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Orlando, FL (BlackNews.com) – Yassin Hall is on a mission to end the ...
Chicago, IL - Father's Day, June 16th, is just around the corner. As families look ...
  By Chinta Strausberg    Father Michael L. Pfleger Sunday announced the Faith Community of Saint Sabina has ...
Illinois Secretary of State Jesse White encouraged parents and caregivers to make sure children are ...
It was 40 years ago that jazz vocalist, Geraldine de Haas, prevailed in ...
Letters to Editors From: The Revolutionary Communist Party Trump/Pence regime means a reign of TERROR on top ...
Los Angeles, CA (BlackNews.com) -- Joey White, founder of Hourtimenow Inc., is thrilled to ...
"This is Black history the way it should be taught" Atlanta, GA (BlackNews.com) -- What ...
CHICAGO, IL – A month before the court-ordered deadline for a concealed carry law, Illinois ...
SPRINGFIELD, IL – Illinois Lt. Governor Sheila Simon praised members of the Senate for their adoption ...

Archive for March 21st, 2017

Illinois Women March on Springfield April 25 for Progressive Agenda, Responsible Budget

Posted by Admin On March - 21 - 2017 ADD COMMENTS

More than 50 organizations have joined a coalition to educate and organize around dozens of progressive bills being proposed in the Illinois House and Senate this session.

They will bring together people across the state for the Illinois Women March on Springfield for a progressive agenda and responsible budget for all, Tuesday, April 25, 2017.

The bills include the Women’s Agenda, the People’s Agenda of labor issues, plus issues including immigration, homelessness, criminal legal reform, the environment, LGBTQ, gun safety efforts, healthcare, economics, education and passing a responsible budget in Illinois.

The complete agenda, with more bills expected, is available on the March website: http://www.illinoiswomenmarchonspringfield.org.

The march is in the spirit of the Jan. 21 women’s marches around the world, and just as those events attracted a wide diversity of people, the Springfield event is expected to bring together thousands of people across a range of intersectional issues.

The program will start at noon with a rally in front of the Lincoln statue at the Capitol Building, followed by a march around the capitol complex, and lobbying elected officials inside. At 2:30 p.m., there will be a final rally in the rotunda, including next steps on organizing support for the legislation still pending in Springfield. People are encouraged to make April 25 appointments now with their representatives and senators, and lobby for legislation from now until the end of May, when this session ends.

Illinois Women March on Springfield is co-chaired by Jaquie Algee (SEIU Healthcare and Women’s March on Chicago), Tracy Baim (Windy City Times and Pride Action Tank), and from Springfield, Jennifer Camille Lee (Action Illinois and Women Rising-Illinois).

Other partners for the March include the Chicago Foundation for Women, Crossroads Fund, Indivisible Illinois, Planned Parenthood, the ACLU, Illinois NOW, CAIR-Chicago, Amalgamated Transit Union 308 (ATU), AFSCME, Chicago Women Take Action, G-PAC, Citizen Action, OFA, Mujeras Latinas en Accion, National Immigrant Justice Center, Sergeant Shriver National Center on Poverty Law, Women Employed, Women’s March Illinois, and the YWCA of Metropolitan Chicago. See many more online.

The website has a process where organizations and elected officials can join the effort, and people can suggest legislation. It also will have lobbying tips, and connections to how-to-find-your-legislator.

Website: http://www.illinoiswomenmarchonspringfield.org/ .

Facebook: https://www.facebook.com/Illinois-Women-March-on-Springfield-1293918460687078/ .

National Urban League President Marc H. Morial Calls Skinny Budget “A Jobs and Dreams Killer”

Posted by Admin On March - 21 - 2017 ADD COMMENTS

Madigan & 13 Attorneys General File Amicus Brief in Support of Hawaii’s Lawsuit Against Revised Immigration Ban

Posted by Admin On March - 21 - 2017 ADD COMMENTS

 

Illinois Leads Coalition of AGs in Support of Temporary Restraining Order Blocking Revised Travel Ban

 

CHICAGO, IL – Illinois Attorney General Lisa Madigan led a coalition of attorneys general in filing an amicus brief in the District Court for Hawaii supporting the state of Hawaii’s motion for a temporary restraining order enjoining the enforcement of the revised Executive Order on immigration issued last week. Madigan and the attorneys general argue the revised travel ban retains unconstitutional components of the original order, including a broad ban on entry to the country by nationals of several predominantly Muslim countries and a complete suspension of the refugee program.

“The changes to the travel ban do not alter the fact that this executive action is discriminatory and contrary to the founding principles of our country,” Madigan said. “I remain committed to protecting all of the residents of Illinois and our educational institutions and employers from the harm caused by this executive action.”

In the brief filed today, Madigan and the states argue the Executive Order has caused serious harm to individuals who live, work, and study in their states, as well as their families, communities, and the institutions and businesses that employ and educate them.

In part, the brief states:

“Although the revised Order is narrower in some respects than the initial Order, it retains the two essential pillars of that Order: a sweeping ban on entry to the United States by nationals of several predominantly Muslim countries and a complete suspension of the refugee program. If allowed to go into effect, the revised Order will immediately harm the amici States’ proprietary, quasi-sovereign, and sovereign interests. It will inhibit the free exchange of information, ideas, and talent between the six designated countries and the States, including at the States’ many educational institutions; harm the States’ life sciences, technology, health care, finance, and tourism industries, as well as innumerable other small and large businesses throughout the States; inflict economic damage on the States themselves through both increased costs and immediately diminished tax revenues; and hinder the States from effectuating the policies of religious tolerance and nondiscrimination enshrined in our laws and state constitutions.”

The amicus brief highlights that the initial Executive Order has already caused concrete irreparable harm to the states’ residents, institutions and businesses, and the revised version will continue to harm the states. Specifically, the states argue that the order harms state colleges and universities by creating staffing gaps, precluding students’ attendance, and imposing additional costs and administrative burdens; disrupts staffing and research at state medical institutions; and reduces tax revenues and broadly harms the states’ economies.

Attorneys general have been at the forefront of the opposition to the executive action on immigration. Madigan condemned the initial Executive Order as unconstitutional, unlawful and un-American and filed amicus briefs in support of previous legal challenges to that order brought by Washington, Virginia and New York.

Last month, Madigan held a summit with local civil rights leaders on immigration and hate crimes in light of the federal executive actions on immigration. She also issued a letter to Illinois Governor Rauner urging him and his administration to fight both the immigration ban Executive Order and protect Illinois immigrants and refugees from discrimination and hate crimes, and a separate Executive Order stating that sanctuary jurisdictions are not eligible to receive certain federal grants. As immigrants and refugees seek out information and help in response to the Executive Orders, Madigan also issued advice about the possibility of scam artists and unscrupulous immigration services providers unlawfully posing as lawyers or demanding excessive upfront fees for assistance.

Joining Madigan in filing the amicus brief are the attorneys general from California, Connecticut, Delaware, Iowa, Maryland, Massachusetts, New Mexico, New York, Oregon, Rhode Island, Vermont, Virginia, and the District of Columbia.

 

 

Rep. Welch Sponsors Legislation to Provide Tax Relief for Working Families

Posted by Admin On March - 21 - 2017 ADD COMMENTS

SPRINGFIELD, IL – Middle-class families would be able to keep more of their hard-earned money under legislation sponsored by state Rep. Chris Welch, D-Hillside, doubling the value of the Earned Income Tax Credit. The Welch-backed bill is a key element of an economic reform agenda introduced by House Democrats.

 

“It’s time that we put Illinois’s middle-class first and do what is best for them and their families,” said Welch. “The policies that the governor continues to promote are not creating jobs, are not growing the economy and are not uplifting the middle class. They are being squeezed out of existence, and it is time we refocus on them versus padding the profits of big businesses through this chaos the governor has created.”

 

Welch is sponsoring House Bill 2475, which would double the value of the state’s Earned Income Tax Credit over the course of five years, raising the value of the credit by 2 percent every year. Each 2 percent increase would put an estimated $44 million back in working families’ pockets. Additionally, the U.S. Conference of Mayors indicates that every $1 returned to taxpayers through the Earned Income Tax Credit generates between $1.50 and $2 in economic activity, helping local businesses grow.

 

The measure is a key element of an economic reform agenda recently introduced by House Democrats this year. Welch and her colleagues are pushing for reforms that grow the economy while also strengthening the middle class. Rather than padding the profits of corporations by reducing middle-class wages and slashing the rights of Illinois’ workers, Welch and the House Democrats are working to level the playing field for small and medium-sized employers, raise the minimum wage, invest in education at all levels and outlaw taxpayer-funded incentives for businesses that outsource local jobs.

 

“The best way to grow our economy and strengthen the middle class is by pursuing tax reform policies like these,” said Welch. “By allowing middle class families to keep more of their hard earned money will allow them to spend more on goods and services, which will grow the economy and the middle class.”

 

Ad Company Helping Black Newspapers Survive and Thrive

Posted by Admin On March - 21 - 2017 ADD COMMENTS
Admodx on a mission to help black newspapers survive and thrive

 New advertising media company gives Black Newspapers their own vehicle to make money online with ads that look better… do more… and cost less for community businesses. 

Roderick Harris, founder of AdmodX

Nationwide (BlackNews.com) – Launched in February, AdModX (www.admodx.com) can be an x-factor for Black Newspapers. It lets them sell and show ads unlike any they’ve sold before splashy little info-clips available on Black News sites and shared across social media. Black Newspapers co-opt AdModX to generate more revenue online.

“AdModX was built with three objectives,” explained President and CEO Roderick Harris, “create cutting-edge solutions exclusively for Black Newspapers, develop a model that actually makes the papers money, and keep out-of-pocket costs for the papers at $0.” Put simply, “Black Newspapers can offer their own unique brand of advertising without the worry of incurring any costs.”

AdModX benefits both Black Newspapers and the businesses in their community. Black Newspapers get a versatile advertising gateway where the community comes to see, share, and buy ads previously unavailable. Meanwhile, community businesses enjoy advertising that’s just better. Ads look better, incorporating attention-grabbing action and movement; they perform better, maximizing reach and exposure via social media sharing; and they sell better, costing less than conventional ads but with way more functional value. The ads are all about driving online traffic… to community business sites through built-in links, and to hosting Black News sites through their clickable logo on every ad they sell.

Unlike most other online ads, AdModX ads are not sold on CPM (cost per thousand) or CPC (cost per click) based rates. Instead, community businesses buy ads for a flat fee through the setup AdModX provides Black Newspapers. The actual ad buy is transacted through AdModX’s e-commerce provider. A flat fee works better for all involved; community businesses know exactly how much they’ll pay for ads, and papers can better project potential gains.

Black Newspapers get set up, free of charge, with their own Ad Display Page and Ad Buy Page. Papers connect both pages to their site with a simple link. Once connected, papers pay a monthly fee, but only during months they sell ads. That way, there’s no out-of-pocket cost since a portion of just one ad sell covers the month’s entire fee. Buying ads takes only a few minutes without any special knowledge or skills whatsoever. Besides, AdModX walks community businesses through the whole transaction.

Ads run for 30 days, starting the 1st of each month, providing exposure for three specific ad-buyer profiles; 1) people promoting themselves and their business, 2) those promoting a house thats for sale, and 3) anyone promoting an upcoming event. All of them exploit the inherent ease ads can be shared across social media for maximum exposure; far beyond the Black News sites they start off on.

Harris added: “In our community, Black Newspapers have a pivotal voice in bringing truth to power… and we must embrace a shared responsibility in making sure “that voice” continues being heard.”

AdModX envisions becoming a part of every major Black Newspaper by the end of this year. Once papers understand that cost-free is real, and community businesses see that ads can do so much more for less; demand for AdModX will grow and Black News will have its x-factor.
About AdModX
Based in Columbus, OH, AdModX is a forward-looking advertising media company for Black Newspapers; started by Roderick Harris, a 20+ year newspaper professional and internet entrepreneur. The company offers a new brand of advertising that changes the game for Black Newspapers. For more details, visit www.admodx.com

 

Photo Caption: Roderick Harris, President and CEO of AdModX

 

 

Illinois Treasurer Frerichs Announces Online Auction of Unclaimed Property

Posted by Admin On March - 21 - 2017 ADD COMMENTS

March 27-31 Online Auction of Items Unclaimed for at Least 10 Years

SPRINGFIELD, IL – Collectible coins, paper money, watches and camera equipment are among the nearly 500 items worth approximately $32,000 to be auctioned online March 27-31.

“For most people, it is difficult to believe that they might have overlooked an investment account or forgot an item in a safe deposit box. However, the thousands of names in our database shows that it happens too often,” Illinois Treasurer Michael W. Frerichs said. “While we cannot store the items forever, we can secure the proceeds and return the value to the proper owner.”

 

Items include a 1926 U.S. twenty dollar St. Gaudens, six 1917 one dollar large notes, a Leica camera along with lenses and accessories, two specialty watches (1 Omega Seamaster and one Lord Elgin), and a complete Lincoln Head Cent, Book One, 1909-1940. Items have been appraised by an outside vendor.

 

Auction participants can view items and register by clicking the auction link under the Resource Center on the right side of www.illinoistreasurer.gov. For questions, call 217.557.8567.

 

The treasurer’s office is the custodian of unclaimed property, including lost bank accounts, insurance policy proceeds, unpaid rebate cards, and safe deposit boxes. Items are surrendered to the treasurer’s office after private entities have tried for at least five years to locate the owner.

 

Businesses, non-profits and units of local government also can have unclaimed property to claim from the database. Typically, the value submitted to the treasurer’s office does not reflect an oversight by these leaders. Additionally, each could have unclaimed property it is required to submit to the treasurer’s office annually. This is accomplished through “holder” reports that are available on the treasurer’s website.

 

About the Illinois Treasurer

The Illinois Treasurer is the state’s chief investment officer and Frerichs is a Certified Public Finance Officer. He protects consumers by encouraging savings plans for college or trade school, increasing financial education among all ages, and removing barriers to a secure retirement. As the state’s Chief Investment Officer, he actively manages approximately $25 billion. The portfolio includes $13 billion in state funds, $7 billion in college savings plans and $5 billion on behalf of local and state governments. The investment approach is cautious to ensure the preservation of capital and returns $28 to the state for every $1 spent in operations. The Treasurer’s Office predates Illinois incorporation in 1818. Voters in 1848 chose to make it an elected office.

Two-Time Academy Award-Winner Kevin Spacey to Receive 2017 Gene Siskel Film Center Renaissance Award May 13

Posted by Admin On March - 21 - 2017 ADD COMMENTS

“Kevin Spacey: Renaissance Man,” the GSFC’s Annual Benefit Features
Intimate Conversation at Four Seasons Chicago Hotel

CHICAGO, IL — Celebrating one of the most dynamic and versatile actors today, the Gene Siskel Film Center (GSFC) of the School of the Art Institute of Chicago honors Golden Globe, Tony, BAFTA and two-time Academy-Award winner Kevin Spacey, Saturday, May 13, 2017 at the Four Seasons Chicago (120 E. Delaware Pl.). “Kevin Spacey: Renaissance Man” will pay tribute to the actor’s accomplishments on the screen as well as give attendees the opportunity to hear an intimate conversation, providing insights into his creative process and influences, favorite roles, upcoming projects and more. A retrospective of film clips from some of his most memorable performances will accompany the conversation highlighting his illustrious career. The evening will culminate with the presentation of the Gene Siskel Film Center Renaissance Award to Spacey by SAIC President Elissa Tenny and GSFC Advisory Board Chair Ellen Sandor.

“A friend of the Gene Siskel Film Center since 2014 when he was part of an engaging Q&A with Chicago Tribune theater critic Chris Jones at a screening of his documentary ‘NOW: In the Wings on a World Stage,’ Spacey understands the importance of the Film Center to continue to present cutting edge programming that showcases unique and diverse talent and showcases provocative films outside of mainstream cinema,” said GSFC Executive Director Jean de St. Aubin. “We are beyond thrilled to honor this legendary actor, innovator, producer and pioneer in the film industry and to celebrate his extraordinary accomplishments on stage, TV and film.”

Each year, the GSFC celebrates the art of film by honoring a filmmaker who advances the art of cinema. Past Renaissance Award honorees have included some of the most respected actors and directors working in the film industry today, such as William H. Macy and Felicity Huffman, Michael Mann, Nicole Kidman, George Lucas, Robert Downey Jr., Jamie Foxx, Reese Witherspoon, Gwyneth Paltrow, Morgan Freeman, Mark Ruffalo and Scarlett Johansson.

The benefit is co-chaired by longstanding GSFC supporters and Advisory Board members Eda Davidman and Melissa Sage Fadim. The chair of the GSFC Advisory Board is Ellen Sandor. All proceeds support the Gene Siskel Film Center’s curated film programming as well as lecture series and discussions with visiting scholars and filmmakers. This programming provides the opportunity for students and the Chicago community to experience the best in film presentation. The annual fundraiser is the primary event that ensures that the GSFC can continue to present the highest quality films and film-related events in Chicago.

The Renaissance Award was designed specifically for the Gene Siskel Film Center by R.S. Owens & Company, creator of the Oscar® statuette.

About Kevin Spacey
Award-winning producer and actor Kevin Spacey currently serves as executive producer and stars as Francis Underwood in the Netflix original series “House of Cards.” Spacey has won Academy Awards® for his performances in “The Usual Suspects” and “American Beauty.” He was most recently seen opposite Michael Shannon in “Elvis & Nixon,” and will next be seen in “Billionaire Boys Club,” Edgar Wright’s “Baby Driver” and “Rebel In The Rye.” Through his former production company Trigger Street, he produced “Captain Phillips” starring Tom Hanks, “The Social Network” and “21.” For television, he produced “Recount” and “Bernard & Doris” for HBO, both of which garnered double-digit Emmy Award® nominations. For more than a decade, Spacey served as the Artistic Director of The Old Vic Theatre Company in London where he also appeared on stage in productions of “National Anthems,” “The Philadelphia Story,” “Speed the Plow,” “Inherit the Wind,” “A Moon for the Misbegotten” and the acclaimed production of the one-man show, “Darrow.” He won the Evening Standard and Olivier Awards for Best Actor for his role in “The Iceman Cometh,” as well as a Tony Award® for Best Supporting Actor in Neil Simon’s “Lost in Yonkers.” Spacey has also starred in the Broadway and West End productions of “Long Day’s Journey into Night,” opposite his mentor Jack Lemmon; as well as the title role in the Sam Mendes production of “Richard III,” touring to 12 cities around the world as part of the three-year Old Vic/BAM/Bridge Project. Spacey has often launched initiatives to help young people get their start in the competitive worlds of film and theatre, including: The Kevin Spacey Foundation, which offers support to young actors, writers, directors and producers; and the short film competition “Jameson First Shot,” awarded writer/directors from South Africa, Russia and the US, Canada and other countries with the opportunity to direct a short film starring a major actor. Most recently Spacey was awarded an Honorary Knighthood and was made a CBE (Commander of the British Empire) by Her Majesty the Queen for his work at the Old Vic, and in education and philanthropy.

Tickets and More Information
The Gene Siskel Film Center of the School of the Art Institute of Chicago proudly presents the Renaissance Award Gala in honor of Kevin Spacey Saturday, May 13 at Four Seasons Hotel Chicago, 120 E. Delaware Pl. Single tickets range in price from $500 to $1,000 (VIP). Table sponsorships range in price from $10,000 to $50,000. Call (312) 846-2072 for tickets, tables or more information.

About the Gene Siskel Film Center
Since 1972, the Gene Siskel Film Center of the School of the Art Institute of Chicago has presented cutting edge cinema to an annual audience of 80,000. The Film Center’s programming includes annual film festivals that celebrate diverse voices and international cultures, premieres of trailblazing work by today’s independent filmmakers, restorations and revivals of essential films from cinema history, and insightful provocative discussions with filmmakers and media artists. Altogether, the Film Center hosts over 1,600 screenings and 200 filmmaker appearances every year. The Film Center was renamed the Gene Siskel Film Center in 2000 after the late, nationally celebrated film critic, Gene Siskel. Visit www.siskelfilmcenter.org to learn more and find out what’s playing today.

About the School of the Art Institute of Chicago
For more than 150 years, the School of the Art Institute of Chicago (SAIC) has been a leader in educating the world’s most influential artists, designers and scholars. Located in downtown Chicago with a fine arts graduate program consistently ranking among the top programs in the nation by U.S. News and World Report, SAIC provides an interdisciplinary approach to art and design as well as world-class resources, including the Art Institute of Chicago museum, on-campus galleries and state-of-the-art facilities. SAIC’s undergraduate, graduate and post-baccalaureate students have the freedom to take risks and create the bold ideas that transform Chicago and the world—as seen through notable alumni and faculty such as Michelle Grabner, David Sedaris, Elizabeth Murray, Richard Hunt, Georgia O’Keeffe, Cynthia Rowley, Nick Cave, Jeff Koons and LeRoy Neiman. www.saic.edu

The Gene Siskel Film Center and SAIC are part of The Art Institute of Chicago. For more information about the Art Institute please visit www.artic.edu

Black Chamber of Commerce Aims to Increase Access to Capital for Dallas’s Minority Businesses

Posted by Admin On March - 21 - 2017 ADD COMMENTS
ATLANTA – On Friday, April 7, the U.S. Black Chambers Community Economic Development Corporation (USBC CEDC) in partnership with the Texas Association of African American Chambers of Commerce will hold a free workshop for minority entrepreneurs on business lending options, credit advice, and referrals to credit service providers.

The workshop will be held at the Paul Quinn College, located at 3837 Simpson Stuart Road, in Dallas, Texas. Registration opens at 9:30am and the panel discussions start at 10:00am. Credit counseling and business speed networking will also be available until 2:00pm. Lunch will be provided for attendees.

The Atlanta workshop is the first in a series of 10 workshops led by the USBC CEDC which provides on-going training and development from top lending and credit experts in the field. Participants will learn how to effectively fund and expand their entrepreneurial ventures, and become a part of a network of the nation’s most established entrepreneurs. Presenters include representatives from the National Foundation of Credit Counseling, BB&T, People Fund, Lift Fund, the Minority Business Development Agency, and SCORE.

“There are 2.6 million black owned businesses and their number one concern is access to capital,” said Ron Busby, Sr., President and CEO of the U.S. Black Chambers, Inc. “Since 2009, the U.S. Black Chambers, Inc. has led the way to ensure that our small businesses are in the best position possible to succeed. Through the Capital Pathways program, we are helping Atlanta’s small businesses explore alternative funding options and receive one-on-one credit counseling, which means a stronger economy and more productive communities.”

The Capital Pathways program is targeted towards diverse business owners who have been in business for at least one year, and have generated at least $100,000 in revenue. The program infuses local partnerships and outreach, highlights home-grown founders and CEOs, and promotes inter-generational connections for collective economic growth and empowerment.

About Capital Pathways:

 

The Capital Pathways program is a series of 10 workshops across the nation funded by the U.S. Department of Commerce Minority Business Development Agency’s Broad Agency Announcement, and managed by the U.S. Black Chambers, Inc. Community Economic Development Corporation. The USBC CEDC designs, develops and delivers financial education and business improvement programs to underserved communities nationwide. For more information on the Capital Pathways program, please visit www.capitalpathways.com.

Former Chief Executive Officer And Chief Financial Officer Of China Medical Technologies Charged In A $400 Million Securities Fraud Scheme

Posted by Admin On March - 21 - 2017 ADD COMMENTS

Defendants misappropriated funds raised through two note offerings

 

BROOKLYN, NY – A three-count indictment was unsealed this afternoon in federal court in Brooklyn, New York, charging Xiaodong Wu, the founder, Chief Executive Officer and Chairman of the Board of Directors of China Medical Technologies, Inc. (China Medical), and Tak Yung Samson Tsang, also known as “Sam Tsang,” the Chief Financial Officer and a member of the Board of Directors of China Medical, with securities fraud, securities fraud conspiracy and wire fraud conspiracy.[1]  Wu and Tsang are alleged to have defrauded China Medical’s noteholders and investors of more than $400 million through misrepresentations about the use of proceeds raised through two note offerings and by then stealing the invested funds by transferring them to entities controlled by, or affiliated with, Wu and Tsang.  The defendants are fugitives.

The charges were announced by Bridget M. Rohde, Acting United States Attorney for the Eastern District of New York, and William F. Sweeney, Jr., Assistant Director-in-Charge, Federal Bureau of Investigation, New York Field Office (FBI).

“As alleged, Xiaodong Wu and Samson Tsang deceived unsuspecting investors who thought they were investing in a NASDAQ-listed medical device company but whose investments were stolen and fraudulently transferred to entities in China controlled by Wu and Tsang.  The defendants’ scheme defrauded the investing public of more than $400 million,” stated Acting United States Attorney Rohde.  “Today’s indictment further demonstrates our commitment to protecting investors and to holding accountable those who seek to abuse the financial markets to enrich themselves.”

“As alleged, Wu and Tsang led their victims down a narrow path of deceit.  They betrayed the trust of those who took them at their word, stole their money, and made off with more than $400 million.  Whether you omit key facts or intentionally misrepresent the truth, defrauding investors is a crime you won’t get away with it,” stated FBI Assistant Director-in-Charge Sweeney.

As detailed in the indictment, between January 2005 and November 2012, Wu and Tsang, together with their co-conspirators, orchestrated a scheme to defraud China Medical’s noteholders and investors through material misrepresentations and omissions relating to, among other things, the use of approximately $426 million in investments and the subsequent transfer of these investments to entities controlled by, or affiliated with Wu and Tsang.  China Medical issued three series of notes: (i) on or about November 21, 2006, $150 million of 3.5 percent convertible senior subordinated notes due 2011 (2011 Notes); (ii) on or about August 15, 2008, $276 million of 4 percent convertible senior notes due 2013 (2013 Notes); and (iii) on or about December 6, 2010, $150 million of 6.25 percent convertible senior notes due 2016 (2016 Notes).

 

Wu and Tsang represented in the offering memoranda for the 2013 Notes and 2016 Notes that they would use the proceeds for general corporate purposes, for the acquisitions of businesses, products and technologies and to repurchase outstanding convertible notes.  Contrary to these representations, most of the money raised through the 2013 Notes and the 2016 Notes was eventually transferred by Wu and Tsang to entities controlled by Wu, Tsang and their co-conspirators.  For example, between November 3, 2006 and December 4, 2008, approximately $303.75 million of the approximately $576 million that China Medical raised in its three note offerings was transferred to an entity that was owned by an associate of Wu and Tsang, and approximately $202 million was subsequently transferred to bank accounts controlled by Wu. Additionally, the intellectual property that was the subject of the note offerings was approximately 20 years old and off-patent, and any value it had was minimal.

 

To execute their fraudulent scheme, Wu and Tsang caused China Medical’s independent director and outside auditor to resign, stopped making public disclosures of material events affecting the value of its securities and stopped making interest payments on the notes.  On August 31, 2012, China Medical filed for Chapter 15 bankruptcy protection in the Southern District of New York.
To date, $246.5 million of the 2013 Notes and $150 million of the 2016 Notes remain outstanding.

The criminal case has been assigned to United States District Judge Kiyo A. Matsumoto.  If convicted, each of the defendants faces a maximum sentence of 20 years’ imprisonment.

The government’s case is being prosecuted by the Office’s Business and Securities Fraud Section.  Assistant United States Attorneys Lauren H. Elbert and Winston M. Paes are in charge of the prosecution, with assistance provided by Assistant United States Attorney Tanya Hill of the Office’s Civil Division.

 

The Defendants:

 

XIAODONG WU

Age: 59

Residence: PEOPLE’S REPUBLIC OF CHINA

 

TAK YUNG SAMSON TSANG, also known as “Sam Tsang”

Age: 46

Residence: PEOPLE’S REPUBLIC OF CHINA

E.D.N.Y. Docket no. 17-cr-144 (Kam)

[1] The charges announced are allegations, and the defendants are presumed innocent unless and until proven guilty.

Source: FBI

Fairfield University and Aldrich Museum Announce Summer Institute Partnership

Posted by Admin On March - 21 - 2017 ADD COMMENTS
Text and Context: Teaching and Learning Through Contemporary Art and the Written Word
A professional development program for K-12 educators and creative professionals.           

FAIRFIELD, Conn. — The Aldrich Contemporary Art Museum and Fairfield University are pleased to announce the beginning of a partnership with the creation of the inaugural Summer Institute — Text and Context: Teaching and Learning through Contemporary Art and the Written Word. Summer Institute is a professional development opportunity for K-12 educators and creative professionals, presented by The Aldrich Contemporary Art Museum and Fairfield University that will take place at The Aldrich, June 27 to 30, from 10:00 a.m. to 3:00 p.m. each day. The cost for Summer Institute is $400, which includes all workshop supplies.

With contemporary art as core content, participants will discover innovative strategies for integrating the arts across disciplines in this four-day institute led by Aldrich and Solomon R. Guggenheim Museum teaching artist, Jeff Hopkins, MEd, and Fairfield University faculty in the English Department, Professors Sonya Huber and Carol Ann Davis, and Fine Arts Department, Professor Jo Yarrington. Participants will investigate the text-based exhibitions on view at The Aldrich and session leaders will draw from the ideas posed by the exhibiting artists, while exploring the work in the galleries and leading activities and conversations that question the roles of introspective observer and critical commentator regarding both society and self. The program will draw connections between creativity and learning, and strengthen visual literacy skills and inquiry-based teaching methods. Participants will also have the opportunity to recharge their imaginations through a range of participatory art-making and writing activities.

Each day, participants will engage in an on-going mixed-media project with Jeff Hopkins, laying the foundation for arts integration. This exercise will be complemented by exhibition-inspired sessions led by Fairfield University faculty who specialize in cross-cultural and social justice studies, poetry, and creative non-fiction. Additionally, participants will engage with regional experts in the arts who will showcase best practices in museum teaching pedagogy. Throughout this innovative program, there will be the opportunity to connect with colleagues across grade levels and disciplines.

“The Aldrich is thrilled to establish an educational partnership with Fairfield University. This collaboration is an expression of our shared commitment to highly effective, multi-faceted teaching and learning. We are particularly excited to engage with the University’s English and Art Department faculty, who share a like-minded interest in developing innovative strategies for cross-disciplinary thinking,” says Alyson Baker, executive director, The Aldrich Contemporary Art Museum.

“Fairfield University is excited to enter into an educational partnership with the Aldrich Contemporary Art Museum in Ridgefield,” said Christine Siegel, interim provost. “Our first joint-venture draws on strengths in innovative teaching and learning that characterize both of our institutions, and we look forward to the many programming opportunities that our collaboration with such a forward-thinking and creative institution as the Aldrich, will provide.”

For more information and to register, visit: http://bit.ly/2mCQweY

Vol. # 49, No. 138

Fairfield University is a Jesuit University, rooted in one of the world’s oldest intellectual and spiritual traditions. More than 5,000 undergraduate and graduate students from 36 states, 47 foreign countries, the District of Columbia and Puerto Rico are enrolled in the University’s five schools.  In the spirit of rigorous and sympathetic inquiry into all dimensions of human experience, Fairfield welcomes students from diverse backgrounds to share ideas and engage in open conversations. The University is located in the heart of a region where the future takes shape, on a stunning campus on the Connecticut coast just an hour from New York City.

 

 

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Welcome to CopyLine Magazine! The first issue of CopyLine Magazine was published in November, 1990, by Editor & Publisher Juanita Bratcher. CopyLine’s main focus is on the political arena – to inform our readers and analyze many of the pressing issues of the day - controversial or otherwise. Our objectives are clear – to keep you abreast of political happenings and maneuvering in the political arena, by reporting and providing provocative commentaries on various issues. For more about CopyLine Magazine, CopyLine Blog, and CopyLine Television/Video, please visit juanitabratcher.com, copylinemagazine.com, and oneononetelevision.com. Bratcher has been a News/Reporter, Author, Publisher, and Journalist for 33 years. She is the author of six books, including “Harold: The Making of a Big City Mayor” (Harold Washington), Chicago’s first African-American mayor; and “Beyond the Boardroom: Empowering a New Generation of Leaders,” about John Herman Stroger, Jr., the first African-American elected President of the Cook County Board. Bratcher is also a Poet/Songwriter, with 17 records – produced by HillTop Records of Hollywood, California. Juanita Bratcher Publisher

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