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|A young man who escaped from a gang's den has led to 20 suspects being detained for allegedly running a pyramid scheme.
Shanghai police said on Tuesday that the scam had gathered over 100 members air max 97 blancas , aged between 16 and 31, within six months.
They were recruited from out of town over the Internet and then brainwashed or coerced to join the scheme after paying up to tens of thousands of yuan to buy cosmetics that never materialized, police said.
The cosmetics were falsely claimed to be products from a biotech company. On the surface, the gang ran a jewelry firm with its own store, according to police.
Pyramid scheme in suburban Shanghai busted
Investigation started this month when one of the members escaped from the gang’s den, which was rented apartments in a residential complex in suburban Jinshan District, and reported what was happening to police.
The young man surnamed Li http://www.airmax97baratas.es/ , who is from Jiangxi Province, said he came to Shanghai a few months ago intending to meet a girl who had contacted him on social networks and with whom he had fallen in love, but he ended up being entrapped in the pyramid scheme, police said.
Li said he was coerced to buy 16 sets of alleged cosmetic products worth 2,800 yuan (US$420) each, using money borrowed from relatives, and then he was asked to bring his friends and relatives into the gang.
Similar stories were given by other members nike air max 97 baratas , some of whom were lured to Shanghai with the promise of “nice jobs," according to the police.
The pyramid allegedly had five levels, with a man surnamed Wang at the top of it as the “general manager.” Under him came four “managers,” then eight “leaders” on the third level, and over 80 “salesmen” on the bottom two levels.
In a raid on the gang on August 9, when all members were told to meet in a karaoke bar for profits from the scheme to be distributed, police seized 101 suspects nike air max 97 españa , and a total of 100,000 yuan in cash.
Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) has become Bank of America Corp’s (BAC.N) largest shareholder by exercising its right to acquire 700 million shares at a steep discount, more than tripling an investment it made six years ago.
Berkshire is now the largest shareholder in the second- and third-largest U.S. banks, with stakes of roughly 6.6 percent in Bank of America and 10 percent in Wells Fargo & Co (WFC.N), according to Reuters data.
It also has an interest in JPMorgan Chase & Co (JPM.N), the largest U.S. bank, where Todd Combs 2017 Nike Air Max Flair Hombre Rebajas Zapatillas Negras Blancas , one of Buffett’s deputy portfolio managers, is a director.
Bank of America on Tuesday said Berkshire exercised warrants to acquire its shares for roughly $7.14 each, well below their closing price of $23.58, down 14 cents from Monday. The announcement was made after U.S. markets closed.
To pay for the shares, Berkshire swapped $5 billion of Bank of America preferred stock it had bought in August 2011.
Its new common shares are worth roughly $16.5 billion, giving Berkshire a roughly $11.5 billion paper profit.
Berkshire owns more than 90 businesses such as the Geico car insurer, Dairy Queen ice cream and the BNSF railroad.
Buffett has run the Omaha Zapatillas Hombre Nike Air Vapormax KPU TPU Negras Mint España , Nebraska-based conglomerate since 1965. The billionaire turns 87 on Wednesday.
The swap was made possible by Bank of America’s decision in June to boost its dividend 60 percent, after the Charlotte, North Carolina-based lender passed a Federal Reserve “stress test” of its ability to navigate tough markets.
It also vindicates Buffett’s confidence in Bank of America Chief Executive Brian Moynihan, who accepted his money when the bank was only midway through cleaning up balance sheet and litigation issues tied to the U.S. housing and financial crises.
“In 2011, we welcomed Berkshire Hathaway as a shareholder, and we appreciate their continued support now as our largest common shareholder,” Moynihan said in a statement on Tuesday.
Berkshire will collect $336 million of annual dividends from Bank of America Zapatillas Nike Air Max TN Plus Hombre Azules Negras Baratas , more than the $300 million generated by the preferred stock. It also receives close to $800 million of annual dividends from Wells Fargo.
Some of Berkshire’s other large equity investments are American Express Co (AXP.N), Apple Inc (AAPL.O), Coca-Cola Co (KO.N) and Kraft Heinz Co (KHC.O).
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