Fortville woman convicted in $1.2M fraud case
Kristy Deer, 09 June 2021
HANCOCK COUNTY — A Fortville woman accused of working with co-conspirators overseas in a scheme that scammed deaf and elderly people across the country out of about $1.2 million has been convicted on multiple federal charges in a federal court in Harrisburg, Pennsylvania.
Donna L. Summerlin, 62, Fortville, was found guilty late last week following a seven-day jury trial held before United States District Court Judge Jennifer P. Wilson, the Department of Justice announced in a news release. The case, dating to 2018, was brought by the U.S. District Attorney’s Office for the Middle District of Pennsylvania.
Summerlin, who was convicted of conspiracy to commit mail fraud and wire fraud and conspiracy to commit money laundering, faces a long prison sentence.
According to acting U.S. Attorney Bruce D. Brandler, Summerlin was charged with taking money from victims in a so-called advance-fee scheme. Many of the victims were either elderly, deaf or both.
In the schemes, victims were contacted through Facebook and told they were winners of a “deaf lottery” or that they had been selected for special and exclusive government grants or other programs.
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Macon Utilities customers outraged at spike in natural gas prices from February storms
Michael Steward, 24 May 2021
MACON — A winter storm that pushed several states into crisis, pushed a Missouri county into one of their own. The February polar vortex that collapsed Texas’ power grid and water systems led to a historic increase in natural gas prices.
Macon Utilities, a Missouri company, said they were monitoring the weather, but didn’t anticipate the severity of the storm.
“We were watching the weather with the polar vortex that was happening and we had received alerts that the temperatures were going to be cold,” Stephanie Wilson, General Manager of Macon Utilities, said. “To the severity of wells freezing… because of the temperature — that was not known.” Continue reading “Article: Macon Utilities customers outraged at spike in natural gas prices from February storms”
What Cos. Need To Know Before Entering Nascent NFT Market
Michelle Ann Gitlitz, David Ervin and Carissa Wilson, 31 March 2021
On March 11, the artist known as Beeple sold for $69.3 million a digital collage work, “Everydays: The First 5000 Days,” and its associated nonfungible token, or NFT. The auction was conducted by Christie’s International PLC and “Everydays” became the third most expensive work ever sold by a living artist.
A few days later, an image of The New York Times column, “Buy This Column on the Blockchain!” was turned into an NFT and sold for $560,000.
The musician and artist Claire Boucher, known as Grimes, sold nearly $6 million worth of digital artworks as NFTs in under 20 minutes. Continue reading “Article: What Cos. Need To Know Before Entering Nascent NFT Market”
Britain’s NatWest bank faces money laundering charges
Tom Wilson, Iain Withers, 16 March 2021
LONDON (Reuters) – Britain’s financial regulator has started a criminal action against NatWest over allegations it failed to detect suspicious activity by a customer depositing nearly 400 million pounds ($553 million) over five years, mostly in cash.
The action is the first such case against a British bank under a 2007 money laundering law. If convicted, the bank faces a maximum penalty of an unlimited fine.
The Financial Conduct Authority (FCA) said it was bringing the proceedings after NatWest’s systems failed to adequately monitor and scrutinise activity over an account held by a British customer between November 2011 and October 2016.
Around 365 million pounds was paid into the unnamed customer’s accounts, of which around 264 million pounds was in cash, the watchdog alleged.
NatWest had previously disclosed in its 2020 annual report an FCA investigation in relation to “certain money services businesses and related parties”.
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The US clampdown on firms “spoofing” the markets
Simon Wilson, 24 October 2020
A few weeks ago the big US bank JPMorgan Chase admitted that its then-employees fraudulently rigged precious-metals and Treasury (US government bond) markets tens of thousands of times between 2008 and 2016. As part of its settlement with the US authorities, it agreed to pay a total of $920m in fines and restitution (including $172m in “disgorgement”, meaning paying back its ill-gotten gains). The bank admitted that traders based in New York, London and Singapore – working in the gold, silver and other precious metals futures markets, as well as the Treasury cash and futures markets – had engaged in the practice known as “spoofing” on thousands of occasions over the course of eight years.
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A whistleblower just took home $50 million — the biggest award the SEC has ever paid
CNN, 5 June 2020
The US Securities and Exchange Commission has paid out its largest-ever whistleblower award — nearly $50 million.
The whistleblower tipped off the agency to a currency manipulation scheme at a massive bank, resulting in a “successful enforcement action,” the SEC said Thursday.
The Wall Street Journal, which conducted an investigation about the scheme, reported the whistleblower is a trader from Bank of New York Mellon (BKPRC) who alerted the SEC about the bank’s reported pattern of “overcharging big clients on currency trades.”
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Banned Hedge Fund Manager Steven Cohen Is Back – And Investors Are Wary
Ari Feldman, 26 December 2017
Steven Cohen may soon be able to manager other people’s money once again — but potential investors are wary, the New York Times reported. Cohen, a billionaire who for years ran S.A.C. Capital, nearly had had his career destroyed after a government investigation into insider trading at his firm.
Cohen was banned for two years from running a hedge fund after an investor at his firm used illegal trading methods. S.A.C. Capital also paid $1.6 billion in fines and penalties after pleading guilty to securities exchange fraud. Continue reading “Article: Banned Hedge Fund Manager Steven Cohen Is Back – And Investors Are Wary”
Hydrogenics Awarded Contract by Us Hybrid Corporation Todeliver Five Hypm(Tm)Hd Series Power Modules for Heavyduty Mobility.
GlobeNewswire , 27 January 2012
Hydrogenics Corporation, a leading developer and manufacturer of hydrogen generation and fuel cell products, today announced that the Company has received orders, for the delivery of five new generation HyPM(TM)HD Series Fuel Cell Power Modules from US Hybrid of Torrance, California. US Hybrid specializes in the design and manufacture of power conversion systems for medium and heavy duty electric, hybrid and fuel cell commercial buses and trucks. The power modules will be used in a dump truck, a step van and several buses. The vehicles are part of a government funded program managed by the High Technology Development Corporation’s Hawaii Center for Advanced Transportation Technologies and will be deployed for a variety of end users in Hawaii. Continue reading “Article: Hydrogenics Awarded Contract by Us Hybrid Corporation Todeliver Five Hypm(Tm)Hd Series Power Modules for Heavyduty Mobility.”