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Clothing tech entrepreneur and CaaStle founder Christine Hunsicker is out on $1 million bail after she was charged on six counts of cheating customers out of more than $300 million over the past six years in a complex fraud scheme that inlcuded wire fraud, securities fraud, money laundering, making false statements to a financial institution, and aggravated identity theft. Hunsicker pleaded not guilty in a Manhattan federal court on Friday, after she turned herself in to authorities, and could face decades in prison if convicted, according to CNBC, who reported that the Securities and Exchange Commission (SEC) filed a related civil lawsuit. Here’s what to know about the indictment. Why was Hunsicker indicted? Jay Clayton, the U.S. attorney for the Southern District of New York, who was working with the FBI, announced on Friday that Hunsicker is charged with forging documents, fabricating audits, and making material misrepresentations about her company’s financial condition in an alleged scheme to defraud investors in her clothing technology companies CaaStle Inc. and P180. The documents allege she continued to solicit millions of dollars in investments for both companies and “persisted in her scheme” even after law enforcement agents approached her about the fraud. The promise of pre-IPO technology companies can be fertile ground for fraudsters who play on investor euphoria,” Clayton said in a statement. According to the statement, the fashion tech entrepreneur and founder of CaaStle, a clothing-as-a-service business that enabled clothing brands to rent inventory to consumers, promoted the company “as a rapidly growing business valued at more than $1.4 billion, [although she] knew that CaaStle was in financial distress with limited cash and significant expenses.” To raise the capital for CaaStles operations, she “provided investors with falsified income statements, fake audited financial statements, fictitious bank records, and sham corporate documents that grossly overstated CaaStles operating profit, revenue, and available cash.” Surprising details in Hunsicker’s indictment The indictment alleges, among other things, that Hunsicker provided two fabricated audits to investors and conducted internet searches for the terms “fraud,” “created an audit firm fake,” and “JP morgan 4m records faked,” an apparent reference to fraud charges related to JPMorgan Chase’s acquisition of the college financial aid startup called Frank, which resulted in the federal prosecution of its founder Charlie Javice. (Javice was convicted in March of defrauding JPMorgan Chase of $175 million by exaggerating her customer base tenfold, according to National Public Radio.) It also accuses Hunsicker of fabricating the existence of CaaStle shareholders, falsely claiming that the shareholders needed money for a “family health emergency” or due to the FTX cryptocurrency exchange collapse. She allegedly then used investors’ money to raise new capital for CaaStle, while concealing that the company needed cash. And to “maintain the fiction,” she issued fake capitalization tables to the investors in order to demonstrate that they had purchased existing CaaStle shares. According to the documents, Hunsicker’s scheme also allegedly involved providing an investor with a fake screenshot of CaaStle’s bank accounts showing nearly $200 million in available cash, although the company had less than $200,000 in available cash at the time, in or around September 2024.
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E-Commerce
Da dum. Da dum. Theres something in the water this weekor, more accurately, on your television screen. Discovery’s Shark Week 2025 began yesterday (Sunday, July 20) and runs though Saturday, July 26. Let’s take a look at the history of this scale-filled event, its enduring legacy, and whats new this year. Then we will do a deep dive on how to tune in. A brief history of Shark Week The Discovery Channels “fin-tastic” fanchise first commenced on July 17, 1988, when the program Caged in Fear tested new motorized cages designed to resist shark attacks. The goal of this program, and the nine others that premiered that week, was to educate the public about these misunderstood sea creatures. The event was so successful that it almost doubled the network’s prime-time average, and so a tradition was born. This year marks 37 years of Shark Week. How does Shark Week maintain the hype? In a world of endless streaming options, it is impressive that a traditional cable networks event can endure and still attract fans. Part of the allure is the subject matter itself. People are fascinated and frankly terrified of the mysterious shark. This primal awe will always remain a satisfying itch to scratch. The lack of appointment viewing television creates a void that Shark Week gladly fills. The fins and sea water create anticipation, a sense of urgency, and satisfaction that is hard to get anywhere else. It also creates community as those you watch it with undergo a shared experience. Plus its long history is nostalgic for many. Shark Week has evolved over the years by embracing streaming, social media, and celebrity culture. Beyond cable, you can catch in on HBO Max and Discovery+. Big moments are shared on platforms such as TikTok and Instagram and quickly go viral. Celebs such as Dwayne The Rock Johnson, Jason Momoa, and Shaquille ONeal have hosted the event. An ability to adapt has cemented this weeks legacy. What’s new with Shark Week this year? This year there was much hype around Dancing with the Sharks, hosted by former Dancing with the Stars MC Tom Bergeron. This kicked the week off, airing yesterday at 8 p.m. local time. If you missed the scuba diving handlers using bait to dance with their finned friends, dont worry: You can watch catch it on HBO Max. Another program to look forward to this year is How to Survive a Shark Attack, which is hosted by real-life shark attack survivor Paul de Gelder. In 2009, he was attacked by a bull shark in Sydney Harbor, and as a result lost his right arm and leg, but still managed to survive. His tips and tricks just might help save a life or two. This program airs on Tuesday, July 22, at 9 p.m. For a full look at the programming schedule, click here. How can I stream or watch Shark Week live? Traditional cable subscribers can catch all the splashes on the Discovery Channel. Cord-cutters can use a live-TV streaming service that carries Discovery content. Those include: Hulu + Live TV YouTube TV Sling TVs Blue or Orange + Blue streaming services If you prefer to stream the action on your own schedule, check out Discovery+ and HBO Max. The former is offering free trials for new subscribers.
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E-Commerce
Britain and ChatGPT maker OpenAI have signed a new strategic partnership to deepen collaboration on AI security research and explore investing in British AI infrastructure, such as data centers, the government said on Monday. “AI will be fundamental in driving the change we need to see across the countrywhether thats in fixing the NHS [National Health Service], breaking down barriers to opportunity, or driving economic growth,” Peter Kyle, secretary of state for technology, said in a statement. “This cant be achieved without companies like OpenAI, who are driving this revolution forward internationally. This partnership will see more of their work taking place in the U.K.” The government has set out plans to invest 1 billion pounds in computing infrastructure for AI development, hoping to increase public compute capacity twentyfold over the next five years. The United States, China, and India are emerging as front-runners in the race to develop artificial intelligence, putting pressure on Europe to catch up. The partnership with OpenAI, whose tie-up with Microsoft once drew the scrutiny of Britain’s competition regulator, will see the company possibly increase the size of its London office and explore where it can deploy AI in areas such as justice, defense, security, and education technology. In the same statement, OpenAI head Sam Altman praised the government for being the first to recognize the technology’s potential through its “AI Opportunities Action Plan”an initiative by Prime Minister Keir Starmer to turn the U.K. into an artificial intelligence superpower. The Labour Party government, which has struggled to increase economic growth meaningfully in its first year in power and has since fallen behind in polls, has said that the technology could increase productivity by 1.5% a year, worth an extra 47 billion pounds ($63.37 billion) annually over a decade. By Muvija M and Juby Babu, Reuters
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E-Commerce
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