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Maduro ally Alex Saab pleads guilty in a $195M money laundering case
Stock Market News |
2026/09/27 08:48
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A close ally of former Venezuelan President Nicolás Maduro long described by U.S. officials as the ousted leader’s frontman pleaded guilty Tuesday to a single count of money laundering tied to an alleged bribery conspiracy to win lucrative government contracts in the South American country. As part of the plea deal, Alex Saab agreed to cooperate in continuing federal investigations, paving the way for his eventual cooperation against his former protector. He also agreed to forfeit $195 million in criminal proceeds from the corruption scheme. Saab, 54, was deported in May by Venezuela’s acting President Delcy Rodriguez to the U.S., which has been targeting the Colombian-born businessman for more than a decade. The money laundering offense carries a maximum 20-year penalty but prosecutors agreed to recommend a sentence at the low end of the recommended range and seek additional reductions should his cooperation prove substantial. Saab was previously charged during the first Trump administration in 2019 and then arrested during a refueling stop in Cape Verde on what the Venezuelan government described as a high-level humanitarian mission to Iran. But President Joe Biden pardoned Saab in 2023 in exchange for the release of several imprisoned Americans in Venezuela. The deal, part of a failed effort by the Biden White House to lure Maduro into holding a free presidential election, was harshly criticized by Republicans and federal law enforcement officials, who immediately began investigating Saab for other alleged crimes not covered by the narrowly tailored pardon. “This case sends a clear message: Political connections, wealth and proximity to a corrupt regime will not put anyone beyond the reach of American justice,” said Jason A. Reding Quiñones, U.S. attorney for the Southern District of Florida, who attended Tuesday’s proceedings along with more than a dozen federal agents. The new indictment centers on contracts for the so-called CLAP program set up by Maduro to provide staples — rice, corn flour, cooking oil — to poor Venezuelans at a time of rampant hyperinflation and a crumbling currency. Saab amassed a fortune through Venezuelan government contracts but became even more valuable to Maduro as U.S. sanctions forced Venezuela to conduct much of its oil sales and foreign trade outside of Western financial institutions. |
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Court rejects Trump's emergency order keeping Michigan coal plant open
Stock Market News |
2026/09/12 11:33
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A federal appeals court has ruled that the United States Energy Department exceeded its authority when it ordered a coal-fired power plant in the US state of Michigan to remain open beyond its planned retirement, dealing a setback to the Trump administration's effort to keep ageing coal facilities operating. The US Court of Appeals for the District of Columbia Circuit ruled unanimously on Friday that there was no emergency under federal law that justified keeping the 64-year-old JH Campbell Generating Plant online. Energy Secretary Chris Wright invoked emergency powers last year, arguing that the plant was needed to maintain reliable electricity in the region. President Donald Trump declared a national energy emergency in an executive order in January last year, citing demand increases from artificial intelligence and data centre growth. Judge Cornelia Pillard, writing for the three-judge panel, said the emergency provision of the Federal Power Act was intended as a "narrow, last-resort backstop." She said the authority could be used only when immediate action was required, and states or utilities could not address the problem themselves. Pillard also described the reversal of the plant's "long and carefully planned retirement" as "disruptive". The plant, operated by Consumers Energy, had been scheduled to close in May 2025, but the company has continued operations under energy department orders. That has cost about $259m, according to financial filings, with opponents warning that the expense could ultimately fall on families and businesses in midwestern US states. Michigan Attorney General Dana Nessel, a Democrat, whose office joined counterparts in Illinois and Minnesota in challenging the orders, welcomed the ruling. She said the appeals court had "thrown out DOE's order that had zero basis in reality". The Energy Department defended its use of emergency powers, saying the orders helped prevent blackouts and "likely saved hundreds of lives" during periods of peak demand, particularly during severe winter storms in late January and early February. The department said that during the winter storm peak, coal generation in affected areas increased by 25 percent compared to the previous year. The Michigan case is one of several legal disputes that have emerged across the country. Secretary Wright issued another emergency order, just hours after the ruling, to a coal plant in Centralia, Washington, to remain in operation. Similar orders have been issued for plants in Indiana, Colorado and Florida, as well as an oil and gas plant in Pennsylvania. |
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Justice Department steps up pressure on cartels’ financial networks
Stock Market News |
2026/02/06 11:00
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The Justice Department is taking direct aim at the financial lifelines of Mexico’s most violent drug cartels, targeting money brokers who prosecutors say have adapted to intensified enforcement by increasingly routing drug profits through cryptocurrency from American cities to cartel leaders in Mexico.
The cases of four defendants recently sent from Mexico to the U.S. for prosecution provide a glimpse into shadowy money laundering networks that allow the Jalisco New Generation Cartel and other violent groups to continue pumping dangerous drugs into American communities. The prosecutions underscore the Justice Department’s efforts to turn up the pressure on cartels and stay ahead of their sophisticated and ever-evolving tactics to launder money across the border without detection.
By targeting alleged money brokers — rather than street-level traffickers — prosecutors say they are aiming at a choke point they believe is essential to the cartels sustaining their operations as law enforcement pressure mounts on more visible drug routes.
Since the beginning of President Donald Trump’s second administration, the Mexican government has turned over more than 90 high-level defendants with ties to cartels in three transfers now at the center of a legal debate in Mexico. The defendants were wanted by U.S. prosecutors for crimes including drug trafficking, human smuggling and money laundering.
Senior Justice Department officials say bringing cartel figures to the United States is designed to do more than be a deterrent message. It could also lead to indictments against other high-level leaders if defendants cooperate, allowing prosecutors to reach higher into cartel leadership. Under Trump’s Republican administration, the Justice Department has restructured the Criminal Division to integrate narcotics prosecutors with anti-money laundering experts to better target cartels and to reflect a broader shift toward targeting the financial systems that sustain their operations.
The latest transfers to the U.S. include alleged Mexico-based money brokers, who authorities say oversee the movement of drug proceeds and pocket a percentage of the money that returns to the cartels as a commission, according to court papers. The brokers arrange for cash to be picked up in cities across the U.S. and conceal the money to get it across the border, often through digital assets as law enforcement has cut off other methods.
Prosecutors “want to hear on the distribution side how it works, who is involved, and seek additional indictments, and on the money laundering side, exactly the methods that they are using to get the money out of the United States through the U.S. banks,” Duva said. “There’s bulk cash smuggling that has been going on since the beginning of time, and then also sort of the newer trend of taking the cash, buying cryptocurrency, and then trading that cryptocurrency.”
Eduardo Rigoberto Velasco Calderon, Eliomar Segura Torres, Manuel Ignacio Correa and Cesar Linares-Orozco face money laundering conspiracy charges in indictments filed in Kentucky’s federal court. An attorney for Linares-Orozco declined to comment in an email to the AP, and no attorneys were listed in court papers for the other defendants.
The January transfer of 37 defendants from Mexico to the U.S. marked the third of its kind under Trump’s second term. Observers have described the transfers as an offering by Mexican authorities to offset mounting threats by Trump to take military action against cartels.
A group of lawyers and family members of cartel figures have accused Mexico of breaking the law by sending them without an extradition order. Mexico’s government has maintained the transfers were legal, carried out in the name of national security.
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Minneapolis shooting scrambles Second Amendment politics for Trump
Stock Market News |
2026/01/24 06:54
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Prominent Republicans and gun rights advocates helped elicit a White House turnabout this week after bristling over the administration’s characterization of Alex Pretti, the second person killed this month by a federal officer in Minneapolis, as responsible for his own death because he lawfully possessed a weapon.
The death produced no clear shifts in U.S. gun politics or policies, even as President Donald Trump shuffles the lieutenants in charge of his militarized immigration crackdown. But important voices in Trump’s coalition have called for a thorough investigation of Pretti’s death while also criticizing inconsistencies in some Republicans’ Second Amendment stances.
If the dynamic persists, it could give Republicans problems as Trump heads into a midterm election year with voters already growing skeptical of his overall immigration approach. The concern is acute enough that Trump’s top spokeswoman sought Monday to reassert his brand as a staunch gun rights supporter.
“The president supports the Second Amendment rights of law-abiding American citizens, absolutely,” White House press secretary Karoline Leavitt told reporters.
Leavitt qualified that “when you are bearing arms and confronted by law enforcement, you are raising … the risk of force being used against you.”
That still marked a retreat from the administration’s previous messages about the shooting of Pretti. It came the same day the president dispatched border czar Tom Homan to Minnesota, seemingly elevating him over Homeland Security Secretary Kristi Noem and Border Patrol chief Greg Bovino, who had been in charge in Minneapolis.
Within hours of Pretti’s death on Saturday, Bovino suggested Pretti “wanted to … massacre law enforcement,” and Noem said Pretti was “brandishing” a weapon and acted “violently” toward officers.
“I don’t know of any peaceful protester that shows up with a gun and ammunition rather than a sign,” Noem said.
White House deputy chief of staff Stephen Miller, an architect of Trump’s mass deportation effort, went further on X, declaring Pretti “an assassin.”
Bystander videos contradicted each claim, instead showing Pretti holding a cellphone and helping a woman who had been pepper sprayed by a federal officer. Within seconds, Pretti was sprayed, too, and taken to the ground by multiple officers. No video disclosed thus far has shown him unholstering his concealed weapon -– which he had a Minnesota permit to carry. It appeared that one officer took Pretti’s gun and walked away with it just before shots began. |
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Netflix to acquire Warner Bros. studio and streaming business
Stock Market News |
2025/12/01 21:59
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Netflix has struck a deal with Warner Bros. Discovery, the legacy Hollywood giant behind “Harry Potter” and “Friends,” to buy its studio and streaming business for $72 billion.
The acquisition, announced Friday, would bring two of the industry’s biggest players in film and TV under one roof and alter the entertainment industry landscape. Beyond its namesake television and motion picture division, Warner owns HBO Max and DC Studios. And Netflix is ubiquitous with on-demand content and has built its own production arm to release popular titles, including “Stranger Things” and “Squid Game.”
“For more than a century, Warner Bros. has thrilled audiences, captured the world’s attention, and shaped our culture,” David Zaslav, CEO of Warner Bros. Discovery, said in a statement. “By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”
The cash and stock deal is valued at $27.75 per Warner share, giving it a total enterprise value of approximately $82.7 billion. The transaction is expected to close after Warner separates its Discovery Global cable operations into a new publicly-traded company in the third quarter of 2026.
Shares of Warner Bros. rose nearly 3% in premarket trading while shares of Netflix and Paramount fell more than 2%.
Gaining Warner’s legacy studios would mark a notable shift for Netflix’s, particularly its presence in theaters. Under the proposed acquisition Netflix has promised to continue theatrical releases for Warner’s studio films — honoring Warner’s contractual agreements for movie releases.
Netflix has kept most of its original content within its core online platform. But there’s been few exceptions, such as limited theater screenings of a “KPop Demon Hunters” sing-a-long and its coming “Stranger Things” series finale.
“Our mission has always been to entertain the world,” Ted Sarandos, co-CEO of Netflix said in a statement — adding that merging with Warner will “give audiences more of what they love.”
Critics say a Netflix-Warner combo could have negative consequences for movie theaters worldwide. Cinema United — a trade association that represents more than 30,000 movie screens in the U.S. and another 26,000 screens internationally — was quick to oppose the proposed deal, which it said “poses an unprecedented threat to the global exhibition business.”
“Netflix’s stated business model does not support theatrical exhibition. In fact, it is the opposite,” Michael O’Leary, CEO of Cinema United, said Friday — urging regulators to look closely at the impacts. “Theatres will close, communities will suffer, jobs will be lost.”
Netflix had previously steered away from tapping into other parts of the legacy entertainment landscape. As recently as October — when Warner signaled that it was open to a potential sale of its business — Netflix’s Sarandos reiterated on an earnings call that the company had been “very clear in the past that we have no interest in owning legacy media networks” and that there was “no change there.”
“We believe that we can be and we will be choosy,” Sarandos said at the time, without fully ruling out a potential bid for Warner.
Friday’s announcement arrives after a monthslong bidding war for Warner Bros. Discovery. Rumors of interest from Netflix, as well as NBC owner Comcast, starting bubbling up in the fall. But Skydance-owned Paramount, which completed its own $8 billion merger in August, had also reportedly made several all-cash offers backed heavily by CEO David Ellison’s family.
Paramount seemed like the frontrunner for some time — and unlike Netflix or Comcast, was reportedly vying to buy Warner’s entire company, including its cable business housing networks like CNN and Discovery.
Warner announced its intention to split its streaming and studio operations from its cable business in June — outlining plans for HBO, HBO Max, as well as Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, to become part of a new streaming and studios company.
Meanwhile, networks like CNN, Discovery and TNT Sports and digital products such as the Discovery+ streaming service and Bleacher Report would make up a separate cable counterpart.
The Netflix acquisition of Warner’s streaming and studio arm is expected to close in 12 to 18 months — after the company wraps up the spinoff of its cable business. That is now expected in the third quarter of 2026.
The merger has already received approval from shareholders of both Netflix and Warner Bros. Discovery, but it faces significant regulatory hurdles.
The size of the transaction could draw antitrust scrutiny. Beyond TV and movie production, the merger would bring two of the streaming world’s biggest names — Netflix and HBO Max — under the same roof.
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Investment Fraud Litigation |
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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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The content contained on the web site has been prepared by Securities Law News as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. | Affordable Law Firm Website Design by Law Promo |
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