The operating environment has not been favorable since the beginning of 2016, but the finance sector has finally emerged triumphant.
By Joseph Ax (Reuters) ― Former U.S. Representative Chaka Fattah, who served in Congress for more than 20 years, was sentenced on Monday to 10 years in federal prison for orchestrating a series of frauds to enrich himself and boost his political career, U.S. prosecutors said. Fattah, 60, represented parts of Philadelphia from 1995 until resigning earlier this year after being convicted in June on more than 20 counts of racketeering, bribery and fraud. He had already lost the Democratic primary in April amid the corruption scandal. Fattah misappropriated hundreds of thousands of dollars in campaign, charity and taxpayer money in multiple unrelated schemes stretching over several years, according to prosecutors. Some of the frauds stemmed from his unsuccessful bid in 2007 to become Philadelphia’s mayor, a campaign that left him deeply in debt to several supporters. He accepted an illegal secret loan of $1 million from Albert Lord, a former chief executive officer of student loan servicer SLM Corp, known as Sallie Mae, authorities said. He then convinced Karen Nicholas, who oversaw his nonprofit educational organization, to funnel charitable donations and federal grant money to repay the loan. Lord testified at trial under an immunity order and said he never discussed the specifics of the loan with Fattah. Fattah also encouraged consultant Thomas Lindenfeld to apply for federal funds for a fake nonprofit in an effort to repay Lindenfeld more than $100,000, prosecutors said. In a third scheme, Fattah used another consultant, Gregory Naylor, to transfer campaign money to pay off his son’s student debt. The son, Chaka Fattah Jr., was convicted in an unrelated federal fraud case and sentenced to five years in prison. Fattah also accepted bribes from a close friend, retired businessman Herb Vederman, in exchange for making a personal appeal to President Barack Obama to appoint Vederman to a U.S. ambassadorship, prosecutors said. Nicholas, Vederman and two other Fattah associates, consultant Robert Brand and campaign treasurer Bonnie Bowser, were convicted at trial alongside Fattah. Vederman is set to be sentenced later on Monday, while the others are scheduled for sentencing on Tuesday and Wednesday. Lindenfeld and Naylor pleaded guilty and testified against Fattah at trial. (Reporting by Joseph Ax in New York; Editing by Matthew Lewis) -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.
Shares of Santander Consumer USA Holdings Inc. (SC) gained nearly 14% following the company's third-quarter 2016 earnings release. Earnings per share of 59 cents outpaced the Zacks Consensus Estimate of 55 cents.
Wall Street welcomed the surprise victory of Republican Donald Trump and the outcome was not bad as expected.
Shares of Ally Financial Inc. (ALLY) declined nearly 3.8% following the company's release of a negative earnings surprise of 5.1% in the third quarter of 2016.
Despite a challenging macroeconomic environment, sustained restructuring initiatives for a leaner firm with a re-focus on core operations enabled General Electric Company (GE) to report relatively healthy third-quarter 2016 results.
Shares in SLM fall sharply as US group says it will not change terms of the deal
Sallie Mae's (SLM) third-quarter 2016 core earnings came in at 12 cents per share, outpacing the Zacks Consensus Estimate by a penny.
General Electric Company (GE) is scheduled to report third-quarter 2016 results before the opening bell on Oct 21.
Diners Club International Ltd, a direct banking and payment services company owned by Discover Financial Services (DFS), recently partnered with Kazakhstan-based JSC Kazkommertsbank
In an effort to facilitate wireless payments in Kenya, Visa, Inc. (V) has introduced the mobile-phone application called mVisa.
On Sep 13, 2016, we issued an updated research report on Discover Financial Services (DFS)
3D Systems (DDD) has tied up with PTC to enable a shift from 3D prototyping to production and also revealed its new strategy.
The Zacks Stocks in the News Blog Highlights: Apple, General Electric, and Mylan NV
MasterCard (MA) has been slapped with charges to the tune of $18.72 billion related to the overcharging of interchange fees to consumers in the U.K.