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Friday, December 12, 2008

Top broker and Wall Street adviser Bernard L. Madoff, aged 70, was arrested and charged by the FBI on Thursday with a single count of securities fraud, also known as stock fraud and investment fraud. He allegedly told senior employees of his firm on Wednesday that his $50 billion business “is all just one big lie” and that it was “basically, a giant Ponzi scheme (since at least 2005).” Mr. Madoff faces up to 20 years imprisonment and a fine of up to $5 million. FBI agent Theodore Cacioppi said Mr. Madoff’s investment advisory business had “deceived investors by operating a securities business in which he traded and lost investor money, and then paid certain investors purported returns on investment with the principal received from other, different investors, which resulted in investors’ losses of approximately $50 billion dollars.”

The former chairman of the Nasdaq Stock Market is also the founder and primary owner of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. The firm is one of the top market maker firms on Wall Street. He founded his family firm with an initial investment of $5,000, after attending Hofstra University Law School. He saved the money earned from a job lifeguarding at Rockaway Beach in Queens and a part time job installing underground sprinkler systems.

A force in Wall Street trading for nearly 50 years, he has been active in the National Association of Securities Dealers (NASD), a self-regulatory organization for the U.S. securities industry. His firm was one of the five most active firms in the development of the NASDAQ, having been known for “paying for order flow,” in other word paying a broker to execute a customer’s order through Madoff. He argued that the payment to the broker did not alter the price that the customer received. He ran the investment advisory as a secretive business, however.

Dan Horwitz, counsel of Mr. Madoff, in an interview, said that “he is a longstanding leader in the financial-services industry with an unblemished record; he is a person of integrity; he intends to fight to get through this unfortunate event.” Mr. Madoff was released on his own recognizance on the same day of his arrest, after his 2 sons turned him in, and posting $10 million bail secured by his Manhattan apartment. Without entering any plea, the Court set the preliminary hearing for January 12.

Madoff’s hedge fund scheme may rank among the biggest fraud in history. When former energy trading giant Enron filed for bankruptcy in 2001, one of the largest at the time, it had $63.4 billion in assets. The scheme would dwarf past Ponzis, and it would further be nearly five times the telecommunication company WorldCom fraud and bankruptcy proceedings in 2002.

The Securities and Exchange Commission filed a separate civil suit on Thursday against Bernard L. Madoff Investment Securities and its eponymous founder Mr. Madoff. It was docketed as “U.S. v. Madoff,” 08-MAG-02735, by the U.S. District Court for the Southern District of New York (Manhattan). SEC, New York associate director of enforcement, Andrew M. Calamari, asked the judge to issue seizure orders on the firm and its assets, and appoint a receiver. The SEC pleads, among others, that “it was an ongoing $50 billion swindle; our complaint alleges a stunning fraud that appears to be of epic proportions.” It further accused the defendant of “paying returns to certain investors out of the principal received from other, different investors” for years. Madoff’s hedge fund business had previously claimed to have served between 11 and 25 clients and had $17.1 billion in assets under management. But virtually all of the assets were missing.

United States District Court for the Southern District of New York Louis L. Stanton on Thursday appointed Lee Richards, a Manhattan lawyer, as the firm’s receiver. A hearing is set for Friday, for a ruling on the SEC’s petition to grant plenary powers to the receiver over the entire firm, and an absolute asset sequestration.

Doug Kass, president of hedge fund Seabreeze Partners Management said that “this is a major blow to confidence that is already shattered — anyone on the fence will probably try to take their money out.”

Monday, June 26, 2006

A Francesco Totti penalty deep in added time put Italy through to the next round of the 2006 Fifa World Cup at the expense of Australia, Monday.

The Australian Socceroos had the ball more, but the more experienced Azzuri defenders created an impenetrable defence, limiting the number of Australian scoring opportunities. This was despite the Italian team shrinking to ten men after Marco Materazzi was shown a controversial straight red card in the 50th minute.

Australia looked to have gained an advantage when Marco Bresciano surged through the Italy defence and Materazzi slid in to trip him up. Though there was an Italy defender on Bresciano’s shoulder, Spanish referee Luis Medina Cantalejo deemed that the tackle was deliberately not aimed at the ball, and considered the foul worth more than a single yellow card. It would not be the only disputed decision in the match.

Both sides had a number of good opportunities to score, but the shots were generally too close to the box to beat the goalkeepers. The best save of the game was made by Mark Schwarzer from a Luca Toni effort 20 minutes into the game.

Guus Hiddink delayed making attacking substitutions against ten-men Italy likely because he expected the game to go to extra time, and so wished to keep a fitness advantage later on in the game. Hiddink’s only substitution, John Aloisi, came on at the 80th minute, while the Italian coach Marcello Lippi had made three, including the crucial one of Totti five minutes earlier.

In the attack Totti was a straight swap for Alessandro Del Piero, a fresh pair of legs which ensured Italy were a threat on the break right until the end of the regular period of play. It was a tactic that paid dividends in the end.

The second disputed referee decision was a penalty kick was awarded to Fabio Grosso three minutes into added time (and the last minute of game time). Grosso was running towards goal from out wide having avoided Marco Bresciano before being obstructed by Lucas Neill. The central defender had fallen to the ground early and Grosso, though not tripped, was impeded and dived straight over him. Medina awarded a penalty shot as this occurred within the penalty area.

Totti, dropped from the game in favour of Del Piero, grinned slightly as he placed the ball on the spot. The ball was struck close to the upper-right corner of Schwarzer’s box, the goalie could do nothing to stop the ball. It was the last kick of the game and the Italians celebrated.

The Budweiser Man of the Match was Gianluigi Buffon of Italy.

The prize was a quarter-final match against the lowest ranked FIFA team in their half of the knock-out tree, Ukraine.

Monday, December 2, 2013

Police in the West Midlands in England today said nearly 200 kilograms worth of drugs with value possibly as great as £30 million (about US$49 million or €36 million) has been seized from a unit in the town of Brownhills. In what an officer described as “one of the largest [seizures] in the force’s 39 year history”, West Midlands Police reported recovering six big cellophane-wrapped cardboard boxes containing cannabis, cocaine, and MDMA (“ecstasy”) in a police raid operation on the Maybrook Industrial Estate in the town on Wednesday.

The seized boxes, which had been loaded onto five freight pallets, contained 120 one-kilogram bags of cannabis, 50 one-kilogram bags of MDMA, and five one-kilogram bricks of cocaine. In a press release, West Midlands Police described what happened after officers found the drugs as they were being unloaded in the operation. “When officers opened the boxes they discovered a deep layer of protective foam chips beneath which the drugs were carefully layered”, the force said. “All the drugs were wrapped in thick plastic bags taped closed with the cannabis vacuum packed to prevent its distinctive pungent aroma from drawing unwanted attention.” Police moved the drugs via forklift truck to a flatbed lorry to remove them.

Detective Sergeant Carl Russell of West Midlands Police’s Force CID said the seizure was the largest he had ever made in the 24 years he has been in West Midlands Police and one of the biggest seizures the force has made since its formation in 1974. “The impact this seizure will have on drug dealing in the region and the UK as a whole cannot be underestimated”, he said. “The drugs had almost certainly been packed to order ready for shipping within Britain but possibly even further afield. Our operation will have a national effect and we are working closely with a range of law enforcement agencies to identify those involved in this crime at whatever level.”

Expert testing on the drugs is ongoing. Estimates described as “conservative” suggest the value of the drugs amounts to £10 million (about US$16.4 million or €12 million), although they could be worth as much as £30 million, subject to purity tests, police said.

Police arrested three men at the unit on suspicion of supplying a controlled drug. The men, a 50-year-old from Brownhills, a 51-year-old from the Norton area of Stoke-on-Trent in Staffordshire, and one aged 53 from Brownhills, have been released on bail as police investigations to “hunt those responsible” continue. West Midlands Police told Wikinews no person has yet been charged in connection with the seizure. Supplying a controlled drug is an imprisonable offence in England, although length of jail sentences vary according to the class and quantity of drugs and the significance of offenders’ roles in committing the crime.

Tuesday, December 22, 2009

According to reports, at least 30 people have been killed in fighting between farmers and cattle herders in the central Nasarawa State of Nigeria.

Member of parliament Mohammed Baba Ibaku said that the incident began on Friday, when armed herders raided the farm village of Udeni Gida. He commented that scores of homes were set on fire during the attack, and added that the herders were from the neighboring Kogi and Taraba states. The violence had occurred after a few weeks of tension between the two, mainly due to competition for land, which is becoming scarcer because of desertification.

Some reporters in the village said that they had seen at least fifty bodies of people killed in the violence. The town has now been placed under police control.

A clash similar to this one erupted two weeks ago, after herders led their cattle into rice fields. One farmer was killed during that incident.

Nasarawa State police commissioner Shehu Babolola confirmed the farmers and herders clashed again on Friday, but declined to give casualty figures.

Saturday, March 14, 2015

This weekend saw the opening of two new exhibitions at Edinburgh’s National Gallery of Modern Art. Wikinews attended Thursday’s press preview for the event where a full contingent of the capital’s press turned out to see the striking collection of paintings, photographs, and other works. Presented below are a selection of images captured at the preview.

REFLECTIONS: A Series of Changing Displays of Contemporary Art, billed as a showcase of a “diverse range of internationally-renowned contemporary and modern artists” is to display major works from the Gallery’s permanent collection, alongside important loans. Alongside this broad range of works, a three-room display of pieces on-loan from the Roy Lichtenstein Foundation — with a dramatic painted steel relief, ‘borrowed’ from the Tate in London — runs from March 14 through to January 10 next year.

Admission to both exhibitions is free; being located in Dean, to the north-west of Edinburgh’s city centre, a free Gallery bus service is available.

Saturday, May 28, 2011

In Edinburgh, capital of Scotland, part of an underground water piping system has exploded, forcing local residents to be evacuated. The pipe broke around 03:30 BST (0230 UTC) today, within Allan Park Road, causing flooding in the Slateford area of the city.

A spokesperson for Scottish sewerage and water corporation Scottish Water explained: “Early this morning reports were received of flooding in Allan Park Road and Scottish Water operatives attended the scene. A large diameter water main had burst. The water was shut off and re-routed via other pipes to keep supplies flowing to households in the area. Repairs are under way and the customers affected by the flooding are being offered assistance.”

Stating that repairs to resolve this problem had commenced and would take a few hours to conclude, Lothian and Borders Police have advised that the floods may disrupt the supplies of water and other utilities, as well as transportation on roads and railways in the west of Edinburgh. Hospitals and rest homes in the region have been notified of the incident and bottled water is now anticipated to be supplied at these buildings.

According to local residents, Slateford Road (A70), a major throughway, was closed for several hours this morning. Telephony and broadband in the area is disrupted, with local residents and businesses having to rely on cellphones. Further work, such as digging up the road and using temporary traffic lights, will be required to restore these services in the area.

As of 13:15 BST (1215 UTC), Scottish Water has excavated around the burst main, but has not yet begun work on replacing the damaged section of pipe.

Tuesday, March 15, 2005A federal jury found Bernard Ebbers guilty on all nine counts in an indictment for fraud, conspiracy and false regulatory filings. The verdict was handed down by a New York jury after 8 days of deliberation on the former WorldCom CEO and mastermind behind the accounting scandal that brought down the telcom giant.

AP writer Erin McClam reported that when the verdict was announced, “Ebbers’ face reddened.”

Sentencing is set for the second Tuesday of next week when he could receive 85 years in prison for the conviction.

Ebbers who took the stand in his own defence, said he left the details of the company’s accounting to others and that he had no knowledge of shady practices. But Scott Sullivan, the ex-chief financial officer of the company and key prosecution witness, directly linked Ebbers to the fraud. Sullivan agreed to co-operate with prosecutors in the hopes of receiving a lenient sentence for his own involvement in the scandal.

The fall of WordCom sparked a massive class action law suit by investors. The plunge in WorldCom’s stock changed the capitalized value of the company in the range of $11 billion as the scandal unravelled. Secuities fraud cases stemming from the suits will probably break new legal ground where the involvement of investment banks and public accounting firms who would normally check company irregularities will be called into legal question.

Thursday, February 28, 2008

Representatives from the British insurance industry have said that the cost of the earthquake which hit Britain early yesterday could be over 10 million GBP. The Association of British Insurers has said in a statement that the cost for the earthquake is “likely to run into the low tens of millions of pounds.”

The Senior claims manager at the UK bank Norwich Union has described the damage by saying that at the moment most insurance claims regarding the earthquake describe “minor damage such as tiles off roofs, breakages inside the homes and brick walls collapsing.” It has also been reported that approximately 1,200 insurance claims were made in the first twelve hours after the earthquake hit Britain.

These reports come one day after the United Kingdom was hit by a 5.2 earthquake. Tremors were reported as widespread as Edinburgh, Manchester, Sheffield, Middlesbrough, Cambridge, London, Birmingham and Southampton .