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Americans' debt surpasses $17 trillion for the first time
Americans' debt surpasses $17 trillion for the first time
Americans' debt levels continue to climb to new heights at a time when economic conditions are becoming increasingly less stable.
2023-05-15 23:25
California man admits to hiding mother’s death and collecting $830k in benefits
California man admits to hiding mother’s death and collecting $830k in benefits
A California man pleaded guilty last week to hiding his mother’s death from the federal authorities for over 30 years, collecting more than $800,000 in benefits under her name. Donald Felix Zampach, 65, pleaded guilty to one count of money laundering and one count of Social Security fraud, according to the Justice Department. “This crime is believed to be the longest-running and largest fraud of its kind in this district,” US Attorney Randy Grossman said in a statement. “This defendant didn’t just passively collect checks mailed to his deceased mother. This was an elaborate fraud spanning more than three decades that required aggressive action and deceit to maintain the ruse.” All told, beginning in 1990, the Poway man collected $830,238. He could face up to 25 years in prison, though US sentencing guidelines suggest it will more likely be a sentence of 30 to 37 months. “He is overwhelmed with regret,” Knut Johnson, Zampach’s lawyer, told The New York Times. As part of his plea deal, Zampach will forfeit the benefit, pay restitution to various lenders, and turn over the home he took possession of in his mother’s name. The benefits scheme was an elaborate one, according to the DoJ. When Zampach’s mother was diagnosed with pancreatic cancer, she left the US and returned to her native Japan, where she died in 1990 at age 61. Her son notified the US embassy in Tokyo of the death, but admitted to leaving blank a box for her Social Security number to avoid the government being aware of her passing, and he repeated this omission on forms for burial permits. Zampach kept up this ruse until September 2022, collecting his mother’s Social Security checks and payments from the Defense Finance Accounting Service, which pays survivors of military veterans. An audit of those over age 90 who hadn’t used their Medicare benefits helped reveal the California man’s scheme. This sort of fraud has happened in the past. In 2018, a Mexican man pleaded guilty to defrauding the government for even longer, spending 37 years collecting nearly $361,000 in government benefits after assuming the identity of a US citizen, according to The San Diego Union Tribune. In 2015, Dutch police learned that a man kept his dead mother’s body hidden for over two years and continued collecting her pension and social assistance payments. He was later caught and forced to repay 40,000 euros, according to 1 Limburg. Read More Real Housewives star Phaedra Parks reveals why she gave her son $150,000 for his 13th birthday Mastercard helping banks predict scams before money leaves customers’ accounts Vermont will pay $16.5M to settle lawsuits by foreign investors in fraudulent ski developments
2023-07-07 03:21
Occidental Petroleum misses on quarterly profit, raises full-year output
Occidental Petroleum misses on quarterly profit, raises full-year output
By Mrinalika Roy and Arathy Somasekhar (Reuters) -Occidental Petroleum on Wednesday raised its full-year production forecast by 1%, but missed
2023-08-03 07:15
Biden, McCarthy debt ceiling meeting planned for Tuesday afternoon
Biden, McCarthy debt ceiling meeting planned for Tuesday afternoon
WASHINGTON A debt limit meeting between U.S. President Joe Biden and top lawmakers including Republican House of Representatives
2023-05-16 07:17
Prosecutors' star witness is getting ready to testify against Sam Bankman-Fried
Prosecutors' star witness is getting ready to testify against Sam Bankman-Fried
Caroline Ellison, the 28-year-old star witness in one of the most closely watched fraud trials in US history, is expected to take the stand as soon as Tuesday to offer rare insight into the collapse last year of a multibillion-dollar crypto empire.
2023-10-11 00:17
Indonesia Seeks to Win EV Race With 0% Export Duty, No Sales Tax
Indonesia Seeks to Win EV Race With 0% Export Duty, No Sales Tax
Indonesia is said to be planning more tax incentives to attract global electric-vehicle producers, seeking to bolster its
2023-08-11 18:22
Falling Beer Sales Show Growing Risk for Vietnam’s GDP
Falling Beer Sales Show Growing Risk for Vietnam’s GDP
Vietnam’s sluggish economy is hitting many where it hurts the most: their thirst for beer. Tipplers in this
2023-09-29 09:27
OK, we can relax. The iPhone 'hang up' button might not be moving much after all
OK, we can relax. The iPhone 'hang up' button might not be moving much after all
Almost a week after the Apple faithful collectively gasped at the first evidence that the iPhone's “end call” button might soon be shifting upward and a column to the right, it looks like the whole thing might have been a false alarm
2023-08-16 08:29
South Korea, US, Japan to Hold Joint Aerial Drill, Yonhap Says
South Korea, US, Japan to Hold Joint Aerial Drill, Yonhap Says
South Korea, the US and Japan were set to conduct a joint air military exercise near the Korean
2023-10-22 13:28
Asia LNG Buyers Are Paying a Panama Chokepoint Premium for 2024
Asia LNG Buyers Are Paying a Panama Chokepoint Premium for 2024
The gap between liquefied natural gas prices in Asia and Europe is increasing as tighter restrictions at the
2023-11-17 11:29
Aramark Recognized as One of the Most Community-Minded Employers in the Greater Philadelphia Region
Aramark Recognized as One of the Most Community-Minded Employers in the Greater Philadelphia Region
PHILADELPHIA--(BUSINESS WIRE)--Jun 23, 2023--
2023-06-23 19:45
US Treasury increases size of most of its debt auctions
US Treasury increases size of most of its debt auctions
The U.S. Treasury Department on Wednesday said it plans to "gradually" increase the size of most of its
2023-11-01 20:47