Madoff faces life in prison



NEW YORK // Bernard Madoff, accused of an "unprecedented" US$50 billion (Dh183bn) financial swindle, was charged yesterday with 11 criminal counts that could put him in prison for the rest of his life. Mr Madoff, 70, a former Nasdaq stock market chairman and money manager accused of bilking investors worldwide, is expected to plead guilty on Thursday, his lawyer said in court. US prosecutors provided new details of the alleged fraud in court papers, saying Madoff's crime spree lasted from "at least" the 1980s.

"The charges reflect an extraordinary array of crimes committed by Bernard Madoff for over 20 years," the Acting US Attorney Lev Dassin in Manhattan said. "While the alleged crimes are not novel, the size and scope of Mr. Madoff's fraud are unprecedented." Mr Madoff was charged with securities fraud, mail fraud, wire fraud, three counts of money laundering, making false statements and perjury among other charges, according to the court documents. He faces up to 150 years imprisonment, according to sentencing guidelines.

Prosecutors said the investigation is continuing. No one else has been charged since Mr Madoff was arrested three months ago. The government said in court documents it wants Mr Madoff to forfeit all of the money and property that can be traced back to the alleged fraud - a sum it estimated at more than $170.8bn. Prosecutors did not say how they arrived at that figure. Mr Madoff's lawyers challenged the figure represented as proceeds of his purported crimes.

"We respectfully suggest that the amount of the government's forfeiture demand is grossly overstated, and misleading, even for a case of this magnitude," the lawyers wrote in a letter to the judge. It added that the purpose of the letter "is not to minimise Mr. Madoff's culpability". There is no plea agreement with Mr Madoff, who remains under house arrest. He returned to his Manhattan penthouse apartment after a court hearing where prosecutors announced expanded charges against him.

When defendants agree to plead guilty, they often reach a plea bargain, only admitting guilt on some of the charges in exchange for their co-operation. In this case, however, Madoff is expected to plead guilty to all 11 counts at his next court appearance on Thursday, his lawyer said. The government may then ask the judge to jail him until he is sentenced. Prosecutors have said Madoff confessed in December to running a massive Ponzi scheme - a fraud in which early investors are paid with the money of new clients.

The purported swindle operated for decades, offering amazingly consistent returns of between 10 per cent and 12 per cent, but collapsed in last year's market meltdown. In court papers, prosecutors contended Madoff hired numerous employees "with little or no prior pertinent training or experience in the securities industry" to communicate with his investment clients and "generate false and fraudulent documents".

They said Madoff's investment business had about 4,800 client accounts as of Nov 30 2008, and issued statements for that month reporting that client accounts held a total balance of about $64.8 billion. In reality, the company "held only a small fraction" of that balance for clients. *Reuters

The specs

Engine 60kwh FWD

Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry

Power 204hp Torque 360Nm

Price, base / as tested Dh174,500 

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

How Apple's credit card works

The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.

What does it cost?

Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.

What will the interest rate be?

The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts

What about security? 

The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.

Is it easy to use?

Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision. 

* Associated Press 

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The specs

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Power: 299hp at 5,500rpm
Torque: 420Nm at 2,750rpm
Transmission: 10-speed auto
Fuel consumption: 12.4L/100km
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The specs: 2018 Bentley Bentayga V8

Price, base: Dh853,226

Engine: 4.0-litre twin-turbo V8

Transmission: Eight-speed automatic

Power: 550hp @ 6,000pm

Torque: 770Nm @ 1,960rpm

Fuel economy, combined: 11.4L / 100km

Company profile

Company name: amana
Started: 2010
Founders: Karim Farra and Ziad Aboujeb
Based: UAE
Regulator: DFSA
Sector: Financial services
Current number of staff: 85
Investment stage: Self-funded

MATCH INFO

Manchester United 1 (Rashford 36')

Liverpool 1 (Lallana 84')

Man of the match: Marcus Rashford (Manchester United)

The Secret Kingdom

Director: Matt Drummond

Stars: Alyla Browne, Alice Parkinson, Sam Everingham

Rating: 3/5

Sweet Tooth

Creator: Jim Mickle
Starring: Christian Convery, Nonso Anozie, Adeel Akhtar, Stefania LaVie Owen
Rating: 2.5/5

Moving Out 2

Developer: SMG Studio
Publisher: Team17
Consoles: Nintendo Switch, PlayStation 4&5, PC and Xbox One
Rating: 4/5

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

UAE currency: the story behind the money in your pockets
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COMPANY PROFILE

Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures

Indika

Developer: 11 Bit Studios
Publisher: Odd Meter
Console: PlayStation 5, PC and Xbox series X/S
Rating: 4/5

SPECS

Engine: Two-litre four-cylinder turbo
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Transmission: Nine-speed automatic
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TYPES OF ONLINE GIG WORK

Design, multimedia and creative work: Logo design, website design, visualisations

Business and professional management: Legal or management consulting, architecture

Business and professional support: Research support, proofreading, bookkeeping

Sales and marketing support: Search engine optimisation, social media marketing

Data entry, administrative, and clerical: Data entry tasks, virtual assistants

IT, software development and tech: Data analyst, back-end or front-end developers

Writing and translation: Content writing, ghost writing, translation

Online microtasks: Image tagging, surveys

Source: World Bank

MATCH INFO

Real Madrid 2

Vinicius Junior (71') Mariano (90+2')

Barcelona 0

Ireland (15-1):

Ireland (15-1): Rob Kearney; Keith Earls, Chris Farrell, Bundee Aki, Jacob Stockdale; Jonathan Sexton, Conor Murray; Jack Conan, Sean O'Brien, Peter O'Mahony; James Ryan, Quinn Roux; Tadhg Furlong, Rory Best (capt), Cian Healy

Replacements: Sean Cronin, Dave Kilcoyne, Andrew Porter, Ultan Dillane, Josh van der Flier, John Cooney, Joey Carbery, Jordan Larmour

Coach: Joe Schmidt (NZL)


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