Philippines set to keep troops in Golan

AFP - The Philippines said Wednesday it would likely keep its 340 soldiers in the Golan Heights as part of a United Nations peacekeeping force, amid improved security for the troops.

Foreign Secretary Albert del Rosario told reporters the UN was close to fulfilling three conditions on upgrading safety set by the Philippines that would allow the Filipino soldiers to stay beyond August 11.

"The conditions look fine to me," del Rosario said, adding he had recommended to President Benigno Aquino that they stay for at least another six-month mission.

"I still have to go back to the president for his blessing but I don't think it will be a problem."

The Philippines is one of the major contributors to the UN Golan force, which has been monitoring a ceasefire between Syria and Israel there since 1974.

Other countries have pulled out their contingents as violence from the Syrian civil war has spilt over into the area.

The Philippines said in May that it was considering withdrawing, after two groups of Filipino troops were briefly kidnapped by Syrian rebels in separate incidents.

Both groups were released unharmed, but the wounding of another Filipino soldier from shelling in June added to the security concerns.

Del Rosario said one of the three conditions set by the Philippines was that the total peacekeeping force return to its regular strength of 1,250 soldiers.

Another was extra military equipment for the soldiers, and the third was that the Philippines be able to review the mission every six months.

Del Rosario said he was confident the numbers in the peacekeeping force would climb to 1,250 by October.

Fiji has already emerged in recent months as a saviour for the peacekeeping force, agreeing to deploy 562 soldiers.

Del Rosario also said the UN had committed to the extra military equipment. And he said the Philippines was allowed to review its mission every six months, rather than annually, until at least 2015.

The Philippines was due either to extend its mission, or withdraw, on August 11.

Source: http://www.france24.com/en/20130731-philippines-set-keep-troops-golan

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Northern California man gets 42 years for Ponzi scheme

Attorney General Kamala Harris Monday announced a 42-year prison sentence for a Northern California man who ran a Ponzi scheme that defrauded more than 400 investors, most of them elderly, out of more than $90 million.

James Koenig, 60, of Redding, owned Assent Real Estate Corporation (AREI) from 1999 to 2008.

The company specialized in the acquisition, management and resale of commercial property and elder care facilities.

Most victims of his Ponzi scheme were elderly individuals from the Bay Area.

Koenig was found guilty in May of 35 felony counts, including conspiracy, use of a scheme to defraud in connection with sales of securities, sales of securities by means of false statements and residential burglary relating to the sales of fraudulent investments.

The jury also found special enhancements for great takings because of the large amount of loss involved.

This individual ran a ruthless Ponzi scheme that robbed investors, including vulnerable elderly people, of their life savings, said Attorney General Harris.

The 42-year prison sentence represents justice given the severity of this crime and the deep impact on victims.

I commend the work of the Department of Justice attorneys and support staff who worked on this complex case.

Koenig did not inform investors that he had a prior federal conviction for mail fraud, which prevented him from getting favorable loan terms for his company.

He also did not disclose AREI's dire financial condition. Many of the investors were elderly and placed their life savings or home equity into the securities offered by Koenig.

The company's early losses were managed by using the funds of new investors to pay off the original investors.

By 2007, AREI had accumulated $163 million in debt that was unsecured or significantly undersecured and required monthly payments of more than $1.8 million to maintain.

In April 2007, AREI stopped making payments to investors, while continuing to solicit and sell securities to new investors.

The Ponzi scheme finally failed in the spring of 2008.

The case was based on 32 of the more than 400 victims, whose losses exceeded $8 million $3.8 million of which came from investments made after April 2007 when AREI stopped paying its current investors.

At the time of sentencing, the total losses by victims were reported to be in excess of $90 million.

Koenig was sentenced in Shasta County Superior Court on Friday.

A restitution hearing will occur at a later date.

Source: http://www.redbluffdailynews.com/ci_23759080/northern-california-man-gets-42-years-ponzi-scheme?source=rss_viewed

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