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Miranda Kerr, Snapchat co-founder pays off student loans for college’s graduating class

Miranda Kerr, Snapchat co-founder pays off student loans for college's graduating class


(Gray News) – The graduating class of a California college won’t have to worry about paying back their student loans, thanks to a generous donation from model and businesswoman Miranda Kerr and co-founder of SnapChat Evan Spiegel.

The Otis College of Art and Design in Los Angeles said the significant donation is the largest in the college’s history in a release.

Charles Hirschhorn, President of Otis College of Art and Design, said the school is grateful for the donation.

“Student debt weighs heavily on our diverse and talented graduates,” he said in a release. “We hope this donation will provide much-deserved relief and empower them to pursue their aspirations and careers, pay this generosity forward, and become the next leaders of our community.”

The donation was made through the Spiegel Family Fund, which was founded by Spiegel and Kerr in 2017. The fund is committed to supporting organizations that “contribute to human progress,” according to its website.

The donation was announced at Otis College’s 2022 commencement, which featured Spiegel, who took classes at the college while in high school. Kerr was also featured, along with Bobby Berk, the host of “Queer Eye.”

The college said the donation will also be used to create the Alternative Loan Debt Repayment Fund, which it said will be used to make charitable gifts to graduating students with similar educational loans outside of Otis College.

Otis College of Art and Design is a nonprofit institution that was established in 1918. The school said it prepares students who specialize in art and design in Los Angeles for “a dynamic future in the creative economy.”

Copyright 2022 Gray Media Group, Inc. All rights reserved.

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Hagley Loans Patent Models To Philadelphia Airport For Display – Town Square Delaware LIVE

hagleyairportedit


Hagley Museum patent models are on display is this Artifacts of Invention exhibit between Terminals C and D at the Philadelphia International Airport. philadelphia

A selection of 19th century patent models from Hagley Museum and Library will be on display throughout the summer at Philadelphia International Airport.

The 49 chosen to be part of the exhibit by Chris Cascio, Hagley’s Alan W. Rothchild assistant curator, all have connections to Philly or — appropriate for air travelers — transportation, food and drink.

The airport’s “Artifacts of Invention: Patent Models from Hagley Museum and Library, 1845-1895,” will feature only a tiny portion of Hagley’s 5,000 patent models. Miniature models of a design were once required by the US patent office in order to apply for a patent. Sometimes they were created by the inventor and sometimes by a professional model maker.

On display is the model for the improved traveling trunk invented by Louis Ransom in 1867, a predecessor to the wheeled luggage commonly used today.

Ransom’s cylindrical trunk, which could be rolled, represented a different approach to the bulky, rectangular trunks porters had to carry around.

hagleytravetrunk

The model for Louis Ransom’s traveling trunk

Also on display is a relative of the soft pretzels that are a Philadelphia staple snack.

The “pretzel” machine from inventors William Lampert and Henry Hubert, patented in 1860, made quick work of stamping out pretzel- and bagel-shaped bread. The dough would be fed between metal rollers, stamped with a pretzel shape, then the uniform “pretzels” would fall into a conveyor belt.

The exhibit has been started and is expected to be finished by Memorial Day.

It will also serve as a preview to the late-summer opening of Nation of Inventors at Hagley, a major exhibition featuring more than 100 patent models, celebrating the American spirit of ingenuity.

That new permanent exhibit was finished and within days of opening when the remnant of Hurricane Ida caused the Brandywine River to rise and flood Hagley. The exhibit wasn’t damaged, but the basement of the building it’s in was flooding, ruining a lot of power and other infrastructure equipment.

To learn more about the history of patent models, go to hagley.org/patentmodels



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South Dakota State News

South Dakota State News



FOR IMMEDIATE RELEASE: Tuesday, May 17, 2022

MEDIA CONTACT: Brian Walsh, [email protected]

FOR MORE INFORMATION: Visit here

DANR Announces More Than $98 Million for South Dakota Environmental Projects

PIERRE, SD – Today, the South Dakota Department of Agriculture and Natural Resources (DANR) announced the Board of Water and Natural Resources has approved $98,703,620 in grants and loans for drinking water, wastewater, and solid waste projects in South Dakota.

The $98,703,620 total includes $73,634,334 in grants and $25,069,286 in low-interest loans to be administered by the Department of Agriculture and Natural Resources.

“I am pleased to announce this financial assistance is available,” said DANR Secretary Hunter Roberts. “This funding will result in upgraded drinking water and wastewater infrastructure and support solid waste cleanup projects which will benefit the system users and the environment.”

The grants and loans were awarded from DANR’s Drinking Water State Revolving Fund Program, Clean Water State Revolving Fund Program, Solid Waste Management Program, and American Rescue Plan Act (ARPA) to the following:

Box Elder received a $1,540,000 Clean Water State Revolving Fund loan and a $2,460,000 ARPA grant to upgrade its wastewater collection system to accommodate recent growth. The project includes replacing undersized sewer hands and adding lines. These improvements will address needs on the west side of town for areas of new development. The loan terms are 2.125 percent for 30 years.

Canistota received a $584,267 ARPA grant to make sanitary and storm sewer infrastructure improvements. Funding for this project was previously awarded by the board in June 2021.

Canistota also received a $256,966 ARPA grant to replace water main lines. Funding for this project was previously awarded by the board in June 2021.

Castlewood received a $354,627 ARPA grant to make improvements to its distribution system and rehabilitate the water tower. Funding for this project was previously awarded by the board in March 2021.

Chancellor received a $210,000 Clean Water State Revolving Fund loan and a $1,190,000 ARPA grant to install a new PVC sanitary sewer main, replace sewer services within the right-of-way, and install 13 sanitary sewer manholes. Storm water improvements include installation of storm sewer and culverts, including extending the storm sewer trunk line. The loan terms are 2.125 percent interest for 30 years.

Chancellor also received a $195,000 Drinking Water State Revolving Fund loan and a $1,105,000 ARPA grant to install new PVC water main, curb stops, fire hydrants, valves, and fittings; replace water services within the right-of-way; and loop the system to improve hydraulics. The loan terms are 1.875 percent interest for 30 years.

crooks received a $161,763 ARPA grant to for a new lift station and sanitary sewer expansion. Funding for this project was previously awarded by the board in June 2021.

Custer received a $125,100 ARPA grant to upgrade its wastewater treatment facility. Funding for this project was previously awarded by the board in March 2021.

Dell Rapids received a funding package at the April board meeting to make sanitary and storm water improvements on 3rd Street and for non-point source improvements. This funding was adjusted at the May meeting based on available local ARPA funds. The new funding package is a $2,645,080 Clean Water State Revolving Fund loan and a $2,887,379 ARPA grant. The loan terms are 1.375 percent for 30 years.

Department of Agriculture and Natural Resources received a $400,000 Solid Waste Management Program grant amendment for waste tire and solid waste cleanup projects. The grant will allow ongoing collection and disposal of waste tires and other solid waste cleanups which the department has provided for over 20 years.

Groton received a $664,547 ARPA grant for water main improvements. Funding for this project was previously awarded by the board in March 2021.

Hudson received a $656,180 Clean Water State Revolving Fund loan and a $721,820 ARPA grant to replace wastewater collection line and sewer services in the right of way. These improvements will replace aging vitrified clay pipe, eliminate sags, reduce infiltration, and improve system reliability. This package and other funds will support the project costs. The loan terms are 2.125 percent for 30 years.

Hudson also received a $831,649 Drinking Water State Revolving Fund loan and a $967,656 ARPA grant to replace hydro-pneumatic water tanks with a ground water storage tank and booster system. The project includes replacement of aging water distribution lines to address breaks and water loss and the addition of water main loops to improve flow throughout the community. The loan terms are 1.625 percent for 30 years.

Joint Well Field, Inc. received a $1,656,900 ARPA grant for water treatment plant improvements. Joint Well Field, Inc. is a jointly owned and operated water source and treatment facility that serves both Brookings-Deuel Rural Water System and Kingbrook Rural Water System. Funding for this project was previously awarded by the board in March 2021.

Kingbrook Rural Water System received a $108,000 ARPA grant for improvements to the Carthage water tower. Funding for this project was previously awarded by the board in March 2021.

Lake Norden received a $652,463 ARPA grant to construct a new water tower storage. Funding for this project was previously awarded by the board in March 2021.

Lake Poinsett Sanitary District received a $1,809,749 Clean Water State Revolving Fund loan and a $2,790,251 ARPA grant to make improvements to its existing wastewater system including upgrades to existing lift stations and improvements to the collection system The terms of the loan are 2.125 percent for 30 years.

Lennox received a $1,172,251 ARPA grant to Funds for wastewater improvements along Boynton Avenue. Funding for this project was previously awarded by the board in June 2021.

Lennox also received a $480,400 ARPA grant for drinking water improvements along Boynton Avenue. Funding for this project was previously awarded by the board in June 2021.

North Sioux City received a $5,351,110 Clean Water State Revolving Fund loan and a $1,511,890 ARPA grant to provide wastewater infrastructure in an undeveloped parcel of land south of the current city limits and west of I-29. The project involves installing approximately 2,800 feet of collection lines, a 1,200-foot trunk sewer, a submersible lift station and 2 miles of main force. The loan terms are 2 percent for 20 years. These funds and local ARPA funds will cover the project costs.

North Sioux City also received a $5,627,193 Drinking Water State Revolving Fund loan and a $1,723,807 ARPA grant to make improvements to the Streeter Drive Water Treatment Plant. This will involve updating the chemical feed, electrical, and other systems. Other improvements will increase aeration, detention, filtration, and backwashing capacity. Terms of the loan are 2.125 percent for 30 years.

Northville received a $179,758 Drinking Water State Revolving Fund loan and a $1,044,562 ARPA grant to replace water meters, loop lines, and improve above-ground water storage. Improvements include building a glass lined, above-ground water storage tank and pumphouse. This project will address issues with water storage, pressure, quality, and water loss. The loan terms are 2.125 percent for 30 years.

Salem received a $370,293 ARPA grant for storm sewer improvements. Funding for this project was previously awarded by the board in June 2021.

Sioux Falls received a $41,900,000 ARPA grant for water reclamation facility expansion. Funding for this project was previously awarded by the board in 2019, 2020, and 2021.

Southshore received a $449,000 Drinking Water State Revolving Fund loan and a $1,186,000 ARPA grant to construct a new water storage tank and transmission line to connect the tank to the distribution system and make improvements to an existing well. The loan terms are 1.875 percent for 30 years.

Tea received a $946,288 Clean Water State Revolving Fund loan and a $670,626 ARPA grant to provide municipal wastewater service to existing industrial and commercial properties in the Hagedorn Industrial Park. The loan terms are 2.125 percent for 30 years.

In addition, Tea received a $1,009,280 Drinking Water State Revolving Fund loan and a $593,634 ARPA grant to extend municipal water service to existing industrial and commercial properties in the Hagedorn Industrial Park. The loan terms are 2.125 percent for 30 years.

Tea also received a $3,694,231 ARPA grant to connect its wastewater treatment system to the City of Sioux Falls. Funding for this project was previously awarded by the board in March 2021.

Watertown received a $750,000 ARPA grant to replace its primary clarifier at its wastewater treatment facility. Funding for this project was previously awarded by the board in March 2021.

White received a $1,832,810 Clean Water State Revolving Fund loan and a $734,290 APRA grant to replace or repair vitrified clay pipe and service lines with open cut and CIPP relining methods. This project will address cracked, broken, and deformed VCP and joint offsets. The loan terms are 2.125 percent for 30 years.

White also received a $1,786,189 Drinking Water State Revolving Fund loan and a $715,611 ARPA grant to construct several improvements to its water distribution system. The city will replace aging water distribution hands, refurbish its water tower, and replace cast iron pipes. The loan terms are 1.625 percent for 30 years.

The American Rescue Plan Act provides grants for eligible water, wastewater, storm water, and nonpoint source projects. The state of South Dakota is making a historic investment in infrastructure by dedicating $600 million of American Rescue Plan Act funding for local water and wastewater infrastructure grants.

The Solid Waste Management Program provides grants and loans for solid waste disposal, recycling, and waste tire projects. The Legislature annually appropriates dedicated funding for the Solid Waste Management Program through the Governor’s Omnibus Water Funding Bill.

The State of South Dakota and the US Environmental Protection Agency fund the Drinking Water State Revolving Fund Program, which provides low-interest loans for public drinking water system projects. The program is funded through a combination of federal appropriations, loan repayments, and bonds.

The State of South Dakota and the US Environmental Protection Agency fund the Clean Water State Revolving Fund Program, which provides low-interest loans for wastewater, storm water, water conservation, and nonpoint source projects. The program is funded through a combination of federal appropriations, loan repayments, and bonds.

The board approved the funding at today’s meeting in Pierre.

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Communications tech company Pareteum approved to tap bankruptcy loan

Communications tech company Pareteum approved to tap bankruptcy loan


A plaque with the Seal for the US District Bankruptcy Court for the Southern District of New York is seen over the entrance in Manhattan, New York, US, January 9, 2020. REUTERS/Brendan McDermid

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  • Judge says financing is needed in light of limited cash on hand
  • Company filed after SEC fine for overstating revenues

(Reuters) – Communications technology company Pareteum Corp, which has been plagued by accounting fraud charges, secured court approval on Tuesday to tap a loan while it sells its assets in bankruptcy.

US Bankruptcy Judge Lisa Beckerman in Manhattan granted the company’s request to access, on a temporary basis, half of a $6 million loan provided by an existing lender.

Pareteum, a New York-based, publicly traded company, filed for Chapter 11 protection on Sunday with about $80 million in debt. The company is facing eight shareholder lawsuits filed in the wake of a Securities and Exchange Commission investigation into inflated revenue reports, which resulted in a $500,000 fine.

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Pareteum is looking to sell its assets to Circles MVNE Pte Ltd, which is also providing the $6 million loan, and Channel Ventures Group LLC in exchange for a combined $60 million in senior debt forgiveness.

The bid will be subject to competing offers. The company is hoping to complete the sale by mid-July.

When she approved the loan, Beckerman noted that the financing is necessary because the company only has about $200,000 in cash on hand. Pareteum intends to continue operating during the Chapter 11 process.

Pareteum offers cloud-based Wi-Fi to communications service providers, among other services and products. The company’s interim chief financial officer, Laura Thomas, said in court papers that the company’s decision to file for bankruptcy was the result of increased legal expenses, as well as lower revenues caused by the economic impact of the COVID-19 pandemic.

The company has “vigorously defended” itself against the lawsuits over the revenue reports, which has caused it to incur millions in legal costs, she said.

In October 2019, Pareteum conducted an internal investigation that determined the company had inflated revenues for 2018 by 21% and the first half of 2019 by 25%. The SEC imposed the fine in September 2021 after finding the inflated revenue reports were the result of improper accounting practices. The SEC also found that former employees of the company attempted to hide those practices from the company’s auditor.

The case is In re Pareteum Corp, US Bankruptcy Court, Southern District of New York, No. 22-10615.

For Pareteum: Frank Oswald, Brian Moore and Amy Oden of Togut Segal & Segal; and Michael Handler, Thaddeus Wilson and Leia Clement Shermohammed of King & Spalding

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Our Standards: The Thomson Reuters Trust Principles.

Maria Chutchian

Thomson Reuters

Maria Chutchian reports on corporate bankruptcies and restructurings. She can be reached at [email protected]

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Hilo Man Pleads Guilty to Defrauding Paycheck Protection and Disaster Loan Programs | USAO-HI

 Liberty County Man and Woman Behind My Buddy Loans Guilty of Fraud Related to COVID Relief |  USAO-EDTX


HONOLULU – Carey Mills, 43, of Hilo, Hawaii pleaded guilty today before US District Judge Derrick K. Watson to a single-count Information, charging him with wire fraud in connection with a scheme to defraud the Government of program funds intended for Coronavirus- related relief. Sentencing is scheduled for October 4, 2022. Mills faces a maximum term of imprisonment of 30 years and a fine of up to $1,000,000.

The Paycheck Protection Program (PPP) is a federal loan program that is intended to help small businesses survive the COVID-19 pandemic by providing them with funds to cover certain payroll costs, including benefits, interest on mortgages, rent and utilities. The Economic Injury Disaster Loan program (EIDL) provides low-interest loans and grants to small businesses that experience substantial financial disruptions due to federally-declared disasters, including the COVID-19 pandemic.

According to information presented in court, Mills submitted multiple applications for PPP and EIDL funds on behalf of three businesses under his control, Kanaka Maoli Hookupu Center, New Way Horizon Travel, and Uilani Kawailehua Foundation, each time utilizing interstate wires. To support the applications, Mills submitted fraudulent payroll documents and IRS forms, which included false employee and wage payment records. As a result of the false and fraudulent applications, Mills received $937,575 in the form of two forgivable PPP loans, one EIDL loan, and one EIDL grant to which he was not entitled.

“Congress funded the PPP and EIDL programs to provide a financial lifeline to struggling small businesses in Hawaii and across the United States during the COVID-19 pandemic,” said US Attorney Clare E. Connors. “Unfortunately, bad actors have targeted these critical assistance programs and fraudulently diverted much-needed resources. Our office will investigate all allegations of unlawful use of these funds and is committed to ensuring federal taxpayer dollars are used for their intended purpose.”

“The Treasury Inspector General for Tax Administration will aggressively pursue those who endeavor to defraud taxpayer-funded Coronavirus Aid, Relief, and Economic Security Act programs, which were established to provide assistance to American business owners and their employees during these unprecedented times,” said J. Russell George, Treasury Inspector General for Tax Administration. “We appreciate the efforts of the US Department Justice and our law enforcement partners in this effort.”

The investigation was led by the US Treasury Inspector General for Tax Administration, with assistance from the Federal Deposit Insurance Corporation Office of the Inspector General, the Small Business Administration Office of the Inspector General, and Homeland Security Investigations. Assistant US Attorneys Rebecca M. Perlmutter and Gregg Paris Yates handled the prosecution.

On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www .justice.gov/disaster-fraud/ncdf-disaster-complaint-form.



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What Is A Cash-Out Refinance?


FAQs: Cash-Out Refinance

Before you choose a cash-out refinance, consider these frequently asked questions.

How much money can I get by cash-out refinancing?

The amount of money a borrower can get with a cash-out refinance depends on several factors, including their credit score, the type of mortgage you’re using and the type of property attached to the loan. Generally, the amount you can borrow is capped at 80% of your home’s value.

How long after cash-out refinancing do I get the money?

The average time to refinance a home is 35 – 45 days. After closing, it can take 3 – 5 days for the homeowner to receive their money.

How can a cash-out refinance lower interest rates?

If mortgage rates have gone down since you purchased your home, refinancing may provide an opportunity to lower your interest rates.

Mortgage and refinance rates are also typically more reasonable than those associated with credit cards, so if you need access to a lump sum of money, a refi will be more affordable in the long term.

Does a cash-out refinance affect my credit score?

A cash-out refinance is viewed as a new loan. The change in both your total amount of debt and your credit mix can potentially affect your credit score, but any impact on your credit report should be temporary.

Can I get a cash-out refinance on a second home?

Second homes can be refinanced in mostly the same way as primary residences, with a few small differences. Interest rates will be slightly higher on second homes than those for primary property due to the increased risk for the lender.

You’ll also be able to borrow less of your equity. Where you can borrow up to 80% of the property value on a primary property, cash-out refinances on second homes are capped at 75%.

What’s the difference between a cash-out refinance and a no-cash-out refinance?

The difference between cash-out and no-cash-out refinances mostly comes down to the amount that you refinance. In a no-cash-out refinance, your lender will refinance no greater than your current loan balance, often with the goal of reducing your interest rate or term length. Like other types of rate and term refinances, you aren’t advanced any additional cash with a no-cash-out refi.

Conversely, a cash-out refi allows homeowners with equity in their homes to refinance to a loan amount that is greater than their current balance.



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Whitehall Capital completes 5 loans in 7 days totaling £15m and makes another hire


Specialist property financier, Whitehall Capital is continuing its growth trajectory with four loan completions in the last week and over £15m funded. Completions include a development loan in Fulham, and bridge loans in Barking, Croyden and Doncaster.

In addition, there was a third new hire in two months, Mo Miah who joins as Business Development Manager. Miah has many years of experience in banking and financial services business development and joins from a previous similar role of business development manager at a short-term commercial property financier.

Commercial Finance Director, Naseer Ahmed added, “We are 100% self-funded at Whitehall Capital, so we move at pace and can reduce transaction turnover times significantly. This gives us a real market advantage and has contributed significantly to the widely coveted reputation we enjoy for a quick turnaround, our clear, open, and honest communication throughout the loan process, and our ability to get projects funded.”

Doubling the books

Expanding the team with leading experts is part of Whitehall Capital’s strategy to achieve rapid growth. Joining the ranks of the major league players, the fund is setting out to become a mainstream lender.

“We have the ambition, we have the investment and we have the right people, comments Anthony Bodenstein, Managing Partner, Whitehall Capital. “Together, we’re looking forward to doubling our books over the next year, providing clients with even more opportunities and services.”

For a photograph of Mo Miah, Business Development Manager, Whitehall Capital:

https://drive.google.com/file/d/1vprXr81U2MLCJZ3VOOjfsfPM2lPl9ARR/view?usp=sharing

About Whitehall Capital

Whitehall Capital is a specialist provider of bridge, short-term, auction and development finance solutions – 100% privately funded, with more than a decade in the market. The experienced team work to deliver short-term, flexible, and bespoke property funding solutions across the UK.

The fund lends on individual properties and portfolios with a value of up to £20m, with a loan to value of up to 70% and for a period of up to 12 months – each and every loan secured as a charge against the property in question .

For further information, please contact Turquoise PR:

Michelle K Blumenau, T: +27 83 273 9891, [email protected]

Media Contact
Company Name: Whitehall Capital
Contact Person: Michelle K Blumenau
E-mail: Send Email
Phone: +27832739891
Country: United Kingdom
Website: https://whitehallending.com/



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Blunders in tackling fraud to cost UK taxpayers’ trillions of pounds

Blunders in tackling fraud to cost UK taxpayers' trillions of pounds


The Department for Business, Energy & Industrial Strategy guaranteed £79.3bn of COVID loans in 2020 and 2021. Photo: PA

Billions of pounds of taxpayers’ money will be “lost to fraud and error” as a result of the UK government’s handling of COVID business support schemes, a new report published on Wednesday alleges.

A Public Accounts Committee (PAC) report said losses due to fraud and error in the Department for Business, Energy & Industrial Strategy’s (BEIS) pandemic loan schemes stood at approximately £4.9bn ($6bn).

Fraud and error in BEIS’s business grants was just over £1bn as of the end of March 2021.

BEIS guaranteed £79.3bn of COVID-19 loans and £21.8bn of grants as part of its business support schemes during 2020 and 2021.

The department has only estimated levels of fraud and error in £11.5bn of grants and does not yet know how much will be lost in total within the remaining grants, PAC said.

“BEIS says it saw this risk coming but it’s really not clear where government was looking when it set up its initial COVID response, said Dame Meg Hillier MP, chair of the PAC.

“It offered an open goal to fraudsters and embezzlers and they have cashed in, adding billions and billions to taxpayer woes.”

The true extent of loss will only be gradually revealed “as assessments catch up with payments made”, the committee report noted.

Read more: Rishi Sunak urged to announce emergency budget to rescue UK economy

According to the PAC, BEIS officials sought ministerial directions on these schemes “highlighting some of the risks posed by fraud” but “did not sufficiently identify or reflect the potential risks from organized economic crime”.

It said there were several “warning signs” that warranted “closer scrutiny”, especially as the number of companies that registered during the period rose by more than 20% compared to the five years before.

The committee said 170,000 new companies at the start of a national lockdown “would certainly appear to be a warning sign warranting closer scrutiny”.

Lord Agnew suggests more than 1,000 firms received emergency business support despite not trading at the start of the pandemic, referring to this as a “schoolboy error”.

Hillier added: “These lessons should have been learned from the banking crisis a decade ago, and could have been prepared in the government’s pandemic exercises.

“These mistakes must be written out of future crisis responses, now, and government would do well to apply the learnings to the mounting, interrelated crises it now faces in climate change, energy supply and the cost of living.”

The PAC called on the BEIS to continue to “refine its estimates” of the levels of fraud and error across its COVID-19 business support schemes, and “recover monies to reduce losses” to the public purse.

Read more: UK taxpayers lose £15bn to COVID fraud in government schemes

It comes after former Post Office workers were wrongly convicted of theft, fraud and false accounting due to the defective Horizon IT system.

The department estimates that the “Historical Shortfall Scheme”, set up by the Post Office to compensate those who may have experienced and repaid shortfalls, could cost £153m. BEIS set aside £65m.

The PAC requested BEIS, which is the service’s only shareholder, formally “set out what actions are being taken to ensure Post Office Ltd remains a viable company”.

Watch: Spring Statement: Key takeaways from Rishi Sunak’s speech



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NY home loan forgiveness program: how to apply and what are the requirements?

NY home loan forgiveness program: how to apply and what are the requirements?


During the first two years of the pandemic mortgage interest rates were falling consistently, a result of the covid-19 induced lockdown measures. However as the United States’ economic recovery has gathered pace in 2022 inflationary pressures have caused interest rates to soar well above pre-pandemic levels.

Fortune reports that the typical home price has increased 20.3% year-over-year and housing stock is very limited, suggesting that the price could go higher.

Fortunately there are some programs in place to support first time buyers, such as New York State’s Down Payment Assistance Loan (DPAL) program, provided by the State of New York Mortgage Agency (SONYMA).

What is the DPAL program?

For many looking to buy a home for the first time, the down payment and closing costs can be prohibitively expensive. To support applicants with the considerable up-front costs of home ownership, SONYMA is offering essentially a secondary mortgage to cover those expenses.

But fear not, the DPAL comes with much more favorable terms than a normal mortgage and many recipients will never have to pay it back.

Interest is not levied on DPALs, and there are no monthly payments to make. Most inviting of all, however, is that the entire loan will be forgiven after ten yearsprovided that the borrower keeps the SONYMA financing in place and continues to occupy the home.

What are the requirements for New York’s DPAL?

The program may seem too good to be true, but it is a reality for prospective first time homeowners who satisfy a few eligibility requirements.

The loan can be used to pay all or a proportion of any one-time mortgage insurance premium. This will allow successful applicants to pay more up-front, lowering their monthly mortgage payments going forward.

The minimum size of the loan is $1,000. The maximum loan on offer is $3,000 or 3% of the home purchase price (up to a maximum of $15,000)whichever figure is higher.

Under no circumstances can the DPAL exceed the actual down payment and closing costs of the transaction, and applicants will be required to provide all necessary paperwork to prove the financial commitments associated with their mortgage agreement.

For more information and to apply for the DPAL, or other homeownership support programs from SONYMA, head over to their How To Apply help page.



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Todd and Julie Chrisley lived extravagantly on $30 million in loans they lied ‘through their teeth’ to get: Feds

Todd and Julie Chrisley lived extravagantly on $30 million in loans they lied 'through their teeth' to get: Feds


Julie and Todd Chrisley are on trial for bank fraud and tax evasion in Atlanta.Richard Shotwell/Invision/AP

  • Reality TV couple Julie and Todd Chrisley are on trial for bank fraud and tax evasion in Atlanta.

  • Prosecutors said they “burned through” money on a lifestyle outside their budget and exaggerated their wealth.

  • Their lawyer alleged that the fraud was committed by a former employee – who also reported the couple to the FBI.

Todd and Julie Chrisley lived an extravagant, reality TV-worthy lifestyle that was built on lies, according to prosecutors.

In her opening statement on Tuesday, Assistant US Attorney Annalize Peters said that the couple — best known for their USA Network reality series “Chrisley Knows Best” — submitted fake documents exaggerating their wealth to banks to borrow more than $30 million that they “burned” on luxury items, while also hiding money from the IRS.

“They made up documents and they lie through their teeth to get whatever they want whenever they want it,” Peters told the jury.

Dressed in a navy blue suit, Todd Chrisley sat in a 17th floor Atlanta federal courtroom with his wife, Julie, and their legal team on Tuesday, where they are on trial for bank fraud and tax evasion. Two of their children, Savannah and Chase Chrisley, were in the courtroom Tuesday.

Julie Chrisley is also charged with one count of wire fraud and one count of obstruction of justice on accusations that inflated her income to rent a $13,000-a-month California home that she then didn’t pay the rent on, and also manipulated documents provided during the federal investigation.

The Chrisley’s accountant, Peter Tarantino, is charged with one count of conspiracy to defraud the United States and two counts of willfully filing false tax returns.

The Chrisleys have denied all of the charges, and their lawyer has blamed all bank fraud and tax evasion on the former employee who eventually turned the couple into the FBI, Mark Braddock.

Todd Chrisley’s attorney, Bruce H. Morris, alleged in his opening statement that Braddock committed all the fraud — while impersonating Todd Chrisley — without them knowing and then turned on them when he was fired in 2012.

Braddock was “obsessed” with Todd Chrisley, and “wanted to be” him, buying homes and furniture to live a lifestyle that mimicked his, Morris said.

An attorney for Tarantino said that his client was an accountant who failed the CPA exam many times over 20 years and was unqualified to have taken on the Chrisleys. He is a procrastinator who was “in over his head,” but not a criminal, he said.

Peters said in her opening that Braddock was a “fraudster.” He was offered immunity for his participation, but said that he admitted all his crimes, as well as the specific instances of fraud committed by the couple, which was then backed up with other evidence.

The couple continued to commit fraud, she said, even after they cut all ties with Braddock.

“They were dead to each other,” she said.

Todd Chrisley

Todd Chrisley denied allegations of bank fraud.Photo Bank via Getty Images

One goal: “Hide the money”

Todd Chrisley initially made his money by buying homes, fixing them up, decorating them, and selling them for a profit, Peters said.

And for a while, he was successful at that.

From 2007 to 2012, the business was doing well, but the couple was spending more than they were making, Peters said.

They “burned through” money on luxury cars, designer clothes, and a lifestyle outside of their budget, she said.

To get even more, the couple, and Braddock, began a scheme they called “scrapbooking,” which involved piecing together parts of various documents when applying for personal loans to make it look like they had more money than they did.

They “targeted” over a dozen community banks with their schemes, believing those smaller branches would be less scrupulous, Peters said.

In one case, a statement made it look like Todd Chrisley had $4 million in an account, when he never had more than $20,000.

They used new loans to make payments on old loans, until they could no longer get anymore, she said.

When that happened, Todd Chrisley claimed bankruptcy in 2012 — walking away from $20 million in unpaid loans and putting a hold on the collection of $500,000 he owed on his 2009 taxes, Peters said.

Not long after, the couple got their reality show deal.

From 2013 to 2016, the couple made $6 million from “Chrisley Knows Best, a reality show which chronicles the extravagant lifestyle of the couple and their children.

“They attempted to hide the money by opening a side company, “7C’s Production,” and had paychecks deposited there, Peters said.

Julie Chrisley was the president of that company until March 7, 2017 — a day after she learned that the FBI was investigating them. Then, after the family had moved from Atlanta to Nashville, she went into the local Bank of America branch and put the 7C’s company in Todd Chrisley’s mother’s name.

“All along, the goal was to hide the money,” Peters said.

On Tuesday, prosecutors called three witnesses: a talent manager who helped the Chrisley family get social media endorsement deals, a Nashville Bank of America supervisor who was familiar Julie Chrisley and the 7C’s account, and an IRS investigator.

The trial, which will continue Wednesday, is expected to last four weeks.

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