NEW YORK (AP) — The founder and former CEO of the failed cryptocurrency lending platform Celsius Network could face decades in prison after pleading guilty Tuesday to federal fraud charges, admitting that he misled customers about the business. Alexander Mashinsky, 58, of Manhattan, entered the plea in New York federal court to commodities and securities fraud. He admitted illegally manipulating the price of Celsius’s proprietary crypto token while secretly selling his own tokens at inflated prices to pocket about $48 million before Celsius collapsed into bankruptcy in 2022. In court, he admitted that in 2021 he publicly suggested there was regulatory consent for the company’s moves because he knew that customers “would find false comfort” with that. And he said that in 2019, he was selling the crypto tokens even though he told the public that he was not. He said he knew customers would draw false comfort from that too. “I accept full responsibility for my actions,” Mashinsky said of crimes that stretched from 2018 to 2022 as the company pitched itself to customers as a modern-day bank where they could safely deposit crypto assets and earn interest. U.S. Attorney Damian Williams said in a release that Mashinsky “orchestrated one of the biggest frauds in the crypto industry” as his company’s assets purportedly grew to about $25 billion at its peak, making it one of the largest crypto platforms in the world. He said Mashinsky used catchy slogans like “Unbank Yourself” to entice prospective customers with a pledge that their money would be as safe in crypto accounts as money would be in a bank. Meanwhile, prosecutors said, Mashinsky and co-conspirators used customer deposits to fund market purchases of the Celsius token to prop up its value. Machinsky made tens of millions of dollars selling his own CEL tokens at artificially high prices, leaving his customers “holding the bag when the company went bankrupt,” Williams said. An indictment alleged that Mashinsky promoted Celsius through media interviews, his social media accounts and Celsius’ website, along with a weekly “Ask Mashinsky Anything” session broadcast that was posted to Celsius’ website and a YouTube channel. Celsius employees from multiple departments who noticed false and misleading statements in the sessions warned Mashinsky, but they were ignored, the indictment said. A plea agreement Mashinsky made with prosecutors calls for him to be sentenced to up to 30 years in prison and to forfeit over $48 million, which is the amount of money he allegedly made by selling his company’s token. Sentencing was scheduled for April 8.CSE closes post-election week with losses
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During a recent inspection of the road concretisation work in Santacruz West, Mumbai BJP President and MLA Ashish Shelar raised concerns over the sub-standard quality of materials used in the project. He pointed out irregularities in the construction of Bhargava road, urging the civic body to ensure better quality control. Meanwhile, the civic authorities has assured that the contractors comprising with quality of roads will face serious action. The BMC has completed only 46 kms of the planned 324 kms in Phase 1, since last year. Currently, work is ongoing on 213 roads, while 298 roads are yet to be concretised in this phase. In Phase 2, out of 1,420 roads, 433 roads are under concretisation, with many still pending. Road concretisation work in Santacruz | FPJ Road concretisation work in Santacruz | FPJ Shelar noticed substandard work during his inspection of one of the concretisation projects in the western suburbs. He was accompanied by Assistant Municipal Commissioner of H West Ward, Vinayak Vispute, and other concerned officials from the road departments. Shelar has demanded a comprehensive audit of the work and also investigate the matter. The municipal commissioner Bhushan Gagrani took a review of road concretisation work in the last week. "Not only the contractor but quality management agency will also face the action if any concretised roads work is found to be of inferior quality," said a senior civic official. To ensure high standards and quality in the cement concreting process, the Indian Institute of Technology - Bombay (IIT - B) has been appointed as an independent agency for monitoring the quality of roads work.
AGNC Investment Corp. Declares Fourth Quarter Dividends on Preferred Stock
Angry Patrick Mahomes accuses the NFL of risking player safety before huge run of Chiefs games READ MORE: Travis Kelce breaks his silence on NFL Man of the Year nod By JAKE NISSE Published: 23:45, 11 December 2024 | Updated: 23:52, 11 December 2024 e-mail 1 View comments Patrick Mahomes and the Chiefs have an extremely congested schedule coming up - and the passer is far from thrilled with the NFL. The two-time defending champions will embark on a stretch of three games in 11 days beginning this weekend when they face the Browns on Sunday, before hosting the Texans on December 21 and then traveling to the Steelers on Christmas . And while the Chiefs are sitting pretty atop the AFC with a 12-1 record, Mahomes seems to be dreading his team's next couple of weeks. 'It is not a good feeling,' he told reporters on Wednesday, per ESPN . 'I'm excited to play on Christmas to hopefully get back from what we did last year [when the Chiefs lost to the Raiders], but you never want to play this many games in this short of time. 'It's just not great for your body. But at the end of the day, it's your job, your profession. You have to come to work and do it.' Mahomes added, 'All you can do is focus on the game and the practice that you had that day. I try to prepare my body all year long for this stretch by tailoring my workouts, tailoring how you practice and you prepare. The coaches do a great job of taking care of us on the practice field. We practice hard as anybody, but they know how to kind of dial it back when we need it.' QB Patrick Mahomes is not looking forward to the Chiefs' upcoming stretch of games The quarterback and his team haven't had a break since returning from their Week 6 bye In addition to the Chiefs, the Texans, Steelers and Ravens will also be playing three games in the next 11 days. Crucially, though, the Ravens and Texans are coming right off of a bye in Week 14, while the Steelers had their break in Week 9. The Chiefs haven't had a rest since they returned from their Week 6 bye - a fact that defensive star Chris Jones was eager to point out. 'This is one thing I'm doing this offseason is I'm going to the NFLPA, especially with us having three games in [an 11-day] span, that we're mandatory to have a late bye week,' he said. Read More Travis Kelce suggests NFL retirement could be imminent with shock statement on New Heights 'With our schedule, it's kind of awkward, to say the least. ... That's a conversation to have this offseason. If a team has somewhat of a schedule like that, they should get a late-season bye. We don't need a Week [6] bye ... Give it to us in Week 8, Week 10, something like that.' Mahomes and Co. will have a week-and-a-half to recover after their Christmas Day game before facing the Broncos in Week 18 on January 5. And if Kansas City manages to wrap up a first-round playoff bye before Week 18 - as they currently have a two-game AFC lead over the Bills - Mahomes and the team's other starters could be held out of the final regular season game. The quarterback then wouldn't play until January 18 or 19 in the divisional round. Kansas City Chiefs Kansas City Royals Share or comment on this article: Angry Patrick Mahomes accuses the NFL of risking player safety before huge run of Chiefs games e-mail Add comment
A Nanaimo-area teen has been given a dream gaming rig intended to not only entertain him, but also enrich his life. Blair Haslam, 18, lives with Duchenne muscular dystrophy, a degenerative disease which affects mobility. He is passionate about video games and with the assistance of the Help Fill A Dream Foundation, now has a gaming system, including high-end monitors, hardware, headset and microphones, and a custom-made gaming chair. He received the computer equipment Tuesday, Dec. 10 at Country Grocer in Cedar. The new gear will allow him to play games that wasn't able to play previously, as well as livestream his gaming. "I want to be a streamer, I want to stream games to people, hopefully to make them smile," said Haslam. Blair's mother Jennifer expressed gratitude to the foundation and said the fulfilled dream will do wonders. "Blair has had this dream for a long time, even when his sisters were trying to convince him that a trip would be a really good idea, he really has been focused on this one dream," she said. "It really helps him connect with friends, and puts him on the level playing field with all his peers, because he is an equal in those games." Haslam was given four shopping carts full of equipment. "This gives him the ability to do so much in terms of communication with other gamers and everything online,” said Craig Smith, foundation executive director. "There's also some educational components that he's built into there, but also it's giving him some freedom and a sense of self and independence." Haslam is currently playing Marvel Rivals, a third-person shooter featuring characters from the comic-book universe. Over the past two years, the Help Fill A Dream Foundation has raised more than $50,000.
For the best experience, please enable JavaScript in your browser settings. The Kenya Revenue Authority (KRA) has announced a new tax amnesty programme aimed at providing relief to taxpayers burdened by interest and penalties on outstanding tax debts. Under the Tax Procedures (Amendment) Act, 2024, the latest amnesty will cover the period up to December 31, 2023, and will be available from December 27, 2024, to June 30, 2025. According to KRA, taxpayers who have settled all principal taxes due by the end of December 2023 will automatically qualify for a waiver of related penalties and interest, eliminating the need for an amnesty application. For those who have not yet paid their principal taxes, the KRA has outlined a process for obtaining the amnesty. Taxpayers must apply to the Commissioner for Domestic Taxes and propose a payment plan for any outstanding amounts, which must be fulfilled by June 30, 2025. “The tax amnesty programme will run from 27th December 2024 to June 30, 2025,” said the taxman in a public notice. “A person who has paid all the principal taxes that were due by December 31, 2023, will be entitled to automatic waiver of the penalties and interest related to that period and will not be required to make an amnesty application.” The KRA added: “A person who has not paid all the principal taxes accrued up to December 31, 2023, and is unable to make a one-off payment for the outstanding principal taxes will be required to apply to the Commissioner for the amnesty and propose a payment plan for any outstanding principal taxes, which should be paid by June 30, 2025.” READ: KRA announces waiver on tax interests and penalties The move by the KRA comes as President William Ruto faces renewed pressure to reassess his administration’s revenue mobilisation strategies in the New Year with data from Treasury revealing significant shortfalls in tax collection. Treasury Cabinet Secretary John Mbadi announced in November that by the end of October, the total revenue collection by the State fell short by Sh73.7 billion against its targets for the period mainly due to a Sh48.1 billion shortfalls in ordinary revenues or taxes. The shortfall was recorded despite KRA’s recent aggressive tax collection efforts. The figures show that total revenues amounted to Sh854.5 billion as of October against a target of Sh928.2 billion. “By the end of October 2024, revenue collection amounted to Sh854.5 billion against a target of Sh928.2 billion resulting in an underperformance of Sh73.7 billion,” said Mbadi. “The underperformance was on account of shortfall registered in ordinary revenue of Sh48.6 billion and ministerial A-i-A (appropriations in aid) of Sh25.1 billion.” The KRA’s inability to meet Treasury targets comes even as President William Ruto's government pursues a rigorous fiscal consolidation plan aimed at controlling public debt and enhancing revenue collection. Expenditure trends also reflect the government’s financial challenges. Total expenditures were below target by Sh101.9 billion, primarily due to reduced disbursements in recurrent expenditure and the County Equitable share said Mbadi. “Expenditures by the end of October 2024 were below target by Sh101.9 billion on account of below target disbursements towards recurrent expenditure and County Equitable share,” said Mbadi. “Fiscal operations by the end of October 2024 resulted in an overall deficit inclusive of grants of Sh222.9 billion (1.2 per cent of GDP) against a target of Sh249.2 billion (1.4 per cent of GDP).” The underperformance in tax collections spans all major tax heads, Treasury confirmed. This has prompted the Treasury to go back to the drawing board for a comprehensive review of existing strategies to collect tax by the Kenya Kwanza administration Mbadi said. Stay informed. Subscribe to our newsletter According to Mbadi, going forward, a newly revamped Kenya Kwanza government’s Medium-Term Fiscal Policy aims to support economic growth through the implementation of a “comprehensive revenue mobilisation plan.” This includes broadening the tax base, minimising unnecessary tax expenditures, and leveraging technology to enhance tax compliance. Additionally, the Ruto administration is focusing on increasing non-tax revenues from services provided by various ministries, departments, and agencies. As part of these efforts, the government plans to implement the Medium-Term Revenue Strategy (MTRS), which aims to progressively strengthen tax revenue mobilization efforts to 20 per cent of GDP over the medium term. Mbadi also said the government plans to improve governance and efficiency within state-owned enterprises (SOEs) and to explore public-private partnerships (PPPs) for commercially viable projects. Looking ahead in the New Year the Ruto government faces an uphill task as it says for the fiscal year 2025/26 budget it will aim for total revenues of Sh3.516.6 trillion, representing 17.6 per cent of GDP, an increase from Sh3.060.0 trillion or 16.9 per cent of GDP in FY 2024/25. It plans to raise Ordinary revenues or taxes to Sh3.018.8 trillion, up from Sh2.631.4 trillion in the previous fiscal year further putting pressure on KRA. President Ruto recently assented to the Tax Laws (Amendment) Bill 2024 which would enable the government to generate some of the revenue lost with the collapse of the Finance Bill 2024 while, at the same time, providing relief for employees, retirees and businesses. The principal object of the Bill, introduced by National Assembly Majority Leader Kimani Ichung’wah, was to amend the provisions of four Acts of Parliament, namely, the Income Tax Act (Cap. 470), the Value Added Tax Act (Cap. 476), the Excise Duty Act (Cap. 472) and the Miscellaneous Fees and Levies Act (Cap. 469C). Among other changes, the amendments provide tax reliefs to employees and retirees; enhance benefits to employees; promote the local manufacturing sector; promote the agricultural sector and the local farmers; incentivise home ownership and promote housing and settlement; promote trade between Kenya and other States; mobilize domestic resources and enhance the taxation regulatory framework. Amendments to the Income Tax Act allow the Affordable Housing Levy (AHL) and contributions to post-retirement medical funds to be deducted from the payable tax liability. This addresses the issue of double taxation and allows taxpayers to enjoy the full benefits of their AHL and post-retirement medical funds contributions, according to a brief by Parliament. ALSO READ: KRA offers tax amnesty for interest and penalties Enactment of the Bill also means the deductible interest limit for mortgages has increased from Sh300,000 to Sh360,000 for mortgages. As a result, individuals can now deduct a higher amount of interest paid on loans for the purchase or improvement of their residential properties when calculating their taxable income. This will incentivise home ownership and is aligned with the Housing and Settlement pillar of the Bottom-up Economic Transformation Agenda (BETA). The Bill increases the amount deductible for contributions to registered pension or provident funds from the tax liability of individuals and employers to encourage a saving culture for retirement purposes while, at the same time, it enhances the benefits provided by employers to employees of meals, non-cash and gratuity and similar payments that are exempt from tax. However, to recoup some of the revenues lost when the Finance Bill 2024 was withdrawn following the Gen Z protests, Parliament has retained the National Treasury’s proposal of a Significant Economic Presence Tax at an effective rate of six per cent for non-residents. Additionally, the Bill introduces the Minimum Top-Up Tax at a minimum effective tax rate of 15 per cent. The government argues that two new taxes align the taxation of digital services with international best practice, and the taxation of multinationals with the global practice to prevent tax base erosion, respectively. National Treasury John Mbadi has initially, however, promised to retain the tax at three per cent, as was the case with the Digital Service Tax, which has now been replaced, following concerns from industry players and experts on its impact.
Now that Christmas is over, families are bracing for the hefty costs that come with outfitting children for the new academic year. From clothing and supplies to electronics and extracurricular activities, the price tag can quickly add up. However, there are several strategies that can help save money and ease the financial burden. Take Advantage of Sales and Discounts Retailers often offer back-to-school sales, especially in late summer. Look for discounts on clothing, shoes, and school supplies, both in-store and online. Many stores also run “buy one, get one free” promotions or offer student discounts. Be sure to shop early, as the best deals often appear in the weeks leading up to school. Buy in Bulk Stock up on items that are required in large quantities, such as notebooks, pens, and folders. Purchasing these supplies in bulk can result in significant savings. Additionally, consider sharing supplies with other families or pooling resources to take advantage of bulk pricing. Repurpose and Reuse Check if your child has leftover supplies from the previous year that are still in good condition. Backpacks, binders, and pens can be reused, which will save money. A fresh set of notebooks or a new lunchbox may be all that’s needed to give old supplies a new life. Shop at Discount Stores For essentials like uniforms, shoes, and backpacks, consider shopping at discount stores or thrift shops. You can often find high-quality items at a fraction of the cost of brand-name retailers. Embrace Digital Learning For students in need of laptops or tablets, consider buying refurbished models or taking advantage of school or government programs offering discounted technology. By being strategic and planning ahead, families can significantly reduce back-to-school expenses while still providing everything students need to succeed.
Now that Christmas is over, families are bracing for the hefty costs that come with outfitting children for the new academic year. From clothing and supplies to electronics and extracurricular activities, the price tag can quickly add up. However, there are several strategies that can help save money and ease the financial burden. Take Advantage of Sales and Discounts Retailers often offer back-to-school sales, especially in late summer. Look for discounts on clothing, shoes, and school supplies, both in-store and online. Many stores also run “buy one, get one free” promotions or offer student discounts. Be sure to shop early, as the best deals often appear in the weeks leading up to school. Buy in Bulk Stock up on items that are required in large quantities, such as notebooks, pens, and folders. Purchasing these supplies in bulk can result in significant savings. Additionally, consider sharing supplies with other families or pooling resources to take advantage of bulk pricing. Repurpose and Reuse Check if your child has leftover supplies from the previous year that are still in good condition. Backpacks, binders, and pens can be reused, which will save money. A fresh set of notebooks or a new lunchbox may be all that’s needed to give old supplies a new life. Shop at Discount Stores For essentials like uniforms, shoes, and backpacks, consider shopping at discount stores or thrift shops. You can often find high-quality items at a fraction of the cost of brand-name retailers. Embrace Digital Learning For students in need of laptops or tablets, consider buying refurbished models or taking advantage of school or government programs offering discounted technology. By being strategic and planning ahead, families can significantly reduce back-to-school expenses while still providing everything students need to succeed.