Technology

New Jersey Deli Scheme Leads to Securities Fraud Guilty Plea
Technology

New Jersey Deli Scheme Leads to Securities Fraud Guilty Plea

A man involved in a brazen plot to manipulate the stock price of a New Jersey deli’s parent company pleaded guilty to securities fraud on Wednesday.James T. Patten, 64, of North Carolina, admitted to orchestrating a series of misleading trades in an apparent bid to enrich himself and two co-defendants in U.S. District Court in Camden, N.J.Mr. Patten faces up to 20 years in prison and a fine of up to $5 million for securities fraud. He also pleaded guilty to a charge of conspiracy to commit securities fraud, which carries a maximum sentence of five years in prison and a fine of up to $250,000.Mr. Patten’s lawyer, Ira Lee Sorkin, said in an interview on Wednesday that attention on the case “was exaggerated beyond any perception — that this was some $100 million fraud involving a delicatessen...
Chinese Traders and Moroccan Ports: How Russia Flouts Global Tech Bans
Technology

Chinese Traders and Moroccan Ports: How Russia Flouts Global Tech Bans

Shortly after Russia invaded Ukraine last year, engineers at Convex, a Russian telecommunications company, needed to find American equipment to transmit data to the country’s feared intelligence service. But no gear was flowing in after Western nations imposed sweeping new trade limits on Russia.Convex’s employees soon found a solution.While Cisco, a U.S. tech provider, had halted sales to Russia on March 3, 2022, Convex’s engineers easily obtained the Cisco gear they needed through an obscure Russian e-commerce site called Nag, which had gotten around international trade restrictions by buying the American equipment through a web of suppliers in China.Convex engineers then visited the offices of Russia’s Federal Security Service, known as the F.S.B., in Yekaterinburg to install the gear t...
TikTok Quietly Changes User Terms Amid Growing Legal Scrutiny
Technology

TikTok Quietly Changes User Terms Amid Growing Legal Scrutiny

Parents, schools and even attorneys general have increasingly been raising concerns about how TikTok may be hooking children to the app and serving them inappropriate content. But some lawyers say bringing legal action against the company could be more difficult after TikTok quietly changed its U.S. terms of service this summer.In July, TikTok removed rules that had required user disputes to be handled through private arbitration and instead said that complaints must be filed in one of two California courts. While arbitration has long been considered beneficial to companies, some lawyers have recently figured out how to make it costly for companies by bringing consumers’ arbitration claims en masse.The terms were also changed to suggest that legal action must be brought within a year of th...
TikTok’s Bow Trend Gets Absurd
Technology

TikTok’s Bow Trend Gets Absurd

Want to go viral on TikTok right now? Grab some pink ribbon and a random object. A roll of toilet paper, a houseplant, or a kosher dill spear will do. Tie it up in a bow and film it. Post the video online, and voilà.In recent weeks, bows in all the wrong places have become all the rage on the social media platform. Popular TikTok videos have featured ribbons wrapped around a bowl of macaroni and cheese, a knife and a Chick-fil-A order. Another video showed what appeared to be a bowl of cereal at first glance — but instead of cereal, it’s just a bowl of bows.If you can name it, somebody has probably tied a bow on it.The online trend comes in reaction to the recent popularity of bows in fashion and pop culture.Sierra Palian, a 22-year-old nanny in Washington, D.C., recently posted an 8-secon...
Powell, Fed’s Chair, Unleashes the Bulls
Technology

Powell, Fed’s Chair, Unleashes the Bulls

Higher for (not much) longer The “everything rally” has gone global, sending stocks and bonds soaring in Asia and Europe and lifting U.S. stock futures, after investors got their clearest signal yet that the Fed would begin cutting interest rates soon. Hopes are growing, too, on Thursday that other central banks will follow suit.The Fed delivered an unexpectedly dovish forecast on Wednesday, penciling in three rate cuts next year. Those moves are projected to lower the Fed’s prime lending rate to 4.6 percent, a notable drop from the central bank’s last estimate in September.The revision sent the Dow Jones industrial average to a record high. The S&P 500 also achieved that marker on a so-called total return basis — which would take dividends into account — according to Deutsche Bank ana...