that's why we call it a ponzi scheme, charles ponzi operated in the early 1920s and focused on the italian community, which is what he came from. the earliest example i know is a woman actually sarah how in the 1870s in boston and she focused on unmarried women bond of trust, i'm unmarried, you are unmarried and there are quakers who gave me resources to enable me to make good on my thomases of wild investment returns and one that starts going the chief markers of this scheme, it's not advertising. it's word-of-mouth and that the pattern that has occurred right up to our time. >> you can watch this and other programs online at the tv.org.

scheme because of charles ponzi operating in boston in the '20s put your this example was by a woman in the 1870's in boston her name was sarah and focused on unmarried women there are breakers that enable me to make good on my promises than once that starts going

scheme of ponzi schemes central bank and mabel and we've been talking about it for years for all of this the financial times probably because they're now owned by the nikkei people in japan they're willing to tell the truth now the japanese can accept the false hoods that were being published under the previous management url so you have to perform ceremonial sucka . oh oh oh oh well this reminds me of another thing that we have covered and that's the red queen syndrome we see in fracking this is the same thing they're fracking the wealth of the nation and it costs more in war debt creation in order to keep the bubble afloat. of course it also reminds me of the cia sort of reports on. how you should look at the economy and the world around you that trust their propaganda not anybody else's propaganda or take on the story so remember in that cia report. you know the twenty six to twenty sixteen election that they said that the fact there are tea covered occupy wall street shows that it was propaganda they were trying to create anti-american feel. this is this is what occupy wall stre

the report time not to turn cement firestone in new york city plan a ponzi minutes welcome back. great to be here at max great to have you match what's happening with the market is it going up some more i mean what's happening here it came in the office of the skyrocketed what's happening well you know look bad that i've had a consistent year with the markets the markets are. the market so there's got to be a reason behind that i mean the swiss national bank is one of the biggest holders of apple they have half a half a million shares of tesla the european central bank now agrees the german high court has asked the e.u. court to review their. quantitative easing program because it's monetary financing which is against the law which is what's happening in central banks are picking winners and losers and influencing the trading in stocks stocks have become detached from economic reality i mean the past two days we've seen a three hundred point move down or volatility is still relatively low we traded below nine nine and in the vix index which we've spoken about many times you know

>> the word ponzi scheme in the word innovation are actually remarkably close concept.] i see china as being in a highly innovative moment right now, financially more innovative in the united states. what is striking to me is i can go to a serious restaurant in a second or third tier city in china, and they will not take my credit card. not because they are backward, but because they have leapfrogged to me, and in essence they want more efficient payment media. i think wealth management products in china are too risky, and something there will blow up. i suspect it can be contained. i think there is a resiliency and rigidity to the chinese system where explosions get localized, but a lot of outsiders don't understand. but from the consumer side i don't think there will be major problems. stephen: how can the equity markets and financial targets are you seeing the impact? and since this is an outlook discussion, how do you see fintech playing? >> it is definitely an area of phenomenal growth. indeed it brings risks, because it is something new people haven't experienced,

>> the word ponzi scheme in the word innovation are actually remarkably close concept.er] i see china as being in a highly innovative moment right now, financially more innovative in the united states. what is striking to me is i can go to a serious restaurant in a second or third tier city in china, and they will not take my credit card. not because they are backward, but because they have leapfrogged to me, and in essence they want more efficient payment media. i think wealth management products in china are too risky, and something there will blow up. i suspect it can be contained. i think there is a resiliency and rigidity to the chinese system where explosions get localized, but a lot of outsiders don't understand. but from the consumer side i don't think there will be major problems. stephen: how can the equity markets and financial targets are you seeing the impact? and since this is an outlook discussion, how do you see fintech playing? >> it is definitely an area of phenomenal growth. indeed it brings risks, because it is something new people haven't experience

in new york city plan a ponzi mets welcome back. great to be here and max great to have you match what's happening with the market is it going up to more i mean what's happening here trump came in the opposite of skyrocketed what's happening well you know i've had that i've had a consistent view with the markets the markets are have been manipulated by the central banks up in the hundreds of trillions of dollars in liquidity into the global system so i mean this is one of the biggest mirages of history that we've seen i mean look at the swiss national bank and their holdings in the u.s. equity market so there's got to be a reason behind that i mean the swiss national bank is one of the biggest holders of apple they have half a half a million shares of tesla the european central bank now has the german i corps has asked the e.u. court to review their. quantitative easing program because it's monetary financing which is against the law which is what's happening in central banks are picking winners and losers and influencing the tradin

ratio is over three hundred and all they're doing is keeping the ponzi scheme going and by the way when when because when went down last year one of the reasons it went down was because the chinese started putting restrictions on it and how you could trade what what the deal had of bait so that by the way those are some of the dangers and you have to look at the dangers as well as the opportunities as we believe and that is that you know the governments could come in at any time and try to do anything they can to stop alternatives from showing the worthlessness of the currencies that they have just as it happens frequently with gold all of a sudden you know you know all of a sudden there's these short selling you know a naked shorts you know why the tugs and who did it it's usually a government but you know will never let you know that so this is the dangers to that people have to be aware of. right there is there was some chinese activity chinese government coming in making some restrictions they their parents going to keep their currencies comes at an interesting time because it's a t

ratio is over three hundred and all they're doing is keeping the ponzi scheme going and by the way when when because when went down last year one of the reasons it went down was because the chinese started putting restrictions on it and how you could trade what what the deal had of bait so that by the way those are some of the dangers and you have to look at the dangers as well as the opportunities as we believe and that is that you know the governments could come in at any time and try to do anything they can to stop alternatives from showing the worthlessness of the currencies that they have just as it happens frequently with gold all of a sudden you know to know all of a sudden there's these short selling you know naked shorts you know why the tugs and who did it it's usually a government but you know will never let you know that so this is the dangers to that people have to be aware of. right there is there was some chinese activity chinese government coming in making some restrictions they their parents going to their currencies comes at an interesting time because it's a time when

with a comment piece from theresa may's from adviser who describes university tuition fees as the ponzination of sarah champion who is leading the shadow cabinet after comments she made about sexual grooming. financial times reports the us central bank criticising attempts to weaken bank regulation. the guardian has the fa under pressure over payments allegedly made to the player after he made a brilliant complaint. —— after she made a billion complaint. daniel craig remain as james bond after saying he would quit the role. i think he said he would rather slit his wrists and play the role again. the brexit back door. nigel farage is putting his fingers of alarmism on this and that is a shame because the good people of the island of ireland deserve better than that. this is an enormous opportunity, you don't want borders are about offences watchtowers, and there is a lovely photograph on the front of the metro showing where the border is. cars pass freely. guns change that. put on immigration border on the airports and ports in northern ireland and then turn it into hong kong, a fabulous

he won't go into a ponzi scheme!ic site then, digbyjones who is also a part—time crew ship entertainer. it is true you entertain people on cruise ships from time to time. pedal when a red coat or hold ice cream cones. i think the word entertainment could be loosely applied. what i'm thrilled to bits about is i wrote to the dizzy heights of sub lieutenant, but this is the biggest ship the united kingdom has ever built. this is the biggest ship the royal navy have had and there will be two of them in the projection of self—confidence and power around the world will go out, have a bit today regardless of colour or creed or religion or orientation or anything else should be standing a few feet hollow. really? leeway to rubbish this? i am not rubbishing anything. it depends on your political perspective on the city and how you see britain and its empire, it depends if you... empire? we haven't got one. it is the anniversary of partition. do you -- why do use the word empire? we don't have one? do not have mps and cbes? th

. >> prosecutors say he ran a complex ponzi scheme. at the time of his arrest, he was the ceo of a peninsula drug company which later fired him. >>> terrifying moments at an ace hardware store in the north bay. shortly after 11:00 a.m. happened near healedsburg. the woman mixed up the brake and gas pedal. no one was hurt. >>> the movement is growing. school starts in about a week and one of the largest school districts says it is putting in all gender bathrooms at the schools. >> reporter: you can go in and check it out. i don't think there is anybody in there. >> since the all gender restrooms went in, students say they have no issue. >> when i go in there, i pass by boys or girls too, and it is as if it has always been happening. >> if students see inappropriate behavior or bullying or harassing comments in any bathrooms they can report it via text. >> reporter: the district says it is every one their schools to follow their lead. and he applauds the move. >> i would hope that all school districts would be as open as san jose unified

liz: he was accused of running a ponzi scheme, yosha. he faces 20 years in prison for the counts he was convicted of. his attorney is saying otherwise, though, let's take a listen. we don't have the sot. here's the thing. will this behavior, going for the microphones and top spinning it, it could affect the judge's sentencing for martin shkreli? >> his behavior during the trial could definitely affect his sentencing. the fact that the judge had to reprimand him for talking to the press is huge, and ultimately he's been convicted and now it's up to the judge to sentence him and that's going to weigh on the judge's mind. liz: what do you think, leeza? >> i think she's completely right and think about how unapologetic he is, and the statement by his attorney saying these people made two to three times as much money as they could have. they may have gotten lucky but he still broke the law in this case and needs to be punished. all of the factors will weigh in on his sentenceing. >> great stuff there, appreciate it, leeza and yosha. >> thank

it's very interesting to find out. >> how many people think in the middle of a ponzi scheme.hat was your biggest ah-ha here. >> it's interesting the fbi raid on the house at 6:00 a.m. was a show of force by mueller's team and also the special counsel investigators have approached some of manafort's early business partners to see if they could secure their cooperation against mr. manafort. it certainly seems like they're putting pressure and a lot of pressure. >> manafort is changing his legal operation? >> he and his former counsel are no longer working together and he has hired new counsel. >> that new counsel, as i understand it, are very steep in financial situations, i understand. >> i said this before and i'll say it, again. you know who won this election? lawyers. xhnchlthsi . >>> coming up, president trump sharpens his words against own parties. a member of the house freedom caucus will be in the house. (upbeat dance music) (bell ringing) trust #1 doctor recommended dulcolax. use dulcolax tablets for gentle dependable relief. suppositories for relief in minutes. and du

prosecutors beg to differ, accusing him of lying to his clients and moving money around in a ponzi scheme>> the work of our office and the fbi on this and in many other cases demonstrates our resolve to protect the investing public and our markets from fraud and abuse. >> my invests made three to five times their money without any aid of any settlement agreement, some made ten times or more than that of their original investment. leland: shkreli came to fame after spiking the price of a life-saving drug, as founder of his pharmaceutical company. >> as you know, the house and senate leaving a full plate as they trickle out for the august break. lawmakers are working on deals for tax reform and of course the budget and a showdown over the debt ceiling is waiting when both chambers return in the fall. for more insight, let's bring in committee stats director steve bell. steve, we depend on you to clear this up. i appreciate it first and foremost. and i want to get not only to tax reform, but the budget and ceiling. and lawmakers want better growth for the first quarter of 2018, the first or

prosecutors say he ran a ponzi scheme lying to investors and stealing from his pharma company to cover losses. at the time of his arrest he was also the ceo of a peninsula drug company called cal a bios. he faces 20 years in prison. >>> well a presidential vacation, the white house calls it a working vacation. you see president trump getting ready to go out of town. now at his new jersey golf club. kicking off a 17-day break from the white house. back in washington, attorney general jeff sessions is back in the headlines. announcing today he is cracking down on leaks just days after the president complained that sessions was weak on the issue. >>> a wanted at the white house, help from the silicon valley. presidential adviser and son-in-law jared kushner is reaching out to local tech companies called companies like apple, google and oracle asking for guidance in updating the federal government's aging technology systems. apple insider reports the white house is considering having engineers serve so-called tours of duty to help the federal government. >>> okay give the people what they

the usual suspects of russia that's because it was all part of a cyber security challenge which is a ponzi even managed to get one of the voting machines to sing. a while back as had some fun they also demonstrated one very serious point ultimately managing to crack into over thirty electronic voting machines and the majority are still in use across america it only took ninety minutes for the first of vulnerabilities to emerge and experts say the defcon challenge shows that hacking electronic voting machines is much easier than previously thought this software just isn't up to modern standards it's not even as strongly protected as a p.c. it just took us a couple of hours on google to find passwords that let us unlock the administrative functions on this machine plenty of new machines available for purchase they're not being purchased because states don't want to spend the money hopefully with all of the controversy around this selection so we will see. either the states or the federal government allocate money to upgrade it and buy new machines that are much more secure where we can at le

. >> he ran a complex ponzi scheme lying from investors.the time of his arrest, he was ceo of a peninsula drug company which later fired them and that company is in the process of changing its name. >>> is it safer, the company says yes, but our investigative units have uncovered safety violations. >>> also, triple the number of investigations. the fbi's plan to catch leaks coming from the trump administration. this busy mom spends her days driving all over town. so why is she smiling? because she shopped during the safeway anniversary sale and filled up her trunk with grocery savings, plus earned 4 times the gas reward points. now that's something to smile about. right now, get pepsi 12-pack 12-ounce cans, buy 2 get 2 free, and lay's chips, 9.5 -10 ounces, 2 for $5 with your club card. the safeway anniversary sale. come in and explore. >>> right now, 6:00, a lot of questions but no comment. will president trump try to fire his special counsel who is in charge of the russian hacking investigation. the white house calls this a working vacati

accused him of lying to investors cheating them out of over ten million dollars they said he ran a ponzi scheme accusing investors using investors' money to start a drug company called retrofitting incorporated and now on friday a jury found him guilty of three counts of securities fraud but he was acquitted of fraud charges related to the retrofit incorporated but that's where prosecutors say the biggest losses occurred simone trinity we know this is not a popular guy here for a number of reasons do we know exactly how much his investors have lost in this. well some there's a there's an interesting twist to this because. ultimately did pay back investors but and then some he also actually made investors money they actually made three to five times more than their original investment some investors actually made ten times more and then the four years all of this transpired claimed to have only made thirty one thousand. hundred dollars but the fact that investors actually made money only complicated the case even further but defense attorneys definitely use that to their advantage and des

accused him of lying to investors cheating them out of over ten million dollars they said he ran a ponzi scheme accusing investors using investors' money to start a drug company called retrofitting incorporated and now on friday a jury found him guilty of three counts of securities fraud but he was acquitted of fraud charges related to the retrofit incorporated but that's where prosecutors say the biggest losses occurred. at trinity we know this is not a popular guy here for a number of reasons do we know exactly how much his investors have. lost in this. well some and there's a there's an interesting twist to this because. i'm sorry sure kelly ultimately did pay back investors but and then some he also actually made investors money they actually made three to five times more than their original investment some investors actually made ten times more and then the four years all of this transpired for kelly claimed to have only made thirty one thousand five hundred dollars but the fact that investors actually made money only complicated the case even further but defense attorneys definitel

with all due respect it's not a nomics it's ponzi nomics it's a scheme it's a bank is it says nothing to do with capitalism nothing like this is ever been seen before in the world can you explain to me gerald what the three arrow strategy is what it consists of and what it was meant to do. well the first one of course was monetary policy that means flooding the market with cash and again nothing to do with capitalism it's bank ism number two fiscal policy we're going to spend more we already have a debt to g.d.p. ratio of two hundred fifty but we're going to go deeper in debt brilliant and the third one of course was to spur corporate investment and other investment with tax breaks but again very little of it has worked you know they brag that the economy grew as steer at the rip roaring pace of about one percent. well to counter that though not everyone thinks the abbaye nomics is a total failure albeit there are some failures within the system the i.m.f. number two david lipton said that it has been successful to a point there have been improved conditions for the unemployed and the

indicates pretty all encompassing there's three things they're looking at one allegations of the alleged ponzischeme and real estate in new york number two dealing with a russian oligarchy that gets everybody's attention and number three doing some work which was either assisting or lobbying for ukrainian then president yannick over and maybe not reporting monies received there is the big one the kicker title eighteen u.s.c. one thousand one this is the statute that says whenever you lie to anyone you're toast this is what happened to martha stewart not insider trading but just lying so add what this is what all of the commentators and all of those individuals and fellow brothers and sisters of the bar what we're looking at is this is for documents what is seen john gotti is again being no crime family pre-dawn raid ad i know this may not sound like much to some people but i think you've been around long enough this is to send man a for a clear message that he doesn't have friends protecting them what about the rest of the suspects the the or in baldwin this investigation as well and i call th

him of cheating investigators out of more than $11 million between 2009 and 2014 what amounted to a ponzifterwards she claimed victory. >> this was a witch hunt of epic proportions. maybe they found one or two broom sticks. at the end of the day we've been acquitted of most important charges of this case. >> faces up to 45 years in prison for the three guilty counts. the 34-year-old is notorious for price gouging scandal involving a life-saving aids drugs. >> new review of wells fargo could turn up more fake accounts, that's according to the bank's filing today. they paid $185 million in penalties for opening about 2 million accounts without customer's associations. bank officials say an expanded review could reveal more accounts like this. the bank is expected to face further regulatory sanctions due to its latest scandal citing thousands of customers up for auto insurance that they didn't need. >> researchers have uncovered a dangerous way for people to trick self driving vehicles. they found that covering street signs with stickers and confused the vehicle vision systems. flight change

the fbi accused 34-year old shkreli of orchestrating a ponzi scheme, cheating investors out of millionssmanaging money at hedge funds he ran. after five days of deliberations, a new york jury found shkreli guilty on less than half the charges. the most serious count - securities fraud.martin shkreli, convicted of securities fraud:"this was a witch hunt of epic proportions. maybe they found one or two broomsticks but at the end of the day, we've been acquitted of the most important charges in this case and im delighted to report that."this wasn't the first time shkreli called his case a witchhunt, posting this on facebook during the trial:"my case is a silly witch hunt perpetrated by self-serving prosecutors. ending that post with- "drain the swamp, drain the sewer that is the doj. maga"a reference to president trump's slogan- make america great again.in january - the pharma bro - as shkreli nicknamed himself - was kicked off twitter and periscope for making unwanted advances toward a magazine editor.when asked about his continued social media use, his lawyer said they were having ongoin

prosecutors accused him of cheating investors out of $11 million between 2009nd014 in what amounted to a ponzihe claimed victory. >> this was a witch hunt of especialepic proportions and maybe they found one or two broom sticks, but at the end of the day wefrk been acquitted of the most important chashlgs of this case. >> shkreli faces 45 years in prison for the three guilty counties. the 34-year-old is notorious for a price gouging scandal involving a life saving aids drug. >>> this is no surprise. the cost of an airline ticket between san francisco and los angeles can vary, but now, a new study shows just how much. the travel planning app hopper found one passenger can pay up to six times more for an economy seat than another passenger on the same flight. united airlines had the greatest range of prices than delta had realito leased. it depends on how far advance you book the flight and what the competition is charges. >>> and a dangerous way for people to trick self-driving vehicles. researchers found that covering street signs with stickers can confuse the vehicles vision systems. for inst

. >> reporter: the fbi accused the 34-year-old of orchestrating a ponzi scheme.ing investors out of millions by mismanaging money at hedge funds he ran. amp five days of deliberations, a new york jury found shkreli guilty on less than half the charges. the most serious count, securities fraud, a witch-hunt of ethic proportions and maybe found one or two broomsticks. end of the day, we've been acquitted of the most important charges and i'm delighted to report that. >> reporter: it wasn't the first time shkreli called his case a witch-hunt posting this during the trial -- my case is a silly witch-hunt perpetrated by self-serving prosecutors. ending the post with drain the swamp. drain the sewer that is the doj anden a reference to president trump's slogan makeamerican great again. and the pharma bro, shkreli nicknamed himself, kicked off when making unwanted advances towards an editor. his lawyer said they were having ongoing discussions about that. >> martin is a brilliant young man, but sometimes people skills don't translate well. >> reporter: shkreli first gai

he was accused of cheating investors in a ponzi type scheme. his response to the outrage led to media coverage that asked he was the most hated man in america at that time. now he could be facing 20 years in prison for his conviction in this case. >>> after a stormy week, a sad reminder of just how dangerous our summer storms can be. a 14-year-old girl was killed and two teens are recovering from their injuries after a tree fell on their car in baltimore county. the mother of the 14-year-old was behind the wheel at the time. she was hurt but she's expected to be fine. this afternoon when those powerful storms moved through our region. >>> so now everybody wants to know if we're in for more of the same today. >> that's right, let's go to straight storm team 4. doug, what's the word this evening? >> reporter: the word is if you're thinking about getting out this evening, i think you're fine. we will not see another round of severe weather during the evening hours, that being said, there's still going to be a chance later on tonight. take a look a

going to prison, by the way, just so you know joot fbi accused 34-year-old shkreli of orchestrating a ponzi of millions by mismanaging money at hedge fund he ran. after five days of deliberations, a new york jury found shkreli guilty on less than half the charges. the most serious count? securities fraud. >> this was a witch hunt of epic proportions and maybe they found one or two broom sticks but at the end of the day we have been acquitted of the most important charges of this case and i'm delighted to report that. >> reporter: this wasn't the first time shkreli called his case a witch hunt posting this on facebook during the trial. my case is a silly witch hundred perpetrated by self-serving prosecutors ending that post with drain the swamp, drain the sewer that is the doj, maga. a reference to president trump's slogan make america great again. in january, the farmer bro as shkreli nicknamed himself was kicked off twitter for making unwanted advances toward a magazine editor. when asked about his continued social media use his lawyer said they are having ongoing discussions about that. >

they labeled the existing system of social security a ponzi scheme, a word now that is one critic pointed out that the program is fundamentally fraudulent and indeed totally and fundamentally wrong. in the view of the libertarians, but the cause learned opposing it like they used to vent political suicide because the majority of voters wanted to continue as it was. the professor warned, there is no support for reform among anti-membership groups in the american colony among the older young, the blacks, browns are white. the richer the poor dear the near universal popularity for social security in any attempts to fight it on philosophical grounds openly about opposition was doomed. they taught him more security than sequential and indeed everything deviant and deceptive approach, but one that caused well. those who seek to undermine must do two things. they must alter beneficiaries under social security viability because that would make the abandonment of the system look more attractive. there is the whole than they have been doing this since i'm quite sure you are aware. step one with pub

. >> prosecutors says he ran a ponzi scheme lie to go investors and stealing from his pharma companythe time of his arrest. shkreli faces 20 years in prison. >>> is uber short changing san francisco and l.a.? well, prosecutors for both counties say uber owes $15 million for violating a prior legal settlement. just yesterday, they squared off before a judge in had san francisco. this all stems from a case that settled last year when uber had already paid the two counties $10 million. in that settlement, uber also agreed to fix violations, including misleading advertising on driver and airport fees. now the district attorney's office says uber did not fully comply. >> uber was required to put up geofences around those airports preventing drivers from taking people there. because of the very large numbers, it tells us those geofences aren't working, they're down or there's other problems with what uber is doing. >> if the judge does find them guilty, uber would have to pay an additional $15 million to l.a. county. >>> the white house is asking for help from silicone valley. jared kushne

prosecutors said the 34-year-old ran two hedge funds and a drug company like a ponzi scheme. in a separate case he is notorious for price gouging scand where will he raised the cost of a hiv and cancer drug by 5,000%. jonathan: attorney general jeff sessions today speaking out about the leaks from the white house and other departments that has been plaguing the government ever since president trump took office. penalling the department of justice is ramping up the efforts to find leakers and not afraid to send jail. >> the department tripled the active leak investigation compared to the number pending at the end of the last administration. >> this has been on an ongoing investigation so far. four people have been criminally charged. >> changes coming to d.c.a. the national airport in the middle of a massive renovation right now. the old airport authority headquarters are coming down and in the place is a new terminal for the computer jets. wi are at the airport to show the demolition underway. >> you can add the roar of the heavy machinery to the noise at ronald reagan nation

prosecutors accused him of cheating investors out of $11 million between 2009 and 2014 in what amounted to a ponziitch hunt of epic proportions and maybe they found one or two broom sticks, but at the nd of the day wefrk been acquitted of the most important chashlgs of this case. >> shkreli faces 45 years in prison for the three guilty counties. the 34-year-old is notorious for a price gouging scandal involving a life saving aids drug. >>> researchers have uncovered a dangerous way for people to trick self-driving vehicles. researchers found that covering street signs with stickers can confuse the vehicles vision systems. for instance, slight changes to stop signs caused one vehicle to identify them as 45 mile per hour speed limit signs. researchers say car makers may have to use a form of artificial intelligence to help determine if a sign is out of place. >>> still ahead on abc 7 mornings, a lot to talk about. bay area high school students sharing an increde bable experience and some of them could be the first in their families to attend college. also, look outside from our golden gate bridge ca

essentially a ponzi scheme. count 7 was conspiracy to commit wire fraud.id not "rob peter to pay paul." shkreli is known as the ceo that raised the price 5000% for a life-saving aids drug. his lawyers said this was a difficult cause. a lot of anti-shkreli sentiment. here's what martin shkreli had to say about that. >> this is a witch hunt of epic proportions. they found one or two broom sticks but we've been acquitted of most of them and i'm delighted to report that. >> martin shkreli and his lawyers are hoping for a lenient sentence. >> neil: thanks very much, tracy. the president is making his case for tax cuts last night in front of an adoring crowd in west virginia. is it time for him to get serious in an oval office address with charts, the whole nine yards to spell it out, to make the case? it worked for ronald reagan. it worked for john kennedy. after this. i wanted to know where my family came from. i did my ancestrydna. the most shocking result was that i'm 26% native american. i had no idea. it's opened up a whole new world for me. ♪ six of you f

one is that his son-in-law has been accused of a ponzi scheme on some real estate deals in californiand in manhattan. and mr. manafort's funds were used for some of that project. so he's got lots of questions to answer there. and that's a pressure point for mr. manafort, a son-in-law in some jeopardy as well. also, mr. manafort did not disclose some important lobbying he was doing on behalf of ukrainian political party that was sort of russian leaning. and that's an important issue about false statements to federal agents, or failure to disclose. and you could argue that's a technical violation, it's still a violation. and a worrisome one for him. if there are other issues involving banking or tax matters, where he has not done everything he was supposed to do, and that is certainly what the record seizure indicates, that the prosecutors are looking at all of his finances, and whether he crossed all his ts and dotted all his is, there's a lot of pressure on this person who is a witness to whether or not the trump campaign was coordinating with russians in the 2016 election. >> pressur

his business, premier crew, was a $55 million ponzi scheme, selling pre-arrival wine. that's wine that's been bottled but not shipped. but much of the wine wasn't his to sell, and customers lost out. now john fox is aging in prison after pleading guilty to fraud. pre-rif pre-arrival wine is one type of pre. >> sold wine. there's also wine futures. both can be good ways to secure the bottle that you want but do your due diligence to make sure your broker is trustworthy. wine expert marine downey says check your vendor's business license and track record on message boards. >> if a lot of other people have had a bad experiencer that they're asking for, that's a huge red flag. >> reporter: and give more weight to people's negative experiences than the positive. john fox was able to keep selling because he had some influential buyers defending him. >> the vendors will always take care of certain people, so that those people will go out and say that the vendors are great. >> reporter: pre-selling wine is legal but it's largely unregulated, so be as discerning about your vend

-i'm not going to -- -when we discovered that he was connected to somebody that was in a ponzi schemend that he was not really acting above board. you're going back on your handshake deal? you're going back on your handshake deal? it was the one time, out of the 60-plus episodes where i actually thought somebody was going to hit me. why would i shake your hand when it means nothing? erik, good luck to you. your handshake means nothing. we made a handshake deal. listen, you're an intimidating guy. you're not going to intimidate me. -i'm not trying to -- -that was a big dude and there was just two cameramen and me. i literally thought i was going to go through the wall. i'm going to walk out on you. goodbye, erik. and then there's andrew rosenthal. [ laughs ] andrew owns la dogworks, this pet care place in l.a. that has everything from boarding, grooming, training, and a bunch of other things. i love the business model and i love anything to do with pets. but andrew, he was a complete maniac and he hated everyone. the only reason my partner is alive is because murder is illegal. he's go

the daily telegraph, nick timothy said, we have created an unsustainable and ultimately pointless ponzi. with average debts of £50,000, british stu d e nts average debts of £50,000, british students are the most indebted in the developed world. more people are choosing to do apprenticeships because you make money while learning. a lot of people think it is quite costly. costs have obviously gone. you have got to put the cost of university in context. students bear a proportion of it, so does the tax payer. it is right there is a sharing out, it would be unfairon the there is a sharing out, it would be unfair on the taxpayer, many of whom have not been to university to bear the entire cost. here, it is busy as ever and clearing will be part of the annual ritual, as will training up. the government is to stop funding one of the largest private training companies in the uk, after a damning report by the education regulator 0fsted. learndirect ltd, which provides apprenticeships and adult training to more than 70,000 people, has been rated inadequate in its latest inspection. the department

prosecutors calling it a ponzi scheme. >> we have been gratified throughout the trial at the close attentionpaid to the evidence. and we're gratified as we stand here today at the jury's verdict. justice has been served. >> reporter: 34-year-old shkreli once dubbed the most hated man in america after he increased the price of a life saving cancer and hiv drug by 5,000 percent. since his arrest in 2015 on these unrelated charges, shkreli not shying away from the spotlight. >> attention is not something i'm desperate for or crave but if it's there and i send one tweet out and it drives people crazy why not. >> reporter: he touted the nonvictory verdict as a -- >> reporter: shkreli faces up to 20 years in prison. abc news, new york. >> thank you ariel. back here it's one of the most exciting times in the beginning of a medical career, the white coat ceremony. the lewis katz school of medicine at temple university presented its newest medical students with the white coats they'll wear. there are 210 students in the class. the ceremony was held on campus at the temple performing arts center. cong

fund and then pulling money from another pharmaceutical company he was also ceo of, kind of a reverse ponziif you will. he was taking money from one, giving to the other. reporting returns frankly, that weren't there. that would back up, i'm no lawyer, that would back up the government's case this was securities fraud. now ben bronfman you see walking next to martin shkreli, fox news has been out there waiting for this jury, this trial has been going on five weeks. you remember the judge said five, six weeks. the judge was right. ben bronfman would argue, he had a couple witnesses investors with martin shkreli with these funds. they didn't lose money and that was true but it looks like the jury didn't buy that argument. looks like the jury said, he is still guilty of quote, unquote, securities fraud, conspiracy to commit securities fraud because, what he did was basically illegal, cooking the books. think of it that way. that is an illegal thing to do. you are breaking the law. he has been found guilty. martin shkreli. one of the things that is interesting following this case certainly is t

buchanan labeled the existing system of social security a ponzi scheme a word that might be familiar now, a framing that is one critic pointed out implied that the program was fundamentally fraudulent, indeed totally and fundamentally wrong. it was fundamentally wrong but the cause learned that opposing it candidly like they used to meant political suicide because the majority of voters wanted the system to continue as it was the professor warned and i quote, there is no widespread support for basic structural reform among any membership group in the american policy among the old or young. the black, brown, or the white. the female or the male. the rich or the poor, the frost belt or sun belt the near universal popularity of social security meant that any attempt to fight it on philosophical grounds openly about opposition was doomed. buchanan therefore divide and taught a more secure and sequential indeed i would say deceptive approach but one that served this newly crab walking cause well. those who seek to undermine existing structure he advise must do two things first they must a

> are you going back to your deal >> we discovered that he was connected to somebody that was in a ponzicheme and that he was not really acting above board. >> are you going back on your idea you are going back to your handshake deal >> he was the one time out of the 60 plus episodes where i actually thought somebody was going to hit me. >> how would i shake your hand when -- >> good luck to you. >> your handshake means nothing. >> you're an intimating guy you're not going to intimidate me. >> the guy was a big dude, and there was just two camera men and me >> there's andrew rosenthal. >> andrew owns l.a. dog works. this pet care place in l.a. that has everything from boarding, grooming, training, and a bunch of other things. i love the business model, and i love anything to do with pets, but andrew, he was a complete maniac he hated everyone. >> the only reason my partner is alive is because murder is illegal. >> he is going to get fired anyway >> why is that >> because i [ bleep ] can't stand him. >> in the first day of filming, people typically are on their best behavior, but the real