Latest news with #Adler
Yahoo
7 hours ago
- Business
- Yahoo
Connecticut businessman sentenced for defrauding Bitwise investors of millions
A 31-year-old Connecticut man was sentenced Monday to three years and five months in federal prison for his part in defrauding investors in loans made to the failed Bitwise Industries. The defendant, Andrew Adler, was also ordered by U.S. District Judge Jennifer L. Thurston to pay $9.3 million in restitution jointly and severally with the other Bitwise defendants. He must also forfeit $1 million. Federal prosecutors charged Adler and his business partner, David Hardcastle, 61, of Fresno, with conspiracy to commit wire fraud and substantive wire fraud for defrauding investors in loans made to Bitwise. According to court documents, Hardcastle and Adler carried out their scheme from December 2022 through May 2023 by giving Bitwise an approximately $20 million hard money loan, usually cash, through a company they created specifically for that purpose. They then recruited other investors to participate in loaning money to Bitwise. In doing so, they altered the original loan documents to make it appear that Bitwise was obligated to pay significantly less interest on the loans than was true. They also forged the signature of Bitwise's Co-CEO, Jake Soberal, on the altered documents. This made the loans appear less risky and therefore more appealing to the investors, according to a news release from the U.S. Attorney's Office. Adler and Hardcastle also made tens of thousands of dollars in fees for originating the loans. They stood to make millions more in secret profits from the higher, undisclosed interest rates had the loans been fully repaid. Unfortunately, however, Bitwise turned out to be a Ponzi-like fraud scheme and collapsed before that could happen. As a result, the participants lost nearly all their money. Adler told the court in his filings that he was motivated to commit the fraud by pure greed and nothing else, according to the news release. Hardcastle's case is currently pending trial. 'The collapse of Bitwise Industries exposed Andrew Adler's lies to investors in securing a multi-million-dollar loan, which he used to secretly line his pockets.' said FBI Sacramento Field Office Special Agent in Charge Sid Patel. 'This investigation clearly demonstrates the FBI's tenacity and is a testament of the great work performed by FBI agents and personnel in our Fresno Resident Agency.' The founders of Bitwise, Jake Soberal and Irma Olguin Jr., were previously sentenced to 11 years and nine years in prison, respectively, for orchestrating the scheme that caused the loss of more than $115 million.
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Business Standard
5 days ago
- Entertainment
- Business Standard
Call of Duty to release Warzone, Black Ops 6 Season 4 on May 29: What's new
Activision has announced the Season 4 update for Call of Duty: Black Ops 6 and Call of Duty: Warzone, set to release at 9:30 PM (IST) on May 29, 2025. The updates will go live across PlayStation 5 and 4, Xbox Series X, S and One, and PC via and Steam. This season will bring new multiplayer maps, game modes, weapon tuning, and expanded Zombies content, enhancing gameplay and narrative across both titles. Black Ops 6: Tactical maps and story progression Season 4 continues the evolving narrative of Adler and former antagonist Vikhor 'Stitch' Kuzmin, who will now join forces to expose moles within the shadowy group Pantheon. Players will explore three new multiplayer maps centred around a CIA black site in Iceland: Shutdown: A hydroelectric facility surrounded by volcanic terrain and flooded zones, supporting vertical and aquatic combat. Fugitive: A dark, frozen prison complex featuring stealth zones, ziplines and climbing areas. Blitz: A cliffside location with fast-paced 6v6 or 2v2 combat, ambushes near waterfalls, and dynamic reinforcements. A new 'Team Elimination" mode modifies 'Kill Confirmed' rules by limiting lives and introducing strategic dog-tag pickups to deny kills, encouraging tactical team play. New weapons include the LC10 SMG and FFAR 1 assault rifle, along with burst-fire mods, vertical grips, and the Grim Reaper scorestreak—a quad-tube rocket launcher available in both multiplayer and Zombies modes. Zombies mode brings back Grief, the 4v4 survival challenge where teams compete to outlast one another. New ammo mods and GobbleGums provide tactical advantages. The update also introduces weapon balancing, UI improvements such as a death recap widget, and enhancements to Ranked Play, including demotion protection and new seasonal rewards. Warzone: Landmark map changes and new competitive modes Season 4 will overhaul Verdansk with the introduction of the overlook skyscraper, replacing the Burger Town and SKN Comm Tower landmarks. Features include: Interactive cranes equipped with vertical ascenders to move players and gear Horizontal ziplines for faster traversal between Overlook and adjacent rooftops High-value loot zones now include The Overlook, Superstore, and Quarry. Two new limited-time modes launch this season: Clash: A 52 vs. 52 team deathmatch without circle collapse or self-revives. It features Domination Points, special crates, and power-ups, with support for both first-person and third-person views. World Series of Warzone: A three-week competitive event using official esports rules, aligned with pro-level gameplay. The Zombies experience also expands with a competitive version of Grief, where players must outlast enemy teams while fending off the undead. Season 4 Battle Pass and Premium Tier The Season 4 Battle Pass includes over 100 new unlockables, such as: Operators: Stitch and Adler Weapons: LC10 and FFAR 1 Weapon blueprints, equipment skins, reticles The premium BlackCell Tier offers exclusive cosmetics, including the Omen Operator (Crimson One) and themed bundles like the Ballerina Pack. Availability
CNBC
22-05-2025
- Business
- CNBC
How a Schroders fund manager doubled returns on a 'rubbish' stock in 3 months
No stock is off the table for Simon Adler, a value investor at Schroders. "We are happy to buy the worst business you have ever conceived, provided it is cheap enough," Adler told the Value Investor conference of fund managers in London on Wednesday. Adler co-manages the Global Recovery, Global Income and Global Sustainable Value strategies at the British asset manager. He said he can back up his claim. "We can prove that because we have bought the worst business anyone can conceive," Adler added, before describing Italian oilfield services company Saipem as a "truly rubbish" stock in 2022. Yet, Adler's fund bought shares in Saipem around September of that year and doubled returns in about three months, the fund manager said. Earlier in 2022, Saipem had failed to raise capital through an auction to public market investors, and the stock tumbled from around 2.70 euros by about 70% in the weeks after. SPM-IT 5Y line That meant Saipem's investment banks, which included BNP Paribas , Citi , Deutsche Bank , HSBC , Intesa Sanpaolo and UniCredit , who had underwritten the new equity, were forced to buy them. Adler's team approached the investment banks and offered them 50 cents per share. However, the banks refused to sell at that price. Adler persisted. "Eventually, I think, on the fourth or fifth time of asking them, they sold us a big wedge," he said, by which time the stock had tumbled to 60 cents a share, a bottom. Saipem shares then rallied by more than 100% by the start of the following year. "We got it at such an incredibly low price that we were able to double our clients' money [in] the next three months," the Schroders fund manager added. At the time, Saipem, alongside other companies in the oilfield services sector, was recovering from the ultra-low oil prices during the pandemic that had pushed many in the sector deep into the red. The company's stock, since the start of 2023 and around the time Adler sold the shares, had rallied by a further 80% due to improving confidence among investors over the company's financial performance. For instance, late last month, the company reported revenues of 3.52 billion euros for the first quarter, which beat expectations of 3.47 billion euros. Similarly, the company's adjusted profits of 351 million euros came ahead of the market's expectations of 339.1 million euros. This week, it is also set to make a dividend payment of 333 million euros for the first time in a decade. Wall Street's bullish view of Saipem Even after the turnaround, Wall Street analysts believe there is further upside for the stock. The consensus price target of analysts polled by FactSet points to 39% upside for Saipem over the next 12 months. "We remain Outperform with €3.40 price target underpinned by the company's strong backlog and unchanged guidance," RBC Capital Markets analyst Victoria McCulloch said in an April 24 note to clients. McCulloch also suggested the stock had given up some of the strong gains seen in 2024, and the 10% decline this year could be attributed to the current macroeconomic factors rather than a company-specific issue. Others share that view, including Berenberg's analysts led by Richard Dawson. "The stock has taken a leg lower in recent weeks due to weaker sentiment from lower commodity prices," Dawson said in a note to clients on April 30. "However, management has not yet started to see changes to clients' investment decisions, with major tenders still occurring and a stable (and large) pipeline of future opportunities available to Saipem." More broadly, earlier this year, the company announced that it's pursuing a merger with its peer Subsea 7, and will emerge as Saipem7 once the transaction completes. JPMorgan analysts also remain bullish in their investment case for the stock. "Saipem's investment case has been blighted by execution issues historically," the Wall Street bank's analyst Kate Somervill said in a note to clients in March. "That said, under the new management team, the company has gone through a thorough backlog review and has returned to a period of high earnings growth (consistently beating guidance). We see significant backlog growth from its exposure to offshore where there are only three key global players, and it should benefit from strong pricing power given market consolidation," Somervill added. As for Schroder's Adler, the funder manager continues to look for value stocks — and isn't deterred by the quality of the business behind them. "So, whilst we would rather buy good quality businesses — and we do like buying good quality businesses — if you're looking at the cheapest bit of the market, you have to look at everything," Adler added. Saipem declined to comment.
Business Mayor
20-05-2025
- Business
- Business Mayor
Legal & General acquires real estate investor in private assets push
Unlock the Editor's Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Legal & General, the British finance company that is one of Europe's largest asset managers, has acquired a real estate investor as part of a strategic push into private markets under chief executive António Simões. L&G, which manages £1.1tn in assets, has taken a 75 per cent stake in Proprium Capital Partners, a $3.5bn global real estate private equity group, the companies have confirmed. Under the terms of the deal, which is subject to regulatory approval, L&G will eventually acquire 100 per cent of Proprium. The value of the deal was not disclosed. The move is part of a broad strategic expansion by L&G into private markets following a restructuring of the FTSE 100 financial services business by Simões, who took on the top job last year. It comes after L&G poached Eric Adler from US insurer Prudential to lead its asset management division, after combining the unit with its private markets business. The deal marks the first acquisition under Adler, who is focused on growing L&G's asset manager and expanding into private markets globally. The UK-based financial services group wants to boost its private markets assets from about £50bn to £85bn and is targeting £500mn to £600mn in operating profits by 2028. L&G's latest acquisition underscores how traditional asset managers are seeking to expand into private markets in search of higher returns. Some of the world's largest asset managers — including BlackRock, Franklin Templeton and Capital Group — are expanding into private markets through acquisitions and partnerships with specialist providers. Private asset funds come with the potential to earn higher fees than for public market products, but expose clients to new risks. L&G will provide up to $300mn to support Proprium's funds as part of the deal. Proprium was spun out of Morgan Stanley's real estate special situations team in 2013. Its investments include Germany's A&O Hostels and pub group Admiral Taverns in the UK. About 60 per cent of Proprium's investments are in Europe, and the group also has a presence in Asia-Pacific. L&G says both regions are growth areas. L&G's real estate assets amount to about £22bn and include large-scale regeneration projects, industrial property and affordable housing. L&G also acquired an equity stake last year in US-based real estate investor Taurus, as it seeks to broaden its real estate business beyond the UK, where the bulk of its assets are focused. Adler said the deal would expand L&G's geographical presence and help to broaden its investment offering. Tim Morris and Philipp Westermann, co-managing partners of Proprium, said there was 'immense opportunity' in expanding into global real estate. The deal is set to close at the end of the year. As part of the agreement, Proprium's management team will continue to operate independently and will keep its current leadership structure, teams and investment process.
San Francisco Chronicle
11-05-2025
- Business
- San Francisco Chronicle
California wine executives plead guilty to $360,000 bribery scheme
Deutsch Family Wine and Spirits, which produces the popular Josh Cellars, employed two executives who have pleaded guilty to bribery. Esther Mobley/S.F. Chronicle Two California wine executives pleaded guilty to bribing a powerful alcohol distributor and a retailer to promote their products in exchange for approximately $360,000 in gift cards, luxury watches, golf trips and baseball tickets. Prosecutors in February charged Matthew Adler of Walnut Creek and Bryan Barnes of Hermosa Beach (Los Angeles County) with commercial bribery, saying that Adler had given money and gifts to employees of a wine distributor and that Barnes had given gift cards to an employee of a wine retailer in exchange for favoring their company's products. Court documents do not name the companies involved in the scheme. But Adler and Barnes' employer was Deutsch Family Wine and Spirits, which produces or imports some of America's most popular wine brands such as Josh Cellars and Yellow Tail, and the distributor was Southern Glazer's Wine and Spirits, the country's largest alcohol wholesaler, according to a source with knowledge of the case. Advertisement Article continues below this ad Both Adler, who was charged with a felony, and Barnes, who was charged with a misdemeanor, entered guilty pleas in federal court in Oakland in April. Between 2016 and 2021, Adler used a third-party vendor to bribe distributor employees with thousands of dollars in prepaid Visa and American Express gift cards; a $6,750 Panerai watch; a Bentley car rental; tickets to spring training baseball games; custom suits; $2,370 concert tickets; and more. He took four distributor employees on a trip to Pebble Beach, which 'cost tens of thousands of dollars and included rooms, golf and caddie fees, spa treatments, and thousands of dollars in room incidentals,' prosecutors said. Deutsch Family Wine and Spirits, which produces Yellow Tail wine from Australia, employed two executives who have pleaded guilty to bribery. Liz Hafalia/S.F. Chronicle Deutsch Family had a marketing budget of $1 million per year, according to the filing, but Adler lied to his company's accounting department about how he was spending his funds: In 2019 he said he spent $47,131.49 attending a wine and food festival, but he actually sent that money to distributor employees. Adler left Deutsch Family in 2021 and began working for Demeine Estates, a subsidiary of Napa Valley's Lawrence Wine Estates, according to a news release. Adler's attorney declined to comment. Advertisement Article continues below this ad Barnes, meanwhile, sent thousands of dollars in prepaid gift cards to the alcohol buyer of a retail chain with 'more than 100 Southern California stores,' prosecutors said. An attorney for Barnes did not respond to a request for comment. Maintaining sellers' independence is a cornerstone of U.S. alcohol law, which has mandated a three-tier system — a separate producer, distributor and retailer — since the repeal of Prohibition. Without this separation, powerful alcohol producers could influence stores to carry their products instead of others, which would diminish competition, particularly at the expense of smaller producers. Southern Glazer's Wine and Spirits has frequently been accused of anticompetitive behavior. The embattled company recently settled a major lawsuit with a competitor that complained Southern had illegally boycotted it, and last year the Federal Trade Commission sued Southern for illegal price discrimination. In 2022, the Internal Revenue Service and the Alcohol and Tobacco Tax and Trade Bureau descended on Southern Glazer's office in Union City in what officials described as 'an official activity.' Advertisement Article continues below this ad Adler has a hearing scheduled for September and Barnes for October.
