COCKTAIL NAPKIN INSIDER TIP LEADS TO FEDERAL CONVICTION

COCKTAIL NAPKIN INSIDER TIP LEADS TO FEDERAL CONVICTION

 

BOSTON – Following a three-day trial, a Boston-area real estate developer was convicted today of engaging in insider trading for buying – and later selling – shares of Wainwright Bank & Trust Company (“Wainwright”) based on a tip that Wainwright would be acquired.  Prior to the acquisition, shares of Wainwright traded on the Nasdaq Stock Market.

 

Robert H. Bray, 78, of Watertown, was convicted by a jury of one count of securities fraud.   He was acquitted of a separate count of conspiracy.  U.S. District Court Judge William G. Young scheduled sentencing for May 4, 2016.

 

Bray is the owner of R&B Construction, a construction and real-estate development company that operates in the Cambridge and Watertown area.  As the government proved at trial, in June 2010, Bray was tipped by a friend who was an executive at Boston-based Eastern Bank Corp. (“Eastern Bank”) that Wainwright would be acquired.  The tip – more than two weeks before the acquisition was publicly announced – was passed on a napkin slipped to Bray over drinks at a country club bar in Watertown where both men are members.  On Monday, June 14, 2010, Bray called his broker to ask how he could buy 25,000 shares of Wainwright stock, which he acknowledged “kinda sounds crazy,” given how thinly the stock traded.  Bray ultimately purchased a total of 31,000 Wainwright shares over the next two weeks, at prices between $8.85 and $9.90 per share, single-handedly accounting for some 56 percent of the total trading volume in Wainwright shares during that period.  On June 29, 2010, Eastern Bank announced its agreement to acquire Wainwright for $19 per share in cash, a premium of nearly 100% over the stock’s prior closing price.  Bray ultimately sold his shares for a profit of approximately $300,000.

 

United States Attorney Carmen M. Ortiz and Harold Shaw, Special Agent in Charge of the Federal Bureau of Investigation, Boston Field Division, made the announcement today. 

 

“Today’s conviction underscores our commitment to making sure that there is a level playing field for all securities investors – and that those who would pass on confidential corporate information on napkins at bars, in whispered conversations on golf courses or in any other way, are held accountable for their actions,” said U.S. Attorney Ortiz.

 

“Mr. Bray thought he could engage in a back-door deal to get rich quick.  By capitalizing on insider information, he cheated the system established to protect hard-working investors.  Financial fraud is not a victimless crime and the FBI will do everything it can to identify those individuals who are trying to undermine the integrity of the financial market,” said Special Agent in Charge Shaw. 

 

The maximum sentence under the statute is 20 years in prison to be followed by three years of supervised release and a fine of up to five million dollars.  Actual sentences for federal crimes are typically less than the maximum penalties.  Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors.

 

The United States Attorney’s Office received valuable assistance from the U.S. Securities and Exchange Commission in the course of investigating this case.  The case was prosecuted by Stephen E. Frank and Eric P. Christofferson of Ortiz’s Economic Crimes Unit.

RHODE ISLAND WOMAN PLEADS GUILTY TO $800,000 IMMIGRATION SCAM

RHODE ISLAND WOMAN PLEADS GUILTY TO $800,000 IMMIGRATION SCAM

 

BOSTON – A Woonsocket woman pleaded guilty today in U.S. District Court in Worcester to federal wire fraud charges in connection with a scheme to defraud immigrants that netted over $800,000.

 

Patria Zuniga, 53, of Woonsocket, R.I., pleaded guilty to eight counts of wire fraud.  U.S. District Judge Timothy S. Hillman scheduled sentencing for May 24, 2016. 

 

From 2009 through 2012, Zuniga targeted immigrant victims telling them that she worked for US immigration authorities and could assist them in lawfully obtaining permanent resident immigration status.  The victims typically had no lawful status or temporary legal status in the United States.  Zuniga’s services were initially offered for $8,000 to $14,000; however, after the victims made the payments, Zuniga extorted additional funds by, among other things, threatening to have them deported if they refused to pay. 

 

Victim payments were initially made in cash, but later in the scheme Zuniga accepted money via cash deposits made directly into designated bank accounts (including accounts owned by her daughters), money orders, and bank and Western Union wire transfers.  In total, victims paid more $800,000 over the course of the fraud.

 

In furtherance of her scheme, Zuniga employed a variety of tools to create the appearance of legitimacy in front of the victims.  For example, in order to prove that she could in fact deliver the promised immigration benefits, Zuniga showed her victims photocopies of immigration documents with their names and photographs on them, which she had forged.  Zuniga also routinely arranged for victims to travel to the United States Citizenship and Immigration Offices in Boston purportedly to take receipt of the  of the immigration documents.  Upon arrival, victims waited for hours only to have Zuniga contact and cancel the non-existent appointment. 

 

Zuniga’s daughters, Alba Peña and Indranis Rocheford, have also been charged in connection with the fraud.  They are scheduled for trial in April 2016. 

 

Zuniga faces a maximum sentence of 20 years in prison to be followed by three years of supervised release and a fine of $250,000 per count of wire fraud.   Actual sentences for federal crimes are typically less than the maximum penalties. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors.

 

United States Attorney Carmen M. Ortiz; Matthew Etre, Special Agent in Charge of Homeland Security Investigations; and Shelly Binkowski, Inspector in Charge of the U.S. Postal Inspection Service in Boston, made the announcement today. The case is being prosecuted by Jordi de Llano of Ortiz’s Major Crimes Unit.

Boston State Senator Sonia Chang-Diaz Endorses Diana Hwang for State Senate

Boston State Senator Sonia Chang-Diaz Endorses

Diana Hwang for State Senate

Boston, MA - Boston Senator Sonia Chang-Diaz today endorsed Democrat Diana Hwang for State Senate.  Hwang, a local non-profit founder and former State House staffer, is a candidate to replace Anthony Petruccelli in the Democratic primary special election for Massachusetts’ First Suffolk and Middlesex State Senate District.

“I’m excited to strongly endorse Diana Hwang for State Senate. I have worked with Diana at the State House and seen, firsthand, the work she has done to mentor young women -- she has the experience at the State House, in City Hall and as a nonprofit leader to hit the ground running.  She will work tirelessly on behalf of each and every family across the First Suffolk and Middlesex district” Chang-Diaz said.  “Diana’s story is one that so many share, including myself. She grew up in a family of immigrants who struggled to stay in the middle class, and she can relate to families all across this diverse district, whether their families came to our communities a century ago or in the past decade. Diana has spent her career mentoring young, mostly low-income women and helping to make government accessible for everyone, even those who are often marginalized. We can trust Diana to be a real advocate for women, for immigrants, and for everyone as a State Senator.” 

“Senator Chang-Diaz’s work reflects the values I have advanced in my career – especially by effecting change of the system by working within it.  I’m so honored to have her endorsement” Hwang remarked. “Earning the support and confidence of both Boston Senators, Sonia Chang-Diaz and Linda Dorcena Forry means so much to me because they have two of the strongest records when it comes to improving the lives of all working families. These endorsements reflect the type of Senator I will be – one who works each and every day to improve the lives of the people I hope to represent at the State House.”

Chang-Diaz, first elected in 2008, has been a champion for women, girls, and immigrants as a State Senator representing Boston from the South End through Jamaica Plain and Mattapan.  Prior to redistricting in 2010, she also represented Chinatown, Bay Village, Beacon Hill and the Back Bay which are now part of the First Suffolk and Middlesex District. As chair of the Joint Committee on Education, Chang-Diaz has been a leader in improving public education for all students and working to close the achievement gap.  The endorsement is Diana’s second high-profile endorsement from a sitting state senator.  Senator Chang-Diaz joins Boston State Senator Linda Dorcena Forry, who endorsed Hwang’s candidacy last week.  Notably, Senators Chang-Diaz and Forry, both of Boston, are the only women of color in the Massachusetts State Senate. Diana Hwang would be the third.  Hwang’s campaign continues to pick up momentum heading into an April 12^th special election primary.

The daughter of Taiwanese immigrants, Diana Hwang is the founder of the Asian-American Women’s Political Initiative – the country’s first political leadership organization for young Asian-American women.  She previously served as a legislative aide in the State House and a Chief of Staff in the Boston City Council.  Diana serves as Board member of the UMass Center for Women in Politics, served as co-chair of the Boston Women’s Fund and is a founding member of Mayor Walsh’s Women’s Commission.  Diana currently lives in East Boston and previously lived in Revere.

先聲藥業進劍橋設辦公室 將抵波士頓辦國際生命科學創新創業賽

China-based BioSciKin and Simcere Pharmaceuticals announcing the launch of a life sciences start-up competition that will include a preliminary round in the Boston area.  Winners in each preliminary will receive $30,000 in non-dilutive financing, with the top two companies from each region receiving a paid trip to Shanghai to present in front of Chinese investors.  The East-coast preliminary will take place on April 5^th at MassBio.

Also note that Simcere (as a second part of this release) is announcing the opening of an office in Cambridge, Massachusetts.  The Massachusetts Life Sciences Center and MassBio have been working with Simcere on their U.S. location options for the past year.

Chinese Investors Looking for Future Unicorns- startup competition in life science 

Cambridge, MA (Jan. 28th, 2016) Nanjing BioSciKin Co., Ltd (“BioSciKin” or “BSK” or the “Company”), an open investment and incubation platform in China for life science innovation, announced today that the Company is sponsoring an international startup contest in life science, especially in precision medicine and e-health. The co-sponsors include influential Chinese industrial investors, pharmaceutical companies and Chinese media with the support of a powerful alliance of strategic investors. The event runs from January to May 2016. It will take place in 8 cities in both China and the US, with the US preliminaries held in San Francisco and Boston.

Sponsors are:

● Simcere Pharmaceutical Group

● BioSciKin

● Simcere State Key Laboratory of Translational Medicine and Innovative Drug R&D

● HEALTHCARE EXECUTIVE Magazine

● Firestone Investing

Who should apply?

The event welcomes both companies and entrepreneurial teams in Life science, especially in precision medicine or e-health related areas, including but not limited to: companion diagnostic coupled medicine, Gene Therapy, Cell Therapy, Stem Cell, Bio-bank, Biomarker discovery, NGS, Molecular Diagnostics, POCT, e-Health, 3D Printing, Big Data, etc.

Rewards for winners:

l  For each preliminary in the US: $30,000 for first prize (1 winner), and the prize money is non-dilutive.

l  Trip to Shanghai to attend final competition in May 2016 for the top two finalists from each preliminary

l  For final contestants: potential strategic investments from attending investors

l  Option to leverage support from Simcere & BioSciKin: Collaboration opportunities in R&D, marketing, distribution etc.

When & Where:

East Coast Preliminary

Date: April 05, 2016

Time: 4:00 – 8:00 p.m. Eastern Time

Location: MassBio, 300 Technology Square, 8th Floor, MassBio Collaboration Room, Cambridge, MA 02139

Co-organized by:

Harvard Medical School Chinese Scholars and Scientists Association (HMS-CSSA), SAPA-NE, MIT-CHIEF, NECINA，CABA , 128 CUTE, ACMA

Supporting organization： MassBio

Publicity partner:  Massachusetts Life Sciences Center

West Coast Preliminary

Date: April 07, 2016

Time: 6:30-10:30 p.m. Western Time

Location: Room130, Li Ka Shing Learning and Knowledge Center, 291 Campus Drive, Stanford, CA 94305

Co-organized by:

Chinese American Biopharmaceutical Society (CABS)

Association of Chinese Students and Scholars at Stanford (ACSSS)

Supporting organization: California Life Sciences Association (CLSA)

How to participate

1. Application Deadline is March 15, 2016: please send an executive summary or no more than 10 slides in either PowerPoint or as a PDF along with your contact information to pitching@bioscikin.com (Boston) or http://www.cabsweb.org/cabs-business-plan-contest/ (SFO).

2.    About 10 startups will be selected to showcase their projects at preliminaries.  You will receive a formal invitation to the preliminaries.  Two teams with the highest ratings from the judging panel will advance to the final.

For more information, please email BSK’s US contacts and ask for a full description of this event.

East Coast： liqiangtou@gmail.com or call 617-319-8265 or West Coast: cabs_icc@cabs.org or call 626-272-6619.

About Simcere

Simcere is an emerging leader in developing, manufacturing and marketing of innovative medicines and branded generics in China. Simcere was the first Chinese chemical and biological drug company to list on the NYSE in 2007. In 2013, the company went private for strategic considerations. In 2015, Simcere’s translational medicine and innovative drug R&D platform was recognized as a State Key Laboratory by the National Ministry of Science and Technology. The company has been actively pursuing cross-border partnerships to bring global innovation to China. In Boston and New Jersey, Simcere now has two offices in the US for accelerating international business development.

About BioSciKin

BioSciKin (BSK) is an open platform in China for life science entrepreneurs and innovators. BSK focuses on three major healthcare areas: novel therapeutics, medical devices and mobile healthcare services, BSK is looking for partnership from all over the world for co-development of innovative approaches in precision medicine. In Nanjing, Shanghai and Tianjin, BSK has established 3 R&D-oriented incubation parks with advanced R&D facilities to provide entrepreneurs with customized service and support packages. For more information, please go to BSK’s official website: www.bioscikin.com

You can also email to Ms. Ray Zhang, Senior BD director, BioSciKin (zhangruikun@bioscikin.com )

About HEALTHCARE EXECUTIVE Magazine

HEALTHCARE EXECUTIVE is an influential magazine in the Chinese healthcare industry. 

About Firestone

Firestone focuses on innovation and entrepreneurship services in the healthcare industry. 

波士頓推出繳停車罰款新軟體 Paytix

MAYOR WALSH ANNOUNCES LAUNCH OF BOSTON PAYTIX, A NEW PARKING TICKET PAYMENT APP

BOSTON - Thursday, January 28, 2016 - Mayor Martin J. Walsh announced today that the City of Boston is launching Boston PayTix, a new app that allows for quick, convenient and secure parking ticket payments by smartphone.  The app also provides parking ticket payment reminders and alerts to help motor vehicle owners avoid late fees, a feature for users to maintain an online list of their personal parking ticket history and an option to look up their unpaid parking tickets.  The free Boston PayTix app is being introduced as a joint collaboration between the Mayor's Office of New Urban Mechanics, the Department of Innovation and Technology and the Boston Transportation Department in partnership with Xerox. "The new PayTix app is another example of how we're using technology to make city government more efficient and effective for the people of Boston," said Mayor Walsh. "We've seen through other city initiatives, such as ParkBoston and 311, that mobile apps are a great tool and we look forward to continue finding new ways to utilize technology to improve basic city services." "Like the new smart meters being installed on local streets to replace our inventory of outdated parking meters, PayTix is a good example of how current technology is being used to improve customer service and enhance our parking management system in Boston," said Gina Fiandaca, Commissioner of the Boston Transportation Department. Over the past year, through another partnership with TicketZen, the City saw a steady increase of parking violations being paid with the mobile app. The proof-of-concept project for mobile parking ticket payment with TicketZen showed the demand from users to continue this service, with over 2,100 ticket payment transactions a month through the app. TicketZen made a business decision to focus on other products at the conclusion of the pilot with the City in November. "While it's never fun to pay a parking ticket, we want to make sure that every digital interaction with the City of Boston is friendly, convenient, and fast," said Chief Information Officer Jascha Franklin-Hodge. "PayTix joins BOS:311, Trash Day, and ParkBoston as essential mobile apps for people who live or work in Boston." "We were thankful to work with a local start-up in TicketZen over the past year, and learned a great deal about the demand for these types of services available on mobile devices," said Kris Carter of the Mayor's Office of New Urban Mechanics. "We are excited to launch the next generation of this service in the Boston PayTix app, just one of the digital tools making life easier for both visitors and residents." Boston PayTix is available to smartphone users at the App Store and Google Play. When a City of Boston parking ticket is received, users should use their phone to scan the barcode, enter their payment information and press the submit button. Parking ticket numbers may also be entered manually. If your ticket has not yet been entered into the City of Boston's parking management system, Boston PayTix will forward you an automatic reminder to check the ticket availability at a later time. Personal credit card information is not stored using Boston PayTix and security safeguards are in place. For technical support or feedback, residents and visitors should contact paytixsupport@xerox.com. Residents and visitors with questions or comments regarding City of Boston parking tickets should contact the City of Boston Office of the Parking Clerk at 617-635-4410 or visit cityofboston.gov/DoIT/apps/paytix to learn more about the app.

Baker-Polito Administration Files Economic Development Legislation Providing “Opportunities for All”

Baker-Polito Administration Files Economic Development Legislation Providing “Opportunities for All”

Community support, workforce development and emerging technology focus of $918 million investment

BOSTON – Governor Charlie Baker and Lieutenant Governor Karyn Polito today filed legislation to advance job creation and economic growth by empowering communities and regions to reach their potential, expanding workforce development efforts to close the skills gap and connect residents with economic opportunities, and investing in emerging technologies to set the stage for future job growth across the Commonwealth.

“We are committed to creating a platform for growth and prosperity across the Commonwealth, and this legislation will make key investments in the economic potential of our communities and residents,” said Governor Baker. “Strong communities, a highly-trained workforce, and our commitment to welcoming emerging technologies will ensure Massachusetts’ continues to have a pro-growth business environment providing economic opportunities for all.”

The legislation, “An Act to Provide Opportunities for All,” reflects and begins to implement several aspects of the Baker-Polito Administration’s comprehensive economic development plan, including investments of up to $918 million in capital funding for local infrastructure, Brownfields site cleanup, Gateway Cities development, development site assembly and site readiness, smart growth housing, workforce development, emerging technologies, and community-based innovation.

“Community development and revitalization have been priorities of ours since day one, and this bill will provide new investments and tools to enable and leverage private development toward that goal,” said Lieutenant Governor Polito.“Opportunities to expand the successful MassWorks infrastructure program, spur industrial and commercial development outside Route 128 and reform housing production incentives will help build strong, vibrant communities and drive growth across the Commonwealth.”

The legislation also makes several reforms relative to smart growth housing, streamlines the state’s Economic Development Incentive Program, and refocuses the work of regional economic development nonprofits.

“Massachusetts’ greatest asset is its brainpower, and this legislation provides the state’s innovators with the tools they need to create the next generation of jobs in technology and in advanced manufacturing,” said Secretary of Housing and Economic Development Jay Ash. “By supporting public-private partnerships in applied research, and community-based innovation spaces, this economic development bill will deepen our innovation ecosystem, cement Massachusetts’ position as the nation’s most innovative state, and harness emerging technologies to create long-term job growth in every region of the Commonwealth.”

“One of the things we are focused on in the Baker administration is creating opportunities for all residents. With this economic development plan we will ensure more people get skills, education and training to fill the jobs employers have open now and in the future,” said Labor and Workforce Development Secretary Ronald L. Walker, II. “The $75 million in Workforce Skills Capital grants will enable career and technical training programs to give students the skills they need to compete for jobs in today’s high-tech environment.”

“This economic development plan will not only help replicate what works, but will also offer critical tools to allow municipalities, higher education institutions, and the private sector to leverage partnerships in more areas of the Commonwealth than ever before,” said Education Secretary Jim Peyser. “It will also significantly expand the administration’s commitment to growing a stronger pipeline of students who will be ready to meet current and future workforce needs, especially in emerging STEM fields.”  

“Housing development is a fundamental aspect of economic development,” said Undersecretary for Housing and Community Development Chrystal Kornegay. “The bill we filed today creates new tools for building smart growth housing in a variety of communities, from Gateway Cities, to town centers and suburban communities. It creates new tools for engaging with communities, building local capacity, and creating incentives for communities to help move statewide housing production forward.”

An Act to Provide Opportunities for All is organized around four foundational themes: preparing communities for success, a new Massachusetts Innovation Initiative, workforce development, and economic competitiveness.

Preparing Communities for Success

·       MassWorks ($500 million proposed capital authorization): Reauthorizes a capital grant program that provides municipalities and other public entities with public infrastructure grants to support economic development and job creation.

·       Transformative Development Initiative ($50 million proposed capital authorization): Supports the revitalization of Gateway Cities, by enabling MassDevelopment to make long-term patient equity investments in key properties in Transformative Development Initiative districts, with the goal of accelerating the maturation of private real estate markets.

·       Brownfields Redevelopment Fund ($75 million proposed capital authorization):Moves funding for the state’s Brownfields Redevelopment Fund to the capital program, providing a reliable long-term funding stream for a fund that is the Commonwealth’s primary tool for facilitating the redevelopment of contaminated properties.

·       Smart Growth Housing Trust Fund ($25 million proposed capital authorization): Moves funding for the state’s Smart Growth Housing Trust Fund to the capital program, providing a reliable long-term funding stream for a fund that is the Commonwealth’s primary tool for facilitating smart growth housing development.

·       Site Readiness Fund ($25 million proposed capital authorization): Advances regional job creation by creating a new fund for site assembly and pre-development activities that support regionally significant commercial or industrial development opportunities.

·       Housing-Related Tax Increment Financing: Supports housing production in town centers by reforming a seldom-used local-only smart growth tax incentive program, removing onerous regulations, and allowing communities to set their own affordability requirements.

·       Starter Home Zoning: Incentivizes the creation of smaller, denser, and more affordable single-family homes by creating a new starter home option under the Chapter 40R smart growth housing program.

·       Housing Development Incentive Program (HDIP) Reform: Supports the development of market-rate housing in Gateway Cities by allowing credits to support new construction, and by raising the formula that sets housing development incentives.

·       I-Cubed Reform: Reforms the I-Cubed infrastructure program by removing unnecessary program requirements, building flexibility into the program, and aligning program requirements with the demonstrated project pipeline.

·       Parking Management Districts: Aligns local parking policies with broader economic development priorities by enabling municipalities to opt into creating demand-based parking fees, and allowing parking fees to support capital improvements in designated districts, like downtowns.

The Massachusetts Innovation Initiative

·       Massachusetts Manufacturing Innovation Initiative (M2I2) ($118 million proposed capital authorization): Provides matching grants to establish public-private applied research institutes around emerging manufacturing technologies. The state’s capital funds will be matched with federal and private industry funds.

·       Scientific and Technology Research and Development Matching Grant Fund ($25 million proposed capital authorization): Reauthorizes a capital grant program that funds nonprofit, university-led research collaboratives working to commercialize emerging technologies, thereby supporting the development of emerging industry clusters.

·       Innovation Infrastructure Fund ($25 million proposed capital authorization):Creates a new fund for making capital grants that support community-based innovation efforts, including co-working spaces, venture centers, maker spaces and artist spaces.

·       Digital Health Care Cluster Development: Broadens the statutory charge of the Massachusetts eHealth Institute (MeHI) to include digital health cluster development.

Workforce Development 

·       Workforce Skills Capital Grants ($75 million proposed capital authorization):Establishes a new grant program for workforce development training equipment, to strengthen workforce skills, and create strong employment pipelines.

Economic Competitiveness

·       Economic Development Incentive Program (EDIP) Reforms: Builds accountability in the state’s primary job-creation incentive program by strengthening the link between the issuance of tax credits, and job creation that would not otherwise occur; adds flexibility to the incentive program by eliminating obsolete formula-driven incentive categories, and by creating a new Extraordinary Development Opportunity designation.

·       Regional Economic Development Organization (REDO) Modifications: Shifts the focus of nonprofit regional economic development nonprofits toward systems-based efforts to stimulate economic growth, including strengthening the regional skills pipeline, and executing regional cluster development strategies.

·       Liquor Law Reforms: Supports consumer choice and access to markets by allowing retailers who sell alcohol to also serve alcohol in in-house restaurants; by allowing local farmer-brewers and farmer-distillers to sell their products at farmers markets; by reducing barriers to retail sales at local breweries; and by creating a transparent licensing process for tenant-brewers.

·       Blue Laws Clarification: Clarifies existing exemptions to Sunday operations blue laws for fulfillment centers operated by e-retailers.

·       Export Loan Guarantees: Doubles the limit on loan guarantees from the Massachusetts Export Development Fund, to $1,000,000.