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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Execs say other banks are still more of a rival for deposits than the digital currency.
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First Northwest Bancorp in Port Angeles has selected an Everett, Washington-based competitor's president to serve as its new top executive.
September 12 -
The Charlotte-based megabank announced that it had appointed two business leaders to be co-presidents of the bank, and elevated its chief financial officer to serve as executive vice president.
September 12 -
The Massachusetts bank is being accused of aiding and abetting the operation of a Ponzi scheme centered in Hamilton, New York. The bank declined to comment on the allegations.
September 12 -
City National Bank promotes Brandon Williams to head private banking and wealth management; a former U.S. Postal Service letter carrier is sentenced to five and a half years for stealing over $10 million in checks from the mail; Lazard expands its North American investment banking franchise with two managing director hires; and more in this week's banking news roundup.
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The government-powered network is allowing larger payments to settle instantly, a move The Clearing House has also made for its RTP network. Payment experts say more than higher limits are needed to make speedy processing ubiquitous.
September 12