Tag

Private Money

All articles tagged with #private money

business2 days ago•4 min saved

Marin County financiers indicted in a $103 million Ponzi scheme preying on seniors

Two Marin County financiers, Mark Hanf and Nam Phan, were indicted on wire-fraud charges for allegedly raising about $103 million from roughly 175–190 investors via Pacific Private Money, telling them funds would buy real estate loans for profits while actually using new investor money to pay earlier investors; the schemes’ funds were largely unprofitable, with at least one large loan default and $7 million funneled to personal use. The duo allegedly moved money between funds to keep up appearances, and the collapse followed investor withdrawals. The SEC is pursuing the case, and if convicted they could face up to 20 years in prison; court proceedings are scheduled for later this month.

via New York Post|

#business #fraud #marin-county

politics2 years ago•1 min saved

"Understanding Wisconsin's 2024 Election Law Changes and Referendum Questions"

Wisconsin voters are projected to approve two election-related amendments to the state constitution, championed by Republicans, which would ban the use of private money in election administration and allow only officials designated by state law to administer elections. This marks a victory for conservative activists who have denounced the use of "Zuckerbucks" in the 2020 election, while opponents argue that the measures could have unintended consequences and make no guarantee of increased government funding to help run elections once private sources are restricted.

via CNN|

#constitutional-amendment #election-law #politics

politics2 years ago•2 min saved

"Wisconsin Voters Approve Ban on Private Election Funding"

Wisconsin voters approved two constitutional amendments banning private money for elections and affirming that only election officials can administer elections, in response to grants received in 2020 funded by donations from Facebook founder Mark Zuckerberg. Republicans supported the amendments, claiming the funds favored Democratic strongholds, while Democrats opposed them, arguing they could hinder voter participation. The measures were brought to circumvent Democratic Gov. Tony Evers and were not subject to his approval.

via PBS Wisconsin|

#constitutional-amendments #election-funding #politics

cryptocurrency2 years ago•2 min saved

"Federal Reserve Warns of Financial Risks Posed by Private Crypto Stablecoins"

The Federal Reserve's top bank watchdog, Michael Barr, expressed concerns about private crypto stablecoins, stating that they could pose a stability risk to the US financial system if not regulated properly. Barr emphasized the need for strong federal regulation that allows the Federal Reserve to approve, regulate, and enforce against stablecoin issuers. He also highlighted the importance of Congress determining the rules of the road for stablecoins. Barr reiterated the Fed's commitment to taming US inflation and mentioned that the central bank continues to study technologies for a digital currency backed by the Fed. Another banking regulator, Michael Hsu, made a distinction between crypto and tokenization, stating that while the former is plagued by fraud, the latter holds promise in solving actual problems in finance.

via Yahoo Finance|

#crypto-regulation #cryptocurrency #federal-reserve

cryptocurrency-regulation2 years ago•2 min saved

"Federal Reserve's Barr Urges Strong Regulation for Stablecoins and Considers Digital US Dollar"

Federal Reserve Vice Chair for Supervision, Michael Barr, has called for strong regulation of stablecoins, warning about the proliferation of private money backed by the U.S. dollar without oversight. Barr emphasized the need for federal regulation that allows the central bank to approve and supervise stablecoin issuers. Despite the growing popularity of stablecoins, Congress has been slow to pass legislation to regulate dollar-backed digital currencies. Barr urged Congress to act, highlighting the potential risks to financial stability. He also stated that the Federal Reserve is still in the research phase regarding central bank digital currencies (CBDCs) and has not yet made a decision on whether to pursue them.

via Fortune|

#cbdcs #cryptocurrency-regulation #federal-reserve