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☆ Huawei CFO's U.S. bank fraud charges to be dismissed
▼ + stars: | 2022-12-02 | by ( Karen Freifeld | ) www.reuters.com time to read: +3 min

Dec 1 (Reuters) - U.S. prosecutors on Thursday asked a judge to dismiss bank fraud and other charges against Meng Wanzhou, the chief financial officer of China's Huawei Technologies [RIC:RIC:HWT.UL] whose 2018 arrest strained relations between the U.S. and China. Meng had been accused of bank fraud and other crimes for misleading global bank HSBC Holdings Plc about the company's business in Iran to obtain banking services in violation of U.S. sanctions. The charges against Huawei include everything from bank fraud to sanctions busting to conspiracy to steal trade secrets from U.S. technology companies and obstructing justice. The United States also waged a global campaign against Huawei, warning that the Chinese government could use the company's equipment to spy. A lawyer for Meng declined comment and a spokesperson for Huawei did not immediately respond to a request for comment.

"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.

Companies Trump Organization Inc FollowNEW YORK, Nov 28 (Reuters) - Lawyers for former U.S. President Donald Trump's real estate company rested their case on Monday after calling just two witnesses in the Trump Organization's criminal trial in a New York state court on tax fraud charges. Juan Merchan, the judge in the case, set closing arguments for Thursday and Friday with jury deliberations expected to begin next Monday. Trump, who this month launched a run for the presidency in 2024, has not been charged in the case. Weisselberg has worked for the Trump family for about five decades, but is no longer CFO and is on paid leave. "The case was not fair or good," Trump wrote on Monday on social media.

Trump, a Republican, has accused James, a Democrat, of suing him because she dislikes him and his politics. The Trump Organization is now on trial in another Manhattan courtroom on criminal tax fraud charges. Trump also faces a criminal investigation in Georgia into whether he interfered with the 2020 election results in that state. "Who stands to gain from this highly-politicized farse [sic], aside from the politically-compromised Attorney General of the State of New York?" Both testified as prosecution witnesses in the Manhattan criminal trial in which prosecutors accused the company of engaging in tax fraud spanning 15 years.

Weisselberg testified that during the cleanup, Trump's sons knew the company paid executives' personal expenses that were not reported as income, and gave them bonuses as if they were independent contractors. Weisselberg said the company also did not fire or otherwise discipline two other executives who had engaged in similar practices. He said he had little interaction with Trump about the company after Trump became president. But he said Trump was aware the company had paid rent on Weisselberg's luxury Manhattan apartment for years, and signed the lease in 2005. Weisselberg told Hoffinger he did not recall whether Futerfas seemed unhappy with his testimony.

But Weisselberg said Trump did not conspire with him on the tax fraud scheme for which the Trump Organization is on trial. Weisselberg pleaded guilty in August and agreed to testify as part of a plea deal. But under cross-examination by Trump Organization lawyer Alan Futerfas, Weisselberg said he conspired with McConney, but not with any member of the Trump family. McConney is immune from prosecution for the tax fraud because he testified before the grand jury that indicted both Weisselberg and the Trump Organization. The questionable practices eventually came to an end in 2017 when Trump became president, Weisselberg said.

Weisselberg, the Trump Organization's former chief financial officer, spoke about the savings during testimony as the prosecution's star witness. Weisselberg pleaded guilty in August to avoiding taxes on $1.76 million in income and helping engineer tax fraud. He said if the Trump Organization gave him a raise to cover those expenses, it would have cost the company twice as much to account for his resulting taxes. They have also sought to blame Mazars, which for many years prepared Trump Organization tax returns. The trial's first witness, Trump Organization controller Jeffrey McConney, testified that he did not know whether executives' rent payments were taxable income.

Companies Trump Organization Inc FollowNEW YORK, Nov 15 (Reuters) - Allen Weisselberg, a longtime senior executive at former U.S. President Donald Trump's family business, took the stand on Tuesday as the prosecution's star witness at the Trump Organization's tax fraud trial in New York state court. Weisselberg, 75, pleaded guilty in August to avoiding taxes on $1.76 million in personal income and helping Trump's real estate company engineer the tax fraud scheme. During questioning by prosecutor Susan Hoffinger on Tuesday, Weisselberg said he began working as an accountant for Trump's father, the real estate developer Fred Trump, in 1973. Weisselberg said the Trump Organization's business portfolio grew more diversified since he began working there, branching out into hotels, golf courses and commercial properties. Weisselberg is the third witness to take the stand in the trial, which began with jury selection on Oct. 24.

☆ YMTC could be added to U.S. trade blacklist next month: U.S. official
▼ + stars: | 2022-11-14 | by ( Karen Freifeld | ) www.reuters.com time to read: +1 min

WASHINGTON, Nov 14 (Reuters) - Chinese memory chip maker YMTC and dozens of other Chinese entities are "at risk" of being added to a trade blacklist as soon as Dec. 6, a U.S. Commerce Department official said in prepared remarks seen by Reuters. Last month, 31 entities including YMTC were added to a list of companies that U.S. officials have been unable to inspect, ratcheting up tensions with Beijing and starting a 60 day-clock that could trigger the tougher penalties. YMTC and the Chinese embassy in Washington did not immediately respond to requests for comment. U.S. exporters must conduct additional due diligence before sending goods to entities placed on the "unverified list" and may have to apply for more licenses. Once a company is added to the entity list, its U.S. suppliers must seek a special license to ship even low tech items to it.

"This settlement makes it clear that companies must be transparent in how they track customers and abide by state and federal privacy laws." Arizona filed a similar case against Google and settled it for $85 million in October 2022. Texas, Indiana, Washington State and the District of Columbia sued Google in January over what they called deceptive location-tracking practices that invade users’ privacy. A consumer's location is key to helping an advertiser cut through the digital clutter to make the ad more relevant and grab the consumer's attention. Writing by Diane Bartz and Alexandra Alper; Editing by Anna Driver and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

Companies Trump Organization Inc FollowNov 10 (Reuters) - Former President Donald Trump was aware of allegedly illegal tax practices at his namesake real estate company, a senior executive indicated in testimony on Thursday during the Trump Organization's criminal trial on charges of tax fraud. McConney was given immunity from prosecution in exchange for testifying, and remains employed by the Trump Organization. Asked whether he helped people evade tax, McConney said, "Evade is a very strong word. McConney said a former general counsel, Jason Greenblatt, received bonuses as non-employee compensation until 2011 when the company's accountant told McConney to stop. McConney also identified Trump's initials on a memo concerning the reduction of Trump Organization executive Matthew Calamari's salary by $72,000, reflecting rent for his apartment.

☆ EXCLUSIVE Nvidia offers new advanced chip for China that meets U.S. export controls
▼ + stars: | 2022-11-08 | by ( Jane Lanhee Lee | ) www.reuters.com time to read: +3 min

OAKLAND, Calif., Nov 7 (Reuters) - U.S. chip maker Nvidia Corp (NVDA.O) said on Monday it is offering a new advanced chip in China that meets recent export control rules aimed at keeping cutting-edge technology out of China's hands. In late August, Nvidia and Advanced Micro Devices Inc AMD.O both said that their advanced chips, including Nvidia's data center chip A100, were added to the export control list by the Commerce Department. The Nvidia A800 can be used in place of the A100, and both are GPUs, or graphics processing units. "The Nvidia A800 GPU, which went into production in Q3, is another alternative product to the Nvidia A100 GPU for customers in China. At least two Chinese websites by major server makers offer the A800 chip in their products.

☆ Exclusive: Nvidia offers new advanced chip for China that meets U.S. export controls
▼ + stars: | 2022-11-08 | by ( Jane Lanhee Lee | ) www.reuters.com time to read: +3 min

OAKLAND, Calif., Nov 7 (Reuters) - U.S. chip maker Nvidia Corp (NVDA.O) is offering a new advanced chip in China that meets recent export control rules aimed at keeping cutting-edge technology out of China's hands, the company confirmed on Monday. In late August, Nvidia and Advanced Micro Devices Inc AMD.O both said that their advanced chips, including Nvidia's data center chip A100, were added to the export control list by the U.S. Commerce Department. The Nvidia A800 can be used in place of the A100 and both are GPUs, or graphics processing units. "The Nvidia A800 GPU, which went into production in Q3, is another alternative product to the Nvidia A100 GPU for customers in China. At least two Chinese websites by major server makers offer the A800 chip in their products.

REUTERS/Andrew Kelly/Companies Trump Organization Inc FollowNEW YORK, Nov 3 (Reuters) - A New York judge on Thursday ordered that an independent watchdog be appointed to oversee the Trump Organization before a civil fraud case by the state's attorney general against Donald Trump's company goes to trial. Last month, James asked the Manhattan-based judge to appoint an independent monitor to halt ongoing fraud at the company and keep the Trumps from transferring assets out of her reach. In a statement, the Trump Organization objected to "political persecution" by James, a Democrat, ahead of the Nov. 8 midterm elections. He said James had no legal authority to challenge how Trump valued his properties, calling it a private matter between Trump's company and its lenders and insurers. The Trump Organization manages hotels, golf courses and other real estate around the world.

☆ Trump Organization tax fraud trial delayed after witness tests positive for COVID
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Nov 1 (Reuters) - The criminal tax fraud trial of the Trump Organization was put on hold on Tuesday after the company's controller, Jeffrey McConney, who had been testifying as a prosecution witness, tested positive for COVID-19. The Trump Organization operates hotels, golf courses and other real estate around the world. The two Trump Organization units charged have pleaded not guilty. The judge later announced that McConney tested positive. If convicted, the Trump Organization could face $1.6 million in fines.

Prosecutors have charged two Trump Organization units with cheating tax authorities over a 15-year period. Lawyers for the two Trump Organization units said Weisselberg cheated on taxes to benefit himself, not the company. To prove the Trump Organization is guilty, prosecutors must show that a "high managerial agent" of the company - in this case, Weisselberg - acted in his official capacity. He and others also got paid bonuses from other Trump Organization entities as contractors, rather than as employees. Justice Juan Merchan, the judge overseeing the case, has rejected the argument that the Trump Organization was targeted for selective prosecution.

REUTERS/Go NakamuraNEW YORK, Oct 31 (Reuters) - Former President Donald Trump's real estate company cheated tax authorities over a 15-year period, a New York prosecutor told a jury on Monday in her opening statement in the Trump Organization's criminal tax fraud trial. The Trump Organization has pleaded not guilty. If convicted, the Trump Organization - which operates hotels, golf courses and other real estate around the world - could face up to $1.6 million in fines. It could also further complicate the real estate firm's ability to do business. Justice Juan Merchan, the judge overseeing the case, has rejected the argument that the Trump Organization was targeted for selective prosecution.

The court confronts this divisive issue four months after its major rulings curtailing abortion rights and widening gun rights. The court's 6-3 conservative majority is expected to be sympathetic toward the challenges to Harvard and UNC. The cases give the court an opportunity to overturn its prior rulings allowing race-conscious admissions policies. Blum's group said UNC discriminates against white and Asian American applicants and Harvard discriminates against Asian American applicants. UNC said there is a difference between a racist policy like segregation that separates people based on race and race-conscious policies that bring students together.

NEW YORK, Oct 31 (Reuters) - Opening statements are set for Monday in the criminal case accusing former President Donald Trump's real estate company of a 15-year tax fraud. If convicted, the company - which operates hotels, golf courses and other real estate around the world - could face up to $1.6 million in fines. It could also further complicate the real estate firm's ability to do business. But in a pretrial hearing this month, a Trump Organization lawyer accused Weisselberg of lying, an indication of the bind the company finds itself in. Justice Juan Merchan, the judge overseeing the case, has rejected the argument that the Trump Organization was targeted for selective prosecution.

☆ Biden administration expects near term deal with allies on China export curbs-official
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Oct 27 (Reuters) - The Biden administration expects to ink a deal with allies in the near-term to bring them on board with new rules curbing China's access to sophisticated chipmaking tools, a senior Commerce Department official said on Thursday. Earlier this month, the Commerce Department published a sweeping set of export controls, including measures tightly restricting Chinese access to U.S. chipmaking technology, vastly expanding its reach in its bid to slow Beijing's technological and military advances. But it faced criticism for failing to bring key allies on board with the equipment curbs, since Japanese and Dutch firms, along with U.S. companies, produce chipmaking equipment. Estevez serves as under secretary of commerce for industry and security, overseeing restrictions on exports to countries like Russia and China. Reporting by Alexandra Alper and Karen FreifeldOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. alleges Seagate broke export rules to sell Huawei hard drives -source
▼ + stars: | 2022-10-26 | by ( Karen Freifeld | ) www.reuters.com time to read: +4 min

Seagate, a Dublin-based company that also operates in California, said it was cooperating with the Commerce Department and attempting to resolve the matter. The company paused its shipments to Huawei a year ago, the person said. The company hopes to make its case in an upcoming meeting with the Commerce Department, the source said. At issue is a U.S. regulation that governs the way certain foreign-made items destined for Huawei become subject to U.S. export regulations. The hard disk drives are made in China and Thailand and also do not have enough U.S. content to make them subject to U.S. export rules, the person said.

Register now for FREE unlimited access to Reuters.com RegisterChinese nationals Guochun He and Zheng Wang were charged with trying to interfere in the prosecution, the prosecutors said. Court documents did not name the company, but the complaint referenced the same dates in which the U.S. unsealed its charges against Huawei, in 2019 and 2020. In addition to the case against the two Chinese nationals accused of interfering in the Huawei prosecution, the Justice Department also announced charges in two other schemes. The second case charges four Chinese nationals out of New Jersey with running a decade-long intelligence campaign, while the third accuses seven others of waging a harassment campaign against a U.S. resident in a bid to convince him to return to China. Of the 13 people charged, 10 are Chinese intelligence officers and Chinese government officials.

Prosecutors charged Chinese nationals Guochun He and Zheng Wang with trying to interfere in prosecution of an international telecommunications company. While court documents did not name the company, a person familiar with the investigation said they were trying to interfere with the prosecution of Huawei (HWT.UL). Register now for FREE unlimited access to Reuters.com RegisterA spokesperson for Huawei could not be reached for comment on Monday. Prosecutors also unveiled charges against four Chinese nationals in what they called a long-running intelligence campaign. The complaint against He and Wang alleges they tried to obtain confidential information concerning witnesses, trial evidence and any potential new charges the company could face.

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.

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