Lauren Owens Lambert, ”, Charles Mayo, Rob Morris, “ We’re, Edgetech, lobsterman Kyle Murdock, Weber, Brett Gilchrist, Gilchrist, “, Michael Moore, Lawrence, Richard Valdmanis, Deepa Babington Organizations: REUTERS, Seafood Watch, Atlantic, U.S ., Atlantic Right Whales, National Oceanographic, Atmospheric Administration, Whales, Canadian, Center for Coastal Studies, NOAA, Canada’s Fisheries, Reuters, Fisheries, Oceans, Oceanographic, Thomson Locations: Monhegan, Maine, U.S, MONHEGAN, Monterey, U.S . East Coast, North Carolina, Florida, Cape Cod , Massachusetts, ” Washington, Ottawa, England, Massachusetts, Canada’s Gulf, St, Lawrence, Fundy, Oceans Canada, Gulf

☆ Online College Classes Are Making the Student Debt Crisis Worse
▼ + stars: | 2023-06-05 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +18 min

She applied and was accepted to the online program in 2020. In exchange for expanding course offerings and recruiting students, OPMs receive a big chunk of the tuition revenue from the online programs, which usually cost the same as in-person schooling. While it's not always the case, many experts and grads told me that OPMs were offering online students a worse education for a sky-high price. A third-party provider to those schools, 2U signs a contract to offer services such as recruiting and technology to boost online enrollment. OPMs have helped fuel the student debt crisis, saddling may students with tens of thousands of dollars worth of debt and an uncertain future.

Persons: Iola Favell, Favell, Rossier, Zavareei, USC Rossier, OPMs, it's, grads, Eric Rothschild, John Katzman, Katzman, Clare McCann, McCann, —, Aaron Ament, Barack Obama, That's, STEFANI REYNOLDS, Helen Drinan, Cabrini University —, Drinan, Democratic Sens, Elizabeth Warren, Tina Smith, Sherrod Brown, Pearson, Rosa DeLauro, Virginia Foxx, Ament Organizations: University of Southern California's Rossier School of Education, USC, Student Defense, Zavareei LLP, US, Education Department upended, Education Department, Arnold Ventures, OPM, Office, Los Angeles Times, Wall Street, Canyon University, Grand Canyon, Century Foundation, Getty, Cabrini University, Simmons University, Democratic, GAO, Republican, GOP, Universities, Protection, Consumer Financial, Bureau Locations: California, Georgetown, —, Pennsylvania, Massachusetts

☆ ‘The Postcard’ and the Urgency of Holocaust Storytelling - The New York Times
▼ + stars: | 2023-06-03 | by ( Sarah Wildman | ) www.nytimes.com time to read: +2 min

“During the Holocaust, millions of people were killed,” Ms. Berest told me recently. Ms. Berest began her project as she was expecting her first daughter, conscious that the next generation will not know survivors the way we did. Ms. Berest explained she was not told the fine details of her family’s war story as a child. In “The Postcard,” Ms. Berest considers what allowed Jews to be ensnared by their surety that an entire society could not turn against them. I told Ms. Berest that when I contacted one of Lotte’s children during my book project, he told me that references to the war years were “unspeakable” in his childhood home.

Persons: ” Ms, Berest, ”, That’s, Ms Organizations: Auschwitz

☆ Chinese star banker Bao Fan detained by country’s top anti-graft body, state media says
▼ + stars: | 2023-06-01 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The mysterious disappearance of Bao has sent a chill through financial markets and China’s tech sector. Shares in China Renaissance had plunged more than 20% until they were suspended from trading in early April. China Renaissance had previously revealed only that Bao was “cooperating in an investigation” being carried out by certain authorities in the country. The specific agencies handling Bao’s case include the CCDI’s international cooperation bureau and Beijing’s municipal anti-graft authorities, the Economic Observer said. Cong has been detained by anti-corruption authorities since September for matters related to his tenure at ICBC Financial Leasing, the Economic Observer said.

Persons: Bao Fan, Bao, didn’t, Mike Blake, dealmaker, Xi, Cong Lin Organizations: Hong Kong CNN, Economic Observer, Central Commission, CNN, Communist Party, China Renaissance, Analysts, China’s, Industrial, Commercial Bank of China, Financial Leasing Locations: Hong Kong, China, Bao, Laguna Beach , California, Dianping

☆ Online College Class Providers Screwing Over Students, Adding to Debt Crisis
▼ + stars: | 2023-06-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +18 min

She applied and was accepted to the online program in 2020. In exchange for expanding course offerings and recruiting students, OPMs receive a big chunk of the tuition revenue from the online programs, which usually cost the same as in-person schooling. While it's not always the case, many experts and grads told me that OPMs were offering online students a worse education for a sky-high price. A third-party provider to those schools, 2U signs a contract to offer services such as recruiting and technology to boost online enrollment. But beyond scandals, the everyday business of OPMs is leaving many online students with exorbitant bills, despite how cheap it is to administer the courses.

Persons: Iola Favell, Favell, Rossier, USC Rossier, OPMs, it's, grads, Eric Rothschild, John Katzman, Katzman, Clare McCann, McCann, —, Aaron Ament, Barack Obama, That's, STEFANI REYNOLDS, Helen Drinan, Cabrini University —, Drinan, Democratic Sens, Elizabeth Warren, Tina Smith, Sherrod Brown, Pearson, Rosa DeLauro, Virginia Foxx, Ament Organizations: University of Southern California's Rossier School of Education, USC, Student Defense, US, Education Department upended, Education Department, Arnold Ventures, OPM, Office, Los Angeles Times, Wall Street, Canyon University, Grand Canyon, Century Foundation, Getty, Cabrini University, Simmons University, Democratic, GAO, Republican, GOP, Universities, Protection, Consumer Financial, Bureau Locations: California, Georgetown, —, Pennsylvania, Massachusetts

☆ Ex-aide to 1MDB fugitive Jho Low dies weeks after questioning
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

KUALA LUMPUR, May 31 (Reuters) - A former aide to Malaysian fugitive Jho Low - wanted for his central role in the multi-billion dollar 1MDB corruption scandal - has died weeks after being questioned by Malaysian authorities on Low's whereabouts, his lawyers said on Wednesday. He was questioned by the Malaysian Anti-Corruption Commission (MACC) on arrival and had his house searched, media reported. Malaysian authorities have previously said Low was believed to be in China, though Beijing has denied that. Low has been charged in Malaysia and the United States for allegedly masterminding the theft of $4.5 billion from now-defunct fund 1Malaysia Development Berhad (1MDB). Former Malaysian prime minister Najib Razak, who co-founded 1MDB, was sentenced to 12 years in prison last year for graft linked to the scandal.

Persons: Jho, Kee Kok Thiam, Valen, Kee, Al Jazeera, Al, Low, Najib Razak, Hasnoor Hussain, Rozanna Latiff, Kanupriya Kapoor Organizations: Malaysian, Partners, Malaysian Anti, Corruption, 1Malaysia Development, Thomson Locations: KUALA LUMPUR, Malaysian, U.S, Malaysia, Macau, 1MDB, China, Al Jazeera, Beijing, United States

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That could necessitate a second round of debt restructuring eventually at some of the developers, they said. Private developers have been in turmoil since mid-2021 following a crackdown on debt levels by Beijing that ensnared China Evergrande Group (3333.HK), then the No.2 developer, and eventually spread in the sector. Evergrande and Sunac China (1918.HK) are the most prominent among the handful of companies that have announced their offshore debt restructuring terms so far. More are expected to do so in the coming months, which will also include terms such as longer maturity extensions, lower coupons, and converting some debt into equity, developers and advisers said. Moreover, the private developers are staring at lower potential future revenues as they are unable to build on their land banks due to their precarious financial positions.

But, given the hopes invested in China's economic growth and liberalisation, foreign firms' demand for expert knowledge about the Chinese market, the regulatory landscape, potential business partners and opportunities will inevitably keep growing. Smaller firms saw opportunity to fill the space left by any rivals, like Capvision, that fall foul of China's authorities. China's expert network market, however, will suffer from bad publicity in the short-term, as "no one wants to be associated with police crackdown," said Max Friberg, CEO of Inex One, a Stockholm-based marketplace connecting investors with expert networks. For now though, the trade in expert information clearly has become more cautious. "It's unfortunate that the expert network business gets into the public limelight in such a way," China Insights Consultancy (CIC), the country's second largest expert network company, said in a statement to Reuters.

☆ China sentences 78-year-old US citizen to life in prison for espionage
▼ + stars: | 2023-05-15 | by ( Nectar Gan | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A 78-year-old American citizen has been sentenced to life in prison by a Chinese court on spying charges. Leung was detained on April 15, 2021 by state security authorities in Suzhou, Jiangsu province, according to the brief statement, which did not provide details on his charges. Chinese authorities and state media have not previously disclosed any information on Leung’s detention or the court process that led to his conviction. In China, cases involving state security are usually handled behind closed doors. In another high-profile case, two Canadians – former diplomat Michael Kovrig and businessman Michael Spavor – were detained by China for nearly three years.

☆ China names head of NFRA as financial industry faces greater scrutiny
▼ + stars: | 2023-05-11 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China has appointed the head of its powerful new financial watchdog, which was created as part of sweeping reforms aimed at reining in the $60 trillion industry. Currently, several provincial leaders had previous careers in the financial industry, including Wu Qing, vice mayor of Shanghai and formerly the chairman of the Shanghai Stock Exchange. China’s sprawling financial industry is coming under closer scrutiny as Xi and his key allies have asserted greater direct control over financial policy. For years, Xi has said the financial industry should better serve the real economy, including making money available to businesses that need it. To further consolidate control, according to analysts, the top anti-graft body has carried out a sweeping anti-corruption campaign in the financial industry, which has ensnared more than a dozen senior executives from state-owned financial institutions.

☆ Appeals Court Overturns Fraud and Conspiracy Convictions in Varsity Blues Scandal
▼ + stars: | 2023-05-10 | by ( Anemona Hartocollis | ) www.nytimes.com time to read: +1 min

In a stunning reversal, a federal appeals court overturned the fraud and conspiracy convictions on Wednesday of two parents found guilty of participating in a far-reaching bribery scheme, known as Operation Varsity Blues, which ensnared dozens of wealthy parents who falsified their children’s credentials to gain admission to prestigious universities across the country. A three-judge panel of the U.S. Court of Appeals for the First Circuit in Massachusetts found that the lower court had made crucial missteps in the trial of Gamal Abdelaziz, a former casino executive, and John Wilson, a private equity financier. The court, however, upheld Mr. Wilson’s conviction on tax fraud. The appeals court made its decision largely on two technical legal grounds. First, it ruled that the lower court judge wrongly instructed the jury that admissions slots constituted property.

Hong Kong CNN —China’s state security authorities raided multiple offices of international advisory firm Capvision, state media reported Monday, part of a broader crackdown on the consulting industry as Beijing tightens control over what it considers sensitive information related to national security. The consultancy firm, which is headquartered in Shanghai and New York, adds to a growing list of global consulting companies that have been ensnared in Beijing’s widening crackdown on what it perceives as national security risks. In the report, Capvision was singled out as a “leading company” in the industry. According to state security police, he downloaded 5,000 documents from his state-owned company’s internal network. The authorities said he had provided clients with six pieces of information that were classified as state secrets, CCTV said.

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