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To: afrayem onigwecher who wrote (11180)	2/26/2003 6:30:51 PM
From: StockDung	Respond to of 19428

DEUTSCHE HEAD CHARGED IN $60M PAYOFF IN MERGER DEAL By PAUL THARP February 26, 2003 -- Germany is wrestling with its worst business scandal in generations over allegations that Deutsche Bank brass lined pockets of pals to swing a merger deal. The giant bank's head, Josef Ackermann, was charged yesterday with breach of trust over $60 million in perks paid to executives of Mannesmann AG when the German company was bought by Vodafone Group PLC. Ackermann, who was on Mannesmann's supervisory board at the time, and four other former managers were charged with awarding excessive severance pay and bonuses using Mannesmann's money, said German prosecutors. They face 10 years in prison. Prosecutors spent two years investigating payouts tied to the $186 billion takeover of Mannesmann, Europe's biggest ever acquisition, in 2000. Former Mannesmann CEO Klaus Esser, who at first rejected the Vodafone offer, was paid a total of $33.1 million in severance pay and a so-called appreciation award after he agreed to sell the company. Deutsche Bank had no comment on the charge against Ackermann. The scandal sent the banks' shares tumbling nearly 6 percent, and caused Germany's stock market to sink to its lowest level since 1996. The charge against Ackermann comes at the same time Deutsche Bank's Chairman and former CEO, Rolf Breuer, is being investigated for comments in which he trashed the creditworthiness of German media company Kirch Holding GmbH.

To: afrayem onigwecher who wrote (11180)	2/26/2003 6:37:39 PM
From: StockDung	Respond to of 19428

Scituate Man Sentenced for Running $900,000 Investment Fraud Scheme, Reports U.S. Attorney BOSTON, Feb. 26 /PRNewswire/ -- A Scituate man was sentenced today in federal court on charges of conspiracy, wire fraud, and mail fraud in connection with running an investment fraud scheme that took in approximately $900,000 from victims around the country. United States Attorney Michael J. Sullivan and William Chase, Acting Special Agent in Charge of the Federal Bureau of Investigation in New England, announced today that EDUARDO G. McINTOSH, age 59, of 137 Lawson Road, in Scituate, Massachusetts, was sentenced by U.S. District Judge Mark L. Wolf to 3 years and 1 month in prison, to be followed by 3 years of supervised release, and a $60,000 fine. McINTOSH was also ordered to make restitution to the victim investors in the amount of $795,500. McINTOSH pleaded guilty on November 1, 2002, to one count of conspiracy, two counts of mail fraud, and fifteen counts of wire fraud. Also charged for their participation in this fraud scheme are Calvin "Frosty" DeAson, of Salem, Oregon, and Peggy L. Maxwell, who has no known permanent address. Both are scheduled to go to trial on the charges on March 10, 2003 before Judge Wolf. At the earlier plea hearing, the prosecutor told the Court that, had the case proceeded to trial, the evidence would have shown that McINTOSH operated what he described as an investment company, called Heritage Group Investments, LLC, out of his Scituate home. McINTOSH was the scheme's primary beneficiary, while Maxwell and DeAson served as his agents by recruiting victims and channeling victim money to him. Together, the defendants recruited thirteen individuals, who made "investments," or loans, to the defendants, totaling approximately $900,000. The defendants promised most of these "investors" either that they would receive their principal investment back plus a 40% return over the course of one year, or they would receive five times their principal back within ten days. Except for the first three "investors," however, those who invested with the defendants received neither interest payments nor their principal back. The evidence also would have shown that most of the approximately $900,000 taken in by the defendants was never invested. Instead, most of the so-called "investment" proceeds were transferred, by the defendants, or at their instruction, into bank accounts McINTOSH controlled. McINTOSH, in turn, used this money to pay for personal expenses, phone bills, credit card bills, and to support various family members. He also used some of the victims' money to pay for a family yacht cruise in Greece. McINTOSH used funds from later victims to repay the first three "investors," but only after those early "investors" repeatedly asked for their money back and complained to law enforcement officials. The case was investigated by Special Agents of the Federal Bureau of Investigation and is being prosecuted by Assistant U.S. Attorney Adam J. Bookbinder in Sullivan's Economic Crimes Unit. SOURCE U.S. Attorney CO: U.S. Attorney ST: Massachusetts SU: LAW prnewswire.com 02/26/2003 17:27 EST

To: afrayem onigwecher who wrote (11180)	2/27/2003 9:12:23 PM
From: StockDung	Read Replies (1) \| Respond to of 19428

Iraq Agrees to Destroy Missiles; Bush Sees Deception (Update3) By Bill Varner United Nations, Feb. 27 (Bloomberg) -- Iraq agreed to destroy ballistic missiles that violate United Nations mandates, saying it's taking that step two days before a UN-imposed deadline in an effort to ``avoid war'' with the U.S. Chief UN arms inspector Hans Blix received a faxed letter from Amir al-Saadi, a senior adviser to Iraqi leader Saddam Hussein, saying the country ``in principle, accepts the request for the destruction of the missiles and other items,'' according to a statement released by the UN. U.S. President George W. Bush earlier dismissed any such pledge by Iraq to dismantle its Al Samoud-2 missiles, saying it would be part of a ``campaign of deception.'' ``The only question at hand is total, complete disarmament, which (Hussein) is refusing to do,'' Bush said. The U.S. and the U.K. have deployed about 225,000 troops in the Persian Gulf. Still, for now the move may strengthen the hand of France, Germany and other Security Council members that oppose military action, leaving the U.S. short of the nine votes needed to adopt a resolution declaring that Iraq has passed up its ``final opportunity'' to disarm. The dollar rose against the yen and euro after Iraq delivered the letter on optimism that war may be averted. Trigger for War Most Security Council members consider the U.S.-backed resolution a trigger for war, and talks today produced further divisions. Council members Chile and Mexico jointly endorsed a Canadian plan to delay UN action until March 31 in a bid for a compromise between the U.S., U.K. and Spain, which sponsored the resolution, and China, France and Russia, which want more arms inspections. The 15-member council went ``around in circles'' during a three-hour meeting in which the ambassadors couldn't even agree on a date to hear next from top UN arms inspectors, including Blix, Russian Deputy Ambassador Gennady Gatilov said. While the inspectors are still expected to report to the council next week, no date is likely to be set before Monday, diplomats said. The Blix Report The report that Blix will deliver to the council will say that Iraq's cooperation on substantive issues has been ``very limited so far,'' according to a copy of the draft obtained by Bloomberg News. ``During the period of time covered by this report, Iraq could have made greater efforts to find remaining proscribed items or credible evidence showing the absence of such items,'' the report will say. The draft states that Iraq's Feb. 14 presidential decree banning weapons of mass destruction pertains only to private citizens and companies, rather than the government, and is thus ``not adequate'' to meet UN requirements. ``It is hard to understand'' why recent efforts to account for banned weapons were not made earlier, the report says. Blix had ordered Iraq to begin by Saturday to destroy the Al Samoud missiles after determining that they violate the UN prohibition against rockets with a range greater than 150 kilometers (93 miles). Iraqi officials have said production of 100 Al Samoud 2 missiles was under way and that 50 have been delivered to the Iraqi army, Agence France-Presse reported. The UN statement tonight said inspectors would begin discussions with Iraqi authorities to clarify the acceptance and begin the elimination of the banned weapons. `Avoid War' Iraqi Ambassador Mohammed al-Douri said Iraq took the step to ``avoid war'' with the U.S. ``Iraq is cooperating fully with the UN,'' al-Douri said. ``We have cooperated from the beginning, and we are continuing to cooperate.'' In Washington, Secretary of State Colin Powell said Iraq's announcement ``doesn't change our view of the situation in the slightest.'' ``Those missiles were prohibited in the first place,'' Powell said after a meeting with European Union leaders. ``It's just more indication of the reality that we have been trying to convey to the world that Saddam Hussein is trying to string it out, trying to divert attention, trying to pretend he is cooperating,'' he said. The U.S. and U.K. will call on the Security Council to vote on their resolution in about two weeks, after Blix's report sometime next week. Up to 11 Security Council members have said they support continued inspections. U.S. war plans were given a boost when Turkey agreed to allow the Americans to use its bases for any attack on Iraq. The Turkish government will permit 62,000 American ground troops, 255 warplanes and dozens of helicopters to use its territory for a second front in Iraq, Defense Minister Vecdi Gonul said. The parliament, which must ratify the accord, delayed a vote until Saturday as the government lobbied lawmakers. In Iraq, the military began shifting toward the center of the country in preparation for war. Troops and gear from a Republican Guard division have started moving from the vicinity of Mosul in the north toward Baghdad, unidentified U.S. defense officials told Reuters.