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Mustachioed financier Allen Stanford, who is currently sitting in jail for a 110 year sentence after being convicted for running a $7 billion Ponzi scheme, has said that he was the victim of illegal prosecution and is working to appeal his conviction, said CNBC. Stanford was jailed after being convicted of acting through a network of related financial advisers, allowing Stanford's company, Stan
Hungary will impose the first ever tax on Internet usage, according to CNBC via the Financial Times. The tax will be 62 Hungarian forint, or about 62 U.S. cents, on every gigabyte of data consumed, which is estimated to raise 20 billion forint, or $82,404,600, said the Financial Times. Critics said this would paralyze the country's digital economy and impose an unncessary burden on the internet service providers who would pay the tax.
According to Forbes, the number of family offices affiliated with accounting firms has been multiplying rapidly over the last few years, and shows no signs of slowing. Why the sudden popularity? Among other things, Forbes suggests that:
The Treasury Inspector General for Tax Administration (TIGTA) said that the IRS needs to get better at picking its battle, as it found 40 percent of delinquent accounts closed by the field were written off as not currently collectable, according to a recent report. This meant that the number of delinquencies written off that year as uncollectable numbered $16.1 billion, a vastly larger sum than the $3.1 billion actually collected, said TIGTA. This is because, said TIGTA:
A recent study reveals that the reason people commit insider trading is because they make a lot of money doing it--a lot of money--and it's considered relatively low-risk by those who do it, according to Fortune magazine. The study revealed that the median insider trader puts up about $200,000 on the basis of an illegal tip, and from that information gets about $72,000 after holding for an average of about 21 days--a roughly 35 percent gain.
President Barack Obama has signed an executive order mandating that federal agencies transition to chip and PIN credit card technology by January, replacing traditional magnetic strips, said Forbes. While the order only applies to governmental bodies, it will have the effect of pushing private businesses to follow suit as well, said Forbes. Currently only two percent of U.S.