Steve Bannon: former adviser to Donald Trump arrested for wire fraud


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Steve Bannon, a former adviser to US President Donald Trump, has been charged with conspiracy to commit wire fraud in relation to a fundraising campaign for the building of the US-Mexico border wall.

Federal prosecutors alleged Mr Bannon and three others “orchestrated a scheme to defraud hundreds of thousands of donors” in connection with an online crowdfunding campaign called "We Build The Wall".

The campaign raised more than $25 million (Dh91.8m) to build a barrier along the southern border of the US, lawyer Audrey Strauss said.

Despite portraying “We Build the Wall” as a volunteer organisation, Mr Bannon received more than $1m from the group, some of which was used to pay for his personal expenses, prosecutors said.

Hours after his arrest, Mr Bannon, 66, pleaded not guilty during an appearance in a Manhattan federal court.

“As alleged, the defendants defrauded hundreds of thousands of donors, capitalising on their interest in funding a border wall to raise millions of dollars, under the false pretense that all of that money would be spent on construction,” Ms Strauss said.

Defendants defrauded hundreds of thousands of donors, capitalising on their interest in funding a border wall to raise millions of dollars

We Build The Wall founders Brian Kolfage, Andrew Badolato and Timothy Shea were also indicted.

Mr Kolfage, who prosecutors described as the public face and founder of the operation, received thousands of dollars that he used to fund a lavish lifestyle.

He is due to appear in federal court in Florida on Thursday.

The other two defendants are due to appear in courts in the Middle District of Florida and Colorado.

Mr Bannon, 66, served as the chief executive of Mr Trump’s presidential campaign and was the architect of his populist strategy.

The former leader of Breitbart News helped Mr Trump to increase his appeal among the far right, often prompting accusations of racism and conspiracy-mongering.

In the White House, Mr Bannon was a leading proponent of the administration’s efforts to ban travel from a group of Muslim-majority countries.

But his tenure in the administration was a rocky one.

Opponents accused him of leaking to the media and haphazard efforts to root out “deep state” opponents of the administration.

Coverage suggesting that he was using outsize influence to manipulate the president quickly drew Mr Trump’s ire.

Mr Bannon was sacked seven months into his role during the controversy over Mr Trump’s handling of the violence that erupted at white supremacist protests in Charlottesville.

He applauded the president’s strategy to voice support for some of the demonstrators protesting against the removal of Confederate statues, who marched with people chanting Nazi slogans.

COMPANY%20PROFILE
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Dubai Rugby Sevens

November 30-December 2, at The Sevens, Dubai

Gulf Under 19

Pool A – Abu Dhabi Harlequins, Jumeirah College Tigers, Dubai English Speaking School 1, Gems World Academy

Pool B – British School Al Khubairat, Bahrain Colts, Jumeirah College Lions, Dubai English Speaking School 2

Pool C - Dubai College A, Dubai Sharks, Jumeirah English Speaking School, Al Yasmina

Pool D – Dubai Exiles, Dubai Hurricanes, Al Ain Amblers, Deira International School

Company%20Profile
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Safety 'top priority' for rival hyperloop company

The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.

He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.

“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.

“Only once the system has been certified and approved will it move people,” he said.

HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon. 

With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Racecard
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PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

Innotech Profile

Date started: 2013

Founder/CEO: Othman Al Mandhari

Based: Muscat, Oman

Sector: Additive manufacturing, 3D printing technologies

Size: 15 full-time employees

Stage: Seed stage and seeking Series A round of financing 

Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now. 

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  • Particle size: Much finer, lightweight particles
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  • Duration: Can linger for days
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Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

The Lowdown

Us

Director: Jordan Peele

Starring: Lupita Nyong'o, Winston Duke, Shahadi Wright Joseqph, Evan Alex and Elisabeth Moss

Rating: 4/5