Albertson Man Admits to $30M Fraud

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York An Albertson man has admitted to stealing $30 million from a bank over a five-year span while he was the chief financial officer of a Brooklyn-based energy company.Thomas Torre, the ex-CFO of Metro Fuel Oil Corp., pleaded guilty Wednesday at Brooklyn federal court to a charge of conspiracy to commit bank fraud.“Through his deceit and trickery, Torre defrauded New York Commercial Bank in an amount exceeding $30 million,” said Kelly Currie, acting U.S. Attorney for the Eastern District of New York.Prosecutors said the 63-year-old man schemed to overstate Metro Fuel’s accounts receivable in order to draw from a revolving line of credit issued by the bank from July 2007 to July 2012.He and others allegedly misrepresented the true accounts receivable by deliberately failing to account for the cash payments received from customers and by creating fictitious invoice amounts, authorities said.Metro Fuel filed for bankruptcy in September 2012 when company could no longer pay its bills. The company owed the bank more than $30 million by that time.Torre faces up to 30 years in prison, plus fines.last_img read more

Stock futures rise after Monday’s record-setting session

first_img“Value and smaller companies typically have more leverage to economic recoveries so a vaccine that would remove the weight of COVID-19 off the economy is a distinct positive,” wrote Bill Stone, chief investment officer at Stone Investment Partners. “Time will tell if this reversal in trends proves durable or starts “makin’ the tears rain down like a monsoon” for value proponents like the many recent false starts.”The recent outperformance in value stocks comes even as the number of coronavirus cases continues to increase, dampening the country’s near-term economic outlook.More than 1 million cases were confirmed in less than a week in the U.S., bring the country’s total to more than 11 million, according to data from Johns Hopkins University. Data from The Covid Tracking Project also showed U.S. coronavirus-related hospitalizations have risen to nearly 70,000.“The near-term COVID backdrop remains bleak with exploding cases, rising hospitalizations, and additional mitigation measures,” wrote Adam Crisafulli, founder of Vital Knowledge. “But the broader tape is willing to overlook all this for the time being.”Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. – Advertisement – Earlier in the day, the Dow and S&P 500 posted all-time closing highs. The Dow also notched an intraday record. Those gains came after Moderna released trial data showing its coronavirus vaccine was more than 94% effective, further raising expectations of a sharp economic recovery.That marked the second positive announcement related to a coronavirus vaccine in a week. Pfizer and BioNTech said Nov. 9 that their Covid-19 vaccine candidate was more than 90% effective among participants in a late-stage trial.Value stocks led the advance on Monday, building on their strong gains from last week. The iShares Russell 1000 Value ETF (IWD) jumped 1.9%, while its growth counterpart closed higher by just 0.5%.- Advertisement – Traders work on the floor of the New York Stock Exchange.Source: NYSEcenter_img – Advertisement – U.S. stock futures opened slightly higher on Monday night after two of the three major market benchmarks closed at record levels.Dow Jones Industrial Average futures were up marginally and S&P 500 futures gained 0.1%. Nasdaq 100 futures outperformed, rising 0.6%.Tesla shares jumped more than 10% after S&P Dow Jones Indices said the electric car maker would join the S&P 500 index, effective Dec. 21.- Advertisement –last_img read more

Sunshine Coast penthouse sells off-the-plan for $1.5m-plus

first_imgA render of the penthouse living roomThe remaining apartments are priced from $869,000 and construction is due to commence in March.CoreLogic property records show that the sale of the Latitude penthouse is one of the highest ever for the Coolum Beach apartment market. It comes after a rooftop penthouse in the Coolum Caprice building sold for $1.57 million in February last year. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:46Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:46 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenChoosing an apartment to invest in01:47A PENTHOUSE has sold off-the-plan for almost four times the average unit price at Coolum Beach.It will be built in the Latitude Coolum Beach development, which launched to the market a month ago. Just seven apartments, including the penthouse, will be built by the developer, HMR Projects.HMR Projects director Ken Reed said the penthouse had sold for “in excess of $1.5 million”.The median apartment sales price in Coolum Beach is $399,000, according to property data firm CoreLogic. The median house sales price is $695,000. More from newsCrowd expected as mega estate goes under the hammer7 Aug 2020Hard work, resourcefulness and $17k bring old Ipswich home back to life20 Apr 2020A render of the Latitude Coolum Beach developmentNorth Shore Realty principal Noel Mooney, who is marketing the project, said the response to the development had been very positive ― both from a sales perspective and from locals who have been interested in what was planned for the premium site.“Coolum has experienced one of its best Christmas/New Year periods, with an influx of holiday-makers to the area and many of them have been excited about the development,” he said.“We’ve also found that people who holiday in Coolum each year have been attracted to the property as they look to secure a home for the future.”Mr Mooney said the vast majority of interest had come from owner occupiers. Once completed, Latitude Coolum Beach will consist of six three-bedroom, two-bathroom apartments, and the 247 sqm penthouse.center_img Aerial view over Coolum Beach. Photo Lachie Millard“Two of the apartments sold within days of being released to the market and the penthouse sold within a few weeks,” HMR Projects director Ken Reed said. “The apartments have appealed to both local and relocating owner occupiers, as well as Brisbane residents looking for a coastal weekender they can escape to.”last_img read more

Port Canaveral Evacuates Workers as Hurricane Irma Closes In

first_imgFlorida’s Port Canaveral has closed commercial operations in preparation for the arrival of the Hurricane Irma, which is packing sustained winds of 180 mph.The Canaveral Port Authority has released all non-essential employees from work at a close of business on Thursday acting upon the Brevard County evacuation order.“As of 12 Midnight tonight, all non-hurricane port operations will have ceased,” the port authority said in a release.Brevard County announced on Thursday that mandatory evacuations will start at 3:00 pm on Friday, September 8 for the barrier islands, Merritt Island, and some of the mainland areas along the Indian River Lagoon.Due to the port closure, Carnival Cruise Line said that its ship Carnival Magic would re-route to New Orleans to avoid the weather.“Carnival Magic current cruise (Sept. 3-9 from Port Canaveral) will proceed directly to New Orleans where we will arrive on Saturday, Sept. 9. Guests will be given the opportunity to disembark and make independent arrangements to travel home. Guests also have the option to remain on board and sail back with us to Port Canaveral, where we will disembark the ship as soon as the port reopens,” the latest update from the company reads.Furthermore, given the storm’s projected path, Carnival canceled the following sailings:– Carnival Liberty – Sept. 7 three-day Bahamas cruise from Port Canaveral– Carnival Victory – Sept. 8 three-day Bahamas cruise from Miami– Carnival Splendor – Sept. 9 – five-day Eastern Caribbean cruise from Port Everglades– Carnival Liberty – Sept. 10 – four-day Bahamas cruise from Port CanaveralThe company said all guests would be provided with a full refund.“We remain in constant contact with port officials regarding potential port closures in South and Central Florida. Given the uncertainty of the storm’s impact, we will be shortening the duration of several upcoming cruises,” the company added.Royal Caribbean said that it was cancelling planned truips of the Empress of the Seas for September 9 Cuba cruise, and the September 8 Bahamas cruises for the Enchantment of the Seas and Majesty of the Seas.The return of the current sailings of Oasis, Harmony and Allure of the Seas, has been delayed until the storm has passed.Virgin Islands seaports are closed to commercial traffic, including the seaplane. There is no ferry service to the BVI or St. Croix.However, there is ferry service between Cruz Bay, St. John and Red Hook, St. Thomas until further notice, Virgin Islands Port Authority said.Port readiness condition whiskey was set for the Ports of Savannah and Brunswick due to the potential impact from the hurricane. Port condition X Ray was set for the Port of Miami and Port Everglades on Thursday, which is likely to switch to condition Zulu by Saturday morning.Port Condition X-RAY was set for the ports of Manatee, St Petersburg, and Tampa Bay.The eye of the category 5 hurricane Irma continues to move north of the coast of Hispaniola, approaching the Turks and Caicos and southeastern Bahamas. It is expected to reach somewhere between Cuba and Florida by early Sunday morning.World Maritime News Stafflast_img read more

SeaBird cuts losses in fourth quarter 2018

first_imgSeismic company SeaBird Exploration increased its revenues during the last quarter of 2018 and managed to cut its losses compared to the prior-year period.Eagle Explorer; Source: SeaBird ExplorationIn its financial report released on Tuesday SeaBird said it had recorded revenues of $6.8 million in 4Q 2018 compared to $5.4 million in 3Q 2018 and $5.5 million in 4Q 2017.The company reported a net loss of $3.7 million for 4Q 2018 compared to the net loss of $4.9 million in the same period in 2017.The company had a vessel utilization of 58% in 4Q 2018, compared to 55% in 3Q 2018 and 42% in 4Q 2017.The company had three active vessels during the quarter, one vessel starting operations late in 4Q after docking, and one vessel warm stacked. SeaBird said it expects to maintain four vessels in operation for the first quarter of 2019 and expects utilization for 1Q 2019 to be higher than 4Q 2018. Tendering activity healthy SeaBird said that the improved oil & gas sentiment seen earlier in the year continued in quarter four, although the reduction in the oil price created some near-term uncertainty in the financial markets. Tendering activity continued at a healthy level.According to the company, most contracts year to date have been related to ocean bottom seismic surveys (OBN) largely driven by the oil & gas companies’ focus on increased oil recovery on producing fields, as well as near-field exploration. The OBN market is thus experiencing strong growth with tenders coming from all geographic regions. OBN-related source vessel tenders have a high conversion rate.“We continue to see a healthy number of exploration-related 2D and 3D streamer survey tenders, and we were recently awarded two 2D contract surveys in South America.“Multi-client streamer activity is still lagging given limited prefunding. We would expect this market segment to improve as exploration spending by the oil companies increases,” SeaBird said.“With many oil companies now indicating increased exploration activity and spending in 2019, we expect tender activity to recover and continue at a solid rate going forward. Moreover, we believe the ongoing consolidation of the seismic fleet and the reduction in seismic streamer operators have improved the company’s position in its core markets,” SeaBird stated.Seismic spending in 2018 has largely been targeting increased oil recovery (IOR) from producing fields and near-field exploration, and this has resulted in a commensurate increase in source vessel demand related to ocean bottom seismic surveys. SeaBird stated it expects the growing volume of ocean bottom seismic activity to continue in 2019.last_img read more

No rental fee for a year for vendors at Cacho property

first_imgAfter one year, according to the citygovernment’s Public Safety and Transportation Management Office (PSTMO) headJeck Conlu, the Cachos and vendors would discuss the rental rate. Cacho also promised to further improvethe area to ensure the comfort of the vendors and customers, said Dorado. ILOILO City – Displaced sidewalkvendors relocated at the vacant Cacho lot along JM Basa Street won’t berequired to pay rent for a year. It’s a good news for displaced sidewalk vendors of Iloilo City! They will get one-year free rental for using the Cacho property along J.M. Basa Street. Dorado said there more than 254vendors’ stalls at the Cacho property. “Nalipaygid kami,” said Dorado, because it could helpease their financial difficulties. “Sangwala ‘ya pa kami naistorya pinsar namon indi kami magdugay diri,” he added. PSTMO led the road and sidewalkclearing operations that displaced the vendors. The road clearing was in line withPresident Rodrigo Duterte’s order to local government units to reclaim publicroads being used for private ends. “Ga-amat-amatna kami adjust sa amon sitwasyon. We hope nga mahuman tani ang plano kag maplastarkami sang maayo,” said Dorado./PN No less than Panay Electric Co.administrative manager Marcelo Cacho brought them the good news during a visiton Wednesday, according to Jimmy Dorado, federation president of the city’ssidewalk vendors.last_img read more

Clarke saying with Baggies for now

first_imgWest Brom boss Steve Clarke only has eyes for the Baggies just now – but he is not ruling out returning to an assistant’s role in the future. Press Association With Jose Mourinho tipped to return to Chelsea in the summer, there has been some talk that Clarke might be enticed back to Stamford Bridge, where he worked with the controversial coach for three years, during which time Chelsea won two Premier League titles. “At the moment, this one is the best one for me,” Clarke said. “This is the one I’ve waited a long time for. I’ve served a big apprenticeship to be here and be the guy who makes the final decisions. Right now, I’m really comfortable and happy in this job.” center_img Yet sheer expediency means Clarke is not prepared to rule out becoming an assistant again. After all, should he ever lose his current job, he would have to find another. “I need to work,” he said. “I won’t stay out of the game just because I want to be my own man. Other opportunities could present themselves in the future – nobody knows what’s going to happen.! Clarke clearly does not want to talk publicly about Mourinho, and insists the pair have not spoken about his future plans. In any case, Clarke has enough on his plate at the moment as he tries to ensure that West Brom’s season does not just fizzle out. And, ahead of the Barclays Premier League encounter with Newcastle, there are other issues to discuss, namely the future of Goran Popov, whose loan period from Dynamo Kiev is due to expire at the end of the season. Initially, Popov was a first-team regular following his arrival from Ukraine. But the spitting incident against Tottenham that led to him being sent off and serving a three-match ban saw him dislodged by Liam Ridgewell, and the Macedonian has not actually played a game since. Clarke said he has given it some thought but a decision won’t be made until the end of the season, adding: “I haven’t sat down or had long conversations with him but I know Goran is happy here. The only thing he’s unhappy about is that he hasn’t had more minutes on the pitch.” last_img read more

Di Canio: Time may not be my friend

first_img Di Canio approached frustrated Sunderland supporters at the end of the game and gestured that they should keep their chins up. He received a mixed reaction but appeared determined to show he could withstand any abuse. The Italian feels that after a summer of hectic transfer activity he needs time for his influence to take effect. He said: “The team, not intentionally, have not gelled together yet but that is normal. “It is a natural process and it is difficult. We have made many changes, we have 14 new players from many countries. “It is obvious one day if we keep going lose, lose, lose there will be a natural consequences, not only for Paolo di Canio. “I don’t think they will want to keep Paolo di Canio, they will probably want to change. But I don’t think that now. “Even if you see you are 10th in the table in this league someone can sack you because maybe they expect more. “It is our job but I am not worried about that. I am worried about the result because obviously we want to deliver different results. I know it’s difficult.” Sunderland were composed but were unable to force themselves back into the game after Sessegnon pounced on a rebound in the 20th minute. One of their best chances to equalise fell to Steven Fletcher but he volleyed over and, in another twist of fate, landed awkwardly and had to leave the field. With all substitutes used, Sunderland had to play on with 10 men and were further punished by Liam Ridgewell and Morgan Amalfitano. Di Canio said of his gestures to fans at full time: “We are a group, when we win – and we didn’t win yet in the league – and when we lose. “I am the person responsible. They have to receive all the energy, and this time it was negative, but they stick with us and they are absolutely right. “We did very bad. Sometimes you can help the people to push out the anger. Maybe they can feel better. “I wanted to show them that I am never going to give up. I believe in what I’m doing, even if in this moment it is difficult for everybody to believe.” Di Canio claimed not to be bothered that Sessegnon had marked his Baggies debut with a goal against his former club. He said: “A West Bromwich Albion footballer scored. What is the problem? It could have been another, but it was him.” The further frustration for Di Canio, with tough games against Liverpool and Manchester United ahead, is that striker Fletcher could be missing with the shoulder injury that forced him off. He said: “We have sent him to hospital. He came back very good from his ankle injury and quickly, and now he may have to stay out for more than two weeks. “It was painful. The shoulder was still out and they couldn’t touch it. It is very bad at the moment, everything is negative.” While the problems continue for Di Canio, opposite number Steve Clarke was pleased to register a first victory of the season for Albion. The Scot said: “It was not quite perfect but obviously a good afternoon for us. It was a game we felt we should win. “Once we got our noses in front we had a good control of the game and circumstances went for us as well – at 1-0, before the nervous last 15 minutes, they lost Steven Fletcher. That helps. “Immediately we made it 2-0. All in all, a good afternoon.” Clarke was also pleased with the immediate impact made by Sessegnon, who refused to celebrate his goal. He said: “He did what we brought him here to do. He is clever on the ball, he is bright, he is an entertainer. “He has got some goals in him as well, so a pleasing debut for him. “I think he showed respect to Sunderland. The fans liked him and loved him as a player. “He is quite an engaging character and he chose not to celebrate. That’s fine. If he wants us to celebrate more than him I’m happy with that.” Sunderland manager Paolo di Canio accepts he may have a limited amount of time to turn around his side’s poor start to the season – but is confident he will. The Black Cats remain fixed to the bottom of the Barclays Premier League without a win after slumping to a 3-0 loss at West Brom. To compound matters for Di Canio, the Baggies’ opening goal was scored by Stephane Sessegnon, the player he sold to the midlands club earlier this month amid some acrimony. Press Associationlast_img read more

Curts wins, EHS boys are third at Manchester

first_imgMANCHESTER, N.H. — Ellsworth senior Dan Curts took top honors in a field of 229 runners and the Eagle boys placed third among 30 teams in the small schools five-kilometer race in Saturday’s 38th annual Manchester Invitational at Derryfield Park.Curts completed the 5K course in 15 minutes and 23 seconds, edging runner-up Jose Holt-Andrews of Telstar by four seconds.Senior Brayden Beardsley was the second runner in for the Eagles, placing 15th in 16:59.He was followed by senior Robert Looker, 22nd in 17:11; senior Frank King, 29th in 17:30; sophomore Cooper Holmes, 58th in 18:14; sophomore Conrad Svec, 116th in 19:23; and sophomore Talor Hamilton, 185th in 21:07.This is placeholder textThis is placeholder textThe Eagles were solidly in third place with 111 points, finishing behind champion East Greenwich, Conn., with 54 points and runner-up Harwood High School of Moretown, Vt., with 66 points.In the girls’ small schools competition, Ellsworth senior Aleta Looker was third overall in the field of 194 runners with a time of 18:23.She trailed only winner Kirsti Sandreuter of Greely, who finished in 18:59, and runner-up Carmen Bango of Woodstock, Vt., who finished in 19:13.Behind Looker for Ellsworth were junior Hayley Lawrence, 52nd in 22:05; junior Mariah Brown, 73rd in 22:51; junior Olivia Lounder, 136th in 25:16; sophomore Julia Zavaleta, 145th in 25:49; junior Allie McKowen, 188th in 31:17; and sophomore Katie Walton, 190th in 32:21.The Eagle girls finished 12th among 29 teams with 370 points.Find in-depth coverage of local news in The Ellsworth American. Subscribe digitally or in print. GSA surges in 4th to win Northern Maine title – February 26, 2017 Latest posts by Hugh Bowden (see all) Latest Posts Hugh BowdenExecutive EditorHugh writes editorials, covers Hancock County sports and helps out where needed in The American’s editorial department. When he’s not on the sidelines, he enjoys playing jazz and tennis. hbowden@ellsworthamerican.comcenter_img Like he did in the ’60s, Noel Paul Stookey sings out in troubling times – December 27, 2017 Bio Is this the kind of government we deserve? – July 10, 2017last_img read more

Ellsworth cheer team qualifies for state championships

first_imgELLSWORTH — The Ellsworth competition cheer team advanced to the state championships in Augusta after finishing second at the Class B North championships in Bangor on Saturday.Ellsworth finished behind only Hermon, which has won five of the past six state championships. Old Town, John Bapst, Presque Isle and Gardiner rounded out the rest of the state championship qualifiers. Joining them will be Medomak Valley, Wells, Leavitt, Freeport, Mountain Valley and Morse from Class B South. Mount Desert Island finished eighth.In Class C North, Bucksport and Sumner also qualified for the state championships by finishing third and fifth, respectively. The state championships for all classes will be held Feb. 11 at the Augusta Civic Center. The Class B routines are scheduled to begin around 2 p.m. that day.This is placeholder textThis is placeholder textlast_img read more