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Navnoor Kang Accused of accepting hookers, cocaine in $2B Scam

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U.S. Attorney Preet Bharara charged Kang in federal court Wednesday.

NEW YORK (Diya TV) — U.S. prosecutors this week accused a former portfolio manager at New York state’s retirement fund, the third largest in the United States, of steering $2 billion in trades to two brokerage firms in exchange for gifts such as cash, drugs and prostitutes.

Navnoor Kang, the former director of fixed income at the New York State Common Retirement Fund, was charged in Manhattan federal court along with Deborah Kelley, a former Sterne Agee Group Inc managing director.

Kang was arrested at his home Wednesday morning in Portland, Oregon. Both face charges that include securities fraud and wire fraud and were also sued by the U.S. Securities and Exchange Commission in a related civil lawsuit.

Gregg Schonhorn, a broker-dealer at FTN Financial Securities Corp, secretly pleaded guilty to paying bribes on Dec. 15, authorities said. Prosecutors said that the aforementioned Kelley and Schonhorn showered Kang with cash, entertainment, luxury gifts, prostitutes and drugs valued at about $100,000 in exchange for fixed-income business.

“This was an age-old and classic tale of quid-pro-quo corruption,” Manhattan U.S. Attorney Preet Bharara told reporters.

During weekend trips to Montreal in 2014, according to court documents, Schonhorn paid for cocaine, meals and travel expenses for Kang and another fund employee. And Kelley bought Kang concert tickets to see Paul McCartney and a ski trip for him and his girlfriend to Park City, Utah, according to authorities.

In exchange for these gifts, prosecutors allege Kang steered $2 billion in fixed-income business to FTN and Sterne Agee, from which Kelly, Schonhorn and their employers earned millions of dollars in commissions, prosecutors said.

Kang worked at the $184.5 billion fund from January 2014 through February 2016, when the state said he was dismissed from his position. He was responsible for investing over $55 billion in fixed income assets, according to his LinkedIn profile. He previously worked at Guggenheim Partners Asset Management and Pacific Investment Management Co after beginning his career at Goldman Sachs Group Inc, according to the profile.

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Rev. Jesse Jackson pushes for India COVID relief

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Rev. Jesse Jackson pushes for India COVID relief | Diya TV News

SAN FRANCISCO (Diya TV) — The Reverend Jesse Jackson is standing in solidarity with Indian Americans in California who are rallying the community to send more Covid-19 relief to India.  Reverend Jackson is also voicing solidarity for other communities of color as African Americans celebrate Juneteenth, the new Federal holiday marking the end of slavery in the U.S.

And Satya Nadella is now even more powerful at Microsoft. The tech giant’s CEO was named chairman of the board elevating his current role atop one of the world’s most valuable companies. The Indian American has served as chief executive since 2014, has helped transform the PC maker into a leader in cloud computing in recent years, resulting in  a market cap of close to $2 trillion.

Billionaire philanthropist MacKenzie Scott has given away another massive chunk of her fortune. This time nearly 3  billion dollars to a variety of charities. Several Indian organizations like Goonj, Antara Foundation, and GiveIndia have also benefited from this generosity.

Ravi Kapur contributed to this report.

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US – India trade hits record $9 billion

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U.S.-India trade hits record $9 billion | Diya TV News

SANTA CLARA, Calif. (Diya TV) — For the second month in a row, the U.S.-India bilateral goods trade crossed $9 billion dollars.  It had never happened once before that. This is a comprehensive document covering trade in goods and services, and shows India and the U.S. remain strong strategic partners.

the U.S. Senate confirmed Radhika Fox as the first Indian American and woman of color to lead the office of water at the Environmental Protection Agency. Her supporters say she will focus on making sure everyone’s point of view is heard and taken into account.

And British Pakistani rapper Frenzo Harami is being criticized for his anti Hindu post on Instagram. Harami uses vulgar language to describe Hindu minorities living in Kashmir. He apparently went on this tirade after claiming youtube banned one of his videos.

Ravi Kapur contributed to this report.

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India’s COVID rate drops dramatically

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India’s COVID rate drops dramatically | Diya TV News

NEW DELHI (Diya TV) — India’ s Covid-19 infection rates are starting to consistently drop each day.  The ministry of health reported a little more than 60,000 cases in the past 24 hours. That’s a dramatic decrease from the peak of more than 400,000 cases in one day just a few months ago. 

India has also decided to partially open the Taj Mahal to visitors. And as restrictions ease, several shops, malls, and restaurants have started to reopen in multiple cities this week. but Authorities continue to advise mask wearing and social distancing.

Vice President Kamala Harris hosted a dinner party for a bipartisan group of female senators at her official Washington, DC residence. 16 Democrats and eight Republicans. Vice President Harris is doing this against the backdrop of intense negotiations over President Biden’s agenda in Congress and a border crisis raging on her watch.

And one of the fiercest critics of Big Tech companies like Apple and Amazon is now leading the Federal Trade Commission.  Lina Khan will be tasked with voting on enforcement matters in areas of both competition and consumer protection. the 32 year old South Asian will be the youngest person to ever lead the agency.

Ravi Kapur contributed to this report.

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