English: Bernard Madoff's mugshot (Photo credit: Wikipedia)
Here is what we are reading today:
Eight Charged In $280 Million Pump-And-Dump Scheme In New York (Bloomberg) - Eight people were indicted on charges of defrauding thousands of investors in penny stocks through a $290 million “pump-and-dump” scheme, Manhattan District Attorney Cyrus Vance Jr. said. Three stock promoters -- Anthony Thompson, 38, Eric Van Nguyen, 30, and Jay Fung, 40 -- are accused of working with five others from April 2009 to May 2012 to drive up prices of penny stocks to induce investors to buy shares, Vance said in a statement today.
Cities Compete To Become The Locale For International Disputes (DealBook) - The 48-mile Panama Canal expansion is an engineering marvel that promises to speed up international commerce and may be a boon for global ports. It is also one that involves lots of disputes over cost overruns and construction delays, and pushed completion beyond the canal’s 100th anniversary last month. Rather than hash out any of the issues in Panama, where the court system could have an intrinsic bias toward the government, the feuding parties mutually agreed to iron out $1.6 billion in disputes in Miami.
Countries Freeze Assets, But Don't Return Enough Of It (WSJ) - Stolen state assets are increasingly being frozen and there are improvements in assets being repatriated, but it’s still a small amount compared with what’s being taken by corrupt officials, according to a new report.
PwC Fined For Bank Sanctions Report (Bloomberg) - PricewaterhouseCoopers LLP was fined $25 million after sanitizing a report to regulators on sanctions and money-laundering controls for Bank of Tokyo-Mitsubishi UFJ Ltd., New York’s top bank regulator said today. The bank persuaded PwC Regulatory Advisory Services to change a compliance report related to financial transactions with sanctioned countries including Iran and Sudan through March 2007, according to a settlement with Benjamin Lawsky, superintendent of New York’s Department of Financial Services.
Madoff's Deceased Son Andrew Leaves Millions To Wife, Children, Fiancee (Bloomberg) - Andrew Madoff, convicted conman Bernard Madoff’s son, left $11 million in personal property and $4.5 million in real property to his children, wife and fiancee, according to his will. Madoff, who insisted he had nothing to do with his father’s massive Ponzi scheme, died this month at the age of 48.
The Real Wolf Of Wall Street Bombs At New York Event (Business Insider) - Hundreds of people (mostly men) packed the house at the 92nd Street Y in Manhattan's Upper East Side to see the real-life "Wolf of Wall Street," Jordan Belfort. The show they got was a disappointment.
Bureau Of Prisons Installs Millimater Wave Scanners For Contracband (BOP) - The Federal Bureau of Prisons has installed monitoring detectors, such as those found at airports, to screen staff and visitors for contraband. The BOP has been inundated with reports of inmates receiving cigarettes, cell phones, liquor and drugs for years. The only way the items get into the prison has to be from someone bringing them in ... we'll see if it works.
The Most Dangerous Cities In The U.S. (My Life) - All cities have their bad spots and neighborhoods where crime occurs at a higher rate than others. Sometimes though these things occur so often that it can reflect poorly on the city as a whole. And these cities all have their redeeming qualities and could be shown as fine places to live if different criteria were used. But according to these numbers, these ten cities are the most dangerous in the U.S. Here they are....