Financial
Convicting 5, jury nixes Madoff claim he was alone PDF  | Print |  E-mail
Written by LARRY NEUMEISTER, Associated Press   
Tuesday, 25 March 2014 06:02

NEW YORK (AP) — Imprisoned financier Bernard Madoff's claim that he carried out a nearly $20 billion fraud by himself has been firmly rejected by a jury that convicted five of his former top employees of all charges that they aided his crimes.

The verdict Monday in federal court in Manhattan means more than a dozen people have either pleaded guilty or been convicted of charges related to a mammoth fraud Madoff engineered for decades before the economy's 2008 collapse exposed it for the record Ponzi scheme it was.

For more than five months, jurors listened to dozens of witnesses and saw hundreds of exhibits before convicting Madoff's former secretary, his director of operations, an account manager and two computer programmers of multiple charges.

"The evidence was just overwhelming," juror Craig Parise told reporters as he left the courthouse. As promised by prosecutors at the trial's start last October, evidence showed investors big and small were swindled, from Florida retirees to celebrities such as Steven Spielberg, actor Kevin Bacon and Hall of Fame pitcher Sandy Koufax. Even Nobel Peace Prize winner and Holocaust survivor Elie Wiesel was cheated.

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'Candy Crush' maker King to go public PDF  | Print |  E-mail
Written by Associated Press   
Monday, 24 March 2014 13:19

NEW YORK (AP) — King Digital, the company behind the wildly mobile game "Candy Crush Saga," is scheduled to make its debut on the New York Stock Exchange this week.

The company could be valued as high as $7.6 billion if its initial public offering prices at $24 per share, the upper end of its expected range. That's nearly twice as much as its closest rival Zynga Inc., creator of "FarmVille."

Unlike Zynga, however, King is profitable and has less than a third of Zynga's employee base.

The company is offering 15.5 million shares. Existing shareholders are offering another 6.7 million. King expects proceeds of $326 million from the IPO.

King, based in Dublin, Ireland, generated revenue of $1.88 billion last year. That's more than 10 times its 2012 revenue of $164.4 million.


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
Cisco to invest over $1B in cloud computing PDF  | Print |  E-mail
Written by Associated Press   
Monday, 24 March 2014 13:19

NEW YORK (AP) — Cisco says it plans to spend more than $1 billion over the next two years to build up its cloud computing network.

Cisco plans to use the money to expand its data centers for the new service to be called Cisco Cloud Services.

The move makes the San Jose, Calif.-based networking company the latest to enter an arena that caters to the growing number of companies that would rather rent computing space than build their own.

One of the biggest players in the market is Amazon.com. IBM Corp. said in January that it will invest $1.2B in its cloud computing operations.

Cisco says it will work with a set of partners to build up the network. The company already provides cloud-related services, including the online conference provider WebEx.


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
Camera used on moon landing sold for $758,489 PDF  | Print |  E-mail
Written by Associated Press   
Monday, 24 March 2014 07:48

VIENNA (AP) — It was put on auction as the only camera that made it to the moon and back. And it had its price — nearly $760,000.

The Hasselblad 500 sold over the weekend is described by Vienna auctioneers Galerie Westlicht as part of the equipment carried by the 1971 Apollo 15 mission — and the only camera ever bought back from the moon. It says the others were left behind to make room for mineral samples.

Galerie Westlicht identifies the new owner as Japanese businessman Terukazu Fujisawa. It says the owner of an electronics chain placed his winning bid of 550,000 euros by phone. Bidding started Saturday at 80,000 euros — just over $110,000.


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
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