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By Luc Cohen NEW YORK - A former Allianz fund manager was spared prison time on Friday over his role in a meltdown of private investment funds sparked by the COVID-19 pandemic that caused an estimated $7 billion of investor losses. Gregoire Tournant, 57, of Basalt, Colorado, pleaded guilty in June to two counts of investment adviser fraud. He agreed to give up $17.5 million in ill-gotten gains, including bonuses that were inflated by his fraud. Chief Judge Laura Taylor Swain of the federal court in Manhattan sentenced him to 18 months home confinement and three years probation. Tournant's defense lawyers had urged Swain to spare him prison time, citing health issues. They also said Tournant had expressed remorse, and called the case less serious than the typical investment adviser fraud scheme. "We are deeply appreciative to the Court for imposing this just sentence and recognizing that incarceration was not appropriate in this case," defense lawyers Seth Levine and Daniel Alonso said in a statement. Prosecutors with the U.S. Attorney's office in Manhattan had recommended that Tournant be sentenced to at least seven years in prison. They argued that more than 100 investors in Tournant's funds lost billions of dollars when they collapsed, and that he continued to minimize the importance of what he had done. The case stemmed from the March 2020 collapse of the German insurer's now-defunct Structured Alpha funds, which Tournant had created and oversaw as chief investment officer. In May 2022, Allianz agreed to pay more than $6 billion and its U.S. asset management unit pleaded guilty to securities fraud to resolve government probes into the collapse. Two other former Allianz fund managers pleaded guilty at the time. The Structured Alpha funds had bet heavily on stock options, in a manner designed to limit losses in a market selloff, which Tournant likened to a form of insurance. Prosecutors said Tournant misled investors about the funds' risks by altering performance data and diverging from his promised hedging strategy, and obstructed a U.S. Securities and Exchange Commission probe by directing a colleague to lie. The funds once had more than $11 billion of assets under management, but lost about $7 billion in February and March 2020 as the start of the pandemic set off a worldwide market panic. Prosecutors said the fraud ran from 2014 through March 2020, with Tournant being paid more than $60 million over that time. (Reporting by Luc Cohen in New York; Editing by Bill Berkrot)It looked like a recipe for disaster. So, when his country's swimmers were being accused of doping earlier this year, one Chinese official cooked up something fast. He blamed it on contaminated noodles. In fact, he argued, it could have been a culinary conspiracy concocted by criminals, whose actions led to the cooking wine used to prepare the noodles being laced with a banned heart drug that found its way into an athlete's system. This theory was spelled out to international anti-doping officials during a meeting and, after weeks of wrangling, finally made it into the thousands of pages of data handed over to the lawyer who investigated the case involving 23 Chinese swimmers who had tested positive for that same drug. The attorney, appointed by the World Anti-Doping Agency, refused to consider that scenario as he sifted through the evidence. In spelling out his reasoning, lawyer Eric Cottier paid heed to the half-baked nature of the theory. "The Investigator considers this scenario, which he has described in the conditional tense, to be possible, no less, no more," Cottier wrote. Even without the contaminated-noodles theory, Cottier found problems with the way WADA and the Chinese handled the case but ultimately determined WADA had acted reasonably in not appealing China's conclusion that its athletes had been inadvertently contaminated. Critics of the way the China case was handled can't help but wonder if a wider exploration of the noodle theory, details of which were discovered by The Associated Press via notes and emails from after the meeting where it was delivered, might have lent a different flavor to Cottier's conclusions. "There are more story twists to the ways the Chinese explain the TMZ case than a James Bond movie," said Rob Koehler, the director general of the advocacy group Global Athlete. "And all of it is complete fiction." In April, reporting from the New York Times and the German broadcaster ARD revealed that the 23 Chinese swimmers had tested positive for the banned heart medication trimetazidine, also known as TMZ. China's anti-doping agency determined the athletes had been contaminated, and so, did not sanction them. WADA accepted that explanation, did not press the case further, and China was never made to deliver a public notice about the "no-fault findings," as is often seen in similar cases. The stock explanation for the contamination was that traces of TMZ were found in the kitchen of a hotel where the swimmers were staying. In his 58-page report, Cottier relayed some suspicions about the feasibility of that chain of events — noting that WADA's chief scientist "saw no other solution than to accept it, even if he continued to have doubts about the reality of contamination as described by the Chinese authorities." But without evidence to support pursuing the case, and with the chance of winning an appeal at almost nil, Cottier determined WADA's "decision not to appeal appears indisputably reasonable." A mystery remained: How did those traces of TMZ get into the kitchen? Shortly after the doping positives were revealed, the Institute of National Anti-Doping Organizations held a meeting on April 30 where it heard from the leader of China's agency, Li Zhiquan. Li's presentation was mostly filled with the same talking points that have been delivered throughout the saga — that the positive tests resulted from contamination from the kitchen. But he expanded on one way the kitchen might have become contaminated, harkening to another case in China involving a low-level TMZ positive. A pharmaceutical factory, he explained, had used industrial alcohol in the distillation process for producing TMZ. The industrial alcohol laced with the drug "then entered the market through illegal channels," he said. The alcohol "was re-used by the perpetrators to process and produce cooking wine, which is an important seasoning used locally to make beef noodles," Li said. "The contaminated beef noodles were consumed by that athlete, resulting in an extremely low concentration of TMZ in the positive sample. "The wrongdoers involved have been brought to justice." This new information raised eyebrows among the anti-doping leaders listening to Li's report. So much so that over the next month, several emails ensued to make sure the details about the noodles and wine made their way to WADA lawyers, who could then pass it onto Cottier. Eventually, Li did pass on the information to WADA general counsel Ross Wenzel and, just to be sure, one of the anti-doping leaders forwarded it, as well, according to the emails seen by the AP. All this came with Li's request that the noodles story be kept confidential. Turns out, it made it into Cottier's report, though he took the information with a grain of salt. "Indeed, giving it more attention would have required it to be documented, then scientifically verified and validated," he wrote. Neither Wenzel nor officials at the Chinese anti-doping agency returned messages from AP asking about the noodles conspiracy and the other athlete who Li suggested had been contaminated by them. Meanwhile, 11 of the swimmers who originally tested positive competed at the Paris Games earlier this year in a meet held under the cloud of the Chinese doping case. Though WADA considers the case closed, Koehler and others point to situations like this as one of many reasons that an investigation by someone other than Cottier, who was hired by WADA, is still needed. "It gives the appearance that people are just making things up as they go along on this, and hoping the story just goes away," Koehler said. "Which clearly it has not." Get local news delivered to your inbox!fc188 login 。

Lucid Group, Inc. LCID shares are trading higher Friday after the company announced that commenced production of its second vehicle , the Gravity SUV. What To Know: On social media, Lucid Group posted a video of CEO Peter Rawlinson driving the Gravity SUV within the factory. Lucid described the start of production as a significant milestone and noted the efforts of its team in bringing the vehicle to market. Lucid recently began taking orders for the Gravity, starting with the Grand Touring trim priced at $94,900. Production for the lower-priced Touring trim, starting at $79,900, is scheduled to begin in late 2025. The Gravity is positioned to compete directly with Tesla Inc .'s TSLA Model X, which is similarly priced at $79,990 for the base model and $94,990 for the premium Plaid trim. According to Rawlinson, the Gravity enters a market six times larger than Lucid's first vehicle, the Air sedan. Rawlinson has stated that the SUV is designed to offer a more traditional three-row SUV experience compared to the Model X, which he described as “car-like.” Lucid has also indicated plans to produce a midsized platform priced at approximately $48,000 by late 2026, targeting Tesla's mass-market offerings, the Model 3 and Model Y. Despite these expansion efforts, Lucid continues to operate at a loss. The company reported an adjusted loss of 28 cents per share for the third quarter of 2024. Lucid shares have declined nearly 50% year-to-date. Analysts have given the stock a consensus "Neutral" rating, with price targets ranging from $2 to $12. The average price target from recent analyst ratings stands at $3.33, implying a potential 59% upside from current levels. LCID Price Action: Lucid Group shares were up 7.89% at $2.255 at the time of writing, according to Benzinga Pro. Read Next: Tech Stocks Rise; Meta Rallies As Court Upholds Tiktok Ban; Bitcoin Roars Above $101,000: What’s Driving Markets Friday? Image Via Shutterstock. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.The holidays mark the gift giving season, where people head to stores finding the perfect present to put under the tree or fill stockings for friends and family. But it also can be the most stressful time of year for those facing financial challenges. West Vancouver Police, West Vancouver Fire & Rescue Services and West Vancouver Transit crew are teaming up again for their annual Emergency Services Gift Drive, collecting gifts for children across the North Shore. To spread the holiday magic, they are accepting donations of new, unwrapped gifts for children aged 18 or younger. All donations are delivered to the Family Services of the North Shore Christmas Bureau, a non-profit that helps families bring a joyful holiday season for their children. Cash, used toys or stuffed animal toys cannot be accepted. The toy drive marks its 19th year helping families around the North Shore. Donations are open until Dec. 20. Those hoping to donate can do so at the following locations: Abby Luciano is the Indigenous and civic affairs reporter for the North Shore News. This reporting beat is made possible by the Local Journalism Initiative . [email protected]

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NEW YORK , Dec. 6, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global cryptocurrency market size is estimated to grow by USD 34.5 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 16.64% during the forecast period. Rising investment in digital assets is driving market growth, with a trend towards acceptance of cryptocurrency by retailers. However, volatility in value of cryptocurrency poses a challenge. Key market players include AlphaPoint Corp., Binance Holdings Ltd., Bitcoinforme S.L., Bitfury Group Ltd., CEX.IO Ltd, Coinbase Global Inc., Dogecoin , FMR LLC, Gemini Trust Co. LLC, KuCoin, Ledger SAS, Marathon Digital Holdings Inc, Pantera Capital, Pintu Kemana Saja, Riot Platforms Inc., Ripple Labs Inc., Shiba Inu, WazirX, Xapo Bank Ltd., Cardano , and Valora. Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF Cryptocurrency Market Scope Report Coverage Details Base year 2023 Historic period 2018 - 2022 Forecast period 2024-2028 Growth momentum & CAGR Accelerate at a CAGR of 16.64% Market growth 2024-2028 USD 34.5 billion Market structure Fragmented YoY growth 2022-2023 (%) 15.02 Regional analysis North America, Europe, APAC, South America, and Middle East and Africa Performing market contribution North America at 45% Key countries US, China, UK, Germany, and Switzerland Key companies profiled AlphaPoint Corp., Binance Holdings Ltd., Bitcoinforme S.L., Bitfury Group Ltd., CEX.IO Ltd, Coinbase Global Inc., Dogecoin, FMR LLC, Gemini Trust Co. LLC, KuCoin, Ledger SAS, Marathon Digital Holdings Inc, Pantera Capital, Pintu Kemana Saja, Riot Platforms Inc., Ripple Labs Inc., Shiba Inu, WazirX, Xapo Bank Ltd., Cardano, and Valora Market Driver The adoption of cryptocurrencies like Bitcoin and Ether has gained traction among the public, retailers, and merchants for everyday transactions. In 2022, major retailers, including Starbucks, accepting cryptocurrencies improved public perception and their use for financial transactions. Starbucks currently partners with third-party exchanges for cryptocurrency -to-cash conversions. In April 2022 , Starbucks introduced NFTs and cryptocurrencies for payments. Companies such as Tesla, PayPal, Microsoft, and AT&T accept cryptocurrencies for various transactions. Microsoft accepts Bitcoin for digital products and services. AT&T uses the BitPay processor for Bitcoin bill payments. EGifter is a platform for purchasing gift cards with Bitcoin and other cryptocurrencies . Cryptocurrencies , such as Bitcoin , have a faster growth rate than inflation, providing businesses with a valuable savings option. For small businesses and retailers, accepting cryptocurrency as an alternative payment method is crucial for unexpected circumstances and market growth. Cryptocurrencies , like Bitcoin and Ethereum , are digital currencies based on decentralized technology called Blockchain. This technology allows secure, transparent transactions without the need for intermediaries. Global adoption of cryptocurrencies is on the rise, but price volatility remains a concern. Cybersecurity and theft risk are significant challenges, with regulatory outlooks varying worldwide. Energy consumption and environmental effects are topics of debate. Skilled developers are in high demand for financial services in this digital revolution. Consumer protection and financial stability are crucial. Digital assets offer investment opportunities, but beware of scams and fraudulent investments. Renewable energy and blockchain talent are keys to a sustainable future. Cryptography and decentralized systems ensure secure transactions on public ledgers. Altcoins, mining, digital wallets, encryption, trading, brokers, and cryptocurrency exchanges are essential components of this market. Fiat currency payment methods include ACH transfers and wire transfers. Hot wallets and cold wallets offer different levels of security. Be cautious of crypto scams, fraud , and romance scams. Bitcoin trusts and mutual funds are investment vehicles. Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution! The cryptocurrency market is characterized by extreme volatility due to the significant control held by a limited number of investors who trade high volumes on platforms and exchanges. In June 2022 , Bitcoin experienced a 10% one-day value drop from its November 2021 peak of USD69,000 per token. Other digital currencies, such as Shiba Inu and Dogecoin , also saw declines of over 15%. The absence of regulations and fees on trading platforms contributes to this volatility, allowing those holding large shares to manipulate value for profit. Major investors, including Accel, Ribbit Capital, and Insight Partners, have chosen not to include cryptocurrency in their portfolios due to these risks, potentially hindering the market's growth. The recent regulatory announcement in a certain country further exacerbated the market instability, causing significant drops in value for various cryptocurrencies . Cryptocurrencies , digital assets, offer financial innovation but bring challenges. Financial stability is a concern due to price volatility. Scams and fraudulent investments pose risks. Renewable energy and blockchain talent are keys to growth. Cryptography and decentralized systems ensure secure transactions on the public ledger. Altcoins, mining, and digital wallets expand the market. Encryption and trading require brokers and cryptocurrency exchanges. Fiat currency transactions via ACH and wire transfers are common payment methods. Hot wallets offer ease, cold wallets ensure security. Crypto scams, fraud , and romance scams threaten investors. Bitcoin trusts, mutual funds, and blockchain stocks offer investment vehicles. E-commerce, luxury goods, insurance payments, and cryptocurrency debit cards broaden use. Security is crucial, with encryption and decentralization providing solutions. Discover how AI is revolutionizing market trends- Get your access now! This cryptocurrency market report extensively covers market segmentation by Type 1.1 Bitcoin 1.2 Ethereum 1.3 Avalanche and others Component 2.1 Hardware 2.2 Software Geography 3.1 North America 3.2 Europe 3.3 APAC 3.4 South America 3.5 Middle East and Africa 1.1 Bitcoin - Bitcoin , the leading cryptocurrency with a market capitalization exceeding USD470 billion , is a digital currency that operates without central authorities. Its peer-to-peer (P2P) transfer system has gained global popularity, with 95% of interested parties aware of its existence. Bitcoin 's market dominance is substantial, surpassing Ethereum 's market cap by more than double. Tether , USD Coin, Binance USD, and DAI, pegged to the US dollar, are among the top cryptocurrencies in the top-20. In the US, approximately 8% of the population engages in cryptocurrency trading. Bitcoin 's decentralized system, the blockchain, records all transactions on a public ledger, ensuring transparency and security. This widespread adoption and unique features contribute significantly to the expansion of the global cryptocurrency market. Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics The cryptocurrency market is a dynamic and evolving landscape shaped by the adoption of decentralized currencies built on blockchain technology. This digital revolution offers a decentralized system for financial transactions, enabling peer-to-peer exchanges without intermediaries. Ethereum , Bitcoin , Litecoin , Ripple, and a multitude of altcoins are leading the charge. However, the market faces challenges such as price volatility, cybersecurity threats, and theft risks. Regulatory outlooks vary globally, impacting financial services and consumer protection. Energy consumption and environmental effects are also concerns, while the need for skilled developers and blockchain talent continues to grow. Renewable energy solutions and cryptography offer potential solutions to these challenges. Amidst this digital revolution, financial stability and consumer protection remain key priorities. Despite scams and fraudulent investments, the potential for innovation and disruption is immense. Cryptocurrencies , decentralized digital currencies built on blockchain technology, have revolutionized the financial landscape. Ethereum , the second-largest cryptocurrency , leads the charge in global adoption. However, price volatility remains a significant challenge. Cybersecurity and theft risk are concerns, with regulatory outlooks varying globally. Energy consumption and environmental effects are debated. Skilled developers are in high demand to build and secure the decentralized system. Financial services embrace cryptocurrencies , offering digital wallets, trading platforms, and investment vehicles like Bitcoin trusts and mutual funds. Consumer protection and financial stability are crucial. Renewable energy sources are being explored to reduce cryptocurrency 's carbon footprint. Blockchain talent, cryptography, and decentralized transactions form the backbone of this digital revolution. Transactions are recorded on a public ledger, with altcoins, mining, and cryptocurrency exchanges playing key roles. Digital wallets, encryption, and trading brokers facilitate transactions. Fiat currency payment methods like ACH transfers and wire transfers can be used for cryptocurrency purchases. Hot and cold wallets offer different levels of security. Cryptocurrency scams and fraudulent investments are risks to be aware of. Cryptocurrency debit cards and insurance payments are emerging use cases. 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation Type Bitcoin Ethereum Avalanche And Others Component Hardware Software Geography North America Europe APAC South America Middle East And Africa 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia: https://www.prnewswire.com/news-releases/cryptocurrency-market-to-grow-by-usd-34-5-billion-2024-2028-driven-by-rising-digital-asset-investments-with-market-evolution-powered-by-ai---technavio-302324233.html SOURCE Technavio © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.