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The News Around – Jan. 28


Missing fund manager turns himself into Tampa FBI

The missing Floridian investment fund manager – whose $300 million in investment funds are actually worth less than $1 million, according to a federal lawsuit – turned himself in to the Tampa FBI field office to face fraud charges, the FBI said Jan. 27.

Arthur Nadel “recently transferred at least $1.25 million from two of the funds to secret bank accounts that he controlled,” according to the Securities and Exchange Commission.

Nadel fled after a partner in his firm told him that following the arrest of accused swindler Bernard Madoff in December, the funds should hire an independent accountant to audit the books, an FBI agent said in a court filing.

The suit was filed in the U.S. District Court in Tampa Jan. 21, which charged Nadel with fraud in connection with six hedge funds, in which he was principal investment adviser.


New stimulus package might aid ACORN with millions

Republican lawmakers have raised concerns that ACORN, the low-income advocacy group under investigation for voter registration fraud, could stand to receive several million dollars in aid from the new economic stimulus plan that is set to be voted on Jan. 28.

House Republican Leader John Boehner issued a statement during the weekend noting that the stimulus bill making its way through Congress provides $4.19 billion for “neighborhood stabilization activities.”

He said the money was previously limited to state and local governments, but Democrats now want part of it to be available to non-profit entities.


U.S. troops withdraw from Iraq; others soon to arrive

As U.S. Combat troops withdraw from Iraq, new forces could arrive in Afghanistan by summer, Defense Secretary Robert Gates said Jan. 27.

Gates, the only cabinet member remaining from the Bush administration, told the Senate Armed Services Committee that the military should be able to transfer two combat brigades to Afghanistan in the next several months.

Calling Afghanistan the “biggest military challenge,” Gates said it should be the nation’s top priority abroad, but urged restraint more than he has before, cautioning that more than 30,000 troops would be a problem.

Compiled by James Cannon II.

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