Latest news with #Warshaw
Straits Times
12 hours ago
- Business
- Straits Times
Russian oligarch faces jail for contempt in acrimonious UK divorce case
LONDON - A Russian oil tycoon faces a potential jail term after a judge at the High Court in London on Wednesday ruled he was in contempt of court for repeatedly failing to comply with legal rulings made in his bitter multi-million dollar divorce case. Mikhail Kroupeev, the non-executive chairman of energy company Gulfsands, had not complied with orders made by the court after the collapse of his 36-year marriage to his wife Elena Kroupeeva, judge Richard Harrison said. According to submissions from her legal team, the couple separated in "tempestuous" circumstances after Kroupeeva discovered in 2023 her husband had for most of the last 20 years been living a double life with a secret second family in Russia. She began proceedings for a financial settlement in July 2024, and Kroupeev was ordered to pay just over 195,000 pounds ($262,645) towards her legal fees. But her lawyers said he had failed to comply with that and a series of other orders demanding he reveal the true extent of his wealth that they said could be hundreds of millions of pounds, of which she was demanding an equal share. They said only prison would be an effective punishment. The judge said he was satisfied that Kroupeev, who attended the hearing remotely from Cyprus, had deliberately breached orders and was in contempt of court. He adjourned sentencing until next Wednesday, with the oil magnate facing a maximum jail term of just over two years. The couple, who are both Russian nationals but have British citizenship, moved to Britain in 1993. Kroupeev's other business interests included Jupiter Energy, which is involved in oil and gas exports in Kazakhstan, and Waterford Finance which specialises in energy projects. "They have been a very wealthy family for a very long time," Justin Warshaw, Kroupeeva's lawyer told the court. The couple's assets were extensive, including a 15 million pound house in London, luxury homes in Portugal and Turkey, properties in Russia worth 10 million pounds, Warshaw said. They flew by private jet so their pet dogs could travel with them. Warshaw said Kroupeev owed his wife more than 837,000 pounds in total, while a freezing order had also been made covering 38 million pounds of his assets. Kroupeev's lawyer Michael Glaser said his client, who denied the allegations about their marriage, apologised for not complying with the orders, and had been unable to because of the freezing order. He rejected Warshaw's assertion that his client had treated the court proceedings as a game. "This is not a game, the liberty of my client is at stake," Glaser said. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
03-06-2025
- Business
- Yahoo
'My Parents Are Financially Abusing Me'—A College Kid Used His $3,999 School Refund To Pay Off Debt, But His Parents Say It Belongs To Them
A 22-year-old college student called into 'The Ramsey Show' and said he was being financially 'abused' by his parents. The student, identified only as Tyler, said he had been following Dave Ramsey's baby steps and recently used a school refund to pay off debt. His parents were not happy about it. 'I got my refund from school in May and it was close to about $4,000—exactly $3,999,' Tyler told hosts Jade Warshaw and Ken Coleman. 'I used that money to pay off my debt, my car payment, and a little bit of my credit card payment.' Don't Miss: Maximize saving for your retirement and cut down on taxes: . Invest where it hurts — and help millions heal:. Tyler said his parents were furious, claiming the money was theirs. 'They were just absolutely furious about me, saying that that was their money and about the hard work they did to put me out here,' he explained. He summed up the situation in one sentence: 'My parents are financially abusing me.' Coleman asked for clarification: was the refund from money Tyler had earned through work, or was it part of a student loan? Tyler said it was a mix of both—federal work-study and student loan overage. When asked whose name was on the loan, Tyler replied, 'I believe it's mom and then me. I believe I'm the co-signer on it.' That raised a red flag for the hosts. 'You should have communicated with the parents because they're involved in this financially,' Coleman told him.. Warshaw agreed, saying that while paying off debt was a smart instinct, Tyler should have talked to his mom first. 'If your mom was like, 'Wait a minute, you took this loan money that we're both on the hook for to do this thing without consulting both of us,' I can see that,' she said. Trending: Tyler accused his parents of financially abusing him, but both hosts pushed back on the use of that word. 'I see no evidence of that,' Warshaw said bluntly. 'You're 22 now. Your parents can make suggestions, they can even try to strong-arm you to do things their way, but you don't have to.' Coleman was more direct: 'You need to stop saying they're financially abusing you because this is not anywhere close to it. It's dramatic, and by the way, words matter.' Tyler claimed the tension comes from his parents' spending habits. 'They're both spenders... My mom just bought a brand new Mercedes. My dad spends money constantly on his new truck,' he said. 'They've always been haggling me for money.' He also said they pressured him to help pay for a down payment on a truck—something he didn't want to do. Warshaw responded, 'Then you don't have to do it.'The conversation shifted toward Tyler's financial future. He currently has $40,000 in student loans and expects it to reach around $80,000 after finishing his degree in sports management at the University of Tennessee. 'You're following in [your parents'] footsteps right now because you are taking on debt and you're going to an out-of-state school,' Warshaw said. She advised Tyler to consider in-state options or work his way through school without borrowing more money, especially since his mother is on the loans. 'Mama's going to be breathing down your neck every month, talking about, 'Where's the payment? You're messing up my credit,'' she warned. 'And that is going to jack you and her.' Coleman added, 'Nobody cares where you get your degree from. There's a better way, Tyler.' Read Next:Many are using retirement income calculators to check if they're on pace —UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article 'My Parents Are Financially Abusing Me'—A College Kid Used His $3,999 School Refund To Pay Off Debt, But His Parents Say It Belongs To Them originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
14-05-2025
- Business
- Yahoo
5 Ways To Know If You Can Afford a Major Purchase, According to Jade Warshaw
Jade Warshaw is a Ramsey personality who is known for paying off $460,000 in debt. She joins Dave Ramsey on his 'Ramsey Show' regularly and has her own social media accounts, where she shares money advice. In a recent TikTok video, Warshaw explained how people can know whether they're ready to make a big purchase. She said that many people in the Ramsey community find it difficult to make big purchases, especially after reaching big financial milestones, like paying off debt. In fact, the Federal Reserve published a report that found that 65% of adults said increased prices on daily items made their financial situation worse. Therefore, it's no surprise that some people, even if they're doing well financially, feel reservations about making big purchases. Read Next: Find Out: Warshaw shared what she called the five main pillars to have in place before making a purchase. If people meet all these criteria, she said, chances are they can afford to buy the couch they want, go on a vacation or complete a home renovation. Here's how to decide whether you're ready to make a big purchase. An October 2024 report from Bank of America indicated that nearly half of Americans are living paycheck to paycheck. Creating a budget can help people track their finances and plan for the future. Warshaw explained that if people live on a budget and have awareness of where their money goes, that's one part of knowing whether or not they can make a big purchase. Check Out: The average debt per adult in the U.S. is $66.772, per Ramsey Solutions. To help people get out of debt, increase wealth and live generously, the Ramsey Solutions team teaches a method called the 7 Baby Steps. And Warshaw includes paying off debt in her criteria. The second pillar to know you can make a big purchase, according to Warshaw, is being out of debt and staying out of debt. Having a big emergency, whether it's a health emergency, a natural disaster or a car accident, can dramatically derail people's finances. Warshaw explained that having proper insurance coverage in place and checking it regularly is something everyone should do before making a big purchase. According to MarketWatch, Americans are saving less money than they used to. It found that in January 2025, they saved just 4.6% of their disposable income — a decrease from 5.3% 10 years ago. However, saving is an important part of any financial plan. Warshaw explained that another habit people should have in place before making a big purchase is regularly saving for the future. Ideally, people should make saving for their future a regular part of their monthly budget before purchasing items that are wants. Finally, Warshaw said the last piece to have in place before buying something is to prioritize generosity first. If someone is out of debt, sticks to a budget, has proper insurance, regularly saves for the future and still shows generosity to others, then everything is in place for that person to go ahead and make that big purchase. More From GOBankingRates What $1 Million in Retirement Savings Looks Like in Monthly Spending Warren Buffett: 10 Things Poor People Waste Money On 5 Little-Known Ways to Make Summer Travel More Affordable 9 Downsizing Tips for the Middle Class To Save on Monthly Expenses Sources Jade Warshaw, TikTok Federal Reserve, 'Economic Well-Being of U.S. Households in 2023.' Bank of America, 'Paycheck to paycheck: what, who, where, why?' Ramsey Solutions, 'Average American Debt.' MarketWatch, 'How Much Is the Average American Saving?' This article originally appeared on 5 Ways To Know If You Can Afford a Major Purchase, According to Jade Warshaw Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
26-02-2025
- Politics
- Yahoo
Judge dismisses charges against George Norcross, allies
Prosecutors had alleged Democratic power broker George Norcross and his allies were guilty of extortion and more, but the judge overseeing the case said their actions did not violate the law. (Photo by Hal Brown for New Jersey Monitor) A Superior Court Judge on Wednesday dismissed all charges lodged in a racketeering indictment against Democratic power broker George Norcross and others, finding the indictment failed to state the elements of a crime. Judge Peter Warshaw's dismissal comes just over a month after he heard oral arguments in which attorneys for Norcross and five others charged in the alleged conspiracy argued the case must be dismissed because prosecutors had failed to name criminal conduct in their indictment. 'The indictment must be dismissed because its factual allegations do not constitute extortion or criminal coercion as a matter of law,' the judge wrote in his order to dismiss the charges. Prosecutors had accused Norcross and others of leveraging Camden government and the threat of reputational harm to strong-arm Philadelphia-based developer Carl Dranoff into ceding development rights and to oust Anthony Perno, the former CEO of the nonprofit Cooper's Ferry, now called Camden Community Partnership. Charges against former Camden Mayor Dana Redd, NFI CEO Sidney Brown, Michaels Organization CEO John O'Donnell, and attorneys Philip Norcross (George Norcross' brother) and Bill Tambussi were likewise dismissed. Because Warshaw dismissed the case without prejudice, prosecutors can appeal the decision. Attorney General Matt Platkin said he intends to do just that. 'We disagree strongly with the trial court's decision, and we are appealing immediately,' Platkin said in a statement. 'After years in which the U.S. Supreme Court has consistently cut back on federal public corruption law, and at a time in which the federal government is refusing to tackle corruption, it has never been more important for state officials to take corruption head on.' Attorneys for Norcross did not immediately return a request for comment. Warshaw accepted arguments from the defense that said the alleged threats cited in the indictment did not rise to the level of criminality and were instead permissible hard bargaining not uncommon in high-level negotiations between businesses. During a negotiation at which attorneys were present, prosecutors allege Norcross told Dranoff, 'If you f*** this up, I'll f*** you up like you've never been f***ed up before. I'll make sure you never do business in this town again.' When Dranoff asked if he was being threatened, Norcross said, 'Absolutely,' according to prosecutors. The judge wrote that 'not every threat is criminal or even wrong.' 'The court is not called upon to consider whether the redevelopment could have proceeded in a better, more fair, less political way. The court is asked to evaluate whether this 'threat' was criminal,' Warshaw wrote. Extortion and criminal coercion charges require an illegal threat, and the lack of one proved fatal to those charges, the judge found. Warshaw further ruled the criminal enterprise that underpinned the state's racketeering charges did not exist, citing a lack of evidence that Brown and O'Donnell attempted to do anything but further their own business interests. He said Philip Norcross and Tambussi were likewise engaged in the regular practice of law and their conduct was not criminal. 'These lawyers had the right to bring or threaten to bring legal action. They certainly had the right to discuss and strategize legal actions even if those discussions involved finding a way to invoke the law to deliver a body blow to an adversary,' Warshaw wrote. 'And clearly they had the right to engage in efforts to influence government action.' Official misconduct charges against Redd — whom prosecutors accused of using her powers to aid the alleged criminal enterprise, partly in exchange for a lucrative position on the Rowan University-Rutgers Camden Board of Governors — likewise did not withstand scrutiny, the judge wrote. Prosecutors alleged Redd committed official misconduct, tying the board position, which came with a $275,000 salary, and state legislation that boosted Redd's pension. But the judge said evidence showed Redd did not misuse her office. 'The required misuse is not present in this case. That does not mean that there is not room to criticize the apparently close, mutually beneficial political relationship that the Mayor shared with George Norcross, a man of formidable influence. It just means that the Official Misconduct charge is not sustainable,' Warshaw wrote. Warshaw also found the charges were time-barred by their statutes of limitations, which would prevent charges for criminal conduct before June 13, 2019. Many of the critical events cited by the indictment occurred prior to that date. Prosecutors had argued the continued existence of the alleged criminal enterprise and defendants' continued receipt of state tax credits meant the statute of limitations had not tolled. The lack of a criminal enterprise was fatal to some charges, the judge said, adding that because the tax credits were received by firms tied to the defendants, and not the defendants themselves, they could not extend the statute of limitations. 'One must think that the State would have the ability to deny payments if it, for any reason, concluded that there was a crime actively being committed,' Warshaw wrote. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
