Secretary of Commerce Wilbur L. Ross, Jr. today announced that the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) has imposed a denial of export privileges against Zhongxing Telecommunications Equipment Corporation, of Shenzhen, China (“ZTE Corporation”) and ZTE Kangxun Telecommunications Ltd. of Hi-New Shenzhen, China (“ZTE Kangxun”) (collectively, “ZTE”).

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Proposed Sale Would Offer Nearly 390,000 Acres

WASHINGTON – In support of the President's “America-First Offshore Energy Strategy,” U.S. Secretary of the Interior Ryan Zinke announced the proposed lease sale for two additional areas offshore Massachusetts for commercial wind energy leasing, totaling nearly 390,000 acres.

“The Trump Administration supports an all-of-the-above energy policy and using every tool available to achieve American energy dominance. The proposed sale area has tremendous offshore wind energy potential and the responsible development of it continues to play a big role in the Administration’s America-First Offshore Energy Strategy,” said Secretary Zinke. “This area represents the Department’s willingness to listen to stakeholder feedback, including the fishing community, and make the right adjustments.”

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The Securities and Exchange Commission announced charges against Wedbush Securities Inc. for failing to supervise employee Timary Delorme after the broker-dealer ignored numerous red flags indicating that Delorme was involved in a long-running pump-and-dump scheme targeting retail investors. Delorme agreed to settle fraud charges stemming from the same scheme. This is the second SEC action against Wedbush this year and the third since 2014.

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The Securities and Exchange Commission has charged a California-based energy storage and power delivery product manufacturer and one of its former sales executives in a fraudulent revenue recognition scheme designed to inflate the company’s reported financial results.

According to the SEC’s order, Maxwell Technologies, Inc. prematurely recognized revenue from the sale of ultracapacitors - small energy storage and power delivery products - in order to better meet analyst expectations. Van Andrews, a former Maxwell sales executive and corporate officer, allegedly inflated the company’s revenues by entering into secret side deals with customers and by falsifying records in order to conceal the scheme from Maxwell’s finance and accounting personnel and external auditors. Maxwell’s former CEO David Schramm and former controller James DeWitt also were charged for failing adequately to respond to red flags that should have alerted them to the misconduct.

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The Securities and Exchange Commission has settled an action against Canada-based Kinross Gold Corporation for Foreign Corrupt Practices Act violations arising from the company’s repeated failure to implement adequate accounting controls of two African subsidiaries.

According to the SEC’s order instituting a settled administrative proceeding, Kinross Gold acquired the African subsidiaries in a $7.1 billion transaction in 2010, understanding that the subsidiaries lacked anti-corruption compliance programs and internal accounting controls. It took Kinross Gold almost three years to implement adequate controls, despite multiple internal audits flagging widespread deficiencies.

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Complaint alleges publisher invited competitor to collude

Oregon Lithoprint Inc., owner of the News-Register, a twice-weekly community newspaper based in Yamhill, Oreg., has agreed to settle FTC charges that it invited a competitor to collude in an arrangement to divide the market for placement of foreclosure notices.

Oregon law requires that a party foreclosing on real estate must provide public notice of the impending foreclosure in a qualifying newspaper.   more...
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