PROVIDENCE, R.I. - (01/25/06) -- Richard Hatch, the $1 million winnerof the hit television show Survivor, rebutted claims in court thisweek that he evaded taxes on his jackpot winnings and misusedcharitable contributions for his own purposes. Hatch testified hethought that CBS was going to pay the taxes on the $1 million prizeand that he did not intentionally misuse the charitable donations.Hatch said he took a $25,000 check made out to his charity HorizonBound, to People's CU, after his bank refused it because it did nothave his name on it. The credit union subsequently deposited the$25,000 check after someone typed in his name next to HorizonBound, Hatch testified. But a credit union teller testified thatshe knew Hatch from TV when he drove up to the drive thru windowthat day. She said she remembers when he handed her the check itwas already made out to Horizon Bound and Hatch, allowing thecredit union to deposit it. Prosecutors charged that Hatch misusedthe charitable donation and others for his personal use. Hatch saidimprovements he made to his property were for the benefit ofHorizon Bound, which was set up to run wilderness trips fortroubled youths. Hatch acknowledged that Horizon Bound never ranany trips, and said he sold the house in 2002 for more than$862,000.
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The president and his allies have stepped up their verbal attacks on the Federal Reserve and its chairman in recent weeks, and while the tough talk has not changed policy, it has sent a clear message to the financial sector.
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Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.
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The application follows on the heels of Circle and Wise, as crypto and payment companies seek crypto custody approval and direct access to the Federal Reserve payment system.
July 2 -
The credit union regulator, responding to a recent executive order, has established strict new standards for prosecuting financial crimes. Regulators are now supposed to make criminal referrals only in cases where putative defendants appear to have known they were breaking the law.
July 2 -
Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
July 2 -
Baton Rouge-based Investar Holding Corp. has agreed to pay $84 million for Wichita Falls Bancshares, which operates five branches in the Dallas-Fort Worth Metroplex.
July 2