Cash

Los Angeles Court Convicts Importer for Dodging $8 Million in Customs Duties and Concealing $17 Million in Cash Transactions

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Los Angeles, CA — In a recent federal trial, an importer based in Los Angeles was convicted for avoiding over $8 million in customs duties and neglecting to declare more than $17 million in cash transactions on their tax returns, according to announcements made by federal prosecutors in California on Wednesday. The jury’s decision marks a significant close to an investigation targeting financial discrepancies and illicit business practices tied to the importation of clothing from China. This case sheds light on the broader issues of tax evasion and duty circumvention that challenge regulatory and enforcement … Read more

New York Judge Declines to Dismiss Case Against Tornado Cash Co-founder Amid Allegations of Aiding North Korean Hackers

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NEW YORK — A federal judge in Manhattan has refused to dismiss charges against Roman Storm, co-founder of the cryptocurrency mixing service Tornado Cash, in a closely watched case that delves into the intersections of technology, privacy, and law. U.S. District Judge Katherine Polk Failla ruled that the complexity of the case, particularly the defendant’s intentions regarding the usage of the service, warrants a full trial. Tornado Cash, beloved by many for its privacy features, allows its users to mix their Ethereum cryptocurrency with others in order to obscure the origin of the funds. However, … Read more

Warren Buffett’s Berkshire Hathaway Sells Nearly $1 Billion in Bank of America Shares, Boosting Cash Reserves Amid Major Stock Movements

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Omaha, Nebraska – Warren Buffett’s Berkshire Hathaway has continued to reduce its holdings in Bank of America, with sales nearing $1 billion in recent transactions. The latest disposals involved shedding almost 25 million shares over the past week. This move is part of a broader trend that started in July, when Berkshire began divesting its shares in the bank. Despite these substantial sales, Berkshire Hathaway remains a major shareholder in the Charlotte, North Carolina-based bank, maintaining control of nearly 12% of its stock. This consistent sell-off, however, points to a strategic reshaping of Berkshire’s expansive … Read more

JPMorgan Hit with Class-Action Lawsuit Over Low Interest on Uninvested Client Cash

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New York — JPMorgan Chase, along with its subsidiary J.P. Morgan Securities, finds itself at the center of a burgeoning legal storm as it faces a proposed class-action lawsuit. The litigation accuses the financial giant of shortchanging clients by paying minimal interest rates on uninvested cash, while purportedly reaping substantial profits from these low-cost funds. Filed by Illinois resident Dan Bodea, the lawsuit claims that J.P. Morgan Securities routinely transferred client cash into low-yield accounts at its parent bank. This practice, according to the complaint, allowed the company to benefit from favorable borrowing terms at … Read more