He was found guilty of stealing $3.2 million from 33 victims. NEW YORK, Dec 19 — US stocks ended lower yesterday, pulled down by uncertainty around a coronavirus stimulus deal, while Tesla shares jumped in heavy trading in anticipation of their addition to the S&P 500 next week. All three major indexes hit record highs at the opening before retreating….
HONOLULU, Hawaii (HawaiiNewsNow) – A former Oahu man has been sentenced to more than eight years behind bars for an fraudulent investment scheme that swindled millions of dollars from victims.
52-year-old Neil Kauhi was sentenced Friday to 97 months for his schemes that targeted over 30 victims.
Prosecutors say from 2012 to 2018, he took $3.2 million from 33 victims to invest in precious metals, real estate, a trucking company and other means. But instead of investing the funds, he used the money to pay for personal expenses, like a Makakilo home, his daughter’s wedding, cars and more.
Kauhi was found guilty of the theft, taking advantage of neighbors, family members, friends, and fellow church parishioners in Hawaii and New Zealand.
The elaborate scheme involved wire transfers through home equity loans or IRAs that would allow Kauhi to move the money into his own accounts, prosecutors said.
At sentencing, Judge Gillmor called his acts “heartless,” and was ordered to pay over $3.2 million in restitution and forfeit over $581,000.
“Defendant Kauhi lined his pockets by destroying lives through fraud. This prosecution ensures accountability for the devastation he caused to those in our communities who unwittingly entrusted him with their money. My office will continue to vindicate the interests of victims who fall prey to those like Defendant Kauhi, who will callously cause financial ruin to others for their own comfort,” U.S. Attorney Kenji M. Price said.
Kauhi’s wife was also charged in connection with the fraud scheme. She pleaded guilty to a lesser offense and was sentenced to 27 months imprisonment.
Copyright 2020 Hawaii News Now. All rights reserved.
Author: HNN Staff
Wall Street closes lower as stimulus rally cools, Tesla volume jumps | Malay Mail
NEW YORK, Dec 19 — US stocks ended lower yesterday, pulled down by uncertainty around a coronavirus stimulus deal, while Tesla shares jumped in heavy trading in anticipation of their addition to the S&P 500 next week.
All three major indexes hit record highs at the opening before retreating. The S&P 500 technology index, which has led gains this week, was the biggest drag on the overall benchmark index.
Trading was heavy and volatile in shares of electric-car maker Tesla Inc, which will become on Monday the most valuable company to be ever added to Wall Street’s main benchmark index.
The stock was last up 6 per cent and hit a record high. Turnover in Tesla shares topped US$120 billion (RM484.8 billion) shortly after 4 pm EST, with volume exceeding 200 million as the stock traded after hours, according to Refinitiv data.
“Tesla is sort of a New Age cult stock. There are people who love the product and who love the stock,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York, New York.
Investors could see further gains in the stock on Monday, but possibly profit-taking after that, he said, adding, “a lot of people bought when the announcement” of the inclusion in the S&P 500 came out.
Market trading volumes were high also due to the expiration of stock index futures, stock index options, stock options and single stock futures at the end of trade, also known as “quadruple witching.”
Volume on US exchanges was 15.8 billion shares, compared with the 11.6 billion average for the full session over the last 20 trading days.
The US Congress yesterday risked blowing through a midnight deadline to keep the government open and address the coronavirus crisis, as a partisan fight over federal lending rules caused a fresh delay on a US$900 billion Covid-19 relief bill.
The Dow Jones Industrial Average fell 124.32 points, or 0.41 per cent, to 30,179.05, the S&P 500 lost 13.07 points, or 0.35 per cent, to 3,709.41 and the Nasdaq Composite dropped 9.11 points, or 0.07 per cent, to 12,755.64.
For the week, the S&P 500 was up 1.3 per cent, the Dow was up 0.4 per cent and the Nasdaq gained 3.1 per cent.
Recent weak economic data has increased pressure on lawmakers to reach a deal.
“Investors definitely want to see something come through or like to see something come through on the stimulus front sooner rather than later as Covid cases continue to rise and economic data has shown that it is beginning to deteriorate,” said Lindsey Bell, chief investment strategist at Ally Invest, in Charlotte, North Carolina.
The prospect of continued monetary and fiscal stimulus has helped stocks look past the economic impact of the pandemic, and set them up for strong annual gains, despite a rocky start to the year.
FedEx Corp fell 5.7 per cent after it did not give an earnings forecast for 2021, even as its quarterly profit almost doubled.
Declining issues outnumbered advancing ones on the NYSE by a 1.41-to-1 ratio; on Nasdaq, a 1.26-to-1 ratio favoured decliners.
The S&P 500 posted 40 new 52-week highs and no new lows; the Nasdaq Composite recorded 302 new highs and 9 new lows. — Reuters
Author: Saturday, 19 Dec 2020 07:44 AM MYT