A California man has been sentenced by to 25 years in prison by a Florida judge for orchestrating a $1.3 billion fraud scheme that stole money from thousands of investors nationwide – including ABC News host, anchor George Stephanopoulos. Court records show 62-year-old Robert Shapiro was issued the maximum possible sentence on Tuesday in Miami federal court after previously pleading guilty to wire fraud and tax evasion in August. Through his now-defunct investment firm, Woodbridge Group of Companies, Shapiro masterminded a national real estate investment scheme from his two bases in South Florida and Southern California, swindling 7,000 investors out of nearly $1.3 billion. During the five year ploy, Shapiro promised investors – most of them elderly – that their cash would be used to build and buy luxury properties that would yield returns as high as 10 percent. But instead, Shapiro bought those properties himself through a web of legal entities to obscure … [Read more...] about Man is jailed for 25 years for orchestrating $1.3 billion fraud scheme that stole money from at least 7,000 investors nationwide – including ABC anchor George Stephanopoulos
Ponzi scheme in india
India Soutik Biswas Delhi correspondent 24 July 2013 Share this with Facebook Share this with Messenger Share this with Twitter Share this with Email Share this with Facebook Share this with WhatsApp Share this with Messenger Share this with Twitter Share Share this with These are external links and will open in a new window Email Share this with Email Facebook Share this with Facebook Messenger Share this with Messenger Messenger Share this with Messenger Twitter Share this with Twitter Pinterest Share this with Pinterest WhatsApp Share this with WhatsApp LinkedIn Share this with LinkedIn Copy this link https://www.bbc.co.uk/news/world-asia-india-23429796 Read more about sharing. These are external links and will open in a new window Close share panel Is India winning the battle against poverty? Going by the latest figures, yes. The number of … [Read more...] about Is India winning the war on poverty?
Motka Manjhi had been back and forth to the ration shop four or five times, his wife said, but on each occasion he returned empty-handed. His thumbprint, needed to prove his identity, wasn’t registering on the new system. He was told to do an online update. But to do so he would need to get to a private centre – a four-mile journey from his village in Dumka, in the state of Jharkhand, north-east India. This would mean missing at least a day’s potential work, which he desperately needed to buy food. And even if he made the trek, there was no guarantee that the system, which often suffers from network outages, would be working properly. What was to be done? In the past, Manjhi and other low-income Indians only needed papers to pick up subsidised grains to feed themselves. But the welfare system in India has undergone dramatic change. Each person claimingsupport is now required to have an Aadhaar, a unique 12-digit number that is linked to their biometric and demographic … [Read more...] about How a glitch in India’s biometric welfare system can lead to starvation
Some years and several books ago, the New Yorker journalist Malcolm Gladwell moved from being a talented writer to a cultural phenomenon. He has practically invented a genre of nonfiction writing: the finely turned counterintuitive narrative underpinned by social science studies. Or if not the inventor then someone so closely associated with the form that it could fall under the title of Gladwellian. His latest book, Talking to Strangers, is a typically roundabout exploration of the assumptions and mistakes we make when dealing with people we don’t know. If that sounds like a rather vague area of study, that’s because in many respects it is – there are all manner of definitional and cultural issues through which Gladwell boldly navigates a rather convenient path. But in doing so he crafts a compelling story, stopping off at prewar appeasement, paedophilia, espionage, the TV show Friends, the Amanda Knox and Bernie Madoff cases, suicide and Sylvia Plath, torture and … [Read more...] about Talking to Strangers by Malcolm Gladwell review – fascinating study of why we misread those we don’t know
All around the world, from small-town Illinois in the US to Rochdale in England, from the Pacific shore of Perth, Australia, to Dumka in northern India, a revolution is under way in how governments treat the poor. You can’t see it happening, and may have heard nothing about it. It’s being planned by engineers and coders behind closed doors, in secure government locations far from public view. Only mathematicians and computer scientists fully understand the sea change, powered as it is by artificial intelligence (AI), predictive algorithms, risk modeling and biometrics. But if you are one of the millions of vulnerable people at the receiving end of the radical reshaping of welfare benefits, you know it is real and that its consequences can be serious – even deadly. The Guardian has spent the past three months investigating how billions are being poured into AI innovations that are explosively recasting how low-income people interact with the state. Together, our … [Read more...] about Digital dystopia: how algorithms punish the poor