Suspect in ’05 hit-run nabbed in Spain

A hit-and-run suspect who allegedly fled the country after killing a 15-year-old Queens boy more than seven years ago is back in New York after being arrested in Spain, cops said.

Paula Bartolo, 56, was picked up by Spanish authorities on Monday and returned to New York last night to face manslaughter charges in the gruesome death of Jeffrey Javier, a developmentally disabled teen from Ozone Park, back in 2005.

Javier was crossing the intersection at Rockaway Blvd. and 101st Street on Oct. 26, 2005 while on his way to school when Bartolo allegedly became upset with how slowly the boy was walking, gunned his gas and ran him over with his Chevy Corsica, according to witnesses who were at the scene.

PAULA BARTOLO In 2005 mug shot.

Bartolo allegedly didn’t stop there.

He then put his car in reverse and ran the teen over a second time before fleeing the scene, sources said.

Javier died a few days later after his parents decided to take him off life support. The teen was just shy of his 16th birthday.

Bartolo is believed to have initially fled to his native Guatemala after the crime, as police had suspected. But the seven year search came to a close after police discovered Bartolo’s travel itinerary included several trips back and forth to Spain, where he was collared.

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Investors shuffling assets ahead of fiscal cliff

Some citizens aren’t waiting to find out if the White House and Republicans in Congress will be able to reach a last-minute deal to pull the country away from the “fiscal cliff.”

They are selling securities while capital gains tax rates are still low or transferring millions into trusts for the benefit of children and grandchildren before estate tax laws become more stringent. Others are getting out of the markets and parking money in less risky accounts.

Miami financial planner Cathy Pareta has been counseling her upper middle class clients — “the Johnsons, not the Rockefellers” — on whether to adjust investment portfolios, accelerate income or realize capital gains sooner than planned.

“Some people are going to get hit hard,” said John Bacci, a financial planner in Linthicum, Md., who has gone down his client list and run projections on what higher taxes would look like for them. He’s looking at tax-friendly alternatives for some clients, such as annuities or rental property.

At year’s end, the country will leap off the “fiscal cliff” unless politicians reach a compromise on mandated spending cuts and the expiration of the Bush-era tax cuts.

For most investors, the expiring cuts will mean that the tax rate for long-term capital gains will rise from 15 percent to 20 percent. Dividends also will no longer be taxed at 15 percent but treated as ordinary income, which could mean a tax rate as high as 39.6 percent. And individuals with multimillion-dollar estates will find much more of their money subject to the federal estate tax.

Estate planning lawyers say the demand is so intense that they are putting in grueling hours to set up trusts.

“It’s very stressful. We are working day and night,” said Diana Zeydel, an estate planning lawyer with Greenberg Traurig in Miami. “Were doing three times what we normally do for end-of-the-year planning.”

Zeydel said many of her clients waited until after the elections in November to gauge how the political tide would affect their future finances. This gave them little more than a month to make major decisions about their wealth.

Most observing the political jousting in Washington expect taxes will go up even if the political leaders reach a deal — they’re just not sure how much. Many aren’t taking any chances.

Jim Ludwick, a financial planner in Odenton, Md., said one client in his late 50s cashed out stock and bond funds totaling $1.7 million not long after the election and stashed the proceeds in a money market fund.

The client, anticipating a market plunge due to the “fiscal cliff” and other issues, said he spent his entire working life building up a nest egg and wouldn’t have time to wait for his portfolio to recover, according to Ludwick. The client fears it won’t be safe to re-enter the stock market for another year.

“We have a number of clients who are taking capital gains this year, expecting that if they wait until next year, they will have to pay higher taxes on those same gains,” said Daniel McHugh, president of Lombard Securities in Baltimore. Some of those clients are realizing six-figure gains but are still willing to take the tax hit now, he said.

Of course, the downside is that the stock market could take off, and these investors will miss out on even higher gains, McHugh said. But, he added: “Given the state the economy is in, that’s a very small risk.”

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Bay of Pigs invasion veterans mark 50 years since release

In the days before Christmas 50 years ago this weekend, 1,113 Bay of Pigs fighters captured by Fidel Castro’s forces and imprisoned for 20 months were finally released to a heroes’ welcome in Miami.

The first planeload of POWs arrived at Homestead Air Force Base on Dec. 23, 1962. Gaunt and betrayed by the John F. Kennedy administration, members of the proud Brigade 2506 were bused to Miami’s Dinner Key Auditorium, where waiting relatives engulfed them with hugs at a massive reunion that made front-page news. Five days later, JFK and his wife Jackie would be at the Orange Bowl to welcome them, too.

On Saturday, the 50th anniversary of those pivotal days will be observed as surviving brigade members — now in their 70s and 80s — hold a and 11 a.m. Mass and reunion at the Bay of Pigs Museum in Little Havana.

The release of the men was the one bright spot in the disastrous April 1961 CIA-backed invasion to overthrow the two-year old Castro government. Yet the fighters’ return also sent the somber message that exiles would not reclaim Cuba. The Cuban Missile Crisis that October had set the course of U.S.-Cuba relations until today.

Back then, it was sinking in: The Cuban exile community was in Miami to stay.

A defeated Jose Andreu, now 76, the first brigade member to sign up for the invasion, was among those who arrived home that bittersweet day.

“My wife to-be was there to meet me, along with my sister and my father,” Andreu said. “I remember hugging and crying. After leaving the auditorium, I remember being so hungry I went to a Royal Castle and my girlfriend bought me, I think, 18 small cheeseburgers.”

Among the young people waiting at the auditorium that day in 1962 was a teen-aged Ninoska Perez Castellon, there with her family to welcome her brothers and uncle, all brigade members.

“I remember being in that packed auditorium ... I can truly say as a child I viewed those men as my first heroes. I still do,” said Perez-Castellon, who grew up to become one of Miami’s most influential radio personalities.

Perez and her family still have black-and-white snapshots of the joyful reunion, showing her late grandmother proudly hugging her son.

The behind-the-scenes negotiations that finally led to the release of the brigadistas 50 years ago this week were the stuff of Hollywood movies. They involved months of haggling with Castro by everyone from a former first lady to a high-profile diplomatic negotiator who led the group that finally succeeded — a group of the prisoners’ mothers, wives and fathers who made up the Cuban Families Committee.

Their effort resulted in a now-forgotten 7,857 exodus of Cuban refugees, many relatives of the brigadistas, who arrived in cargo ships at Port Everglades in Fort Lauderdale from December 1962 to July 1963.

Two women in the committee played key roles — one in Cuba, motivated by a mother’s love; the other in Miami, seeking to free her husband.

Havana socialite, Berta Barreto, whose oldest son, Alberto Oms Barreto, had been captured during the invasion, made the initial contact with Castro and promised that the ransom he had set for the men would be paid. Years later, her second son, Pablo Perez-Cisneros Barreto, wrote the definitive book on the negotiations called After the Bay of Pigs, soon to be published in Spanish. “What my mother and the others managed to do, with no experience in high-level negotiating, was extraordinary,” Perez-Cisneros Barreto said.

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Insiders steal a march in leak prone Asian markets

SINGAPORE (Reuters) – When South Korean automaker Hyundai Motor Co announced last month it had overstated the fuel efficiency levels on around one million of its cars in the United States and Canada some investors were left fuming more than others.

Some had already sold their shares before the announcement on November 2. The stock fell 4 percent on November 1 with about 2.2 million shares changing hands, the highest trading volume of the year at that point.

“This smells pretty bad,” said Robert Boxwell, director of consulting firm Opera Advisors in Kuala Lumpur who has studied insider dealing patterns.

“It would have fallen into our suspect trading category,” he added.

Boxwell spots suspect trading by looking at how much the volume diverges from the average level in the days before a market moving announcement. In the Hyundai instance, the volume was more than five standard deviations, a measure of variation, away from the daily average of 598,741 shares over the past year.

A Hyundai spokeswoman declined to comment.

Research from the Capital Markets Co-operative Research Centre (CMCRC), an academic centre in Sydney that studies financial market efficiency, found that 26 percent of price-sensitive announcements in Asia Pacific markets showed signs of leakage in the first quarter of this year, the most recent period for which data was available.

That compared with 13 percent in North American markets.

The CMCRC says it looks for suspected information leaks by examining abnormal price moves and trading volumes ahead of price-sensitive announcements.

Investors say one reason for leaks in Asia has been low enforcement rates for insider trading and breaches of disclosure rules. Enforcement in some markets is virtually non-existent.

There are also misconceptions about whether trading on non-public information is a crime.

“The idea that insider trading is wrong rather than smart is only being ingrained in the current generation of Asian players, not the older generation who are often still in the driving seat,” said Peter Douglas, founder of GFIA, a hedge fund consultancy in Singapore.

LOSS OF CONFIDENCE

Japan’s largest investment bank Nomura Holdings was embarrassed this year after regulatory investigations found it leaked information to clients ahead of three public share offerings.

Nomura has acknowledged that its employees leaked information on three share issues it underwrote in 2010. In June, it published the results of an internal investigation that found breaches of basic investment banking safeguards against leaking confidential information and announced a raft of measures to prevent recurrence.

The bank was also fined 200 million yen ($ 2.37 million) by the Tokyo Stock Exchange and 300 million yen by the Japan Securities Dealers Association.

Such leaks hurt companies’ share prices in the long run because investors put in less money if they feel they are not on a level playing field.

“It is very damaging. You may not know how much money you’ve lost but if there is not confidence that the regulators are prosecuting and enforcing the rules on this then it undermines investor confidence and liquidity,” said Jamie Allen, secretary general of the Asian Corporate Governance Association.

The issue isn’t being ignored. Many Asian markets such as Hong Kong and China have tightened their rules on insider trading over the past decade.

Indeed some investors feel that while leaks and insider dealing are unfair, regulators in the region have more serious issues they should be tackling.

“I would like to see the regulators spend more resources on investigating and prosecuting fraud against listed companies, which severely damages shareholder value,” said David Webb, a corporate governance activist in Hong Kong, arguing insider dealing as less of an impact on a company’s long-term share price.

HTC AND APPLE

A week after Hyundai’s announcement about its problems in the United States, there was an unexpected move on the Taiwan Stock Exchange.

Shares in smartphone maker HTC Corp jumped almost seven percent on Friday, November 9, hitting the daily upper trading limit. On Sunday came the surprise announcement that the company was ending its long-running patent dispute with Apple Inc , a move seen as a positive for the stock.

The Taiwan bourse announced it was investigating the trading patterns to see if there was a possible leak.

When asked for comment, HTC referred back to a November 13 statement in which the company said it had kept the Apple settlement process confidential and has strict controls on insider trading.

Michael Lin, a spokesman for the Taiwan Exchange, told Reuters on Friday that the bourse is still working with the regulator on the case.

‘ENORMOUS LOSSES’

Michael Aitken, who oversees research at the CMCRC, said many other Asian markets lack tough enough rules to force information to be released as efficiently and timely as possible, a primary reason for the prevalence of leaks.

“Poor regulation hampers enforcement efforts,” he said pointing out that few markets have the “continuous disclosure” rules used in Australia which require listed companies to release material information as soon as possible.

In Korea, when Hyundai shares started to fall, rumours began swirling that news about a problem with some of its cars was on its way, but investors say it took the company too long to disclose what exactly was happening.

“Hyundai at that time did not confirm the rumours. We suffered enormous losses because of this,” said one fund manager, who declined to be named because he was not authorised to speak to the media.

An official from Korea Exchange declined to comment on whether it was investigating this case, saying only that the exchange looks carefully into possible cases of insider trading.

Across Asia, regulators concede that many company executives and insiders still do not appreciate that leaking or trading on material, non-public information is an offence.

“People don’t even know they are engaging in insider trading, for example if their friends are talking about it on the golf course,” said Tong Daochi director-general for international affairs at the China Securities Regulatory Commission, during a regulation conference last month.

“We try to tell society, what are the criminal issues, what are the insider trading issues? For example we have held 27 press conferences to tell the public what kind of activities are involved in insider trading and to let people know that this is an active crime.” ($ 1 = 84.2600 Japanese yen) ($ 1 = 0.6147 British pounds)

(Reporting by Rachel Armstrong; additional reporting by Nishant Kumar in HONG KONG and Hyunjoo Jin in SEOUL; Editing by Emily Kaiser)

Wireless News Headlines – Yahoo! News

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Jennifer Lawrence Fashion Time Warp

"It" girl Jennifer Lawrence is getting a lot of attention this year, and with good reason! 

The recent Golden Globe nominee has proven herself worthy of the big-screen hype thanks to the box office success of The Hunger Games and Silver Linings Playbook. On top of that, the beauteous bombshell has become a fashion-forward phenomenon.

Related: Five Things You Don't Know About Jennifer Lawrence

Join us as we look back at Jennifer's best and worst looks of red carpet past.

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NYers flock to 'end of the world'-themed bashes to celebrate 'Mayan apocalypse'

It's either a real “last call” — or just another excuse to get blotto.

New Yorkers flocked to “end of the world”-themed parties at local bars tonight to celebrate their potential final hours on Earth as the Mayan calendar predicted doomsday this morning.

The appointed time of world destruction is set for 6:11 a.m. New York time, and Big Apple residents are partying right up to the end.

Apocalyptic bashes in all five boroughs — featuring DJ-centric dance parties, ironic drink specials and invite-only mixers — inspired revelers to party like there’s no tomorrow.

“People are just going nuts. They’re partying like the world’s ending,” said Carly Grant, 22, as the bashes went into the wee hours this morning.

Grant said she was on her way to a house party on the Upper East Side when she decided to shed all inhibitions.

“I want to go wearing nothing — to go out the way I came in,” she said.

Others partygoers hit bars featuring DJs spinning doomsday hits.

Ron Jamison, 27, planned to blow a wad of cash on his last earthly meal: pitchers of beer and lots of hot dogs.

“Might as well spend all my money . . . if the world’s ending . . . There’s no point in saving,” he said.

Other New Yorkers — even those who are not normally night owls — got into the doomsday drinking spirit, saying it was a great excuse to let loose.

“You gotta do what you like,” said Thao Nguien, a teacher from Hell’s Kitchen who was all set to be “drunk and cavorting.”

The boozy, end-of-days bashes included a rooftop party at the posh Midtown club Hudson Terrace and one at the hipster bar Nights and Weekends in Greenpoint, Brooklyn.

Erika London, a spokeswoman for Hudson Terrace, said staffers prepared drink specials — such as “The Black Hole” and “The Glacial Melt” — after setting up the space for a night “without inhibitions.”

“If the world [did], in fact, come to an end . . . you’[d] be hung over enough not to mind” after the bar’s party, London said.

More optimistic were the ones who planned on celebrating the world’s survival at parties tonight — including an RSVP-only event at the Bowery Hotel and an “End of the Funking World Party” at B.B. King Blues Club.

Beaumarchais, a French cafe in the Meatpacking District, will host an extravagant dinner party, complete with Mayan decor.

Some New Yorkers refused to celebrate — saying they simply had too much to live for — on the good chance that the world wasn’t ending.

“I’m going to see the Dave Matthews Band at the Barclays Center [today],” said a hopeful Ford Paige, 27, of Washington Heights.

Another life-lover, Amanda Muscarello, 23, of Orange County, said she didn’t plan on dying anytime soon, much less before her 24th birthday this weekend.

“My birthday is Sunday — the Mayans can’t do this to me!” she said.

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The Cuban government Thursday denounced what it called the “unjust and illegal” multi-million dollar fines the U.S. government slapped on two foreign banks for violating Washington’s sanctions on the island.

The U.S. actions show that its “ferocious persecution of financial and commercial transactions by Cuba and those with legitimate relations … has only changed but has hardened,” a Foreign Ministry official said in a statement.

The British-based HSBC bank agreed to pay $1.9 billion to the U.S. government last week to settle accusations that it laundered drug money through its Mexican and other branches, and violated U.S. economic sanctions on Cuba.

The next day Washington announced that Japan’s Tokyo-Mitsubishi UFJ bank had agreed to pay $8.6 million to settle what the Cuban statement called “a supposed violation of the unilateral sanctions of the United States against various countries, including Cuba.”

Under the trade embargo, banks cannot move Cuban funds through U.S. financial institutions or handle U.S. dollar deposits for Cuban entities or citizens. Cuba is subject to other sanctions as well because it is on the U.S. list of countries that support international terrorism.

The Foreign Ministry statement noted that the sanctions came one month after the U.N. General Assembly voted overwhelmingly for the 21st time to condemn the 50-year-old trade embargo against Cuba.

While the HSBC settlement was reported to be one of the largest ever, the U.S. Treasury Department has hit several other foreign banks in recent years for violating sanctions on Cuba and other countries, especially Iran.

The Netherlands’ ING bank agreed to a $619 million settlement earlier this year. Credit Suisse agreed to pay $539 million in 2009. And the Swiss UBS bank was hit with a $100 million settlement in 2004.

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Slip-N-Slide’s Ted Lucas teams up with Miami Heat’s James Jones for All-Star Holiday weekend

Record executive Ted Lucas and Miami Heat star James Jones joined forces to bring holiday cheer to Miami Gardens kids — and motivate them to achieve academically — earlier this month

The All-Star Holiday weekend started with a toy distribution at North County K-8 Center on Dec.13

Lucas and Jones, who got good grades when growing up in Miami Gardens, got some help Santa Claus and Heat mascot Burnie to distribute bicycles, iPod Nanos and gift cards to those students who did well on their FCAT scores.

Later that evening, Miami Commissioner Michelle Spence-Jones and Miami Beach Commissioner Jonah Wolfson hosted a kick-off party at W Hotel Miami Beach. Lucas and Jones each received the key to the City of Miami Beach from Wolfson. Lucas is president of Slip-N-Slide Records, located on South Beach.

The weekend’s festivities also included a DREAM reception at Mercedes-Benz of Miami that highlighted talented local youth and honored teachers and included live performances by the Miami Norland High School drumline, DJ Elle and recording artist Sebastian Mikael.

The All-Star Holiday Weekend concluded with a special community fair at Buccaneer Park in Miami Gardens. Hundreds of residents from the surrounding area attended the free celebration for a day of games, activities, music, treats and giveaways.

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Brazilian company releases the ‘IPHONE’ after trademarking the name back in 2000

Title Post: Brazilian company releases the ‘IPHONE’ after trademarking the name back in 2000
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Swiss sc‘alps’

Banking giant UBS is coughing up $1.5 billion in fines — and two of its fat-cat traders face prison — after a US and UK investigation of the bank found “routine and widespread” manipulation of a benchmark interest rate.

The scheme, the largest interest-rate rigging scandal ever, caused lopsided outcomes in more than $450 trillion in annual loans made around the world for everything from credit cards and mortgages to college loans and business deals, federal prosecutors said yesterday.

The criminal complaint against the Swiss bank and the arrest of two former UBS traders show authorities have amped up their financial-sector probes.

The crackdown on rampant corruption in banking’s back offices came in a landmark joint probe by authorities in at least five nations, which charge UBS is a major culprit in notorious manipulations of the key Libor rate.

Banks set the rate each day amongst themselves, using a panel of their own representatives and assumptions of short-term lending demand.

The surprising scope of the alleged schemes opens the floodgates for worldwide litigation from financial institutions — which unknowingly lost millions on the wrong side of rigged lending.

Prosecutors said that more than 45 traders and brokers at the bank, along with scores of outside currency middlemen, conspired almost daily, with bribes of typically $20,000 trading hands to influence Libor rates.

Each illicit pact set up among the traders and brokers was aimed at profiting on their positions from tiny moves in the rate.

Even a brief 1/100th of a percent move in the Libor translated to profits of about $459,000 for one of the UBS traders accused in the crackdown.

That cheated counter-parties, the complaint said.

“UBS manipulated one of the cornerstone interest rates in our global financial system,” said Assistant Attorney General Lanny A. Breuer.

“The scheme alleged is epic in scale, involving people who have walked the halls of some of the most powerful banks in the world,” he said.

Yesterday’s actions included the first criminal charges made in the probes, leveled against Tom Alexander Hayes, 33, and Roger Darin, 41.

London police picked up Hayes; Darin is still at large.

The US Justice Department filed to extradite the pair to face trial here.

Numerous outside brokers were also involved, said enforcement chief David Meister of the Commodity Futures Trading Commission.

“These brokers are supposed to be honest middlemen," he said. “The brokers here were anything but honest.”

The government complaint quoted one broker telling a UBS trader regarding an illicit pact’s profits: “‘Mate, you’re getting bloody good at this Libor game. Think of me when yur on yur yacht in monaco wont yu.’ "

Prosecutors said more people were to be named in the ongoing probe.

As many as 40 employees of UBS have left the bank over the case, prosecutors said.

In exchange for a deferred prosecution of the company, UBS agreed to plead guilty to civil violations at the unit in Japan, leaving the parent to pick up the hefty tabs and suffer the black eye.

tharp@nypost.com

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