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Reno court accepts deal for model in arch crash
Headline Legal News | 2011/01/31 22:57
A fashion model pleaded no contest Monday in Reno to careless driving and agreed to pay damages after crashing a rented motorhome into the city's landmark downtown arch.

Rosemary Vandenbroucke, 28, of Hong Kong agreed to pay $385 in fines and $985 for damage to the "Biggest Little City in the World" arch and a fire hydrant, said Dan Wong, criminal division chief for the city attorney's office.

Tammy Riggs, a lawyer for Vandenbroucke, didn't immediately return a phone call from The Associated Press seeking comment on the plea deal.

Reno Municipal Court Judge Jay Dilworth accepted the plea with no other penalties, Wong said.

Nobody was injured in the crash, but authorities said the 40-foot motorhome was substantially damaged.

Vandenbroucke was originally charged with three misdemeanors—vehicular hit-and-run, failure to maintain insurance and making an improper right turn.

The Labor Day crash occurred a day after the model was arrested at the Burning Man counterculture festival north of Reno and charged with possession of a controlled substance.

A preliminary hearing on the drug case is set for Feb. 9 in Lovelock.

Vandenbroucke maintains her innocence, Riggs has said. She will not have to appear at the upcoming hearing. A conviction could result in up to four years of probation.

Authorities said the model was arrested with a small amount of ecstasy at the festival that attracts about 50,000 people



Public securities exchange launched in Venezuela
Stock Market News | 2011/01/30 22:59
The Venezuelan government on Monday launched a new public securities exchange that is to be a venue for selling both government and corporate bonds.

The exchange in Caracas began operating with corporate bonds issued by the Venezuela-based subsidiary of Japanese carmaker Toyota and the local company Envases Venezolanos, Planning and Finance Minister Jorge Giordani said on state television as he visited the bourse for its official launch.

He did not provide details about the corporate bonds such as amounts or interest rates, nor how much activity there was on Monday.

The Bicentennial Public Securities Exchange will compete with the privately run Caracas Stock Exchange.

Trading in the private stock exchange has dwindled after President Hugo Chavez nationalized some companies that traded shares, and it has been nearly paralyzed since securities regulators shut down and took over management of 47 brokerage companies last year.



Bank of America CEO Moynihan salary flat for 2011
Stock Market News | 2011/01/30 22:58
Bank of America Corp. will not raise the $800,000 base salary of CEO Brian Moynihan for 2011, but his pay package will include $9.05 million in restricted stock units.

Three other senior executives at the Charlotte, N.C.-based bank are getting salary bumps of 6.25 percent, to $850,000 from $800,000, in addition to stock awards.

In a regulatory filing, the bank says Charles H. Noski, the chief financial officer, Joe Price, the president of consumer and small business banking and Thomas K. Montag, the president of global banking and markets, are all seeing their base pay rise.

None of the executives will receive cash bonuses.



Exxon Mobil, Borders, Ciena Are Big Market Movers
Stock Market News | 2011/01/30 22:58
Energy stocks led indexes higher Monday, the first day of trading since the growing unrest in Egypt caused the largest one-day drop in the broad stock market in more than three months.

Exxon Mobil Corp. gained 2.1 percent after it reported its most profitable quarter since 2008. Massey Energy Co. jumped 9.8 percent after Alpha Natural Resources Inc. said that it would buy the coal producer in a $7.1 billion deal. Alpha Natural Resources fell 7.2 percent.

The Massey deal suggests "maybe coal isn't dead," said Kim Caughey Forrest, equity research analyst at Fort Pitt Capital Group. It also raises hopes for similar deals in the future, she said.

Concerns remained over Egypt's impact on oil prices. The country is not a major producer of oil, but it plays a key role in the industry because it controls the Suez Canal, a major route for oil tankers and cargo ships. Crude oil prices rose 3 percent to $92.19 a barrel.

"The market wants to work its way higher," said Sam Stovall, chief investment strategist of Standard & Poor's. "The big worry is the unknown — the cascading effects that could occur."

The Dow Jones industrial average gained 68 points, or 0.6 percent, to close at 11,891.93. The broader Standard and Poor's 500 index rose 10, or 0.8 percent, to 1,286.12. The Nasdaq composite index gained 13, or 0.5 percent, to 2,700.08.



Stocks dip after GDP report; mixed earnings
Stock Market News | 2011/01/28 09:03
Stocks fell in early trading Friday after a report showed that the U.S. economy isn't growing as quickly as economists expected.

The Commerce Department said Friday that gross domestic product grew at an annual rate of 3.2 percent between October and December. That's up from 2.6 percent in the previous quarter, but below the 3.5 percent analysts had forecast.

Disappointing corporate news was also sending stocks lower. Ford Motor Co. lost 10 percent after its earnings fell short of Wall Street's projections. Amazon.com Inc. fell 7.5 percent after reporting that higher costs cut down its profit margins.

The Dow Jones industrial average fell 13 points, or 0.1 percent, to 11,977 in morning trading. The Standard & Poor's 500 index fell 3, or 0.2 percent, to 1,297.

The Nasdaq composite index fell 27, or 1 percent, to 2,728. The index was not updated nearly an hour after the market opened due to technical problems.

Sara Lee Corp. fell 7 percent after announcing a plan to split into two companies. One, a food and retail business, will keep the Sara Lee name and also operate the Jimmy Dean and Hillshire Farms businesses. The other, which has yet to be named, will hold the current company's beverages and baked goods lines. The company had considered selling the whole business but was unable to get a satisfactory price for it.



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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
 
 
 

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