The co-founder of AirBit Club — a cryptocurrency pyramid scheme that swindled investors of over $100 million — has been sentenced to 12 years in prison for his role in a $100 million “pyramid scheme” that purported to be involved in crypto mining. The sentencing comes nearly seven months after Rodriguez — the co-founder of
Receive free Donald Trump updates We’ll send you a myFT Daily Digest email rounding up the latest Donald Trump news every morning. Donald Trump, his oldest sons and his business organisation are liable for orchestrating a “persistent and repeated fraud” in which they vastly inflated the value of properties in Manhattan and Florida, as well
Retail theft is not a “major issue” at Costco, the company said on Tuesday after it beat Wall Street’s expectations for earnings. Richard Galanti, the company’s chief financial officer, told analysts that shrink — an industry term that covers shoplifting, employee theft, organised retail crime and process mistakes — has increased by a few percentage points
Former US President and 2024 Presidential hopeful Donald Trump speaks at a Team Trump Iowa Commit to Caucus event at Jackson County Fairgrounds in Maquoketa, Iowa, on September 20, 2023. Scott Olson | Getty Images A judge on Tuesday ruled that former President Donald Trump and his company are liable for fraud by misstating the
The customers of bankrupt cryptocurrency lending platform BlockFi are one step closer to being paid out after a United States Bankruptcy Court in New Jersey approved its liquidation plan. Bankruptcy Judge Michael A. Kaplan approved BlockFi’s third amended Chapter 11 plan in a Sept. 26 court hearing, a filing on the same day shows. Sept.
The United States Securities and Exchange Commission (SEC) is taking the maximum time allowed for the regulator to reach a decision on a spot Bitcoin (BTC) exchange-traded fund, or ETF, offering from ARK 21Shares. In a Sept. 26 notice, the SEC said it would designate a longer period on whether to approve or disapprove of
Your browser does not support playing this file but you can still download the MP3 file to play locally. The US dollar has been on a tear, just reaching a six-month high. It might be a sign investors and traders are getting used to the idea that US interest rates will be “higher for longer.”
Receive free Renewable energy updates We’ll send you a myFT Daily Digest email rounding up the latest Renewable energy news every morning. One of Britain’s largest onshore wind developers has said it is halting development of its biggest project to date due to rising costs and the government’s windfall tax on green power. Community Windpower
Municipal bonds were weaker Tuesday as U.S. Treasury yields rose out long and equities sold off. The two-year muni-to-Treasury ratio Tuesday was at 69%, the three-year was at 70%, the five-year at 71%, the 10-year at 73% and the 30-year at 90%, according to Refinitiv Municipal Market Data’s 3 p.m., ET, read. ICE Data Services
Fitch Ratings revised to positive from stable the outlook on $32 million of refunding revenue bonds associated with the construction of Atlanta’s city courthouse as revenue streams continue a post-pandemic recovery. The outlook change applies to $32 million of tax-exempt certificates of participation issued by the Georgia Municipal Authority in 2016 to refund a 2002
The Biden administration’s year-old rule allowing retirement plan managers to consider environmental, social and governance factors in their investment decisions has survived a challenge from 26 Republican-led states. Judge Matthew Kacsmaryk of the U.S. District Court for the Northern District of Texas upheld the Department of Labor rule Thursday in a 14-page opinion. “While the
Receive free Amazon.com updates We’ll send you a myFT Daily Digest email rounding up the latest Amazon.com news every morning. The US Federal Trade Commission and 17 states sued Amazon, alleging the online retailer illegally uses monopoly power to overcharge consumers, hobble competitors and exploit sellers on its marketplace. The landmark lawsuit, filed on Tuesday,
Stablecoin issuer Circle has launched a Stellar network version of its euro-backed stablecoin, EURC, according to a Sept. 26 announcement. EURC was previously only available on the Ethereum and Avalanche networks. Hello Europe meet our new friend EURC on #Stellar. Same speed, low cost, and reliability of the Stellar network we all know and love
Arizona’s Water Infrastructure Finance Authority is “strongly considering” public financing as it seeks ideas on how the drought-prone state could expand its water supply with the help of a $1 billion fund, the agency’s head said. WIFA Director Chuck Podolak told reporters Friday that bonds are “on the table” in conjunction with the long-term water
The relationship between Bitcoin’s price and U.S. Treasury yields has long been considered a strong indicator due to historical data and the underlying rationale. Bitcoin halvings vs. 10-year Treasury yields In essence, when investors turn to government-issued bonds for safety, assets like Bitcoin (BTC), which are considered risk-on, tend to perform poorly. A noteworthy chart
A customer uses an ATM at a Wells Fargo Bank in San Bruno, California, on April 14, 2023. Justin Sullivan | Getty Images Check out the companies making headlines in midday trading. Cintas — Shares fell 4.8% after the company reported its 2024 fiscal first-quarter earnings. The corporate apparel company posted $3.70 in earnings per
California’s high-speed rail line won a $202 million federal grant, a drop in the bucket for the massive project but the largest grant among the $1.4 billion awarded Monday by the White House for rail projects across the country. “These projects will make American rail safer, more reliable, and more resilient, delivering tangible benefits to
The Securities and Exchange Commission has settled an administrative proceeding with municipal advisor Fieldman Rolapp & Associates as well as one of its principals, Anna Sarabian, for an alleged breach of the legal duty of care in connection with advice provided to an unnamed California city. The Commission found that FRA and Sarabian violated Section
Sales of newly built homes fell 8.7% in August from July, to a seasonally adjusted annualized pace of 675,000 units, according to the U.S. Census Bureau. That is the slowest pace since March. Sales were still 5.8% higher than August 2022. The Census count is based on signed contracts during the month, and mortgage rates
The Omaha Public Power District will sell $650.5 million of double-A rated bonds within the next 10 days as a step to finance its aggressive capital program over the next few years. The bonds will be $339.65 million in 2023 Series A new money and $310.9 million in Series B refunding bonds. The bonds’ maturities will
The municipal bond market grew in the second quarter as household and exchange-traded fund ownership of municipal securities rose, while ownership by mutual funds, U.S. banks and life insurers fell, the latest Federal Reserve data shows. The second quarter data showed the face amount of munis outstanding climbed 0.4% quarter-over-quarter, or $15.5 billion, to $4.043