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The founder of a New York money manager and two associates were criminally charged on Thursday with running a $1.8 billion Ponzi-like fraud where thousands of victims were falsely promised steady returns on their investments

David Gentile, the chief executive of GPB Capital Holdings LLC, was accused of cheating more than 17,000 retail investors taken in by promises of consistent 8% annual returns even as the firm was hemorrhaging losses.

Authorities said GPB told investors their payments would be funded by revenue from the firm’s holdings, including a group of car dealerships, when in fact a “significant” portion came from money from newer investors.

The defendants also allegedly siphoned millions of dollars for themselves, including for luxuries such as a Ferrari for Gentile and a $29,837 American Express bill covering “David’s 50th Bday.”

Gentile, 54, who founded GPB in 2013, lives in Manhasset, New York.

Continue reading “NY money manager charged in $1.8 billion Ponzi-like fraud”

Democrats in the U.S. Senate were poised on Thursday to take a first step toward the ultimate passage of President Joe Biden’s $1.9 trillion COVID-19 relief proposal, in a marathon “vote-a-rama” session aimed at overriding Republican opposition.

Senate Democrats need to pass a budget resolution to unlock a legislative tool called reconciliation, which would allow them to approve Biden’s proposal in the narrowly divided chamber with a simple majority. The House of Representatives approved the budget measure on Wednesday.

Most legislation must get at least 60 votes in the 100-seat Senate to pass. But the chamber is divided 50-50 and Republicans oppose the Democratic president’s proposal. Reconciliation would allow the Senate’s 48 Democrats and two independents to approve the relief package with a tie-breaking vote from Vice President Kamala Harris.

Continue reading “U.S. Senate Democrats set for first step on road to new COVID-19 relief”

GameStop Corp shares halved in value on Tuesday and silver prices retreated as the Reddit-driven trading frenzy that has shocked global financial markets appeared to fizzle, at least for now.

The videogame chain’s shares, which have seesawed wildly with hedge funds and other investors making or losing billions of dollars, were last down 51% at $108.99. They are now worth only a quarter of their high of $483 last week.

Early on Tuesday, short sellers were up $2.5 billion in paper gains, cutting their year-to-date losses to $10.1 billion, according to S3 Partners.

Continue reading “GameStop shares halve, spelling possible end to manic Reddit rally”

 -Democrats in Congress prepared on Tuesday to take the first steps toward fast-track passage of U.S. President Joe Biden’s $1.9 trillion COVID-19 relief package – and without Republican support if necessary.

A fiscal 2021 budget measure, with coronavirus aid spending instructions, was headed for preliminary votes that would help unlock a legislative tool needed for Democrats to enact Biden’s package swiftly in the face of Republican opposition.

Republicans have pushed back on Biden’s $1.9 trillion price tag, which follows $4 trillion in COVID-19 aid last year.

Continue reading “Democrats ready first steps toward $1.9 trillion U.S. COVID-19 relief bill”

Amid a devastating pandemic and the threat of domestic terrorism, Joe Biden was sworn in as the 46th president of the United States shortly before noon on Wednesday, pledging to unite the country and calling on Americans to end the “uncivil war” that has fractured the nation.

In a ceremony at the U.S. Capitol that kept with tradition while being unlike any other inauguration in U.S. history, Biden took his oath of office before a small, socially distanced audience in a city that has been locked down because of the dual threats of Covid-19, which has killed over 400,000 people in the U.S., and worries over another attack just two weeks after the deadly riot at the Capitol.

Continue reading “Biden sworn in as president, calls on Americans to ‘end this uncivil war’ of political division”