Pras Michel, a rapper from the 1990s hit trio The Fugees, has been found guilty of helping funnel money from a billion-dollar Malaysian scam into US politics.
After a trial that featured Hollywood star Leonardo DiCaprio as a witness, Michel was found guilty of illegal political donations, money laundering and related charges in the scandal engineered by Malaysian financier Low Taek Jho.
In the early 2010s, Jho, now a fugitive believed to be hiding in China, helped funnel billions of dollars stolen from a Malaysian state investment fund known as 1MDB into luxury US real estate, fine art and Hollywood films such as DiCaprio's The Wolf of Wall Street.
Michel, whose real first name is Prakazrel, was accused of helping Jho secretly funnel some of that money into then-president Barack Obama's 2012 re-election campaign via shell companies, hiding the donations' origins.
He was also accused of joining a clandestine lobbying effort with a senior Republican financier in 2017 to help the Chinese government secure the return of dissident billionaire Guo Wengui, who had close connections with president Donald Trump's political strategist Steve Bannon.
Wengui has since been arrested, on allegations he defrauded investors.
Michel, 50, was found guilty on all 10 counts he was charged with on Wednesday. He faces up to 20 years in prison for the most severe counts in the case, the Justice Department said.
Besides money laundering and campaign finance violations, he was charged with acting as an unregistered agent for China, concealment and false record-keeping, witness tampering and false statements.
His case drew attention because of his star career turn with the Fugees in the 1990s, but also with DiCaprio's appearance in the Washington federal court in early April.
The actor testified for the prosecution about Jho's wild spending sprees and lavish parties with other movie, music and TV stars, sometimes including Michel.
But the money had been looted with the support of top political figures in Malaysia from 1MDB, and Jho spent some of it apparently hoping to buy political protection.
Jho "mentioned in passing that he... was going to give a significant contribution to the Democratic Party," DiCaprio testified. "A significant sum, around 20 to 30 million dollars."
Michel helped Jho funnel the donations through shell companies, breaking laws that make it illegal for foreign nationals to contribute money to US political campaigns.
"Michel played a central role in a wide-ranging conspiracy to improperly influence top government officials," said Harry Lidsk, a special agent of the Justice Department.
CREW
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UAE currency: the story behind the money in your pockets
Book%20Details
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Recipe: Spirulina Coconut Brothie
Ingredients
1 tbsp Spirulina powder
1 banana
1 cup unsweetened coconut milk (full fat preferable)
1 tbsp fresh turmeric or turmeric powder
½ cup fresh spinach leaves
½ cup vegan broth
2 crushed ice cubes (optional)
Method
Blend all the ingredients together on high in a high-speed blender until smooth and creamy.
UAE currency: the story behind the money in your pockets
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
Apple%20Mac%20through%20the%20years
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Sugary teas and iced coffees
The tax authority is yet to release a list of the taxed products, but it appears likely that sugary iced teas and cold coffees will be hit.
For instance, the non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Cold coffee brands are likely to be hit too. Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
UAE%20medallists%20at%20Asian%20Games%202023
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Sholto Byrnes on Myanmar politics
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
The specs: 2018 GMC Terrain
Price, base / as tested: Dh94,600 / Dh159,700
Engine: 2.0-litre turbocharged four-cylinder
Power: 252hp @ 5,500rpm
Torque: 353Nm @ 2,500rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.4L / 100km
Company profile
Date started: Founded in May 2017 and operational since April 2018
Founders: co-founder and chief executive, Doaa Aref; Dr Rasha Rady, co-founder and chief operating officer.
Based: Cairo, Egypt
Sector: Health-tech
Size: 22 employees
Funding: Seed funding
Investors: Flat6labs, 500 Falcons, three angel investors
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
More coverage from the Future Forum
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