Ex-California investment company head charged with fraud

Ex-California investment company head charged with fraud

LOS ANGELES A man who ran two California-based investment companies and frequently appeared as a TV financial news analyst was charged Wednesday with securities fraud for allegedly bilking clients out of millions of dollars, federal prosecutors said. James Arthur McDonald Jr., 50, was charged with a single fraud count and could face up to 20 … Read more

Nikola CEO Tells Jurors He Worried About Exaggerations by Company Founder Trevor Milton

Nikola CEO Tells Jurors He Worried About Exaggerations by Company Founder Trevor Milton

Nicholas CEO Mark Russell told a New York federal jury Monday that he had concerns about joining the electric-truck company because he believed its founder, Trevor Milton“was prone to exaggeration in public statements.” Testifying in Mr. Milton’s securities-fraud trial, Mr. Russell said that before coming on board in 2019 as president of Nikola, he and … Read more

Nikola Founder Faces Securities-Fraud Trial Over Promises About Electric Trucks

Nikola Founder Faces Securities-Fraud Trial Over Promises About Electric Trucks

Trevor Miltonthe Nicholas founder who enticed auto-industry leaders and investors with his promise for a revolution in electric trucks, faces a securities-fraud trial beginning this week on allegations that he lied about his company’s development of environmentally friendly technology. Federal prosecutors in Manhattan last year accused Mr. Milton of running a scheme to enrich himself … Read more

She called herself the Mother Teresa of Florida small-business lending, but investigators say she was really running a $194 million Ponzi scheme

She called herself the Mother Teresa of Florida small-business lending, but investigators say she was really running a 4 million Ponzi scheme

Johanna Garcia claimed her merchant cash-advance business was so helpful to small businesses in Florida that she was like the Catholic saint Mother Teresa. But to the 15,400 investors who sank $194.1 million into MJ Capital Funding, the lender Garcia launched with her partner, Pavel Ramon Ruiz Hernandez, it was simply a Ponzi scheme, federal … Read more

Teladoc loses $3 billion in three months, stock plummets 24%

Teladoc loses  billion in three months, stock plummets 24%

Shares of Teladoc Health Inc. plunged more than 24% in after-hours trading Thursday after the telehealth company took another multibillion-dollar impairment charge, helping to bring its total losses for the first six months of the year up to nearly $10 billion. Teladoc TDOC, +7.59% executives disclosed a $3.0 billion goodwill impairment charge during the second … Read more

Tesla stock’s very bad week gets worse after the allegations against Musk

Tesla stock’s very bad week gets worse after the allegations against Musk

Tesla Inc. shares were poised to close at their lowest since late July, falling more than 8% in midday trading Friday following allegations of sexual misconduct lobbed against Chief Executive Elon Musk. Tesla TSLA, -9.48% stock is down for three straight sessions, with losses of more than 12% over that period, and is looking at … Read more

Tax investigators identify potential $ 1 billion crypto Ponzi scheme, reports say

Tax investigators identify potential $ 1 billion crypto Ponzi scheme, reports say

International tax officials have identified more than 50 leads to potential crypto tax crimes that may lead to official investigations in the coming weeks, including one case that could be a $ 1 billion Ponzi scheme. American tax officials said Friday that they were following separate leads into scams focused on things like nonfungible tokens … Read more

Frozen embryos will keep accused bitcoin money launderers from fleeing

Frozen embryos will keep accused bitcoin money launderers from fleeing

The Bitcoin logo is displayed on the screen of a Bitcoin ATM on November 10, 2021 in Los Angeles, California. Mario Tama | Getty Images A lawyer for the New York couple accused of an “extraordinarily complex” scheme to launder $ 4.5 billion in stolen bitcoin argues in a court filing that they are not … Read more

IRS isn’t texting or emailing you about stimulus checks

IRS isn’t texting or emailing you about stimulus checks

If you receive an email or text message from the IRS about a stimulus check or unemployment claim, watch out – it’s most likely a scam, the agency says. As tax season heats up, so do fraud attempts. This year, that includes potential scams related to many Covid-19 relief measures, including stimulus checks and unemployment … Read more