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U.S. markets recover from steep losses
NEW YORK, June 23 (UPI) -- The Securities and Exchange Commission charged four people connected with New York trader Bernard Madoff with allegedly assisting in his massive fraud scheme.
The SEC charged Cohmad Securities Corp. co-founder Maurice Cohn and his daughter, Cohmad President Marcia Cohn, with contributing to an "air of prestige" that helped Madoff trap investors in a Ponzi scheme estimated to have lost $65 billion.
A complaint also charges Cohmad executive Robert Jaffe with pulling in more than $1 billion in investments for Madoff, who owned 15 percent of the retail-brokerage business.
The SEC said Cohmad received more than $100 million in fees from Madoff, USA Today reported Tuesday.
In a separate complaint, the SEC charged California investment adviser Stanley Chais with funneling funds to Madoff in spite of "clear indications" that the firm's rates of return were fraudulent.
Madoff paid Chais more than $250 million in fees, the newspaper said.
Madoff, who pleaded guilty in March, is in jail awaiting sentencing.
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JAKARTA, May 24 (UPI) --
Indonesia needs to address loopholes in its moratorium on deforestation, Greenpeace said.
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SEATTLE, May 24 (UPI) --
The flight decks and avionics of the U.S. and NATO Airborne Warning and Control System aircraft fleet will be modernized under a $368 million Boeing contract.
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First-time buyers are driving the expectations that a recovery has begun. Their numbers and market share are growing despite financing roadblocks and competition with investors for entry-level homes. ...
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It is a whole new ball of wax in Europe these days.
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