Actor Paul Hogan is accusing his former financial adviser of making off with the cash.
Australian regulators have for years accused "Crocodile Dundee" star Paul Hogan of skipping out on millions in taxes. Hogan allegedly hired an adviser to help him hide that money in offshore tax havens.
Now Hogan claims the adviser has run off with $34 million he had stashed in a Swiss bank account. Hogan's lawyer sued the adviser in a California court, but the court rejected the claim in February.
The issue centers around the $34 million that has been parked for nearly 20 years at the Corner Bank in Lausanne, Switzerland. Hogan started getting nervous last year after his adviser, Philip Egglishaw, wouldn't give him any bank statements about the money, The Sydney Morning Herald reports.
Though the state has enacted a law aimed at preventing it, 3,500 people were found collecting benefits.
Several well-publicized cases of miscreant lottery winners have galvanized state officials. For instance, Amanda Clayton of the Detroit area was caught last year collecting welfare after winning a $735,000 jackpot. She later died of a drug overdose.
So legislators enacted a law in 2012 requiring that the state match a list of people who have won $1,000 or more from the lottery with another one showing people who receive public assistance.
A former top drug adviser to the British government says a rampant cocaine culture within the banking industry spurred overly risky decisions.
Comedian Robin Williams, always good with a one-liner, once summed up his struggle with drug abuse via a punchline: "Cocaine is God's way of saying you're making too much money."
Well, TV's Mork may have been on to something. David Nutt, a controversial British professor, psychiatrist and neuropsychopharmacologist -- who was also the U.K.'s most senior government adviser on drug abuse -- believes cocaine contributed to the recent global financial crisis.
"Bankers use cocaine and got us into this terrible mess," he said in a recent interview with the U.K.'s Sunday Times (subscription required) -- adding that cocaine made many people in the financial sector overly confident and more open to taking additional risks.
Cocaine, he says, is a perfect drug for the industry's "culture of excitement and drive and more and more and more. It is a 'more' drug."
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Anonymous trading, cloud-based holdings and limited Treasury regulation could make the online currency virtually tax-free.
Back in March, the Treasury Department issued a series of guidelines for bitcoin brokers. That guidance was more about registration requirements for brokers and money-laundering laws than it was about the tax implications of holding online currency.
But IRS spokesperson Anthony Burke told The Huffington Post that the agency hasn't yet clarified whether payments received in bitcoins should be considered barter, in-kind payments or payments in a foreign currency. Those aren't small distinctions, because each is treated differently under the tax code. There's also no sign of whether bitcoin donations to nonprofit organizations are deductible in U.S. dollars.
Rep. Paul Ryan and others have argued for draconian spending cuts based on a 2010 Harvard study that's now coming under fire as gravely flawed.
What happens when an academic study becomes so widely accepted that it forms the basis for legislative policy prescriptions that can affect an entire country -- and then is later shown to be flawed? We're about to find out.
The recent debate over what to do about the federal deficit was fueled in part by a much-cited 2010 study from respected Harvard economists Ken Rogoff and Carmen Reinhart, who argued that when a country's ratio of debt to gross domestic product reaches 90%, things go very wrong.
According to their research, such countries can expect depressing years of stagflation (slow growth and rising prices). That prompted austerity arguments from Rep. Paul Ryan, a Republican from Wisconsin and former vice-presidential candidate, who urged drastic federal spending cuts.
There's no trade-off with these imitation products. Some of them are even superior picks.
Sometimes, an imitation product can be as good as the real thing. And in rarer cases, the knockoff is even better.
Fake tans might be the best example of a superior knockoff. Say what you want about a tan in a bottle, but sunless tanning products from Estee Lauder (EL) and other companies are far more preferable to the premature aging and skin cancer that can come from too much sun.
We asked around the moneyNOW team and found nine cases where the fake version is just as good as the original. They're usually cheaper, too, which is an added bonus.
In a country of 330,000 where everyone is related somehow, this technology will surely come in handy.
What if it turns out she's your aunt or cousin? Isn't that information you'd want to know before you revisit that fantasy about being an extra in the "It's Oh So Quiet" video?
In Iceland, a nation with a population roughly the size of St. Louis', there's an app for that.
As News of Iceland points out, everybody in Iceland is related. You don't go through thousands of years of history and come out on the other end with fewer than 330,000 people without some of the same genetic material getting passed around. Fortunately, most Icelanders aren't related closely enough to cause any problems or embarrassments.
Much loved in and around the Big Apple, Fairway may be coming to a town near you after its successful stock sale.
While Fairway (FWM) supermarket might not mean anything to most Americans, it has gained a cult following in the New York City area for its gourmet foods and low prices.
That devotion has helped kick off one of this year's most successful initial public offerings, with the company selling shares for the first time Tuesday. In its first day of trading Wednesday, the stock surged as much 42%.
What's the big deal about a supermarket chain? As any New Yorker will tell you, it's all about this store's combination of great food and low prices, providing the wide selection of Whole Foods (WFM) with Trader Joe's reasonable cost.
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Over 8,000 French households got hit with the one-time levy as Socialist President François Hollande continues to target the nation's wealthiest.
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