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NEW YORK, N.Y. — President Donald Trump's former political adviser Steve Bannon was arrested Thursday morning on charges that he and three others scammed many people who donated an online fundraising scheme called “We Build The Wall.”The charges were outlined in an indictment unsealed in Manhattan federal court.Federal prosecutors say Bannon and three others “orchestrated a scheme to defraud hundreds of thousands of donors" in connection with an online crowdfunding campaign that raised more than million to build a wall along the southern border of the U.S.Along with Bannon, the other three men arrested in the case are Brian Kolfage, Andrew Badolato, and Timothy Shea. They’re each charged with one count of conspiracy to commit wire fraud and one count of conspiracy to commit money laundering, both of which carry a maximum penalty of 20 years in prison.According to the indictment, the scheme started in December of 2018.To induce donors to donate to the campaign, court documents say Kolfage repeatedly and falsely assured the public that he would “not take a penny in salary or compensation” and that “100% of the funds raised . . . will be used in the execution of our mission and purpose” because, as Bannon publicly stated, “we’re a volunteer organization.”Those representations were reportedly false. In truth, prosecutors say Kolfage, Bannon, Badolato, and Shea received hundreds of thousands of dollars in donor funds from "We Build the Wall," which they each used in a manner inconsistent with the organization’s public representations.In particular, Kolfage is accused of covertly taking more than 0,000 in donations for his personal use, while Bannon allegedly used a non-profit organization under his control to receive over million from the campaign. Prosecutors say Bannon used at least some of that money to cover hundreds of thousands of dollars in personal expenses.To conceal the payments to Kolfage from "We Build the Wall," the men allegedly devised a scheme to route those payments from the campaign to Kolfage indirectly through a nonprofit and a shell company under Shea’s control, among other avenues.“They did so by using fake invoices and sham ‘vendor’ arrangements, among other ways, to ensure, as Kolfage noted in a text message to Badolato, that his pay arrangement remained ‘confidential’ and kept on a ‘need to know’ basis,” prosecutors say.Acting U.S. Attorney Audrey Strauss said: “As alleged, the defendants defrauded hundreds of thousands of donors, capitalizing on their interest in funding a border wall to raise millions of dollars, under the false pretense that all of that money would be spent on construction. While repeatedly assuring donors that Brian Kolfage, the founder and public face of We Build the Wall, would not be paid a cent, the defendants secretly schemed to pass hundreds of thousands of dollars to Kolfage, which he used to fund his lavish lifestyle. We thank the USPIS for their partnership in investigating this case, and we remain dedicated to rooting out and prosecuting fraud wherever we find it.” 3088
New payment options are popping up in your online shopping cart.There's been an explosion of retailers, including Amazon and Target, adding buy now, pay later options.“In general, I'm not a huge fan of these services really, because I'm worried about any sort of consumer debt,” said Ted Rossman, a financial expert at Bankrate. “And if you don't really have the money to pay for it today, but you think you'll have it in six weeks, that's a slippery slope.”Rossman says point-of-sale apps have seen triple digit growth over the holiday season.They typically require a payment up front and a few more payments spread out over six weeks or so. If you pay on time, usually there's no interest or fees.Rossman says research has found that almost half of buy now, pay later customers have paid late at some point, mainly because they were disorganized.Stores like them for several reasons, including because they tend to get people to spend more.“They also like the potential loyalty and big data play that they can actually learn a lot about their customers, and they work very closely with a lot of these services,” said Rossman.Most buy now, pay later lenders typically do a soft credit check. They won't typically help you build credit, but they could hurt your credit if you pay late because they will report that.“I just think that's a little bit short sighted, because if you use a credit card and are paying full, you avoid interest, but you get better promotions, you get rewards, you get better buyer protections,” said Rossman.Rossman says these options are appealing even to people who have credit, because of their predictability.He thinks we will see more of these with retailers not being able to push store credit cards as much with fewer in person shoppers. 1778

NEW YORK (AP) — Uber shares sunk even further after its disappointing stock market debut as doubts lingered over the company's ability to turn a profit and trade tensions dragged down the overall market.The ride-hailing giant's stock fell 10% and hovered around Monday afternoon on Uber's first full day of trading.The mounting losses followed Uber's disappointing initial public offering. On Friday, it took a 7 million hit — the largest loss on the first day of trading by a U.S.-based company in recent history, according to Renaissance Capital.Uber's earliest investors are still making money off the IPO, but "for late-round investors, it's possible by the time they exit they will end up with a loss," said Jay Ritter, finance professor at the University of South Florida.Among the recent big investors — and perhaps losers — is PayPal, which had disclosed plans to buy 0 million in Uber stock at the IPO price of .Uber has had no trouble convincing venture capitalists to pour money into its earlier funding rounds, but with its unclear path to profitability, it's having a more difficult time with Wall Street investors."It's clearly a high-risk, high-reward scenario. You're betting on something that may happen 10 years down the road," said Matt Kennedy, senior IPO market strategist at Renaissance Capital, a manager of IPO exchange traded funds. "Public investors are looking at profits and not seeing any, and the company's growth in the last quarter was relatively strong, but I don't think it blew anyone away."Uber's main U.S. rival, Lyft, is in a similar spiral. Its stock was trading below on Friday, down 33% from its IPO price of .It's rare to see shares in a tech company hit so hard upon going public. Over the past five years, just 10% of similar companies finished their first day of trading below their IPO price, Kennedy said.Uber's revenue last year surged 42% to .3 billion, but the company admits it could be years before it turns a profit. 2000
NEW YORK — The Northeast is preparing for a major snowstorm at a key moment in the coronavirus pandemic.It's coming days into the beginning of a massive vaccination campaign and in the thick of a virus surge that has throngs of people seeking tests per day.The storm is poised to drop as much as 2 feet of snow in some places by Thursday.Snow, sleet and freezing rain is moving north and east across the mid Atlantic region late this morning. Here are the latest snowfall and ice accumulation forecasts for the storm. pic.twitter.com/D6oTJ9bzAq— NWS Eastern Region (@NWSEastern) December 16, 2020 The pandemic is adding new complexities to officials’ preparations, from deciding whether to close testing sites to figuring out how to handle plowing as outdoor dining platforms crowd New York City streets.Still, officials say they don't expect the winter blast to disrupt vaccine distribution.New York City is also preparing its mass transit and school systems for the oncoming snowstorm. The city’s public schools will remote learn Thursday instead of learning in-person. Transit agencies in the area are shifting schedules to accommodate those who must travel.As of Wednesday at 10:30 p.m. ET, the heaviest snow fell in Central Pennsylvania, with Dushore, Pennsylvania, reporting 18.5 inches of snow. The area was still being blanketed by snow. Locales around Philadelphia and New York City reported 4 to 6 inches of snow, while areas around Pittsburgh had over 6 inches. The storm is expected to taper off by noon Thursday, WPIX reports. 1547
Night Three of the Republican National Convention featured a number of mentions of the women’s suffrage movement and its historic leader Susan B. Anthony.The GOP played a video montage featuring Anthony. Moments later, second lady Karen Pence mentioned Anthony, saying that women fought hard for the right to vote, and they should vote for Donald Trump.“100 years ago today, the 19th amendment was adopted into the United States Constitution, guaranteeing women the right to vote. Because of heroes like Susan B. Anthony and Lucy Stone women today, like our daughters, Audrey and Charlotte, and future generations will have their voices heard and their votes count,” Pence said.Last week, President Donald Trump issued a post humorous pardon to Anthony.The pardon was rejected by the Susan B. Anthony Museum.The museum’s CEO, Deborah L. Hughes, said in a statement that the best way to honor Anthony is to restore provisions of the Voting Rights Act.“If one wants to honor Susan B. Anthony today, a clear stance against any form of voter suppression would be welcome. Enforcement and expansion of the Voting Rights Act of 1965 would be celebrated, we must assure that states respect the 14th, 15th, and 19th Amendments to the United States Constitution,” Hughes said. “Support for the Equal Rights Amendment would be well received. Advocacy for human rights for all would be splendid. Anthony was also a strong proponent of sex education, fair labor practices, excellent public education, equal pay for equal work, and elimination of all forms of discrimination.” 1571
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