Loan system – Alba Ruthenicae http://albaruthenicae.info/ Tue, 22 Nov 2022 16:39:23 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://albaruthenicae.info/wp-content/uploads/2021/07/icon-2021-07-06T145847.214-150x150.png Loan system – Alba Ruthenicae http://albaruthenicae.info/ 32 32 Brooklyn woman pleads guilty to multi-faceted COVID-19 fraud scheme | USAO-SDNY https://albaruthenicae.info/brooklyn-woman-pleads-guilty-to-multi-faceted-covid-19-fraud-scheme-usao-sdny/ Tue, 22 Nov 2022 16:15:19 +0000 https://albaruthenicae.info/brooklyn-woman-pleads-guilty-to-multi-faceted-covid-19-fraud-scheme-usao-sdny/ Damian Williams, the United States Attorney for the Southern District of New York, announced that TATIANA DANIEL pleaded guilty today to conspiracy to commit wire fraud. DANIEL participated in a scheme to commit fraud related to the COVID-19 pandemic by (1) defrauding New York City’s COVID-19 Hotel Room Isolation Program; (2) sell fabricated COVID-19 test […]]]>

Damian Williams, the United States Attorney for the Southern District of New York, announced that TATIANA DANIEL pleaded guilty today to conspiracy to commit wire fraud. DANIEL participated in a scheme to commit fraud related to the COVID-19 pandemic by (1) defrauding New York City’s COVID-19 Hotel Room Isolation Program; (2) sell fabricated COVID-19 test results, both positive and negative; (3) commit unemployment benefit fraud; and (4) obtaining fraudulent COVID-19 loans from the United States Small Business Administration’s Paycheck Protection Program (“PPP”) and Economic Disaster Loan Program (“EIDL”). United. DANIEL pleaded guilty before the American magistrate Ona T. Wang. DANIEL’s case is assigned to U.S. District Judge Lewis A. Kaplan.

US Attorney Damian Williams said: ‘As she admitted today, Tatiana Daniel has repeatedly taken advantage of resources available to help people and businesses in crisis. Daniel’s misconduct included selling fabricated COVID-19 test results, which likely put members of the public at risk of contracting the deadly virus from one of Daniel’s clients. Daniel now faces a prison sentence for his illegal and dangerous actions.

According to the allegations contained in the replacement information, court filings and statements made during the plea proceedings:

From March 2020 to September 2021, DANIEL conspired to commit fraud related to the COVID-19 pandemic through various means.

First, DANIEL defrauded the COVID-19 Hotel Room Isolation Program (the “Program”). In response to the COVID-19 pandemic, New York City created the program. Funded by the City of New York and the Federal Emergency Management Agency, the program provided free hotel rooms to eligible people throughout New York City. The program was open to (a) healthcare workers who had to self-isolate due to exposure to COVID-19; (b) patients who had tested positive for COVID-19; (c) persons who believed, based on their symptoms, that they were infected with COVID-19; and (d) people who lived with someone who had COVID-19. As noted on the City’s website describing the program, these people “may qualify to self-isolate at a hotel for up to 14 days for free if you don’t have a safe place to self-isolate.” Those wishing to book a hotel room through the program could either call a phone number or use an online hotel booking platform.

DANIEL defrauded the program in at least two ways. First, she got free hotel rooms through the program by falsely claiming to be a healthcare worker, specifically a respiratory therapist. Second, it sold at least approximately 144 nights of fraudulently obtained hotel rooms to customers who did not qualify for the program. As part of this scheme, DANIEL used Facebook to advertise the sale of program hotel rooms, to communicate directly with potential purchasers of program hotel rooms, and to communicate with a co-accused who worked at a calls who handled phone calls and some reservations. for the program for several months in 2020. For example, at one point, DANIEL wrote to his co-accused: “We need to move this bitch, they keep asking for employee ID. »

Second, DANIEL operated a fraudulent document factory, through which DANIEL sold, among other things, fabricated COVID-19 test results, positive and negative, in July and August 2021. These fabricated test results included the names of alleged members medical personnel and contained spelling errors (for example” positive “).

Third, between May 2021 and September 2021, DANIEL submitted fraudulent applications for COVID-19 loans, through the PPP and EIDL programs, resulting in the disbursement of thousands of dollars in pandemic loan funding to DANIEL and a co-conspirator.

Fourth, between March 2020 and September 2021, DANIEL conspired to fraudulently obtain more than approximately $97,000 in New York State unemployment benefits for herself and others. She did this by misrepresenting herself, impersonating more than 10 people, and collecting unemployment benefits paid to benefit those people. Additionally, DANIEL filed unsuccessful claims for unemployment benefits in other states.

* * *

DANIEL, 28, of Brooklyn, New York, pleaded guilty to one count of conspiracy to commit wire fraud, which carries a maximum sentence of five years in prison. Under the terms of his plea agreement, DANIEL agreed to forfeit $109,655 and pay restitution of $401,206.

The maximum potential sentence in this case is prescribed by Congress and is provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge. DANIEL is due to be sentenced by Judge Kaplan on March 29, 2023 at 2:30 p.m.

DANIEL’s three co-defendants are currently scheduled to stand trial before Judge Kaplan on January 17, 2023.

Mr. Williams commended the exceptional efforts of officers, investigators and analysts from the New York City Department of Investigation, New York Regional Office of the United States Department of Labor – Office of Inspector General (“DOL- OIG”) and the United States. New York Southern District Attorney’s Office. Mr. Williams also thanked intelligence analysts from the New York/New Jersey High Intensity Drug Trafficking Area for their support and assistance in this investigation. He also expressed his gratitude to the New York City Police Department, the New York State Department of Labor and the Atlanta Regional Office of the DOL-OIG for their assistance.

This case is being handled by the Bureau’s Complex Fraud and Cybercrime Unit. Assistant US Attorney Michael D. Neff is in charge of the prosecution.

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Mexican ‘Black Panther’ star fights racism at home https://albaruthenicae.info/mexican-black-panther-star-fights-racism-at-home/ Sat, 19 Nov 2022 19:21:21 +0000 https://albaruthenicae.info/mexican-black-panther-star-fights-racism-at-home/ Mexican actor Tenoch Huerta speaks at the launch of his book ‘Orgullo Prieto’ (Brown Pride) in Mexico City CLAUDIO CRUZ Text size In Hollywood, he is the rising star of the sequel to “Black Panther”, the first major black superhero film. In his native Mexico, Tenoch Huerta leads a fight against racism on screen. The […]]]>

Mexican actor Tenoch Huerta speaks at the launch of his book ‘Orgullo Prieto’ (Brown Pride) in Mexico City

CLAUDIO CRUZ

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Kansas startups receive $850,000 through new equity loans and programs https://albaruthenicae.info/kansas-startups-receive-850000-through-new-equity-loans-and-programs/ Wed, 16 Nov 2022 19:15:00 +0000 https://albaruthenicae.info/kansas-startups-receive-850000-through-new-equity-loans-and-programs/ TOPEKA, Kan. (WIBW) – Four Kansas startups have received a total of $850,000 through new loan and equity programs. Kansas Governor Laura Kelly announced the first round of funding recipients from the GROWKS loan and equity programs to help small businesses – especially those in underserved areas – access capital in the early stages of […]]]>

TOPEKA, Kan. (WIBW) – Four Kansas startups have received a total of $850,000 through new loan and equity programs.

Kansas Governor Laura Kelly announced the first round of funding recipients from the GROWKS loan and equity programs to help small businesses – especially those in underserved areas – access capital in the early stages of their business. growth.

In the first round, Governor Kelly said four businesses — three of which are run by women — received a total of $850,000 in matching capital.

“GROWKS loan and equity programs remove the barriers that entrepreneurs face when trying to start a business,” Kelly said. “My administration is committed to ensuring that small businesses – including those in underserved communities – have the opportunities and resources they need to succeed, create jobs and drive economic growth.”

Earlier in 2022, Kelly announced the creation of the Kansas Framework for Growth GROWKS Loan Fund and GROWKS Equity Programs to be managed by the Kansas Department of Commerce. She said the funds would distribute $69 million granted to Kansas through the US Treasury Department’s State Small Business Credit Initiative. Together, she said the two represent the broadest set of small business financing programs offered by the state.

“Connecting small businesses in Kansas to capital that will help them grow and prosper will strengthen the state’s overall economy,” said Lieutenant Governor and Secretary of Commerce David Toland. “I am thrilled that this first round of funding from GROWKS is reaching the entrepreneurs it is meant to help.”

The Governor said the programs use extensive networks of community and business support partners through NetWork Kansas to provide matching funds for bank loans. She said the approved money has already raised more than $4 million in private capital.

Ultimately, Kelly noted, more than $1 billion in funds will be invested by the private sector over the life of the programs, which can be used for day-to-day small business expenses like inventory, equipment, supplies and working capital.

“The GROWKS program provides much-needed investment funds to support private equity capital in these innovative ventures,” said Trish Brasted, president of Entrepreneurial Growth Ventures, an organizational unit of NetWork Kansas. “Seed-stage capital markets have become more challenging over the past six months, which has heightened the importance of this program.”

Kelly said the first set of recipients include:

  • QuickHire, Inc. – A Wichita-based technology platform that connects job seekers to service-based work opportunities. The funds will be used to support marketing, market research and commercialization.
  • Celerity Enterprises, Inc. – A Kansas City-based technology platform that focuses on securing special price agreements between suppliers and distributors. The funds will be used to hire staff, develop sales and modernize the platform.
  • ELIAS Animal Health, LLC – An Olathe-based medical biotechnology company advancing new therapies for the treatment of cancer in companion animals. The funds will be used to expand manufacturing capacity, sales, marketing and customer service.
  • SoHome Kids Foundation – A Neodesha-based startup that aims to provide residential facilities for children 18 and under in the state’s foster care system. The funds will be used to renovate a group home.

“Raising capital is one of the biggest challenges small businesses face, and we were thrilled to receive this funding,” said Tammie Wahaus, CEO of ELIAS Animal Health, LLC. “This exciting program comes at a time when capital markets are tightening and regional support for local businesses is essential.”

For more information on GROWKS, click HERE.

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While US courts uphold student loan forgiveness, the federal government is finding other ways to erase the debt. Details here https://albaruthenicae.info/while-us-courts-uphold-student-loan-forgiveness-the-federal-government-is-finding-other-ways-to-erase-the-debt-details-here/ Sun, 13 Nov 2022 19:19:00 +0000 https://albaruthenicae.info/while-us-courts-uphold-student-loan-forgiveness-the-federal-government-is-finding-other-ways-to-erase-the-debt-details-here/ The complications of student loan repayments start to arise in advance: Freshmen are being offered a six-month grace period by the federal government to cancel their loan repayments as they struggle to settle into the new World. The deferral of loan repayments is valued as the increasing interest on this debt. The federal government then […]]]>
The complications of student loan repayments start to arise in advance: Freshmen are being offered a six-month grace period by the federal government to cancel their loan repayments as they struggle to settle into the new World.

The deferral of loan repayments is valued as the increasing interest on this debt. The federal government then capitalizes on the unpaid interest and adds it to the principal amount of the loan. As a result, the loan amount turns out to be much higher than the borrowed amount. Authorities also capitalized on interest. If the borrower interrupts loan repayments,

Project director Sarah Sattelmeyer, who studies student loans at New America, said, “breaking free from the loan capitalization system is a win-win situation because it confuses and increases balanced growth.”

Court judgment:

The student loan program has been formalized to bring many changes over the past few weeks, one of which is almost the elimination of capitalization of student loans. But the federal district judge in Texas on Thursday rejected the president’s sweeping student loan forgiveness plan.

The Ministry of Education stopped accepting requests for one-time debt relief; however, the administration is working to change the judge’s decision. And the states have already indicated that they could go to the Supreme Court to obtain a decision in their favor.

FAQs:

  1. How much interest is capitalized by the Ministry of Education?
    Capitalized interest for fiscal year 2019 alone is estimated at nearly $22 billion.
  2. What will debt forgiveness cost?
    The CBO has estimated that Biden’s student loan relief could cost US$400 billion.

Disclaimer Statement: This content is written by an external agency. The views expressed herein are those of the respective authors/entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its content and is not responsible for it in any way. Please take all necessary steps to ensure that the information and content provided is correct, updated and verified. ET hereby disclaims all warranties, express or implied, with respect to the report and its contents.

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Federal judge rules Biden’s student loan forgiveness plan illegal https://albaruthenicae.info/federal-judge-rules-bidens-student-loan-forgiveness-plan-illegal/ Fri, 11 Nov 2022 02:28:13 +0000 https://albaruthenicae.info/federal-judge-rules-bidens-student-loan-forgiveness-plan-illegal/ Listen to the article 4 minutes This audio is generated automatically. Please let us know if you have any comments. Diving Brief: A Texas federal judge late on Thursday declared President Joe Biden’s plan to write off large swathes of student debt illegal, giving a victory to conservatives who deemed it overkill by the government […]]]>

This audio is generated automatically. Please let us know if you have any comments.

Diving Brief:

  • A Texas federal judge late on Thursday declared President Joe Biden’s plan to write off large swathes of student debt illegal, giving a victory to conservatives who deemed it overkill by the government and financially reckless.
  • U.S. District Judge Mark Pittman, appointed by former President Donald Trump, wrote in his decision the Biden administration has illegally veered into political territory that should be reserved for Congress. His order cancels the nationwide loan forgiveness program, effective immediately.
  • The US Department of Education did not immediately comment on Thursday. However, he will likely appeal, as officials have pledged to fight legal maneuvers to block the program.

Overview of the dive:

Conservatives filed legal challenges against Biden’s student loan forgiveness program shortly after announcing it in August.

A common thread among the lawsuits is accusations that the Department of Education overstepped its decision to write off federal student loan debt. The program would forgive up to $10,000 to individual borrowers earning up to $125,000 a year and up to $20,000 to those who received federal Pell grants while in college. Pell Grants serve as a proxy for low and moderate income status.

Few of these lawsuits have been successful. Even a Trump appointee to the U.S. Supreme Court, Amy Coney Barrett, has refused to intervene in cases seeking to bring down the plan.

However, in recent weeks, the program has seemed more under threat. A federal judge at the end of October temporarily suspended the plan in a lawsuit brought by six Republican-led states.

The Department of Education was still accepting requests for debt relief and recently said it was prepare to deliver to a first round of 16 million borrowers.

Pittman ruled in a lawsuit brought by two college graduates, Alexander Taylor and Myra Brown, who alleged the administration arbitrarily decided who was eligible for debt forgiveness. They were supported by the Job Creators Network Foundation, an organization determined to fight what he sees as bad government policy.

Taylor, who funded his University of Dallas undergraduate degree with student loans, objected to not being eligible for the additional relief given to Pell Scholarship recipients.

Brown has also taken out loans, but through the defunct Federal Family Education Loan, or FFEL, program which makes them private.

The White House initially said borrowers could consolidate FFEL loans into direct loans, thereby qualifying for debt relief. But the Department of Education backed out of the policy in September, which legal experts said was likely to avoid prosecution.

The Biden administration justified its power to write off debt broadly with a 2003 law known as the Higher Education Student Aid Opportunity Act, or HEROES.

This act allows the Secretary of Education to make changes to federal financial aid during war or other national emergencies. The administration said the coronavirus pandemic qualifies as such an emergency

Pittman disagreed that the HEROES Act gave that power to the secretary.

“The Court is not blind to the current political division in our country,” he wrote. “But it is fundamental to the survival of our Republic that the separation of powers as set out in our Constitution be preserved.”

Critics lambasted Pittman’s decision.

The Student Borrower Protection Center, an advocacy group, in a statement called Pitman a “right-wing federal judge” who has followed conservative politicians.

The group called on Biden to continue freezing student loan payments, which have not been needed since the early days of the pandemic. This moratorium is due to expire at the end of the year.

“The Biden administration needs to use this decision as an opportunity to make it clear that the student loan system will remain closed as long as these partisan legal challenges persist,” said Mike Pierce, the group’s executive director. “Student borrowers should never be sacrificed as pawns in Republican political games.”

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CBDCs are a declaration of war on the banking system says economist https://albaruthenicae.info/cbdcs-are-a-declaration-of-war-on-the-banking-system-says-economist/ Fri, 04 Nov 2022 21:46:41 +0000 https://albaruthenicae.info/cbdcs-are-a-declaration-of-war-on-the-banking-system-says-economist/ CBDCs are a declaration of war on the banking system, Richard Werner – a development economist and professor at De Montfort University – told Cointelegraph at Web Summit on November 4. Known for his theory of quantitative easing, published almost 30 years ago, Werner is an advocate of a decentralized economy. In an exclusive interview […]]]>

CBDCs are a declaration of war on the banking system, Richard Werner – a development economist and professor at De Montfort University – told Cointelegraph at Web Summit on November 4.

Known for his theory of quantitative easing, published almost 30 years ago, Werner is an advocate of a decentralized economy. In an exclusive interview with Cointelegraph Editor-in-Chief Kristina Lucrezia Cornèr, he discussed the challenges surrounding decentralization, the role of central banks, and how blockchain can help promote transparency in economies.

This interview was part of Cointelegraph’s extensive coverage at the Web Summit in Lisbon, one of the world’s leading technology conferences.

Cointelegraph: Do you think a decentralized financial system is actually possible?

Richard Werner: Yes, because of course we have a lot of centralization forces by the central actors. They love it, and they want more centralization, but it’s very dangerous and very bad. The extreme case is the Soviet Union, through key periods, which was a very centralized monetary system with only one central bank, and it was not a good system. But that’s what central planners in other countries like the ECB [European Central Bank]that’s what they want.

The ECB says there are too many banks in Europe. Why is that? And who are they to say that? Well, they wish it was just them. They don’t want competition. They want to go back to the central bank, the only central bank. So that’s where issuing CBDCs comes in because through CBDCs central planners think it’s a declaration of war on the banking system. The CBDC is literally the central bank that says we are going to open current accounts, ordinary banking services for the ordinary public at the central bank. In other words, the banking regulator suddenly says we’re going to compete with the banks now because the banks don’t stand a chance. You cannot compete with the regulator.

CT: And is decentralization possible in this scenario?

RW: Yes, it is, but only if we create many local community banks, real full-fledged banks with a banking license, because a banking license is a license to print money, literally. When a bank grants a loan, do you know where the money for the loan comes from? It does not come from deposits. They are just breakers of what the bank owes you money for. The new loan is newly created by the bank and added to the money supply, and this is allowed when you have a banking license.

A banking license is a license to print money, and if we have many community banks, it is a decentralized system. They only lend locally to the local area, to local small businesses. These are productive, sustainable and non-inflationary loans. Then you get growth and prosperity, employment, job creation, stability, no inflation. But when you get a centralized system and bigger banks, they buy out the smaller banks, or you just have one central bank.

They also want to do only big business. The bigger the banks, the bigger the transactions they want to do, but the big transactions are usually asset lending where the bank creates money. People buy assets, which creates asset inflation and the asset bubble. That’s why we have them. And then you get a banking crisis because it’s always, you know, dependent on continued money creation.

CT: What is the role of blockchain here?

RW: This usually means the potential for decentralization by definition, as it is a distributed ledger. Why? Where does this expression on the distributed ledger come from? Ledger is the double-entry account, accounting, passive assets, balance sheet of a company and a bank.

The standard system is a centralized register maintained by the central bank and then the banks. Because the more banks you have, the more decentralization you already have, but a fully decentralized ledger is where everyone can verify using technology for transactions. You have this position and this check and, therefore, the responsibility. That’s why it’s an interesting tool. It gives that transparency and local accountability if used in the right way. I think, again, that’s an ideal combination of blockchains and combining it with local banking, because then you’re maximizing the service.