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Musician T.I. was named in an investigation by the Securities and Exchange Commission on Friday in a fraudulent initial coin offering scheme.The SEC said T.I. will not be criminally charged, but settled on a ,000 fine and he has agreed to not participate in offerings or sales of digital-asset securities for at least five years.Film producer Ryan Felton is facing criminal charges, allegedly promised to build a digital streaming platform for FLiK, and a digital-asset trading platform for CoinSpark. Instead, Felton allegedly misappropriated the funds raised in the initial coin offerings, the SEC said.Felton is facing charges of violating registration, anti-fraud, and anti-manipulation provisions of the federal securities laws.T.I. was allegedly involved in promoting Felton’s scheme. The SEC said that T.I., and his social media manager William Sparks, Jr., offered FLiK tokens on T.I.’s social media accounts.“The federal securities laws provide the same protections to investors in digital asset securities as they do to investors in more traditional forms of securities,” said Carolyn M. Welshhans, Associate Director in the Division of Enforcement. “As alleged in the SEC’s complaint, Felton victimized investors through material misrepresentations, misappropriation of their funds, and manipulative trading.”Felton was also accused of manipulative trading to inflate the price of SPARK tokens.The SEC said that Felton made an addition .2 million in profits, and used money he allegedly misappropriated to buy a Ferrari, a million-dollar home, diamond jewelry, and other luxury goods. 1608

My brother sent me this, we live 10 KM away from the explosion site and the glass of our bldgs got shattered. #Lebanon pic.twitter.com/MPByBc673m— Abir Ghattas (@AbirGhattas) August 4, 2020 197

MOSCOW — Russian opposition politician Alexei Navalny is in a coma in a hospital in Siberia after falling ill from a suspected poisoning.His spokeswoman, Kira Yarmysh, said Navalny felt unwell on a flight to Moscow and the plane made an emergency landing.Yarmysh said Navalny lost consciousness and must have consumed poison in tea he drank before boarding his flight.Russia’s state news agency Tass reported the politician is in grave condition.He is the most prominent member of Russia’s opposition and has set up a network of campaign offices across Russia to put forward opposition candidates in regional elections, challenging members of Russia’s ruling party.Several politicians and other prominent critics of President Vladimir Putin have been poisoned in recent years.In 2018, former Russian spy Sergei Skripal and his daughter, Yulia, were found to have been poisoned in Salisbury, England.In 2012, Alexander Perepilichny — a prominent Russian businessman and whistleblower, died while jogging of suspected poisoning, and in 2004, journalist and Putin critic Anna Politkovskaya survived a poisoning on an airplane, only to be shot to death two years later. 1173

Multiple cell phones, scopes, two rifles and more than 1,000 rounds of ammunition were found by police during a search of Travis Reinking's Antioch apartment. In an affidavit from Metro Nashville Police, detectives searched Reinking's Discovery at Mountain View apartment and took a number of items. The two rifles were a CZ 452-2EZKM .22 caliber and a Remington 30-06.Police found hundreds of .22 caliber rifle bullets, 87 30-06 bullets, 30 .223 bullets, 29 .45 bullets and 43 .22 caliber bullets.They also found four cell phones, two scopes, a notebook, a safe and several computers. The affidavit describes Reinking's apartment as a one-bedroom apartment. Police said he has been living there for three months. Inside of Reinking's truck that was left at the Waffle House, police found two checks made out to "Travis J. Rankins [sic]." Also, police found an iPod and a Buck Knife with a black sheath.Assorted documents and papers were found in both the apartment and the truck, though what information they contain was not specified. Click here for the complete list of items found.It's unclear what contents police found in Reinking's safe.More Stories: 1250

Millions of small businesses are fighting off permanent closures, looking for every possible penny to help them stay afloat amid the pandemic. However, there is a little-known CARES Act rule that could net small businesses tens of thousands of dollars in just a few weeks, and it helps keep more people employed.Back in March, when Congress passed the CARES Act, most of the focus for businesses was on the billions of dollars allotted for Paycheck Protection Program (PPP) forgivable loans. Congress also included a temporary tax rule, at the same time, for businesses.“If you had a loss in 2018, 2019, or 2020, any of those years, you could carry it back up to five years to generate refunds,” said Chris Catarino, a CPA with the firm Drucker & Scaccetti in Philadelphia.Catarino explained that under the new rule, businesses can generate a tax refund by applying 2020 losses to taxes paid over the past five years, essentially making the tax burden in past years less, netting them the refund.Losses for 2020, though, can only be filed after Dec 31, 2020. However, the temporary rule also applies to 2019 and 2018. So, if a business had losses over those two years, they could carry back those losses to their respective five-year period and possibly generate a refund.Businesses can start filing for a refund on 2018 and 2019 losses now. Catarino explained they would have to file an amended return or 1045 form.“The 1045 is generally quicker,” said Catarino “The IRS is required to respond and process those within 90 days.”The tax refund, under the temporary net operating loss rule, could mean tens of thousands of much-needed dollars for some businesses. However, Catarino pointed out that the biggest refunds would be for businesses with the largest “swing” from the prior years.For example, take a business that did extremely well in 2019. It likely paid a high tax bill that year. Then, this year, it had a significant loss of business. That business could get most of the money it paid in taxes the year prior, possibly even all the money it paid but nothing more than was paid in taxes. The same principle applies to 2018 and 2019.“The idea that they could recoup some taxes that they already paid in the past, today, could really be significant,” said Todd McCracken with the National Small Business Association. “It could mean the difference between keeping your doors open or not.”Although the temporary tax benefit could save some businesses, there is concern that the businesses that may need it the most may not be aware of it.“It is the smallest companies that don’t know, that tend to deal with their taxes once a year,” said McCracken. "They don’t have an ongoing relationship with a CPA. They go have their taxes prepared in the spring and find out, ‘Wow, I could’ve had this benefit all along.’ Next spring, of course, could be too late.”It could be too late for many businesses, especially if another round of coronavirus-related closures occurs and a second stimulus package isn’t passed soon. 3031