Latest news with #E-Trade
Yahoo
15-04-2025
- Business
- Yahoo
After decade in prison, former Ohio deputy treasurer to be released from custody
The former deputy treasurer of Ohio, Amer Ahmad, is scheduled to be released from federal custody on April 15 − 11 years after he fled the country with a suitcase stuffed with cash. In April 2014, Ahmad fled to avoid sentencing in federal court in a bribery and kickback scheme − traveling to San Diego, walking into Mexico and flying to Pakistan and using a fake passport. Just months before his escape, Ahmad had pleaded guilty to bribery and to conspiracy to commit bribery, wire fraud and money laundering and was released on bond awaiting sentencing. As his sentencing date approached, Ahmad bolted. While on the lam, Ahmad kept a journal titled "Journey to Freedom: Who said escaping injustice would be easy?" Pakistani authorities intercepted him in Lahore where he was jailed for more than a year. Ahmad grew up in North Canton, earned an undergraduate degree from Columbia University and an MBA from Harvard. After working in the financial markets in Chicago, he and his wife moved to Columbus and Democratic Ohio Treasurer Richard Cordray hired Ahmad as the state's chief financial officer. When Cordray became attorney general, Ahmad remained in the treasurer's office and Democrat Kevin Boyce, the newly appointed treasurer, elevated Ahmad to deputy treasurer. After Boyce lost the 2010 election to Republican Josh Mandel, Ahmad landed a job as the comptroller for the city of Chicago. He resigned that job shortly before being indicted on federal charges. In 2009, Ahmad re-wrote the state's investment strategy and put his high school friend, Doug Hampton, on the state's trader list. Hampton made $3.2 million in fees and kicked back more than $500,000 to Ahmad via two other men, attorney Noure Alo and small business owner Joe Chiavaroli. Eventually all four men pleaded guilty to federal charges. American officials tried to extradite Ahmad. When that failed to materialize, U.S. District Court Judge Michael Watson sentenced in absentia Ahmad to 15 years in prison. In August 2015, Ahmad dropped his opposition to returning to the U.S. and federal agents went to collect him. Watson told Ahmad he didn't think he'd ever see him again. 'Spending 16 months in a third-world jail was the consequence of my own actions,' Ahmad told Watson. He thanked his parents for "staying with me" and told them 'Please stick with me. I'll make you proud once again.' Ahmad served most of his sentence at a federal prison in San Diego. More recently, he moved to a halfway house in Cincinnati. His sentence included an order to pay $3.2 million in restitution. A spokeswoman for the U.S. Attorney's office in Columbus declined to disclose how much Ahmad had paid, saying that isn't a public record. Court filings show that federal authorities seized $7,800 from his prisoner account, $3,000 from a deferred compensation account and $220 from an E-Trade account. Court filings also show that while incarcerated, Ahmad took more than 200 classes on topics ranging from music to film to history to science. He also worked as a tutor and taught GED and other classes. During the COVID19 pandemic, Ahmad petitioned the federal court for release to home confinement, arguing that he had health issues. The court said no. Laura Bischoff is a reporter for the USA TODAY Network Ohio Bureau, which serves the Columbus Dispatch, Cincinnati Enquirer, Akron Beacon Journal and 18 other affiliated news organizations across Ohio. lbischoff@ This article originally appeared on The Repository: Former Ohio deputy treasurer to be released from federal custody
Los Angeles Times
13-03-2025
- Business
- Los Angeles Times
Wall Street tumbles 10% below its record for first ‘correction' since 2023 on Trump's trade war
NEW YORK — Wall Street's sell-off hit a new low Thursday after President Donald Trump's escalating trade war dragged the S&P 500 more than 10% below its record, which was set just last month. A 10% drop is a big enough deal that professional investors have a name for it — a 'correction' — and the S&P 500's 1.4% slide on Thursday sent the index to its first since 2023. The losses came after Trump upped the stakes in his trade war by threatening huge taxes on European wines and alcohol. Not even a double-shot of good news on the U.S. economy could stop the bleeding. The Dow Jones Industrial Average dropped 537 points, or 1.3% Thursday, and the Nasdaq composite fell 2%. The dizzying, battering swings for stocks have been coming not just day to day but also hour to hour, and the Dow hurtled between a slight gain and a drop of 689 points on Thursday. The turbulence is a result of uncertainty about how much pain Trump will let the economy endure through tariffs and other policies in order to reshape the country and world as he wants. The president has said he wants manufacturing jobs back in the United States, along with a smaller U.S. government workforce and other fundamental changes. Trump's latest escalation came Thursday when he threatened 200% tariffs on Champagne and other European wines, unless the European Union rolls back a 'nasty' tariff announced on U.S. whiskey. The European Union unveiled that move on Wednesday, in response to U.S. tariffs on European steel and aluminum. U.S. households and businesses have already reported drops in confidence because of all the uncertainty about which tariffs will stick from Trump's barrage of on -again, off -again announcements. That's raised fears about a pullback in spending that could sap energy from the economy. Some U.S. businesses say they've already begun to see a change in their customers' behavior because of the uncertainty. A particularly feared scenario for the economy is one where its growth stagnates but inflation stays high because of tariffs. Few tools are available in Washington to fix what's called 'stagflation.' If the Federal Reserve were to cut interest rates to boost the economy, for example, that could also push inflation higher. Good news came on both those economic fronts Thursday. One report showed inflation at the wholesale level last month was milder than economists expected. It followed a similarly encouraging report from the prior day on inflation that U.S. consumers are feeling. But 'the question for markets is whether good news on the inflation front can make itself heard above the noise of the ever-changing tariff story,' said Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley. A separate report, meanwhile, said fewer U.S. workers applied for unemployment benefits last week than economists expected. It's the latest signal that the job market remains relatively solid overall. If that can continue, it could allow U.S. consumers to keep spending, and that's the main engine of the economy. On Wall Steet, some stocks connected to the artificial-intelligence industry resumed their slide and weighed on stock indexes. Palantir Technologies, which offers an AI platform for customers, sank 4.8%. Super Micro Computer, which makes servers, lost 8%. Nvidia swung between gains and losses before finishing with a dip of 0.1%. Such stocks have been under the most pressure in the U.S. stock market's recent sell-off after critics said their prices shot too high in the frenzy around AI. Other areas of the market that had also been riding big earlier momentum have seen their fortunes swing drastically. Elon Musk's Tesla fell 3% following a rare back-to-back gain, and it's down more than 40% so far in 2025. American Eagle Outfitters dropped 4.1% after the retailer said 'less robust demand and colder weather' have held back its performance recently. It forecasted a dip in revenue for the upcoming year, though it also delivered a stronger profit report for the latest quarter than analysts expected. On the winning side of Wall Street was Intel, which jumped 14.6% after naming former board member and semiconductor industry veteran Lip-Bu Tan as its CEO. Tan, 65, will take over the daunting job next week, more than three months after Intel's previous CEO, Pat Gelsinger, abruptly retired amid a deepening downturn at the once-dominant chipmaker. All told, the S&P 500 lost 77.78 points to 5,521.52. The Dow Jones Industrial Average dropped 537.36 to 40,813.57, and the Nasdaq composite sank 345.44 to 17,303.01. In the bond market, Treasury yields lost an early gain to sink lower. The yield on the 10-year Treasury fell to 4.27% from 4.32%. The yield has been mostly dropping since January, when it was approaching 4.80%, as traders and economists have ratcheted back their expectations for U.S. economic growth. While few are predicting a recession, particularly with the job market remaining relatively solid, recent reports have shown a souring of confidence among U.S. consumers and companies. In stock markets abroad, indexes fell across much of Europe and Asia, but the moves were relatively modest. Choe writes for the Associated Press.
Boston Globe
13-03-2025
- Business
- Boston Globe
Wall Street tumbles 10 percent below its record after Trump escalates his trade war
The dizzying, battering swings for stocks have been coming not just day to day but also hour to hour, and the Dow hurtled between a slight gain and a drop of 689 points through Thursday's trading. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up The turbulence is a result of uncertainty about how much pain Trump will let the economy endure through tariffs and other policies in order to reshape the country and world as he wants. The president has said he wants manufacturing jobs back in the United States, along with a smaller US government workforce and other fundamental changes. Advertisement Trump's latest escalation came Thursday when he US households and businesses have already reported drops in confidence because of all the uncertainty about which tariffs will stick from Trump's barrage of on-again, off-again announcements. That's raised fears about a pullback in spending that could sap energy from the economy. Some US businesses say they've already begun to see a change in their customers' behavior because of the uncertainty. A particularly feared scenario for the economy is one where its growth stagnates but inflation stays high because of tariffs. Few tools are available in Washington to fix what's called 'stagflation.' If the Federal Reserve were to cut interest rates to boost the economy, for example, that could also push inflation higher. Advertisement Good news came on both those economic fronts Thursday. One report showed inflation at the wholesale level last month was milder than economists expected. It followed a similarly encouraging report from the prior day on inflation that US consumers are feeling. But 'the question for markets is whether good news on the inflation front can make itself heard above the noise of the ever-changing tariff story,' said Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley. A separate report, meanwhile, said fewer US workers applied for unemployment benefits last week than economists expected. It's the latest signal that the job market remains relatively solid overall. If that can continue, it could allow US consumers to keep spending, and that's the main engine of the economy. On Wall Steet, some stocks connected to the artificial-intelligence industry resumed their slide and weighed on stock indexes. Palantir Technologies, which offers an AI platform for customers, sank 4.8%. Super Micro Computer, which makes servers, lost 8%. Nvidia swung between gains and losses before finishing nearly unchanged. Such stocks have been under the most pressure in the US stock market's recent sell-off after critics said their prices shot too high in the frenzy around AI. Other areas of the market that had also been riding big earlier momentum have seen their fortunes swing drastically. Elon Musk's Tesla fell 3% following a rare back-to-back gain, and it's down more than 40% so far in 2025. American Eagle Outfitters dropped 4.1% after the retailer said 'less robust demand and colder weather' have held back its performance recently. It forecasted a dip in revenue for the upcoming year, though it also delivered a stronger profit report for the latest quarter than analysts expected. Advertisement On the winning side of Wall Street was Intel, which jumped 14.6% after naming former board member and semiconductor industry veteran Lip-Bu Tan as its CEO. Tan, 65, will take over the daunting job next week, more than three months after Intel's previous CEO, Pat Gelsinger, abruptly retired amid a deepening downturn at the once-dominant chipmaker. All told, the S&P 500 lost 77.78 points to 5,521.52. The Dow Jones Industrial Average dropped 537.36 to 40,813.57, and the Nasdaq composite sank 345.44 to 17,303.01. In the bond market, Treasury yields lost an early gain to sink lower. The yield on the 10-year Treasury fell to 4.26% from 4.32%. The yield has been mostly dropping since January, when it was approaching 4.80%, as traders and economists have ratcheted back their expectations for US economic growth. While few are predicting a recession, particularly with the job market remaining relatively solid, recent reports have shown a souring of confidence among US consumers and companies. In stock markets abroad, indexes fell across much of Europe and Asia, but the moves were relatively modest. AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
CBS News
24-02-2025
- CBS News
Las Vegas woman accused of drugging, defrauding older men in a deadly romance scheme
The FBI is looking for more possible victims of Aurora Phelps, a woman indicted in Nevada for allegedly luring several men on dating apps to Mexico, drugging them and stealing their financial information. According to court documents filed in October 2023, 43-year-old Phelps, who is also known as Aurora Flores, Aurora Velasco and Aurora Alvarez, is linked to at least two deaths and one disappearance. She is accused of befriending older men she met in person or online and gaining access to their bank, social security or retirement accounts by sometimes drugging them. FBI asks victims of alleged romance scam to come forward The FBI on Friday issued a news release asking other possible victims to come forward after prosecutors filed a motion to unseal the indictment earlier this month. The bureau is legally mandated to identify victims of federal crimes it investigates, but all identities of victims will be kept confidential, it said. Investigators posted several photos of Phelps, including a screenshot of the dating app Tinder showing the long-, brown-haired woman with a short blurb that said, in part, "I am looking for friends. No fake people." The unsealed indictment by a grand jury in Nevada charged Phelps with wire fraud, mail fraud, bank fraud, identity theft and kidnapping. Phelps was taken into custody in September 2023 in Mexico, according to the motion to unseal, where she remained pending extradition to the U.S. FBI Special Agent In Charge Spencer Evans described the allegations as "romance scam on steroids," CBS affiliate KLAS reported. Aurora Phelps' alleged victims According to a 21-count superseding indictment, Phelps allegedly met one victim in July 2021 on an online dating service, going on dates with him over the next two months as she "attempted to persuade him to travel with her to Mexico." In November 2021, Phelps met him at his house, where they ordered lunch for delivery, and she allegedly "caused him to consume a prescription drug without his knowledge and consent," the indictment read. She then allegedly left the elderly man mostly unconscious for the next five or so days, stealing his iPhone, iPad, driver's license and bank cards and using the information to sell his Apple stock — worth approximately $3.3 million — on E-Trade. However, she was unable to remove the money from his account, the indictment said. In 2022, Phelps met another elderly man online. This man then met Phelps in person at a Las Vegas restaurant where she allegedly gave him medication and other substances that "caused him to become lethargic and confused," the indictment said. She is again accused of gaining access to the man's financial accounts, using his American Express credit card, influencing him to fly with her to Mexico City and using his Wells Fargo card to rent a hotel room. Several days later, Phelps returned to the U.S. without the second victim, who had died in the hotel, prosecutors alleged. In addition to the credit card usage, Phelps also allegedly transferred $7,000 from the victim's Capital One account to buy a motorcycle and made two other wire transfers of approximately $1,530 and $2,319 into her own account and her husband's. The victim's Social Security account password had also been changed allegedly by Phelps. In December 2021, the alleged scammer met a third victim at the Hard Rock Hotel in Guadalajara, Mexico, where she also resided, the court document detailed. "She left the hotel with him, and caused him to disappear," the indictment read, void of additional details. Throughout the following year, Phelps would transfer the third victim's monthly social security payments to herself and steadily took money from the victim's bank account by making purchases and withdrawals from ATMs, prosecutors alleged. She is also accused of taking his BMW and allegedly tried to make herself a beneficiary on the victim's union retirement account. The last victim listed in the federal indictment was found dead on his bathroom floor in Guadalajara, Mexico, a day after prosecutors claim he went on a date with Phelps on or about May 30, 2022. Following the same pattern as with other victims, Phelps is accused of stealing from the final victim's accounts or attempting to access them, including using one of his accounts to buy an APMEX gold coin that she allegedly mailed to her house. CBS News has reached out the FBI for more information. It's unclear whether Phelps has representation yet, and her extradition to the Nevada is ongoing. If convicted on all counts, Phelps faces a maximum statutory penalty of life in prison, according to prosecutors.
The Guardian
22-02-2025
- The Guardian
Woman charged in dating app druggings and one death of older men in Las Vegas
A woman used online dating apps to lure at least four older men to meet her in person, drugged them with sedatives and stole hundreds of thousands of dollars in a 'sinister' romance scheme, FBI officials in Las Vegas said on Friday. Three of the men died, authorities said, and she has been charged in one of their deaths. Aurora Phelps, 43, who is in custody in Mexico, faces 21 counts including wire fraud, identity theft and one count of kidnapping resulting in death, Sue Fahami, the acting US attorney for the district of Nevada, said at a news conference. 'This is a romance scam on steroids,' said Spencer Evans, the special agent in charge of the FBI's Las Vegas division. One of the four victims – who were all targeted in 2021 and 2022 – awoke from a coma after Phelps gave him prescription sedatives over the course of a week, Evans added. In one instance, Phelps is alleged to have kidnapped a victim by heavily sedating him and taking him across the US-Mexico border in a wheelchair – and then to a Mexico City hotel room, where he was later found dead. After incapacitating her victims, Evans said, Phelps stole their cars, withdrew money from their bank accounts, used their credit cards to purchase luxury items and gold, and even tried to access social security and retirement accounts. According to the indictment, Phelps met one man in July 2021, went on lunch dates with him, ordered lunch to his house that November and slipped him a prescription drug. While he was 'mostly unconscious' for about five days, Phelps gained access to his accounts and stole his iPhone, iPads, driver's license and bank cards, according to the indictment. She also allegedly accessed his E-Trade account and sold Apple stock worth about $3.3m, though she was unable to withdraw that money. Authorities believe Phelps used popular dating apps including Tinder, Hinge and Bumble to find her targets. The men were lonely and looking for companionship and went on multiple dates with Phelps before she stealthily gave them sedatives, according to Evans. 'It's folks that are out looking for love that ran into something far more sinister,' Evans said. Phelps, a dual citizen of Mexico and the US, had been on the FBI's radar for a couple of years, according to Evans. He declined to comment on her criminal history. Phelps does not have a US-based attorney who could speak on her behalf, a spokesperson for the justice department said. The Associated Press left messages seeking comment with Mexico's foreign affairs ministry and attorney general's office. Several of the victims' relatives called authorities when they were unable to contact their loved ones, Evans said. One woman was unable to reach her father the day after he went on a date with Phelps in Guadalajara, Mexico, in May 2022, according to court records. The next day, Mexican police found him dead on the bathroom floor of his home. Phelps then used an account belonging to the victim to buy a gold coin, along with other transactions, the indictment alleges. The FBI is aware of more alleged victims in the US and Mexico, Evans said – and is making information about the case public, including suspected aliases, in hopes of identifying others who 'fell victim to her scams and whose trust in her may have cost them their life'. The FBI is also working with the justice department and Mexican authorities to secure her extradition. If convicted on every charge, which include seven counts of wire fraud, three counts of mail fraud, six counts of bank fraud, three counts of identity theft and one count of kidnapping, Phelps faces a maximum sentence of life in prison, Fahami said.
