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Morgan Stanley

Business
Investor Survey: 85% Believe Tesla Hurt By Elon Musk's Political Power, Reports Say Investor Survey: 85% Believe Tesla Hurt By Elon Musk's Political Power, Reports Say
Investor Survey: 85% Believe Tesla Hurt By Elon Musk's Political Power, Reports Say A vast majority of people in an investor survey said CEO Elon Musk's growing political influence is damaging Tesla financially, according to reports. An investor survey by Morgan Stanley said 85 percent think Musk's political activities have had a "negative" or "extremely negative" impact on Tesla's business fundamentals, CNBC reported. An analyst from the investment banking firm received answers from 245 participants, a relatively small sample with some investors who don't have Tesla stock. Shares in the electric automaker were at $247.08 when trading opened on Wednesday, Mar. 12. Tha…

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by Chris Spiker
Police & Fire
Feds Indict Bergen Advisor For Stealing $3M From Senior Clients To Gamble, Buy Home, Gold Coins Feds Indict Bergen Advisor For Stealing $3M From Senior Clients To Gamble, Buy Home, Gold Coins
Feds Indict Bergen Advisor For Stealing $3M From Senior Clients To Gamble, Buy Home, Gold Coins A disgraced former broker and investment advisor is now under federal indictment for stealing more than $3 million from clients that authorities said he used to gamble and buy gold coins and a new house in Bergen County. Kenneth A. Welsh, 42, of River Edge, "used his position as an investment advisor to gain the trust of his victims," U.S. Attorney Philip R. Sellinger said. "(He) then exploited that trust,” Sellinger said. Welsh was working at Wells Fargo Clearing Services in Fairfield when federal authorities said he began shifting money from clients' accounts to that he controlled in Ju…

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by Jerry DeMarco
News
Billion-Dollar Stock Fraud: Indicted Bergen County Businessman Freed On $100M Bond Billion-Dollar Stock Fraud: Indicted Bergen County Businessman Freed On $100M Bond
Billion-Dollar Stock Fraud: Indicted Bergen County Businessman Freed On $100M Bond A Bergen County businessman was arrested by federal agents on charges of orchestrating a massive market manipulation scheme that caused one of the biggest Wall Street trading collapses in history. Sung Kook “Bill” Hwang put the entire financial system at risk by conspiring with his former chief financial officer to boost profits for his Archegos Capital Management by lying to banks to inflate the stock prices of publicly traded companies, federal prosecutors said on Wednesday, April 27. The fraud scheme ballooned Hwang’s personal fortune from $1.5 billion to more than $35 billion in a singl…

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by Jerry DeMarco
News
Mahwah Financial Advisor Siphoned $1 Million From 98-Year-Old Widow's Account, State Says Mahwah Financial Advisor Siphoned $1 Million From 98-Year-Old Widow's Account, State Says
Mahwah Financial Advisor Siphoned $1 Million From 98-Year-Old Widow's Account, State Says A financial adviser from Mahwah pocketed nearly $700,000 and diverted another $300,000 or so of a 98-year-old widow’s money, said state authorities who stripped him of his ability to operate any longer in New Jersey. John Joseph Cahill, 71, used the woman’s bank account to write and cash $693,990 worth of checks, state Attorney General Gurbir S. Grewal said Friday. Cahill also used the account to pay his daughter, his wife, and various others more than $300,000 to provide unexplained services to the woman, the attorney general said. Cahill had been granted power of attorney for the victim,…

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by Jerry DeMarco