News 

Bankrupt businessman set fire to £70k cash after telling creditors he would rather burn the money than pay them, court hears 

“Instead, he decided to remove the money in cash from his bank account, in order to burn it, a court heard” writes Tom Harris for telegraph.co.uk. The court heard he turned his cash to ash rather than pay £30,000 costs to a firm who handled his bankruptcy.A bankrupt businessman burned £70,000 rather than hand it over to officials, a court heard.Lowes-Bird ran an outdoor adventure and paint-balling centre near Llanelli, west Wales, before having money problems in 2014. Source: telegraph.co.uk

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Danske Bank receives inquiry from U.S. SEC over money laundering

“FILE PHOTO: Danske Bank sign is seen on the Estonian branch building in Tallinn Thomson Reuters COPENHAGEN (Reuters) – The money laundering scandal at Danske Bank deepened on Thursday as the Danish lender said it had received an inquiry from the U.S. Securities and Exchange Commission (SEC)” reports businessinsider.com. It said SEC was carrying out an investigation, adding to an ongoing criminal investigation by the U.S. Department of Justice. In addition to the United States, Danske is under investigation in Denmark, Estonia, France and Britain over some 200 billion euros…

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WeWork, and Can the Government Really Print as Much Money as It Wants?

“Plus, can the government really spend as much money as it wants without worrying about deficits?” reports hbr.org. You can follow Youngme and Mihir on Twitter at: @YoungmeMoon and @DesaiMihirA. HBR Presents is a network of podcasts curated by HBR editors, bringing you the best business ideas from the leading minds in management.What in the world is Modern Monetary Theory and does it actually make sense?.  Source: hbr.org

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In Bryce Harper chase, Phillies must bridge ‘stupid’ money to ‘willing to walk away’

“A 10-year, $350 million deal would top all three” writes Dave Sheinin for washingtonpost.com. It only took one willing to be a little stupid for Boras to make a deal.But how we got from “stupid” spending to “willing to walk away” tells the story of Harper’s winter to this point, and the state of free agency in February 2019.Not all that long ago, owners being “a little stupid” about spending is what drove free agency. Source: washingtonpost.com

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News Stocks 

How trillion-dollar stock-market index funds are vulnerable to manipulation that ‘could harm American investors’

“A recent op-ed in the New York Times cautions that passive index funds may be vulnerable to bias and, possibly manipulation, as interest in those funds has ballooned over the past decade” writes Mark Decambre for marketwatch.com. Dangers may lurk in index funds, a popular area of the stock-market known for its recent and consistent record of outperformance against actively managed funds, according to experts. Nearly $6.7 trillion, or a third of those assets resided in passive funds at that time, the data provider said.Such passive ETFs track an index…

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Many Americans are freaking out about getting a smaller tax refund this year — here’s why it’s happening

“Many Americans are especially frustrated this tax season, the first under President Donald Trump’s new tax law” writes Tanza Loudenback for businessinsider.com. According to IRS data, the average federal tax refund amount is down 8.7% — to $1,949 — for the second week of the 2019 filing season compared to the same window last year.Further, receiving a smaller refund, or owing money to the IRS, doesn’t necessarily mean you had a higher tax bill this year than before the new tax law was enacted, Business Insider’s Bob Bryan explained.In fact,…

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Crypto News 

Alleged Bitcoin Mining Scam Reported in Thailand

“Victims of an alleged cryptocurrency mining scam have filed claims against the suspected perpetrator with the Technology Crime Suppression Division in Thailand, the Bangkok Post reports on Feb. 18” writes Aaron Wood for cointelegraph.com. One affected individual told the Bangkok Post “But from August the owner began imposing conditions for withdrawing the money.The Bitcoin (BTC) mining contracts offered by the company reportedly ranged from three months to a lifetime.Local authorities reportedly suspect that a total of 140 individuals were affected by the scam.Per the report, 30 people have filed a…

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Crypto News 

Crypto Crime Trends Evolving as Users Wise Up: Exchange Hacks, Darknet and Money Laundering

“At the right time, at least half of the stolen funds are cashed out using various conversion services within 112 days” writes Gareth Jenkinson for cointelegraph.com. Hackers waste no time cashing out stolen cryptocurrency, usually within three months after the initial attack.The second organization is less thorough in their approach, biding their time before converting stolen funds to clean money.In certain countries, existing anti money-laundering (AML) and Know Your Customer (KYC) regulations apply to cryptocurrency exchanges, which has helped curb some instances of crypto money laundering.The information could become pivotal…

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