Latest news with #WolfofWallStreet
Yahoo
4 hours ago
- Business
- Yahoo
Malaysian Fugitive at Center of 1MDB Corruption Scandal That Funded ‘The Wolf of Wall Street' Reportedly Located in China
Jho Low, the playboy Malaysian financier who was central to the multi-billion dollar 1MDB corruption scandal, has reportedly been located and his new identity discovered. Low was the mastermind behind the embezzlement of at least $4.5 billion from the 1MDB Malaysian development fund, much of which was used to buy luxury real estate across the U.S., plus art, a private jet and a superyacht. But he also managed to use the finances to ingratiate himself into Hollywood circles, most notably becoming close with Leonardo DiCaprio — who would star in 2013 hit 'The Wolf of Wall Street,' which, in 2016, the Department of Justice alleged had been financed using stolen Malaysian money. DiCaprio thanked Low in his Golden Globes acceptance speech in 2014. More from Variety Margot Robbie Says 'Wolf of Wall Street' Full Frontal Nudity Was Her Idea; She Turned Down Scorsese When He Said: 'Maybe You Can Be Wearing a Robe' Donald Trump 'Crashed' the 'Wolf of Wall Street' Set and Acted Like an 'Utter Buffoon,' Says Cristin Milioti 'Wolf of Wall Street' Producer Riza Aziz Forfeits $60 Million in Property Tied to 1MDB Case Since 2015, when elements of the corruption were first brought to light, Low is believed to have been on the run and was initially understood to have taken refuge in Taiwan, which has no extradition treaty with Malaysia or the U.S. There have been various rumors about his whereabouts since then, but Project Brazen, the podcast studio and production banner set up by Bradley Hope and Tom Wright, the former Wall Street Journal reporters who broke many of the key early 1MDB stories and co-wrote 'Billion Dollar Whale' about the scandal, has now provided an update. Announced during a live stream on Friday entitled 'Finding Jho Low,' Hope and Wright asserted — using evidence provided by various sources and newly-uncovered documents — that Low was living in a mansion in Green Hills, an 'ultra high-end neighbourhood in Shanghai.' They also added that Low was using a 'fake Australian passport' using the Greek name Constantinos Achilles Veis, which he was using to 'move around China and hide his identity.' Finally, on the live stream they claimed that Low was now working as a 'behind-the-scenes strategist for the Chinese government,' where his tasks include 'helping sanctioned Chinese companies navigate difficulties around the world.' See the 'Finding Jho Low' live stream below Best of Variety New Movies Out Now in Theaters: What to See This Week 'Harry Potter' TV Show Cast Guide: Who's Who in Hogwarts? Final Emmy Predictions: Talk Series and Scripted Variety - New Blood Looks to Tackle Late Night Staples
The Irish Sun
6 days ago
- Sport
- The Irish Sun
‘Don't want to empty myself out' – Dustin Poirier reveals heartfelt fears which prompted UFC 318 retirement
DUSTIN POIRIER insists he's content with his decision to retire from mixed martial arts, That's despite still being very much at the peak of his powers. 14 Dustin Poirier will bid an emotional farewell to mixed martial arts and UFC fans this weekend Credit: GETTY 14 The fan favourite will call time on his MMA career after 18 years competing as a professional Credit: USA TODAY SPORTS 14 Poirier has fought a who's who at featherweight and lightweight Credit: GETTY 14 Poirier will walk away from the fight game with over 50 professional fights to his name Credit: GETTY The bona fide Hall of Famer's career will come to an emotional and poetic end early on Sunday morning in the main event of UFC 318 in New Orleans. Unlike many before him, the 36-year-old's hanging up of the gloves hasn't been prompted by the regression of his skillset or the absorption of unnecessary punishment. In his last two fights with Islam Makhachev and Benoit Saint Denis, the Lafayette, Louisiana leftie has shown that he can still mix it with the very best the lightweight division has to offer. But he's determined to walk away from the sport which has brought him fame and fortune on his terms and, more importantly, while he still has all his faculties intact. READ MORE UFC NEWS In an exclusive interview with SunSport, he said: "I've been fighting since I was 17 years old, so making this decision is tough. "But the decision was made because, you know, I have over 50 fights. "My wife's pregnant, I have a little girl at home. I've said this over and over again, 'I don't want this sport to retire me. "'I want to walk away from this sport.' And if that's putting only great performances and fighting and beating the best guys in the world, that's the way I want it to be. Most read in Sport JOIN SUN VEGAS: GET £50 BONUS 14 Dustin Poirier showed he can still mix it with the elite with his March 2024 KO of Benoit Saint-Denis Credit: GETTY 14 He also went four-and-a-half rounds with former pound-for-pound king Islam Makhachev Credit: GETTY 14 But 'The Diamond' insists now is the right time to hang up his gloves Credit: GETTY "I want to go out on top with stuff still left in the tank. "I don't want to empty myself out and leave this game broken and bruised for a paycheck. "It's just time. I just feel like it's time, you know. I've done a lot in the sport. "And I want to be healthy and be with my family. I've been doing this for a very long time." Poirier's eagerness not to have the sport retire him is wise, given the worrying effects of traumatic brain injuries we're starting to see in some of the greats of yesteryear. The temptation to continue fighting and pursue undisputed UFC gold, the only thing which has eluded him in his run in the promotion, has been strong. Even just this week, the little devil on his left shoulder was telling him to go full 'Wolf of Wall Street' and roar: "I'm not f * ****g leaving!" He admitted: "There are moments like when I'm driving to the gym and stuff that reality sets in. "And [I'm like], 'I can't believe this is the last time I'm ever gonna do this. But my decision has been made." Poirier will likely go down as the greatest fighter to never have an undisputed UFC title wrapped around his waist. I don't want to empty myself out and leave this game broken and bruised for a paycheck." Dustin Poirier on why he's retiring from MMA 14 Dustin Poirier came up short in his first crack at undisputed UFC gold in September 2019 Credit: GETTY 14 More title heartache wouldld befall Poirier when he fought Charles Oliveira two years later Credit: GETTY 14 Third time wouldn't be the charm for Poirier when he fought Islam Makhachev last June Credit: GETTY Winning one of his three cracks at the lightweight title would've undoubtedly further cemented what is an already historic career. But those losses to "I'm grateful for everything," he said. "All the lessons I've learned and the accomplishments I've had throughout the sport. "I had a good run, I really did. And I'm proud of it." MMA retirements are often looked at with a side-eye due to the sheer number of fighters who have performed U-turns or entered the world of boxing. But with mental and physical well-being now being his top priority, Poirier insists neither will end up being the case for him. He said: "I'm still going to be in the gym, so we'll see about grappling. "If something fun came along, maybe I would do a grappling match or something like that in the future . "But [as far as] combat sports, I'm gonna protect my brain and try to age as healthy as I can after post-fighting." 14 Dustin Poirier admits he's thought about reversing his retirement decision Credit: REUTERS 14 The 37-year-old admits he doesn't know how he'll fill the void left by fighting Credit: GETTY 14 Poirier insists his retirement stretches to all forms of combat sports Credit: Getty Countless pugilists and mixed martial artists have publicly struggled with life after fighting, with many openly admitting they've suffered identity crises. Unlike many before him, Poirier has financial interests outside of fighting to keep himself busy. Although he admits: "I don't think anything's ever gonna fill that void of what fighting was throughout my career. "So that could be a little bit of struggle to be at war with something so deeply the way I've been with combat sports." The honour of being Poirier's last dance partner, fittingly, goes to a man he welcomed to the UFC 13 years ago - former featherweight champion Max Holloway. Poirier is 2-0 in his series with the Hawaiian, who was his dance partner when he claimed interim lightweight gold at UFC 236 in April 2019. That fight was a war for the ages, something Poirier believes will be the case when they collide again in their Bayou brawl this weekend. "I feel like it's gonna be a lot like the last one," he said when asked how he foresees his swansong playing out. "Back and forth on the feet, but just at a higher level and a higher IQ. "It's going to be a battle, you know. It's gonna be a battle like the second one, I'm sure." 14 Dustin Poirier will close out his career with a trilogy fight with Max Holloway Credit: GETTY
Mint
17-07-2025
- Business
- Mint
Retail investors are walking the wire. Sebi should let VCs join the show.
The Securities and Exchange Board of India (Sebi) recently found that Wall Street financial firm Jane Street Capital had manipulated the cash and forward markets, fleeced hapless Indian investors, and made millions of dollars. For many, this would evoke images of The Wolf of Wall Street, howling Greed is Good, rebirth of the East India Company, and finance capital, rising, and shimmering, shapeless and threatening, from Lenin's tract on imperialism. It might be more useful to interpret this as India's shoe-shine-boy-offering-stock-tips moment, and remove the restriction on venture capital (VC) funds raising money from the public. The story goes that a stockbroker named Joseph, taking a break from hollering out the names of the stocks at the New York Stock Exchange's trading ring, walked around at Wall Street, and decided to let a lad offering a shine do his shoes, while he reflected on the good times America was going through in the late 1920s. Shining his shoes, the boy offered Joseph some hot tips for the market. If shoeshine boys were offering stock tips, Joseph realized that the market had reached fever-pitch, and it was time to get out. He sold his stocks and shorted the market, that is, sold shares he did not have, borrowing the shares to sell, and, as markets fell, used a fraction of the proceeds to buy back the shares to replace the borrowed shares. He made $150 million as Black Monday and Black Tuesday rolled out in late October 1929. Joseph used the money he made to give a head start to his brood of nine children. Two of them, John (Jack) and Robert (Bobby), subsequently made history. Joseph's surname was Kennedy. If Kennedy were alive today, and he were offered tips by a shoeshine boy on what stock options to buy, he would float a venture fund and list it on the market, regulators permitting. Risk-on mode Jane Street's precise shenanigans are incidental to the discussion here. What matters is the readiness of Indian participants in the futures and options (F&O) segment of the market to lose their shirts. Sebi has found that 91% of F&O players lose their money, while the gainers are high-frequency traders like Jane Street. Those who burn their hands in the F&O market do not retreat in sorrow. They return with more funds and hand them over to the likes of Jane Street. India accounts for approximately 60% of global stock futures and options volume. Its derivatives trade volume is around 350-400X the cash market volume—far exceeding the 5–15X seen in developed markets, according to a 2023 Axis Mutual Fund report. This behaviour is in line with that of investors who pour their life's savings into systematic investment plans (SIPs) of mutual funds—all of whom chase the same set of viable stocks and push up their prices to unrealistic multiples of the underlying companies' earnings, weighted for growth prospects. For Indian savers, mutual funds are what housing was to Chinese savers until recently. A stunted financial sector in China left real estate as the primary vehicle for individual savings, leading people to buy second and third homes. The solution to the dearth of investment-worthy companies that are not overvalued is two-fold: channel a portion of savings to markets abroad and their companies, and increase the number of investible companies. India does not save and invest enough at home to export savings without hurting its own growth. The preferable option is to create a new crop of profitable Indian companies. How do we do that? This is where venture capital comes in. Insurmountable spirit India has the talent to create new products and services. It offers vast scope for import substitution in the entire range of electronics, medical equipment, consumer goods, consumer durables, electric automobiles and components, energy transition products, telecom kits, and whatever else we gleefully import from China. A vast and totally new area is opening up in defence related goods and services. India has the talent to produce this. Indians are constrained by collapsing bridges, roads that are unsure whether to self-identify as roads or impromptu swimming pools; thousands of laws that can innocuously be breached to send the violator to prison; deficient access to institutional capital; a tradition that deems risk-taking as illegitimate for all but a tiny group; a culture that discourages new knowledge by holding all knowledge to be finite and contained in the scriptures; a hierarchical social structure that makes the questioning of established authority sacrilege; an education system that privileges rote learning and grades, while shunning critical thinking; and an R&D outlay of just 0.64% of gross domestic product (GDP). Yet, India is home to the world's third-largest herd of unicorns, startups valued at over a billion dollars. Indians do world-class R&D at proliferating global capability centres in the country to create value for multinationals. Indians abroad lead companies and start up big time. The point is to make access to risk capital more prolific. Some of the funded projects would become stellar successes and make enough money to make up for those that fail. Ordinary investors normally shelter from such extreme risk and reward. That is why Sebi bars VC funds from raising capital from the public. Indian investors' appetite for risk is something else. It makes a lot of sense to use that appetite to redirect their funds to create new, exciting companies, instead of inflating the prices of existing companies to unrealistic levels. Sebi should remove its restrictions on VC funds accepting money from the public. Let India be the first country to let shoeshine boys spread the word on hot venture stocks to buy. For more such views, read Mint Snapview.
Miami Herald
28-06-2025
- Business
- Miami Herald
Florida Panthers ‘Thrilled' To Re-Sign Sam Bennett To Big Eight-Year Deal
The Florida Panthers kept Sam Bennett away from NHL free agency. They re-signed the Conn Smythe Trophy winner to an eight-year extension at an $8 million average annual value. Bennett, 29, was projected to be one of the top centers available in free agency if he was unsigned by July 1. Instead, he's not leaving the back-to-back Stanley Cup champions. His new deal includes a no-move clause for the first five years of the contract, followed by a limited no-trade clause for the final three years, according to Sportsnet's Elliotte Friedman. His contract will expire after the 2032-33 season, when he will be 37 years old. Bennett made his intentions clear that he wanted to remain a Panther during the team's post-Cup celebrations. 'I ain't f-----g leaving,' Bennett said into the microphone, referencing Leonardo DiCaprio's famous line from the movie Wolf of Wall Street. Now, Bennett's statement has become a reality, and the Panthers' GM couldn't be happier about keeping on the two-time Stanley Cup champion. 'Sam is a special player who has mastered a unique blend of skill and physicality in his game, becoming one of the most impactful postseason performers of his generation,' Panthers GM Bill Zito said in a news release. 'He played an integral role in our two Stanley Cup championships, earning the franchise's first Conn Smythe Trophy and is a dedicated contributor to our South Florida community off the ice. We are thrilled that he will continue his career with the Panthers.' Out of his 11 years in the NHL, the 29-year-old arguably played his best this past season. He recorded a career-high 51 points in the regular season with 25 goals and 26 assists. However, his playoff performance likely played a big part in his new cap hit. Bennett led the NHL in post-season goals with 15, ending the Cup run with 22 points in 23 appearances. With Bennett being the latest center to sign an extension with his team, the UFA market for a middleman becomes even thinner. John Tavares, Matt Duchene and Brock Nelson were also all pending UFA centers who re-signed with their respective teams. Some pending UFA pivots who remain unsigned include Mikael Granlund and Pius Suter. The Panthers kept Bennett from being possibly the top UFA center by giving him the priciest and longest contract in his career. But Zito can't relax just yet. Left winger Brad Marchand and defenseman Aaron Ekblad also require new contracts before Tuesday's free agency opener, or else they can sign with another squad. Get thelatest news and trending stories by following The Hockey News on Google News and bysubscribing to The Hockey News newsletter here. And share your thoughts by commenting belowthe article on Copyright 2025 The Hockey News, Roustan Media Ltd.
Yahoo
23-06-2025
- Business
- Yahoo
Gen Z and millennial day traders tell us about switching from the 9-to-5 experience to full-time stock investing
Some young Americans are turning to trading stocks full-time as an alternative to a traditional 9-to-5. BI spoke to three Gen Z and millennial traders about how they've navigated the market full-time. Their outcomes varied, with one trader returning to work after six months. Carmine Rosato, a 26-year-old based in New Jersey, has never worked a traditional 9-to-5, but his alternative path has been lucrative. According to income statements he showed Business Insider, Rosato has managed to make as much as six figures in a month. There are ups and downs, but he's become used to the swings in his time as a full-time day trader, he said. "I was just drawn to the freedom and the unlimited upside," he told BI in an interview. "I just saw a path that could give me full control over my time." Younger Americans have flocked to the stock market in recent years. Online communities on Reddit, YouTube, and Discord are thronged with Gen Zers and millennials who claim to trade the market full-time or are actively trying to — many in an effort to escape the typical career path and the 9-5 workday. Andrew Menaker, a psychologist and trading performance coach who says he works with retail traders trying to go full-time in his practice, thinks the trend is a response to the economic struggles that younger people face. "How do I get a good job? It's harder for young people these days to get a head start, and I think they recognize that," he said, pointing to concerns like AI destabilizing the workforce, and general macroeconomic uncertainty. "Day trading feels like a way to regain some kind of control." Here are the stories of three full-time Gen Z and millennial traders. Rosato first became interested in the stock market when his high school teacher assigned a project that involved students creating a model stock portfolio. Rosato says he grew up seeing many of his family members unhappy and overworked in their corporate jobs. Being his own boss and the prospect of a comfortable life were major motivators for him to learn how to trade. "I wanted a Lamborghini. I wanted a nice watch. I wanted to go on vacation," he said. "And I'll even attribute that to the Wolf of Wall Street." Rosato said he practically locked himself in his dorm room for two years while he learned how to day trade. Eventually, he started hitting his stride and made a deal with his father that allowed him to drop out of school once he made enough money. He left college at the end of his sophomore year. Rosato, who's been in the market for nine years and also shares trading advice on YouTube and Discord, says the key to his strategy is controlling losses, such as by implementing stop-loss orders that prevent a trade from losing more than he's comfortable with. He also limits himself to no more than two hours of trading a day. By 11:30 a.m., he logs off to pursue his hobbies. Over the years, Rosato has been able to treat himself to big-ticket items like cars, watches, and vacations, but he says the freedom is one of the biggest perks. "Some people are just unhappy going through their normal 9-to-5 job, whereas I wake up every single day grateful that I get to work out of the comfort of my own home," he said. Ross Cameron, a 40-year-old day trader based in Massachusetts, also became interested in stocks after creating a dummy stock portfolio for a middle school class. He says the project opened his eyes to just how much money could be made in a short amount of time. At the time, he delivered newspapers and mowed lawns for spare cash. His family lived so frugally that they budgeted every dollar and frequently argued about what they couldn't afford. "It was never about getting rich. It was never about becoming a millionaire or anything like that. It was about just making enough money that I wouldn't have to go work a regular 9-to-5 job," he told BI. When Cameron was 22, his father died and left $100,000 to him and his sister. Cameron used some of the money to fund a brokerage account and began to day trade small portions full-time. It took several years of trial and error before Cameron found a strategy that worked. He attributes his success to trading high volatility stocks and riding the intraday swings. He also limits his losses by putting a trading cap on his brokerage account. The cap prevents him from executing more trades once he loses his average daily gain, which current stands around $30,000, according to brokerage statements viewed by BI. Like Rosato, Cameron also offers trading advice to followers online through his YouTube channel and through online courses. He says that on a typical day, he trades for around three hours, from around 7 a.m. to 10:00 a.m. Like most day traders, his profits vary wildly, but he made an average $157,000 a month in 2024, according brokerage statements shared with BI. Cameron says he lives a relatively non-extravagant life, but he feels secure in his ability to provide for his family and has been able to splurge on luxuries over the years and regularly travels with his family. "I have a level of affluence that I never would've expected to have," Cameron told BI, though, due to the variability of his income, he said he still feels the need to work every day. For every story of hitting big in the market, there are cautionary tales that show how stressful the life of a day trader can be. Edgar Camacho, a 35-year-old nurse based in Florida, got into day trading a decade ago, as Robinhood and other zero-fee brokerages lowered the barriers to the market for more people. He purchased some Disney call options and "instantly" made $2,000. From there, he was hooked, he told BI in an interview. "I was like, holy crap. I had no idea what I just did," he said. "I just made money from my phone. I've got to figure out how to do this more often." Over the next several months, Camacho says he got sucked into the hype of trading and learning from day traders who showed their activity on YouTube. He decided to take a six-month sabbatical from his job and try his luck at playing the stock market full time. Camacho was frustrated by the demands of his job, where 60-80 hour weeks are the norm. "Our life is wasted working pretty much. There's no three-day weekends. There's barely a two-day weekend. And once you have real adult responsibilities—laundry, groceries, kids—I mean, those two days fly by." He also felt squeezed by the pressures of saving for a home, saving for retirement, and providing for his family. "I went to school for eight years. I got my master's. I always figured once I got to this point, I'd be set," he said, adding that, while he's financially secure, he still makes some sacrifices to save. Camacho traded using a brokerage account with a balance of around $30,000, which was his entire savings at that time. In a few months, the balance had been whittled down to $2,000, he said. Camacho said losing that money was one of the lowest points of his life, and though he pared most of his losses, he ultimately decided to call it quits and go back to work. Camacho says he believes millennials and Gen Zers are enticed by the fantasy of being a full-time trader in part due to influencers on social media who claim to fund lavish lifestyles by trading just a few hours a day. "People truly believe that. And I think, in a sense, I kind of believed that that could be done as well," he admits. He said that he thinks the best way to make money in the market is to be in it for the long haul. "The only strategy that really works when it comes to this is buy and hold," he said. Read the original article on Business Insider
