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GREENVILLE, S.C. (AP) — A California man has been arrested over allegations that he and his partners ran a billion Ponzi scheme that targeted people receiving pensions.News outlets report the U.S. Marshals Service arrested Future Income Payments LLC owner Scott Kohn on Saturday in San Diego. The 65-year-old has been on the run since March when authorities in South Carolina secured fraud indictments against him.Court filings say the company provided cash advances to veterans and others that would then be repaid by their pensions. Traders weren't told the advances had interest rates that could top 240%. The upfront money came from investors who were promised up to 8% back on their investments.An April letter to investors says about 25 states are investigating or have taken action against Kohn's company. 823
Harvard University has announced plans to bring back up to 40 percent of their student body back to campus this fall.They also stated all course instruction at the undergraduate and graduate level will be delivered online, whether or not students are on campus. The fall semester begins on September 2 at Harvard.Those being allowed back to campus are all first-year students and those who must be on campus to progress academically. “This will enable first-year students to benefit from a supported transition to college-level academic work and to begin to build their Harvard relationships with faculty and peers,” the statement read.Harvard said this is only for the fall semester and if current restrictions are in place next year, their priority would be to bring back graduating seniors for their last semester on campus.Those coming back to campus will be tested for COVID-19 once they arrive, and then re-tested every three days while they are on campus.“Without a vaccine or effective clinical treatments for the virus, we know that no choice that reopens the campus is without risk. That said, we have worked closely with leading epidemiologists and medical experts to define an approach that we believe will protect the health and safety of our community, while also protecting our academic enterprise and providing students with the conditions they need to be successful academically,” read an online statement from University President Larry Bacow, FAS Edgerley Family Dean Claudine Gay, and Danoff Dean of the College Rakesh Khurana.The university’s statement says tuition for this upcoming school year will remain unchanged, at ,653.First-year students have until July 24 to defer their enrollment, and Harvard is making advisers available for older students considering a leave of absence. 1816
Hold off on that funeral dirge for Macy's. The department store isn't dead yet.Macy's topped Wall Street's profit forecasts Tuesday and provided a healthy outlook for this year.The results strongly suggest there is still room for traditional stores in the mall in a world increasingly dominated by the likes of Amazon and Walmart.Macy's chairman and CEO Jeff Gennette said the company was "encouraged" by improvement at the company's brick-and-mortar stores and continued growth in online sales.Gennette said digital revenue posted a double-digit percentage increase for the 34th quarter in a row, a run of more than eight years.And the company is still investing heavily in its Bluemercury chain of specialty beauty stores and the discount outlet Backstage. Macy's said it opened 36 Bluemercury stores and 30 Backstage stores last year, even as it closed 16 Macy's stores.Gennette added during a conference call with analysts that Macy's plans to open 100 more Backstage locations this year, including in malls.Macy's is also selling real estate to shore up its balance sheet. The company said it raised 1 million last year and .3 billion over the past three years by getting rid of some stores, warehouses and parking garages.Macy's is also working with real estate company Brookfield Asset Management on other transactions.Macy's said Tuesday it is selling several floors in its State Street store in Chicago to a real estate fund backed by Brookfield for million. Brookfield plans to convert the floors into office space.All this is good news for Macy's. But one analyst said Macy's needs to do more before its turnaround qualifies as a true Miracle on 34th Street."There is a long tail of shops that look dated, are in sub-optimal locations, and where the customer experience is poor. Macy's must remedy this if it is to transform the business," Neil Saunders, managing director of GlobalData Retail, said in a report.Nonetheless, the real estate transactions and improved sales outlook are two reasons Wall Street has fallen in love with Macy's again.The stock surged nearly 12% in early trading before pulling back a bit. Macy's has soared more than 45% in the past six months.Department store chains Kohl's, Nordstrom and JCPenney — which will all report results later this week — rallied as well Tuesday. Another chain, Dillard's, rose 12% too after it also posted strong quarterly results.Investors are clearly betting that Macy's wasn't the only traditional retailer that had a happy holiday season. 2527
GRAND RAPIDS, Mich. — A man who had a metal police canister launched at his face during protests in downtown Grand Rapids on May 30 is planning to file a lawsuit against the Grand Rapids Police Department.An attorney representing Sean Hart says the planned lawsuit will seek to cover some of the medical and economic damages Hart suffered after the incident.Police say that on May 30, Hart was driving in downtown Grand Rapids as Black Lives Matter protests were taking place following the death of George Floyd. They say Hart was met by a line of police officers who were blocking the roadway at the intersection of Fulton and Sheldon.Police say he stopped at the intersection for about three minutes while playing N.W.A.'s "F*** the Police" from his car.Police say they told Hart to leave the area. Hart claims police aimed a "40 mm single-shot launcher" towards him, but did not fire.Hart left the area but returned a few minutes later to tell officers he was upset with the way they handled the situation.As Hart approached a line of officers, he was hit with a mist of pepper spray by one officer. Seconds later, Officer Phillip Reinink fired a metal canister at Hart's face."Officer Reinink recognized immediately following his actions that he had made a mistake, a mistake we all regret under the pressure caused by the hostile environment, unruly crowds and the type of chaos that none of our officers in our department had ever seen," Grand Rapids Police Chief Eric Payne said Tuesday morning.Officer Joe Garrett, a member of GRPD's Special Response Team, said Reinink had mistakenly loaded the canister into his launcher when he meant to load another type of canister that would have just sent a plume of pepper spray towards Hart."This is a long-range projectile. The objective of this projectile is to be launched from a place of distance. The range is 125 to 150 yards, typically from behind the line into a crowd," Garrett said.The canister Reinink meant to fire was a "MUZZLE BLAST." Garrett said the MUZZLE BLAST rounds are similar in appearance, and that no projectile would have fired from the launcher.Ven Johnson, one of the attorneys representing Hart, said the incident comes down to more than a simple mistake made in the heat of the moment."Are you going to buy this? Because we all know it's a complete and utter lie," Johnson said Tuesday afternoon. "Who do you think loaded the gun? It's his job to know whether you got a bullet in there or a water bottle."Payne announced Tuesday that the department had completed an internal investigation into the incident. Reinink was given a two-day suspension without pay."When they suspend an officer, quote, without pay, that tells you that they have found that he or she ... violated their own policies and procedures," Johnson said. "They're lucky they didn't incinerate him or somebody else nearby him. He was not advancing on them. He was not assaulting them. He wasn't touching them."The Kent County Prosecutor's Office had already announced that they would not be filing any criminal charges in the case.Payne said the department would be announcing changes to their use of force policy on Aug. 11."This was a chaotic situation," Payne said Tuesday. "We had never experienced that before. We prepare for these types of incidents. A mistake was made, and we fully acknowledge that. Officer Reinink acknowledges that.""We will continue to learn from this incident and make sure we're serving the community well."This story was originally published by Michael Martin on WXMI in Grand Rapids, Michigan. 3580
Game after game, LeBron James carried the Cavs against the Indiana Pacers, and the people at "Saturday Night Live" noticed.Boy, did they notice.In a skit that went unaired, "SNL" poked fun at "The Other Cavaliers" who will do anything for their fearless leader as long as it doesn't involve defense or scoring any points. Anything? Yep. From giving LeBron a high-five to holding his several cell phones, his teammates are always there when he needs them, unless it's for something important.In the show's defense, the sketch was probably written early in the week, before the Cavs went up 3-0 against the Raptors. 642