John McAfee, McAfee Associates Founder, Indicted on Tax Evasion Charges

John McAfee, a computer programmer best known for his anti-virus software, has been indicted on federal tax evasion charges after allegedly hiding assets from the IRS, including real property, a vehicle, and a yacht, the Department of Justice said Monday. McAfee, the founder of McAfee Associates, has been charged with tax evasion and willful failure to file tax returns, according to an unsealed June indictment following his arrest in Spain. Prosecutors allege McAfee earned millions of dollars from promoting cryptocurrencies, consulting, speaking engagements, and selling his life story for a documentary—but failed to file tax returns from 2014 and 2018. To avoid tax liability, McAfee allegedly directed his income to several bank accounts and cryptocurrency accounts and bought several items, including real estate, a yacht, and a car. The indictment, however, does not allege McAfee received any income from the anti-virus company he once founded.

The announcement comes just hours

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Members Of Videogame Hacking Group The Xecuter Arrested, Face 11 Felony Charges

KEY POINTS

  • The FBI have arrested two members of The Xecuter abroad last month
  • The group is known for their videogame exploits that allow users to play pirated copies of games
  • Max Louarn and Gary Bowser will each face 11 counts of felony 

Two members of an infamous piracy group have been arrested for their involvement in developing and selling illegal devices that hack popular videogame consoles.

French national Max Louarn, 48, and Canadian Gary Bowser, 51, were arrested abroad last month and charged with 11 felony counts including conspiracy to commit wire fraud, wire fraud, conspiracy to circumvent technological measures and to traffic in circumvention devices, trafficking in circumvention devices and conspiracy to commit money laundering, the Department of Justice said.

Shenzhen, China resident Yuanning Chen, 35, was also charged alongside Louarn and Bowser.

The Nintendo Switch has proved popular since launching in 2017 but the firm said it has entered a 'crucial' fourth year The Nintendo Switch has proved popular since launching in 2017 but the firm said it

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Nawaz Sharif, other PML-N leaders booked on treason charges

LAHORE: Former prime minister Nawaz Sharif and other Pakistan Muslim League-Nawaz (PML-N) leaders have been booked on treason charges, ARY News reported on Monday.

The case was registered at the PS Shahdara on the complaint of a local citizen Badar Rasheed.

Maryam Nawaz, former prime minister Shahid Khaqan Abbasi, former federal ministers Ahsan Iqbal, Pervez Rasheed, Khawaja and Rana Sanaullah were also named in the case.

Read more: Fayyazul Hassan Chohan demands Nawaz Sharif’s trial under treason charges

Elder Sharif and other PML-N leaders are deliberately defaming the state institutions and carrying out hate speeches, the FIR read.

Badar Rasheed in his plea further stated that Nawaz Sharif is convicted by Pakistani courts and doing speeches against the country’s institutions from London.

He has urged the authorities to take action against Nawaz Sharif and other PML-N leaders under the Pakistan Prevention of Electronic Crime Act.

Read more: Nawaz Sharif deceived

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Dow Inc. to Pare Workforce Costs 6%, Take Charges

Storied materials-science company Dow Inc.  (DOW) – Get Report said that it would restructure, cutting “workforce costs” 6% and taking $500 million to $600 million of third-quarter charges for the effort.

It didn’t specify the amount of any layoffs.

The restructuring stems from the coronavirus pandemic, which has curbed demand for Dow products, the company said.

Besides the 6% cost cut, the revamp includes “[rationalizing] certain manufacturing assets,” the Midland, Mich., company said in a statement. 

“These actions are expected to result in total annualized [earnings before interest, taxes, depreciation and amortization] savings of more than $300 million by the end of 2021.”

The industrial intermediates-and-infrastructure segment will shut certain amines and solvents facilities in the U.S. and Europe, as well as select small-scale downstream polyurethanes manufacturing facilities. 

The performance-materials-and-coatings unit will shutter manufacturing assets, primarily small-scale coatings reactors.

“Given the expected gradual and uneven global economic recovery

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