Cyber criminals steal $45 million in hours

NEW YORK (AP) — Federal prosecutors in New York say a gang of cyber-criminals stole $45 million in a matter of hours by hacking their way into a database of prepaid debit cards and then draining cash machines around the globe. Seven people are under arrest in the U.S. in connection with the case, which prosecutors said involved thousands of thefts from ATMs using bogus magnetic swipe cards. The alleged ringleader in the U.S. cell was reportedly murdered in the Dominican Republic last month.

WASHINGTON (AP) — Billionaire hedge fund manager Philip Falcone and his firm, Harbinger Capital Partners, have agreed to pay $18 million to settle civil fraud charges that he used fund money to pay his taxes and favored some clients over others. The firm says under the agreement in principle with the Securities and Exchange Commission, Falcone would be barred for two years from working as an investment adviser or broker. He and the firm would neither admit nor deny the SEC’s allegations.

WILMINGTON, Del. (AP) — Ford Motor Co. shareholders are again rejecting a proposal to dilute the Ford family’s control over the company. At its annual meeting in Wilmington, Del., today, Ford said 67 percent of shareholders voted against the proposal to make each Ford share worth one vote. The Ford family has 40 percent of the voting power in the company through 71 million Class B shares, which carry more votes than Class A shares. Some shareholder activists say the dual-share system is unfair.

Source: Associated Press