Tuesday, 31 March 2015
Last updated 5 hours ago
Aug 3 2011 | 10:27am ET
A Philadelphia lawyer and aide to a Florida congressman has pleaded not guilty to charges that he ripped off a hedge fund.
Mikel Jones' trial on fraud and money laundering charges is set to begin in September in Philadelphia. The longtime aide to Rep. Alcee Hastings (D-Fla.) and longtime friend of Rep. Chaka Fattah (D-Pa.), Jones is accused of using "fraudulent invoices and false representations" to win loans from the New York hedge fund, which is not identified.
Jones accepted more than $300,000 in loans from the hedge fund, according to the indictment against him. He is also accused of borrowing $150,000 from a program run by the city of Philadelphia to support minority-owned businesses while repaying only $20,000.
"Did I use some of the [Philadelphia Commercial Development Corp.] money for personal use? Yes," Jones admitted to the Federal Bureau of Investigation, according to court filings. "If I don't survive, the law firm doesn't survive, and the loan was to help the law firm survive."
But prosecutors allege that some of the money paid for football tickets, his wife's American Express bill and a lavish birthday party for his wife.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…