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Alleged money launderer who flaunted wealth on Instagram faces charges in California

Alleged money launderer who flaunted wealth on Instagram faces charges in California

World
July 3 (UPI) -- Advertisement Federal prosecutors in California filed money laundering and financial fraud charges Friday against a Nigerian national from United Arab Emirates who flaunted his lavish lifestyle to millions of followers on social media. On his Instagram account "hushpuppi" and under the Snapchat handle "hushpuppi5," Ramon Olorunwa Abbas, 37, posted photos of himself that showed him "in designer clothes, wearing expensive watches, and posing in or with luxury cars and charter jets," according to a federal arrest affidavit filed in June in the Central District of California. Abbas and unnamed conspirators are accused of acquiring millions of dollars through financial fraud schemes including emails scams. They also hijacked accounts and laundered money stolen from a U.S. la...
Investor wealth jumps Rs 7.68 lakh crore in four days of market rally

Investor wealth jumps Rs 7.68 lakh crore in four days of market rally

Finance
New Delhi: Investors' wealth jumped Rs 7.68 lakh crore in four days of market rally, with the Sensex ralling 997 points on Thursday. Rising for the fourth straight session, the 30-share BSE Sensex settled 997.46 points, or 3.05 per cent, higher at 33,717.62. During the holiday-shortened week, the Sensex rallied 2,390.40 points or 7.63 per cent. Led by the improved sentiment, the market capitalisation of the BSE-listed companies gained Rs 7,68,168.35 crore to Rs 1,29,41,620.82 crore in four trading days. "Markets this week rallied from the lows seen in March 2020. After almost a month of lockdown the world over, early signs of easing of the same along with some signs of the flattening of the COVID-19 curve spurred hope of economic activity resuming albeit at a slow pace. Some promise of a p...
Investor wealth drops Rs 3.30 lakh crore as equity markets tank

Investor wealth drops Rs 3.30 lakh crore as equity markets tank

Finance
New Delhi: Investor wealth on Tuesday fell by Rs 3,30,408.87 crore after equity markets came under heavy selling pressure following sell-off in global stocks as rout in crude oil hit investor sentiment. The Sensex tumbled 1,011.29 points, or 3.20 per cent, to close at 30,636.71. Led by the sharp fall in the index, the market capitalisation of the BSE-listed companies dropped Rs 3,30,408.87 crore to Rs 1,20,42,172.38 crore. "After the US crude oil crash, Indian markets, in sync with global markets traded negatively, as the extent of the impact of lockdowns and the global slowdown is becoming evident. Corporate earnings have also been impacted by the pandemic related shutdowns. Post-earnings management guidance has also not given clear indication about the recovery path," Vinod Nair, head of...
Standard Chartered appoints Samrat Khosla as Head – Wealth Management, India

Standard Chartered appoints Samrat Khosla as Head – Wealth Management, India

Finance
KOLKATA: Standard Chartered Bank, India has announced the appointment of Samrat Khosla as its new Head of Wealth Management (WM) effective February 1, 2020. Khosla will take over from Nitin Singh, who has decided to leave the Bank to pursue other opportunities. Samrat Khosla, who will relocate to India, brings to the role a wide experience gained over his career in distribution, products and wealth management. He joined the Bank in 2003 and worked in various roles across Retail Banking and WM before relocating to Singapore to join the Bank’s Group WM team in 2010. Most recently, as Head of Life Insurance, he has been instrumental in leading the exclusive strategic partnership with Prudential. He has played a pivotal role in transforming the strategic life insurance product agenda. In his n
Creating Wealth through the Right Asset Allocation

Creating Wealth through the Right Asset Allocation

Finance
Asset Allocator“Human behavior flows from three main sources”, said Plato “Desire, Emotion and Knowledge”. It is very clear, in theory, that in the world of investing - emotion and desire should not play a part and the decision to invest must solely be made on knowledge. Reality, however, is very different. We usually end up making investment decisions based not on knowledge but on fear. Fear of falling markets and therefore risk losing more money or, as today’s generation so eloquently terms it - FOMO or the Fear Of Missing Out. Fear of missing out on that supposed great stock or stock market rally which could double your investment overnight (such rumours are rarely, if ever, true). Creating wealth out of one’s savings requires time, dedication, discipline and most importantly patienc