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Fitch keeps U.S. credit rating on negative watch despite debt limit deal
Fitch keeps U.S. credit rating on negative watch despite debt limit deal
(Reuters) -The United States' "AAA" credit rating will remain on negative watch, despite a debt limit agreement that will allow
2023-06-03 01:55
Elon Musk's SpaceX turns profit in first quarter as revenue soars - WSJ
Elon Musk's SpaceX turns profit in first quarter as revenue soars - WSJ
Elon Musk-owned SpaceX's surging revenue helped it turn a small profit in the first quarter of 2023 after
2023-08-18 03:17
Market heavyweights dip ahead of Nasdaq 100 rebalance
Market heavyweights dip ahead of Nasdaq 100 rebalance
Shares of Apple, Microsoft and other heavyweight companies dipped on Monday after Nasdaq Inc said it would rebalance
2023-07-11 06:15
George Santos pleads not guilty to duping donors, stealing campaign cash to burnish wealthy image
George Santos pleads not guilty to duping donors, stealing campaign cash to burnish wealthy image
U.S. Rep. George Santos, the New York Republican infamous for fabricating his life story, pleaded not guilty Wednesday to charges he duped donors, stole from his campaign and lied to Congress about being a millionaire, all while cheating to collect unemployment benefits he didn't deserve. Afterward, he said wouldn't drop his reelection bid, defying calls to resign. Santos' 13-count federal indictment was a reckoning for a web of fraud and deceit that prosecutors say overlapped with his fantastical public image as a wealthy businessman — a fictional biography that began to unravel after he won election last fall. Santos, 34, was released on $500,000 bond following his arraignment, about five hours after turning himself in to authorities on Long Island to face charges of wire fraud, money laundering, theft of public funds and making false statements to Congress. He could face up to 20 years in prison if convicted. “This is the beginning of the ability for me to address and defend myself,” Santos told reporters afterward, vowing to clear his name and calling his prosecution a “witch hunt.” Santos had said little during his arraignment, which lasted about 15 minutes. His lawyer, Joseph Murray, asked the judge for permission for Santos to travel freely for his campaign, though he did surrender his passport. Santos said he was returning to Washington for votes Thursday. Among the allegations, prosecutors say Santos induced supporters to donate to a company under the false pretense that the money would be used to support his campaign. Instead, they say, he used the money for personal expenses, including designer clothes and his credit card and car payments. Santos also is accused of lying about his finances on congressional disclosure forms and applying for and receiving unemployment benefits while he was employed as regional director of an investment firm that the government shut down in 2021 over allegations that it was a Ponzi scheme. The indictment “seeks to hold Santos accountable for various alleged fraudulent schemes and brazen misrepresentations,” U.S. Attorney Breon Peace said. “Taken together, the allegations in the indictment charge Santos with relying on repeated dishonesty and deception to ascend to the halls of Congress and enrich himself." Reached by The Associated Press on Tuesday, Santos said he was unaware of the charges. Santos has defied calls to resign — some from fellow Republicans — as details of his fictitious resume came to light, though he did decline his committee assignments. He has given no indication that he plans to step aside because of his indictment. In the past, members of Congress in both parties have remained in office while facing charges. Santos, 34, was elected to Congress last fall after a campaign built partly on falsehoods. He told people he was a wealthy Wall Street dealmaker with a substantial real estate portfolio who had been a star volleyball player in college, among other things. In reality, Santos didn't work at the big financial firms he claimed had employed him, didn't go to college and struggled financially before his run for public office. He claimed he fueled his run largely with self-made riches, earned from brokering deals on expensive toys for wealthy clients, but the indictment alleges those boasts were also exaggerated. In regulatory filings, Santos claimed he loaned his campaign and related political action committees more than $750,000, but it was unclear how he would have come into that kind of wealth so quickly after years in which he struggled to pay his rent and faced multiple eviction proceedings. In a financial disclosure form, Santos reported making $750,000 a year from a family company, the Devolder Organization, but the charges unsealed Wednesday allege that Santos never received that sum, nor the $1 million and $5 million in dividends he listed as coming from the firm. Santos has described the Devolder Organization as a broker for sales of luxury items like yachts and aircraft. The business was incorporated in Florida shortly after Santos stopped working as a salesman for Harbor City Capital, the company accused by federal authorities of operating an illegal Ponzi scheme. In November 2021, Santos formed Redstone Strategies, a Florida company that federal prosecutors say he used to dupe donors into financing his lifestyle. According to the indictment, Santos told an associate to solicit contributions to the company and gave the person contact information for potential donors. Emails to prospective donors falsely claimed that the company was formed “exclusively” to aid Santos’ election bid and that there would be no limits on how much they could contribute, the indictment said. Santos falsely claimed that the money would be spent on television ads and other campaign expenses, it said. Last October, a month before his election, Santos transferred about $74,000 from company coffers to bank accounts he maintained, the indictment said. He also transferred money to some of his associates, it said. Many of Santos' fellow New York Republicans called on him to resign after his fabricated life story was revealed. Some renewed those calls after news of his indictment. "Sooner or later, whether he chooses to or not, both the truth and justice will be delivered to him,” said U.S. Rep. Marc Molinaro, a Republican representing parts of upstate New York. Sen. Mitt Romney, a Utah Republican who confronted Santos at President Joe Biden's State of the Union address in February, said Santos should have resigned a long time ago. “I think we’re seeing that the wheels of justice grind slow, but they grind fine,” Romney said. House Republican leaders Kevin McCarthy and Steve Scalise were more circumspect, saying Santos deserved a presumption of innocence until proven guilty. Santos has faced criminal investigations before. When he was 19, he was the subject of a criminal investigation in Brazil over allegations he used stolen checks to buy items at a clothing shop. Brazilian authorities said they have reopened the case. In 2017, Santos was charged with theft in Pennsylvania after authorities said he used thousands of dollars in fraudulent checks to buy puppies from dog breeders. That case was dismissed after Santos claimed his checkbook had been stolen, and that someone else had taken the dogs. Federal authorities have separately been looking into complaints about Santos' work raising money for a group that purported to help neglected and abused pets. One New Jersey veteran accused Santos of failing to deliver $3,000 he had raised to help his pet dog get a needed surgery. ___ Farnoush Amiri in Washington and Alanna Durkin Richer in Boston contributed to this report. ___ On Twitter, follow Jake Offenhartz at twitter.com/jangelooff and Michael Sisak at twitter.com/mikesisak and send confidential tips by visiting https://www.ap.org/tips/ ___ Follow the AP's coverage of U.S. Rep. George Santos at https://apnews.com/hub/george-santos. Read More Ukraine war’s heaviest fight rages in east - follow live Charity boss speaks out over ‘traumatic’ encounter with royal aide Kevin McCarthy says he won’t support George Santos’s re-election bid after all The 13 counts New York representative George Santos faces McCarthy says he will not back George Santos re-election bid after arrest – live
2023-05-12 01:18
$325 Million Corvias Investment Modernizes On-Base Housing
$325 Million Corvias Investment Modernizes On-Base Housing
WARWICK, R.I.--(BUSINESS WIRE)--Sep 18, 2023--
2023-09-18 23:29
UN Latest: Zelenskiy Meets Billionaires in Quest For Funds
UN Latest: Zelenskiy Meets Billionaires in Quest For Funds
Ukrainian President Volodymyr Zelenskiy is meeting Wall Street billionaires including Citadel founder Ken Griffin and Pershing Square founder
2023-09-21 06:30
Niger Soldiers Claim Military Coup After President Is Detained
Niger Soldiers Claim Military Coup After President Is Detained
Soldiers in Niger claimed to have seized control of the West African nation after President Mohamed Bazoum was
2023-07-27 14:29
Ex-Trump Officials Are Already Planning Their White House Return
Ex-Trump Officials Are Already Planning Their White House Return
Conservative Republicans are already laying the groundwork for Donald Trump’s return to the White House, identifying key cabinet
2023-09-21 10:50
Unilever appoints chairman of Compass Group Meakins as chair designate
Unilever appoints chairman of Compass Group Meakins as chair designate
Consumer goods giant Unilever said on Friday it has appointed Ian Meakins as its chair designate, replacing current
2023-07-28 14:00
Orsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Orsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Danish energy developer Orsted is scrapping two large offshore wind power projects off the coast of New Jersey, adding uncertainty to a nascent industry the Biden administration is counting on to help transition away from the burning of planet-warming fossil fuels
2023-11-01 09:26
Hong Kong Turns to Tycoons to Get Party Scene Back on Track
Hong Kong Turns to Tycoons to Get Party Scene Back on Track
Hong Kong is betting free alcohol and longer shopping hours will revive the city’s once-bustling nightlife. The government
2023-08-26 08:54
Plunging sales of new homes show China's real estate crisis isn't over
Plunging sales of new homes show China's real estate crisis isn't over
Plunging sales of new homes and the reported cancellation of a share placement by China's biggest property developer on Tuesday underscored the depth of the country's real estate crisis.
2023-08-01 16:17