NEW YORK (AP) — McDonald's is coming under intensifying pressure for labor practices at its U.S. restaurants. The National Labor Relations Board said Tuesday that the world's biggest hamburger chain could be named as a joint empl...
U.S. President Barack Obama on Thursday hammered U.S. companies that avoid federal taxes by shifting their tax domiciles overseas in deals known as “inversions” and called on Congress to pass a bill to curb the practice.
"Editor’s note: This is an excerpt from White Collar Crime: Core Concepts for Consultants and Expert Witnesses, Chapter 10 by Scott M. Richter, CPA/CIA, CFE, edited by Debra K. Thompson, CPA/CFF, CFE, and Randal A. Wolverton, CPA/CFF, CFE.
The Ponzi scheme is named after Carlo “Charles” Ponzi, who in 1919, devised a simple investment vehicle. Effectively, Ponzi planned to take advantage of weakening foreign currencies by purchasing international postal coupons overseas that could be redeemed for U.S. postage stamps. He would then sell the U.S. stamps and make a profit. However, Ponzi was unable to reap any meaningful profits due to the bureaucracy and administrative burden involved in redeeming these coupons.
Instead of abandoning this unsuccessful (but legitimate) investing method, Ponzi refined his pitch to potential investors, saying he could return a 50% profit on their investment in 45 days or double their money in 90 days. Ponzi advised investors that he would achieve such returns through a “network of international agents,” who would purchase the postal reply coupons on his behalf. He withheld further details of how he would achieve such returns “due to competitive reasons.” In reality, Ponzi was merely paying off early investors with new investors’ funds while making no new purchases of postal reply coupons.
In the short eight-month duration of his scheme, Ponzi collected as much as $15 million from 40,000 investors. News reports at the time described huge crowds lined up outside Ponzi’s Boston office waiting to invest. However, after the scheme unraveled, Ponzi was $7 million in debt, with assets that included a mere $61 in postal reply coupons. In the decades since Ponzi launched this brazen scam, thousands of other fraudsters have pursued schemes with the same common denominator: Earlier investors are paid off with funds from new investors.
Today, the legal definition of a Ponzi scheme is simply “a phony investment plan in which monies paid by later investors are used to pay artificially high returns to the initial investors, with the goal of attracting more investors” (Alexander v. Compton, 229 F.3d 750, 759 n.1 (9th Cir. 2000))."
Beijing vows to drive corrupt officials from their overseas refuges in a bid to save the Chinese Communist Party from extinction..
China's Communist Party has launched an international "fox hunt" for corrupt officials, vowing to track fugitives to the four corners of the earth and bring them to justice.
Chinese officials have been lining their pockets and skipping the country since the 1980s, the Xinhua news agency reported this week, but the problem has now reached staggering proportions.
More than 750 errant civil servants were repatriated last year after fleeing China with more than £960m, according to figures released this week.
Reports have emerged this year of government officials and fraudsters escaping to countries including Uganda, Thailand, Malaysia and the United States with huge sums of public money.
"We will hunt them down and bring them to justice wherever they try to escape and hide," Liu Dong, the deputy director of Beijing's Economic Crime Investigation Department, vowed earlier this week at the launch of a campaign dubbed "Operation Fox Hunt 2014".
Earlier today on the Senate floor, Democratic Senator Mark Begich (Alaska) shamed House Republicans for having the audacity to nickel and dime our nation's veterans after spending trillions on the wars in Iraq and Afghanistan. In typical Republican fashion...
Aaron Foss thinks he may have built a better mousetrap when it comes to ending all those scam calls that ring up your landline. The 36-year-old contract programmer split a $50,000 prize in a crowdsourcing competition staged by the FTC -- you know, th...