Latest news with #PatekPhilippeSA
New York Post
5 days ago
- Business
- New York Post
LI fraudster sentenced to 4 years after blowing nearly $2M in COVID cash on watches, luxury hotels and crypto
A Long Island man who blew almost $2 million in COVID relief money on Patek watches, luxury hotels, and crypto coins was sentenced to four years in prison Wednesday. Niall Alli, 52, of Inwood, pleaded guilty in December 2023 to disaster relief fraud and wire fraud for swindling the Small Business Administration out of more than $1.7 million in Paycheck Protection Program loans during the height of the pandemic, federal prosecutors said. He will now have to pay back every cent — along with an extra approximately $135,000 in asset forfeiture from corporate bank accounts and Ethereum from a corporate Coinbase wallet. Watches made by Swiss watch brand Patek Philippe SA are seen on display Thursday, Aug. 7, 2025, in New York. AP 'Alli saw the COVID-19 programs and the deadly pandemic as an avenue for stealing money from the government and taxpayers,' said U.S. Attorney Joseph Nocella Jr. '[Alli] now knows the price of such conduct is the loss of his freedom and full restitution to the Small Business Administration.' From April 2020 to November 2021, Alli used two companies he controlled — Allicorp, Inc. and Oxypaper, Inc. — to file bogus PPP applications stuffed with fake payroll records and phony financial data, officials said. Once the cash hit his accounts, he doubled down with fraudulent forgiveness requests backed by fabricated statements. Prosecutors said the cash fueled Alli's lavish lifestyle, including nearly $500,000 in cryptocurrency, two Patek Philippe wristwatches worth about $140,000 each, and $36,000 for just one single stay at a luxury Manhattan hotel on top of other luxurious hotel stays for over $10,000 each. Alli pleaded guilty in December 2023 to disaster relief fraud and wire fraud for swindling the Small Business Administration out of more than $1.7 million in Paycheck Protection Program loans during the height of COVID-19. Yuriy T – They added that Alli also used the PPP funds to pay for private school tuition for his child, and nonchalantly splurged on $800 champagne and $600 Scotch at high-end restaurants. Start your day with all you need to know Morning Report delivers the latest news, videos, photos and more. Thanks for signing up! Enter your email address Please provide a valid email address. By clicking above you agree to the Terms of Use and Privacy Policy. Never miss a story. Check out more newsletters 'Alli's compulsion for fraud exploited funds meant to keep struggling businesses alive during the pandemic,' said USPIS Inspector in Charge Daniel Brubaker. 'Today's sentencing proves we will relentlessly pursue anyone who uses the U.S. Mail to defraud the government and steal taxpayer money.'
Time of India
31-05-2025
- Business
- Time of India
Rolex lovers splash out on used watches before Trump tariffs
Watch enthusiasts snapped up used Rolex SA and Patek Philippe SA timepieces at the end of April, splashing out before possible tariffs from US President Donald Trump . The watch dealer and trading platform Subdial often sees a flurry of activity after people get their paychecks at the end of each month. In April, the post-payday spike was 160 per cent higher than normal trading levels, far above the average 112 per cent bump experienced on other pay days over the past year. The volume growth was particularly strong in the US and UK, Christy Davis, founder of London-based Subdial, said in an interview. 'People heard about the tariffs and went, 'Oh shoot, let's buy now,'' Davis said. 'They waited for pay day and then sales volumes just went through the roof.' The phenomenon echoed another trend seen in Switzerland, where watch exports jumped by nearly a fifth in April — with shipments to the US more than doubling ahead of expanded tariffs threatened by Trump. Watches made from precious metals, steel and bimetallic materials, products also targeted by Trump, saw the most growth, according to the Federation of the Swiss Watch Industry. The US jump was likely a one-off response by exporters seeking to avoid higher tariffs, rather than a structural increase in demand, Jean-Philippe Bertschy, an analyst at Vontobel, said in a note. Swiss watch exports fell 6.4 per cent to the rest of the world in the month, continuing a weak start to the year. The secondary watch market has continued its gradual rebound from February's post-pandemic lows. Since reaching that nadir, the Bloomberg Subdial Watch Index has risen about 5.3 per cent through late May, returning to levels last seen in October. It remains far from the levels it reached three years ago, when prices of used luxury watches surged as Covid lockdowns ended.
Business of Fashion
30-05-2025
- Business
- Business of Fashion
Rolex Lovers Splash Out on Used Watches Before Trump Tariffs
Watch enthusiasts snapped up used Rolex SA and Patek Philippe SA timepieces at the end of April, splashing out before possible tariffs from US President Donald Trump. The watch dealer and trading platform Subdial often sees a flurry of activity after people get their pay checks at the end of each month. In April, the post-payday spike was 160 percent higher than normal trading levels, far above the average 112 percent bump experienced on other pay days over the past year. The volume growth was particularly strong in the US and UK, Christy Davis, founder of London-based Subdial, said in an interview. 'People heard about the tariffs and went, 'Oh shoot, let's buy now,'' Davis said. 'They waited for pay day and then sales volumes just went through the roof.' Tariff Watch The spike in trading for used timepieces after pay day was especially strong in April amid fears of higher tariffs. ADVERTISEMENT The phenomenon echoed another trend seen in Switzerland, where watch exports jumped by nearly a fifth in April — with shipments to the US more than doubling ahead of expanded tariffs threatened by Trump. Watches made from precious metals, steel and bimetallic materials, products also targeted by Trump, saw the most growth, according to the Federation of the Swiss Watch Industry. The US jump was likely a one-off response by exporters seeking to avoid higher tariffs, rather than a structural increase in demand, Jean-Philippe Bertschy, an analyst at Vontobel, said in a note. Swiss watch exports fell 6.4 percent to the rest of the world in the month, continuing a weak start to the year. The secondary watch market has continued its gradual rebound from February's post-pandemic lows. Since reaching that nadir, the Bloomberg Subdial Watch Index has risen about 5.3 percent through late May, returning to levels last seen in October. It remains far from the levels it reached three years ago, when prices of used luxury watches surged as Covid lockdowns ended. By Tim Loh Learn more: Can Swiss Watches Compete on Value? The price of Swiss watches has continued to rise, leaving watchmakers battling to bolster their value propositions amid a downturn in luxury spending.
Fashion Network
30-05-2025
- Business
- Fashion Network
UK and US buyers snap up used Rolex and Patek Philippe ahead of tariffs
Watch enthusiasts snapped up used Rolex SA and Patek Philippe SA timepieces at the end of April, splashing out before possible tariffs from U.S. President Donald Trump. Watch dealer and trading platform Subdial typically records a surge in activity after customers receive their end-of-month paychecks. In April, post-payday trading volume jumped 160% above normal levels—well beyond the 112% average increase seen on previous paydays over the past year. The volume growth was particularly strong in the U.S. and UK, Christy Davis, founder of London-based Subdial, said in an interview. 'People heard about the tariffs and went, 'Oh shoot, let's buy now,'' Davis said. 'They waited for payday and then sales volumes just went through the roof.' The phenomenon echoed another trend seen in Switzerland, where watch exports jumped by nearly a fifth in April — with shipments to the U.S. more than doubling ahead of expanded tariffs threatened by Trump. Watches made from precious metals, steel and bimetallic materials — products also targeted by Trump — saw the most growth, according to the Federation of the Swiss Watch Industry. The U.S. jump was likely a one-off response by exporters seeking to avoid higher tariffs, rather than a structural increase in demand, Jean-Philippe Bertschy, an analyst at Vontobel, said in a note. Swiss watch exports fell 6.4% to the rest of the world in the month, continuing a weak start to the year. The secondary watch market has rebounded gradually since February's post-pandemic lows. Since reaching that nadir, the Bloomberg Subdial Watch Index has risen about 5.3% through late May, returning to levels last seen in October. It remains far from the levels it reached three years ago, when prices of used luxury watches surged as Covid lockdowns ended.
Fashion Network
30-05-2025
- Business
- Fashion Network
UK and US buyers snap up used Rolex and Patek Philippe ahead of tariffs
Watch enthusiasts snapped up used Rolex SA and Patek Philippe SA timepieces at the end of April, splashing out before possible tariffs from U.S. President Donald Trump. Watch dealer and trading platform Subdial typically records a surge in activity after customers receive their end-of-month paychecks. In April, post-payday trading volume jumped 160% above normal levels—well beyond the 112% average increase seen on previous paydays over the past year. The volume growth was particularly strong in the U.S. and UK, Christy Davis, founder of London-based Subdial, said in an interview. 'People heard about the tariffs and went, 'Oh shoot, let's buy now,'' Davis said. 'They waited for payday and then sales volumes just went through the roof.' The phenomenon echoed another trend seen in Switzerland, where watch exports jumped by nearly a fifth in April — with shipments to the U.S. more than doubling ahead of expanded tariffs threatened by Trump. Watches made from precious metals, steel and bimetallic materials — products also targeted by Trump — saw the most growth, according to the Federation of the Swiss Watch Industry. The U.S. jump was likely a one-off response by exporters seeking to avoid higher tariffs, rather than a structural increase in demand, Jean-Philippe Bertschy, an analyst at Vontobel, said in a note. Swiss watch exports fell 6.4% to the rest of the world in the month, continuing a weak start to the year. The secondary watch market has rebounded gradually since February's post-pandemic lows. Since reaching that nadir, the Bloomberg Subdial Watch Index has risen about 5.3% through late May, returning to levels last seen in October. It remains far from the levels it reached three years ago, when prices of used luxury watches surged as Covid lockdowns ended.
