Scheme

A former Morgan Stanley financial advisor has been sentenced to more than seven years in prison after admitting he ran a $7 million Ponzi scheme at the firm for more than a decade.But even though the scam targeted Morgan Stanley clients and the advisor admitted using a Morgan Stanley product to carry it out, the firm has fought efforts to hold it responsible.Victims say not only has Morgan Stanley resisted their efforts to recover money from the firm, it is also continuing to hold them responsible for lines of credit that…

A New Jersey man who had his prison sentence commuted by then-President Donald Trump has been arrested again for allegedly defrauding investors out of millions of dollars. Eliyahu “Eli” Weinstein, 48, and four other men are being charged with defrauding at least 150 people out of $35 million in a “Ponzi-like scheme,” according to a statement from the office of the U.S. attorney for New Jersey. In addition to Weinstein, the office charged Aryeh “Ari” Bromberg, 49, and Joel Wittels, 57, also of Lakewood;…

Chicago rapper G Herbo has agreed to plead guilty to wire fraud and lying to federal agents after being indicted by a federal grand jury in Springfield, Massachusetts in 2020. G Herbo, born Herbert Wright, was accused along with five associates — including promotor Antonio Strong — of using stolen identities to rack up to $1.5 million in fraudulent charges including private jet excursions, a trip to a villa in Jamaica, and “designer puppies,” according to the Chicago Tribune. The case was charged in Massachusetts…

The Long Island, New York, man who admitted swindling hundreds of millions of dollars from investors through his EminiFX cryptocurrency and foreign-exchange platform was sentenced to nine years in prison.Eddy Alexandre, who lives in Valley Stream, was sentenced Tuesday by US District Judge John Cronan in Manhattan. Alexandre pleaded guilty in February to commodities fraud and agreed to forfeit $248.8 million he earned illegally through his Ponzi scheme targeting mostly investors in the Haitian-American community in New…

Michigan AG Dana Nessel has brought criminal charges against individuals involved in a widespread scheme to subvert the Electoral College vote Michigan Attorney General Dana Nessel on Tuesday filed felony criminal charges against 16 individuals allegedly involved in a scheme to overturn the 2020 election on behalf of Donald Trump.  The individuals charged, which include Michigan’s Republican National Committeewoman Kathy Berden, state GOP Co-Chair Meshawn Maddock , and a slew of…

The government has big investment plans for the rural internet connectivity project BharatNet. According to union minister for electronics and information technology, Ashwini Vaishnaw, the government will invest a total of $13 billion (roughly Rs 1.5 lakh crore) in BharatNet over the years to expand the footprint of the rural internet connectivity scheme to every village."Today close to 850 million people have access to internet. But that is not enough. We will augment it with investment of $13 billion to make sure high…

A program for the Twitch elite? Recently, it was announced that Twitch would be improving its revenue splits through what’s being called the Partner Plus program. This means streamers will be entitled to a 70/30 split instead of the current 50/50, providing they meet certain requirements. However, while it’s generally been accepted that this is a step in the right direction, more than a few content creators are concerned about the upcoming program. Speaking to Eurogamer recently, a number of streamers say they feel the…

For nearly a decade, sales representatives from a prominent medical device maker operated a bribery scheme at a Kansas veterans hospital that wasted millions of taxpayer dollars and jeopardized the lives of patients, a recently unsealed whistleblower lawsuit alleges.The sales reps from the company, Medtronic, "bribed hospital staff to purchase its devices over those of competitors and to purchase grossly excessive inventory," according to the suit.In 2017, Tom Schroeder filed the lawsuit, United States ex rel. Schroeder…

The Karnataka government has introduced the Shakti scheme, which applies to all women in the state. The scheme offers free bus rides to women and transgender persons on all non-premium services provided by the state-run Road Transport Corporations (RTCs). However, to avail of this benefit, you need to apply for the Shakti Smart card. If you are wondering how to apply for the Shakti Smart card and enjoy the free bus service in Karnataka, here’s a quick step-by-step guide:How to apply for Shakti Smart Card onlineTo avail a…

The Indian government met large global firms such as Foxconn, Samsung Electronics and Reliance Industries to find ways to boost manufacturing in the country with its production-linked incentive (PLI) scheme. The meeting, addressed by India's Trade Minister Piyush Goyal on Tuesday, comes amid concerns that some of the businesses were facing delays in availing the incentives from New Delhi amid complicated procedures. The discussions included ways to improve local manufacturing at competitive costs, higher domestic…