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fund – XtremeCuztoms

Tag: fund

6 in Puerto Rico Indicted in $9 Million Scheme Targeting US Funds

SAN JUAN, Puerto Rico—A federal grand jury in Puerto Rico has indicted six people in an alleged fraudulent scheme involving $9 million in government pandemic funds, officials said Wednesday. The suspects, including a banker, face charges including wire fraud and money laundering, the U.S. Attorney’s Office said. “This case demonstrates the brazenness with which the…


Former Lawmaker’s Wife Sentenced in Theft of COVID-19 Funds

NEW HAVEN, Conn.—The wife of a now-former Connecticut state lawmaker was sentenced Thursday to six months in federal prison in connection with her role in the alleged theft of federal coronavirus relief funds from the city of West Haven. Lauren DiMassa, one of several people arrested with former state Rep. Michael DiMassa in the investigation,…


FDIC Returned $40 Billion in US Treasury Funds, Reversing Withdrawal After SVB Takeover

WASHINGTON—The Federal Deposit Insurance Corp. (FDIC) deposited $40 billion back into the U.S. Treasury General Account on Tuesday, reversing a $40 billion withdrawal on Friday as the regulator took control of the failed Silicon Valley Bank, Treasury financial data released on Wednesday showed. A Treasury spokesperson referred questions about the fund transfers to the FDIC,…


Investing: Breeze Through a Fund Prospectus

By Nellie S. Huang From Kiplinger’s Personal Finance We get it: No one wants to read a fund prospectus, and few investors ever do. “I can tell you precisely how many clients read the prospectus: zero,” says Lew Altfest, chief executive of Altfest Personal Wealth Management. But reading a fund’s prospectus is an important step…


Germany’s Defense Fund Not Enough, Sending Fighter Jets ‘Ruled Out’: Defense Minister

BERLIN—Germany’s 100 billion euro ($108 billion) special defense fund is no longer enough to cover its needs, the new Defense Minister Boris Pistorius said in an interview with Sueddeutsche Zeitung published on Friday. Pistorius, who took office last week after his predecessor resigned, said Germany would also need to raise its annual regular defense spending…


Market Misery Deals Sovereign Wealth Funds Historic Setback in 2022: Study

LONDON—Heavy falls in stock and bond markets over the last year have cut the combined value of the world’s sovereign wealth and public pension funds for the first time ever—and to the tune of $2.2 trillion, an annual study of the sector has estimated. The report on state-owned investment vehicles by industry specialist Global SWF…


Hong Kong Court Convicts Cardinal Zen, 5 Others Over Fund for Pro-Democracy Protesters

HONG KONG—A 90-year-old Roman Catholic cardinal and five others in Hong Kong were fined after being found guilty Friday of failing to register a now-defunct fund that aimed to help people arrested in the widespread protests three years ago. Cardinal Joseph Zen, a retired bishop and a vocal democracy advocate of the city, arrived at…


IG Reports ‘Historic’ COVID Unemployment Funds Lost, Congress Investigates

As much as $400 billion in COVID-19 unemployment relief dollars were likely lost to waste and fraudsters. Lawmakers want answers. Republicans on the House Ways and Means Committee sent a letter to the U.S. Department of Labor demanding documents and information related to the unemployment fraud. “Since the Summer of 2020, repeated alerts from federal…


‘Trick on Taxpayers’ Outlines Questionable Projects Funded by COVID-19 Relief

More and more federally funded, controversial projects that came as part of pandemic-relief spending passed by Congress are coming to light, and few of them do not have anything to do with COVID-19. Citizens Against Government Waste released its annual breakdown of the last year’s “nightmarish” federal spending in honor of Halloween. The report highlights…


White House Announces $13.5 Billion Funding to Help Households With Energy Bills

President Joe Biden’s administration will make $13.5 billion available to help low-income U.S. households lower their heating costs this winter, the White House said on Wednesday. As part of the initiative, the U.S. Department of Health and Human Services is providing $4.5 billion in low-Income Home Energy Assistance Program (LIHEAP) funding, it said in a…