The rise is at least partly driven by the bigger profits being earned through the illegal schemes, defense lawyers said. The trend is likely to continue on Monday when former SAC Capital Advisors manager Mathew Martoma is sentenced for what prosecutors have called the most lucrative insider trading case ever brought. In the five-year period ending December 2013, insider trading defendants received an average sentence of 17.3 months, up from 13.1 months during the previous five years, or a 31.8 percent increase, the analysis of 207 insider trading sentences shows. Cases that were reversed on appeal were excluded from the study. The number of cases has increased, with 57 percent of the sentences imposed in the past five years.
By David Greising, Karen Pierog and Tim Reid DETROIT Reuters) - Detroit’s plan to recover from bankruptcy includes several blueprints for a new future. Detroit is far short of the $1.7 billion it needs over the next 10 years to remove abandoned buildings, replace outdated technology and increase public safety to stem the exodus from the city. “What Detroit needed to start with was a reinvestment program,” said James Spiotto, managing director of Chapman Strategic Advisors, a municipal finance consultancy. “If you don’t solve the systemic problem and fix it for real, all you’re going to do is repeat it going forward.” Detroit’s 1,034-page plan for fixing the city’s finances will be the subject of a weeks-long bankruptcy court proceeding, beginning on Tuesday.
CANBERRA, Australia (AP) — An Australian man has been charged with sexually abusing twin girls he fathered several years ago to a Thai surrogate mother.
By Michael Martina BEIJING (Reuters) - Foreign companies are increasingly concerned they are being targeted by Chinese regulators, a U.S. The American Chamber of Commerce in China is the latest business lobby to air its grievances over a series of investigations scrutinizing at least 30 foreign firms, as China seeks to enforce a 2008 anti-monopoly law. There are growing perceptions that multinational firms are under "selective and subjective enforcement" using "legal and extra-legal approaches", the Chamber said in a report.
LOS ANGELES (AP) — Gio Gonzalez picked a good time to earn his first victory for Washington in the second half, coming against a talented Dodgers lineup the Nationals could see in the postseason.
A well-respected Hong Kong newspaper has axed a weekly column by a political activist and hedge fund manager as the Asian financial center braces for a wave of protests against China's decision to rule out full democracy. Columnist Edward Chin Chi-kin said he was told by the Chinese-language Hong Kong Economic Journal on Friday that his half-page weekly column that he had written since 2006 would be canceled due to a new page design. Chin, a member of a movement called Occupy Central that has threatened to blockade Hong Kong's financial district amid the democracy row, branded the move "a political decision". "Over the past one-and-a-half years since (Leung Chun-ying), we have seen mainland influence get worse and worse," Chin told Reuters, referring to Chief Executive Leung taking over as Hong Kong leader in mid-July 2012.
Today is Tuesday, September 2, the 245th day of 2014. There are 120 days left in the year.
BEIRUT (AP) — Syrian rebels clashed with government troops on Monday in the Golan Heights, where al-Qaida-linked insurgents abducted U.N. peacekeepers last week, activists said.
Amnesty International on Tuesday accused Islamic State fighters of "systematic ethnic cleansing" in northern Iraq, as Iraqi troops, Kurdish fighters and Shiite militiamen backed by US air strikes fought back against the jihadists. The military gains came as a senior UN rights official said IS jihadists had carried out "acts of inhumanity on an unimaginable scale" in Iraq, and caretaker premier Nuri al-Maliki vowed the country would be the group's "graveyard". The London-based Amnesty meanwhile cited "hair-raising" accounts from survivors of massacres, accusing the jihadists of "war crimes, including mass summary killings and abductions". "The massacres and abductions being carried out by the Islamic State provide harrowing new evidence that a wave of ethnic cleansing against minorities is sweeping across northern Iraq," said Donatella Rovera, the rights group's senior crisis response adviser currently in northern Iraq.
LOS ANGELES (AP) — A new outdoor music festival in downtown Los Angeles reflected the city's diversity with a lineup that included rap, rock, punk, blues and Latin music. Kanye West, Cypress Hill, Weezer, Rise Against, John Mayer and Juanes were among Sunday's performers.