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Top Stock Market News For Today January 13, 2022

Stock Market Futures Steady After Another Green Day For Stocks

Stock market futures are edging up today following a session where stocks climbed marginally higher. For some, this slight movement in markets could be a welcomed sign. Before the release of December’s Consumer Price Index (CPI) figures yesterday, there were some bouts of volatility in the stock market. Following the results, things appear to be relatively calm. Given that the CPI reading is within economists’ estimates, this is understandable. Nevertheless, investors still have interest rate hikes to consider this year as inflation remains at highs last seen decades ago. 

Among the economists commenting on this is Christian Scherrmann from the DWS Group U.S. He posits, “Persistent high inflation rates together with the recent strong labor market data reinforce the hawkish narrative provided by the Fed.” Furthermore, Scherrmann adds, “Looking ahead, Omicron looks set to dictate the fate of the economy in January and maybe in February, but current indications on how the new variant plays out suggest that the Fed will remain on track to reduce its accommodative monetary policy, most likely as early as in March this year, by hiking rates for the first time since December 2018.”

As of 7:36 a.m. ET, the Dow, S&P 500, and Nasdaq futures are trading higher by 0.12{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, 0.07{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, and 0.10{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} respectively.

TSM Reports Solid Fourth Quarter Earnings Figures

The Taiwan Semiconductor Manufacturing Company (NYSE: TSM) or TSM for short, is among the notable names reporting earnings today. Earlier today, the firm announced its fourth-quarter results. In detail, TSM raked in an earnings per share (EPS) of about $1.15 for the quarter. This marks a respectable 16.4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} increase year-over-year. Additionally, the company also reported a net income of about $6.01 billion on revenue of $15.84 billion. Year-over-year, this translates to gains of 16.4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} and 21.2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} respectively.

On top of that, the company also provided a breakdown of its revenue streams as well. Throughout the fourth quarter, TSM’s 5-nanometer chips, and 7-nanometer chips accounted for 23{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} and 27{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of total wafer revenue respectively. Also, “advanced technologies” defined as 7-nanometer and more advanced tech, made up the remaining 50{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. Overall, the company seems to be going from strength to strength as it sees steady demand for semiconductor chips. Considering the ongoing supply shortages and TSM’s leading position in the industry, this could persist. As a result of all this, investors may want to keep an eye on TSM stock in the stock market today.

TSM Stock
Source: TD Ameritrade TOS

[Read More] Best Monthly Dividend Stocks To Buy Now? 5 For Your List

Tesla Co-Founder JB Straubel Sees EV Sales Taking Off Through 2025

Speaking of semiconductors, a booming market that relies on these chips now would be the electric vehicle (EV) industry. In fact, providing his outlook on EV sales is Tesla (NASDAQ: TSLA) co-founder JB Straudel. Namely, Straudel says that consumer demand for EVs has and continues to pick up. So much so that he is questioning industry estimates of EVs accounting for only 12.7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of all U.S. auto sales by 2025. Straubel argues, “If you look at how fast adoption is growing in parts of Europe and other parts of the world, I think it points to a path of potentially even higher percentages than that by mid-decade.” With all this momentum, the top EV stocks in the market could be more appealing to investors now.

At the same time, it is also important to note that Straubel is currently the CEO of a battery-recycling firm, Redwood Materials. This is relevant to the current update from him as well. Notably, Redwood Materials is allocating $1 billion towards building a new EV battery recycling plant in Nevada. The company cites this very demand as a key reason behind the current facility. Subsequently, Redwood will employ the factory to produce necessary materials used at the Tesla Gigafactory in Nevada.

In other news, Bank of America (NYSE: BAC), or BofA for short, now offers a forecasting tool for both its corporate and commercial clients. The tool in question is an artificial intelligence (AI)-powered forecasting solution. Ideally, the tool serves to help BofA customers better manage their cash flows. To highlight, the current news comes from talks between executives and Bloomberg. More importantly, BofA clients will need to be using the bank’s CashPro app to benefit from this new service. In turn, the app gathers data and predicts future cash positions. This will apply to a client’s bank accounts across the board through AI.

For one thing, such a tool would be relevant given the Fed’s plans to raise interest rates this year. CashPro Global Product Head Tom Durkin also weighs in on this. He says, “We’re going into a raising-rate environment, so you need an effective tool that sets your cash position.” Not to mention, the company is also planning to reduce overdraft fees and eliminate non-sufficient fund fees. BofA plans to implement these changes to its core services in May 2022. All in all, the bank seems to be aggressively optimizing its operations amidst rising competition and challenging times. The question now is whether or not all this is enough to make BAC stock stand out among its peers.

BAC stock
Source: TD Ameritrade TOS

[Read More] Top Stocks To Buy Now? 4 Cruise Line Stocks Making Headlines

Lithium Mining Stocks Gain Amidst Supply Shortages And Increasing Government And Analyst Support

Elsewhere, companies in the lithium mining space are gaining in the stock market now. For the most part, this could be thanks to rising lithium prices amidst dwindling supplies. To explain, the current scarcity is likely from the rising use of lithium as a core component in EV batteries. In a time where the shift towards clean energy resources is coming hard and fast, this is understandable. Evidently, the global price for lithium almost quadrupled throughout 2021.

This year, the price for this increasingly precious commodity continues to rise. As of yesterday, the price per ton of lithium carbonate in China is now at a record high of $49,600. Because of all this, lithium stocks such as Sociedad Quimica (NYSE: SQM) and Lithium Americas (NYSE: LAC) are in the green this week. Moreover, there is no shortage of exciting news from these two firms as well.

On one hand, SQM recently won a lithium development contract with the Chilean government. On the other hand, Lithium Americas received rosy analyst updates from Cowen (NASDAQ: COWN), Deutsche Bank (NYSE: DB), and Piper Sandler (NYSE: PIPR) this week. In particular, Piper Sandler notes that the company “holds the keys to a multitude of game-changing catalysts”. As such, it would not surprise me to see investors turning their radars to lithium mining stocks now.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Bills-Patriots playoff game may be one of the coldest in Buffalo history

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As Covid deaths rise, many are still from delta, CDC says

Most described Covid-19 fatalities in the U.S. are nevertheless from the delta variant, not omicron, Dr. Rochelle Walensky, director of the Centers for Disease Control and Prevention, said Wednesday.

Covid deaths, dependent on a 7-day going common, have achieved 1,600 for each working day in the U.S., a 40 per cent increase more than the earlier 7 days, according to CDC info.

Whole protection of the Covid-19 pandemic

Walensky, talking at a White Home Covid-19 Reaction Workforce briefing, stated she expects most of people fatalities are continue to lagging deaths from the delta variant wave.

The omicron variant only just lately became the dominant pressure in the U.S., surpassing delta all-around mid-December. The new strain now accounts for an estimated 98.3 p.c of all new circumstances, according to CDC knowledge.

Community health officials will keep track of “deaths over the future various months to see the effect of omicron on mortality,” Walenksy said throughout the briefing. “Provided the sheer amount of conditions, we may well see deaths from omicron, but I suspect the fatalities we are observing now are nevertheless from delta.”

Omicron causes considerably less significant condition

Walensky’s reviews came a working day immediately after researchers released a new research primarily based on info from Kaiser Permanente Southern California that identified the omicron variant appears to bring about considerably less significant condition than past strains and shorter healthcare facility stays.

The examine, which was posted online to a preprint server and hasn’t been peer-reviewed but, seemed at just about 70,000 Covid people in California, the greater part of whom experienced health issues caused by the omicron variant.

Walensky cited the examine at the Wednesday briefing, expressing it stays dependable with data from South Africa and the United Kingdom and gives some knowing of what the U.S. can hope in coming weeks.

“The danger of hospitalization remains low — specifically between persons who are up to date on their Covid vaccines,” Walensky said. “On the other hand, the staggering increase in instances, over 1 million new cases each individual working day, has led to a substantial range of total hospitalizations.”  

Masks supply distinct stages of defense

While omicron may well be fewer serious, “the unexpected and steep increase in situations because of to omicron is resulting in unparalleled day by day scenario counts, illness, absenteeism and strains on our overall health treatment method,” she said.

The CDC is encouraging all Americans to use well-equipped masks to shield on their own and others in opposition to the new pressure.

She stated the agency is getting ready an update to its site on masks, noting that various masks and give various stages of protection.

Follow NBC Overall health on Twitter & Facebook.

Berkeley Lovelace Jr. is a well being and health care information reporter for NBC News.

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Why your grandmother’s quilt is today’s luxury fashion staple

Published by Megan C. Hills, CNN

When A$AP Rocky arrived at the Met Gala in September, he managed what handful of other folks could: likely toe-to-toe with Rihanna on the purple carpet.

His model icon lover was, as regular, amid the night’s finest dressed. But the rapper grabbed the limelight with his possess manner statement — a voluminous, multi-colored quilt.

The piece was customized-produced by designer Eli Russell Linnetz and quilter Zak Foster, and was based mostly on a blanket uncovered in a California thrift keep. A woman afterwards recognized the unique quilt as one particular her fantastic-grandmother experienced hand-sewn, publishing an picture of it to Instagram.
A$AP Rocky and Rihanna attend the 2021 Met Gala on September 13, 2021 in New York City.

A$AP Rocky and Rihanna show up at the 2021 Achieved Gala on September 13, 2021 in New York Town. Credit: John Shearer/WireImage/Getty Visuals

Its appearance at fashion’s greatest evening was just the hottest example of the craft’s modern-day revival, which is reworking quilts from loved ones heirlooms to luxury products and solutions. They have appeared on significant runways and in nostalgia-laden winter collections, as labels increasingly switch to repurposed materials as evidence of their environmental credentials.

For lifelong quilting lovers like former editor-in-main of Quiltfolk journal, Mary Fons, observing them go mainstream is interesting. “The actuality is that quilts are cool. They are timeless,” she said above e-mail. “When you see them on pink carpets it reinforces that, and as quilters, we’re right here for it.”

New Americana

Even though luxury mainstays like Norma Kamali and Moschino have not long ago integrated quilted detailing into their collections, indie manufacturers like Stan Los Angeles have appear to use the system as the foundation of their perform.

Upcycled quilts function prominently in the California label’s surfwear collections. Just one overshirt, made from a quilt handmade in Pennsylvania in 1870, is priced at $2,250.
A quilted ensemble by California label Stan Los Angeles.

A quilted ensemble by California label Stan Los Angeles. Credit score: Stan Los Angeles

The brand’s founder, Tristan Detwiler, initial became intrigued in upcycling quilts when he reworked his outdated little one quilt into a jacket — the first piece he ever produced “from scratch,” he stated in excess of movie connect with. He afterwards met quiltmaker Claire McKarns, now 80 decades previous, who took him to her warehouse filled with “hundreds and hundreds of her hand-curated quilts,” he added. She later on prolonged an invitation to her craft team, where Detwiler linked with extra veteran quiltmakers.

The story of individual textiles is central to Detwiler’s artistic tactic, which also sees him upcycling a assortment of other parts handed down by way of generations — like a sunshine-patterned coat hand-stitched by his possess good-wonderful-good-grandmother in the 1800s. His clothes appear with labels outlining their histories. “The electricity of spouse and children and generations and historical past in that of course activates emotion,” he explained.

Two and a fifty percent several years considering that launching his manufacturer, the designer now focuses on 1-off creations — two of which are presently on screen at the Achieved Costume Institute’s exhibition “In America: A Lexicon of Trend.” Discovering the nation’s vogue background, the show characteristics a jacket-and-trouser ensemble that Detwiler created from a 19th-century quilt gifted to him by McKearns. One of 12 quilted parts in the exhibition, it stands beside a Ralph Lauren patchwork outfit sewn from antique textiles in the 1980s.

Fons stated the quilting trend reemerges “every 30 many years or so,” including: “Adolfo did it in the late ’60s, Ralph Lauren did it in the ’80s, and then Calvin Klein and designers like Emily Bode started it up once more around 2017.”

"In America: A Lexicon of Fashion" at the Metropolitan Museum of Art featured some examples of quilted textiles.

“In The united states: A Lexicon of Style” at the Metropolitan Museum of Art showcased some examples of quilted textiles. Credit: Taylor Hill/WireImage/Getty Pictures

Quilting for generations

Quilting has deep roots in The us, with Fons describing it as a “democratic artwork” practiced by persons of all fiscal, racial and religious backgrounds all over the country’s history. Regional designs also progressed, from the English-influenced mosaic quilts manufactured by predominantly White New England crafters to the brightly colored geometric styles of Gee’s Bend, Alabama, whose enslaved neighborhood quilted for “survival,” artist Michael C. Thorpe — who functions with the medium — mentioned, with gals repurposing outfits and feed sacks to maintain their family members warm.
A visitor looks at the "The Quilts of Gee's Bend" exhibit at a 2004 show in Washington, D.C.

A customer looks at the “The Quilts of Gee’s Bend” exhibit at a 2004 display in Washington, D.C. Credit score: Stephen Jaffe/AFP/Getty Images

Civil legal rights leader Rev. Jesse Jackson even referred to the craft in a well-known speech at the 1984 Democratic Countrywide Conference — a metaphor he revisited in his famed 1988 “patchwork quilt” handle — describing America as a quilt of “quite a few patches, many items, numerous shades, many measurements, all woven and held together by a frequent thread.” The estimate opens the Costume Institute exhibition, with assistant curator Amanda Garfinkel indicating that it aligned with the show’s “emphasis on inclusivity and diversity.” Folks “answer emotionally” to the quilted exhibits, Garfinkel included, owing to the “individual and historic narratives they have.”

Fons mentioned the continued really like of quilting is “substance proof” of American values, incorporating: “Of class, our region will not generally show these values, but quilts are continue to viewed as icons of maybe what we hope to be.”

Artist Michael C. Thorpe poses in front of two basketball-themed quilted works.

Artist Michael C. Thorpe poses in entrance of two basketball-themed quilted operates. Credit history: Alec Kugler

Instead than looking to historic kinds, artists like Thorpe are incorporating other factors of design in their quilted performs. Thorpe, who recently collaborated with Nike on quilts influenced by the NBA’s earlier and potential, delivers Black background, his possess biracial experiences and childhood dreams to life by textile portraits. But even with his contemporary tactic, persons at the artist’s new Miami exhibition still brought up their very own grandmothers when seeking at his work, he said. “Quilting tends to make people today come to feel,” he additional. “It’s like this knee-jerk response of familial (ties). I consider which is what individuals are achieving for.”

Connecting the items

Ironically, in reshaping fashion with antique quilts American designers could also be endangering the craft, mentioned Fons. “We are in large threat of losing great tracts of American background, especially the history of women of all ages and marginalized communities, because these are the folks who have made the most quilts over our nation’s background,” she defined.

Regular hand-sewing capabilities are also significantly fewer widespread today. Quilts are generally produced by patchworking collectively parts of fabric, possibly by hand or with a machine, prior to sandwiching a layer of batting between the ornamental entrance items and fabric backs (giving them a exclusive puffiness and insulation for heat). But when electrical longarm stitching devices — which can sew on both an x and y axis — have radically transformed the craft in current decades, some quilt artists and designers are now bringing back “hand-piecing and hand-quilting” and are “connecting with… quilt heritage yet again,” Fons reported.

Quilting’s revival might, she extra, replicate a drive for “authenticity” amid the quick digitization and mass manufacturing of speedy fashion. Garfinkel in the meantime pointed to “the sense of neighborhood and preservation connected with quilting, specially in distinction to the accelerated pace of modern life, the anonymity of industrial production and the ephemerality of electronic tradition.”

Norma Kamali attends an event in New York City on October 13, 2021. Her recent collection featured digitized patchwork.

Norma Kamali attends an function in New York City on Oct 13, 2021. Her the latest selection highlighted digitized patchwork. Credit history: Michael Ostuni/Patrick McMullan/Getty Pictures

Thorpe included that persons are enduring “extraordinary burnout from technological know-how,” stating: “I imagine men and women are now additional interested in issues that get a very little little bit extended, and like reverting to craft… The idea of really sluggish (handcrafting) and anything to do with a community.”

A new era

Fons, who even now works as an editorial advisor for Quiltfolk, suggests the magazine’s audience averages at “all around 50 many years,” but she’s observed a increase of interest amongst young generations. In excess of the study course of the pandemic, she said she has spoken equally to very first-time quiltmakers and individuals who “picked it again up in the course of lockdown.”

Whilst there are some obstacles to entry, including the charge of machines, cloth and batting to pad out the quilts, Diy-minded TikTok customers are employing their new skills to help save revenue on apparel. Wandy the Maker, for occasion, shares quilting tutorials to really encourage Gen Zers to consider a lot more sustainably about their wardrobes. Others, such as @samrhymeswithhamm have found good results on the platform by means of the hashtag #quilttok, with a video of her generating a cactus-themed quilt racking up 2.4 million views.
Model Gigi Hadid walks Moschino's Spring-Summer 2022 fashion show at Bryant Park on September 09, 2021 in New York City. The brand included looks with quilted detailing in its new collection.

Model Gigi Hadid walks Moschino’s Spring-Summer time 2022 vogue exhibit at Bryant Park on September 09, 2021 in New York Metropolis. The brand provided seems to be with quilted detailing in its new collection. Credit rating: Gilbert Carrasquillo/GC Images/Getty Visuals

Fons claimed there was an “factor of fetishism” to America’s love of quilting. “At its heart, the craving for handmade things, artisanship, and ‘slow’ processes would make perception. Modern everyday living moves truly speedy and can be variety of scary.

“For a lot of individuals, a quilt is an icon of ‘simpler moments,’ even however it can be form of a bogus equivalency.”

“It really is a good time to be a quiltmaker,” she added.

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Bill Gates says COVID-19 vaccines are ‘missing two key things’

Novavax CEO Stanley Erck suggests the corporation is in the system of producing ‘quite a bit of doses and finding them out’ and notes that the vaccine will be ‘very effective’ versus the omicron pressure.

Invoice Gates, who donated $1.75 billion to COVID-19 vaccine improvement and preventing the pandemic, said this 7 days that when the at this time offered vaccines avoid significant illness and demise, they aren’t durable ample and should be much better at preventing infection. 

The Microsoft founder, whose net worthy of Forbes pegs at $135.9 billion, manufactured the responses in a Twitter discussion with Devi Sridhar, the chair of global public overall health at the College of Edinburgh Health care School. 

“The vaccines we have avert extreme sickness and death very nicely but they are missing two important factors,” Gates claimed to a question about what would make the biggest distinction in ending the pandemic. 

“Very first they however let infections (‘breakthrough’) and the length seems to be minimal. We need to have vaccines that prevent re-infection and have a lot of years of length.”

Monthly bill Gates speaks during the World-wide Investment decision Summit at the Science Museum on October 19, 2021 in London, England. (Photograph by Leon Neal – WPA Pool/Getty Photographs)

A modern College of Copenhagen review identified that the swift distribute of the omicron variant, which is now accountable for 98.3{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of new scenarios in the United States, in accordance to the CDC, is probable due to its capability to greater evade immunity made available by vaccines and prior infection than earlier variants. 

PFIZER Claims OMICRON-Certain VACCINE TO BE Prepared BY MARCH

Gates mentioned that omicron will problem wellbeing devices as it turns into the dominant strain in other international locations around the entire world, but may well allow wellness officials to start off treating COVID-19 the similar way they observe endemic viruses like influenza. 

“After Omicron goes by way of a place then the rest of the year ought to see far less conditions so Covid can be addressed more like seasonal flu,” Gates stated Tuesday. 

An employee draws up a syringe with the Pfizer vaccine against the coronavirus and the COVID-19 disease at vaccination bus in Berlin, Germany, Tuesday, Nov. 23, 2021. Germany battles rising numbers of coronavirus infections. (Kay Nietfeld/dpa via AP)

An personnel draws up a syringe with the Pfizer vaccine against the coronavirus and the COVID-19 sickness at vaccination bus in Berlin, Germany, Tuesday, Nov. 23, 2021. Germany battles growing numbers of coronavirus infections. (Kay Nietfeld/dpa by way of AP)

Spanish Prime Minister Pedro Sánchez urged European leaders this week to start out managing COVID-19 as an endemic virus rather of a pandemic, stating that overall health officers in Spain will quickly get started tracking it the same way they do the flu. 

GATES-FRENCH GATES Present OF $15B TOPS 2021 Major DONATION List

Nadhim Zahawi, the previous British minister for vaccine deployment and recent education secretary, instructed Sky News on Sunday that he hopes the United Kingdom “will be a person of the initially big economies to exhibit to the world how you transition from pandemic to endemic.”

Vials of Pfizer-BioNTech COVID-19 vaccines are completely ready to be injected to healthcare workers on Sunday, Dec. 20, 2020. (AP Photo/Ariel Schalit)

Gates gave a prescient Ted Chat in 2015 warning about the danger of a pandemic, indicating that if “anything at all kills about 10 million folks in the upcoming handful of a long time, it’s most most likely to be a remarkably infectious virus rather than a war.”

His philanthropic business, the Bill & Melinda Gates Basis, donated $1.75 billion to fighting the pandemic and developing COVID-19 vaccines. 

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About two-thirds of the U.S. populace older than 5 are absolutely vaccinated towards COVID-19 and 79.2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} have received at least just one dose, in accordance to CDC information. Of those people who are thoroughly vaccinated more than the age of 18, 39.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} have been given a booster dose. 

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U.S. Attorney Announces The Arrest Of 13 Individuals For $100 Million Healthcare Fraud, Money Laundering, And Bribery Scheme | USAO-SDNY

Damian Williams, the United States Attorney for the Southern District of New York,  Michael J. Driscoll, Assistant Director-in-Charge of the New York Office of the Federal Bureau of Investigation (“FBI”), Miriam E. Rocah, the Westchester County District Attorney, Kevin P. Bruen, Superintendent of the New York State Police (“NYSP”), and Keechant Sewell, Commissioner of the New York City Police Department (“NYPD”), announced the unsealing of two indictments charging 13 individuals – including an NYPD police officer, licensed physicians, an attorney, and others – in connection with a $100 million automobile insurance fraud scheme. 

Of the 13 defendants, eight are charged in an indictment detailing conspiracies to commit healthcare fraud, money laundering, bribery, and obstruction, making false statements to federal authorities, and aggravated identity theft.  The charges are set forth in United States v. Alexander Gulkarov, et al., 22 Cr. 20 (the “Gulkarov Indictment”), which has been assigned to U.S. District Judge Failla.  Five additional defendants are separately charged in United States v. Bradley Pierre, et al., 22 Cr. 19 (the “Pierre Indictment”), which has been assigned to U.S. District Judge Torres.

Of those defendants, ten were arrested this morning in New York and New Jersey and are scheduled to appear before U.S. Magistrate Barbara Moses in Manhattan federal court later today.  An eleventh defendant, Alexander Gulkarov, was arrested in Miami, Florida, and is scheduled to appear before a U.S. Magistrate Judge in the Southern District of Florida later today.

U.S. Attorney Damian Williams said:  “The thirteen defendants charged in today’s indictments are alleged to have collectively perpetrated one of the largest no-fault insurance frauds in history.  In carrying out their massive scheme, among other methods, they allegedly bribed 911 operators, hospital employees, and others for confidential motor vehicle accident victim information. With this information, they then endangered victims by subjecting them to unnecessary and often painful medical procedures, in order to fraudulently overbill insurance companies. Schemes exploiting no-fault insurance laws – which ironically exist to make insurance more affordable – also result in higher costs, and unfairly burden all consumers in the auto insurance market.” 

FBI Assistant Director Michael J. Driscoll said: “No-fault accident schemes, like the one alleged today, can cost insurance companies millions of dollars in payouts to doctors and clinics who provide phony or unnecessary services to unwitting accident victims. This cost is almost always passed to consumers of private insurance or subsidized programs established to help those in need. This is a dangerous game in which the penalties include federal criminal charges.”

Westchester County District Attorney Miriam E. Rocah said:  “This case is a perfect example of federal, state and local law enforcement working in partnership to investigate and take down two criminal organizations that allegedly defrauded insurance companies and exploited vulnerable individuals by subjecting them to unnecessary, harmful, and sometimes painful, medical treatments for the sake of greed and profit. We will continue to work with our law enforcement partners to hold accountable those who manipulate the insurance system on which so many people depend, especially when the alleged perpetrators are professionals who allegedly violated the oaths they took to serve and protect.” 

State Police Superintendent Kevin P. Bruen said: “These indictments are the result of years of investigative work and could not have succeeded without the collaboration between federal, state and local law enforcement.  Our investigation uncovered a large-scale, complex scheme that resulted in millions of dollars of fraudulent insurance claims. This type of fraud impacts the entire system and results in higher costs for companies and policyholders. I commend our members and our law enforcement partners for their work on this case, and we are sending a clear message that we will not tolerate fraud on any level.”

NYPD Commissioner Keechant Sewell said: “Today’s indictments reflect schemes to profit by exploiting victims’ through fraud. I commend the NYPD detectives, FBI agents and prosecutors of the United States Attorney’s Office in the Southern District of New York for their long-term efforts and cooperation in this investigation into alleged healthcare fraud, money laundering and bribery. Together, we will continue to be relentless in fighting crime that impacts the people we serve wherever, and however, it occurs.”

According to allegations contained in the Indictments[1] unsealed today in Manhattan federal court:  

Background of the Investigation

Since 2017, the U.S. Attorney’s Office for the Southern District of New York, the FBI, and the Westchester County District Attorney’s Office have been investigating several criminal organizations involved in a widespread healthcare fraud and bribery scheme that utilized the New York and New Jersey no-fault automobile insurance regime to earn millions of dollars in illegal profits.

New York and New Jersey no-fault insurance laws require a driver’s automobile insurance company to pay automobile insurance claims automatically for certain types of motor vehicle accidents, provided that the claim is legitimate, and is below a particular monetary threshold (the “No-Fault Laws”).  Pursuant to these requirements, insurance companies will often pay medical service providers directly for the treatment they provide to automobile accident victims, without the need to bill the victims themselves.  This process resolves automobile claims without apportioning blame or fault for the accident, thereby avoiding protracted disputes, and the costs associated with an extended investigation of the accident. 

The Gulkarov Indictment

The Gulkarov Indictment charges eight individuals (the “Gulkarov Conspirators”) with participating in a scheme to exploit the No-Fault Laws.  As part of the scheme, the Gulkarov Conspirators fraudulently owned and controlled more than a dozen medical professional corporations – including medical, acupuncture, and chiropractic practices – by paying licensed medical professionals to use their licenses to incorporate the professional corporations (collectively, the “Gulkarov Clinics”).  The Gulkarov Conspirators further defrauded automobile insurance companies by billing insurance companies for unnecessary, harmful, and excessive medical treatments and lying under oath to insurance company representatives.

The Gulkarov Conspirators promoted the scheme through bribery.  The Gulkarov Conspirators paid hundreds of thousands of dollars to co-conspirators (the “Runners”), who used this money to bribe 911 operators, hospital employees, and others for confidential motor vehicle accident victim information.  The Runners then used this information to contact automobile accident victims, lie to them, and induce them to seek medical treatment at, among other places, the Gulkarov Clinics.

The Gulkarov Conspirators laundered the proceeds of the fraud scheme through law firms, check-cashing entities, and shell companies, and used the money to pay for luxury cars, watches, and vacations.  Then, when certain members of the conspiracy learned that they were under federal criminal investigation, they obstructed justice by fabricating documents, lying to law enforcement, and committing perjury before a federal grand jury.

As alleged, the leaders of the Gulkarov Conspirators are non-physicians, including ALEXANDER GULKAROV, a/k/a “Little Alex,” ROMAN ISRAILOV, a/k/a “Roman Matatov,” PETER KHAIMOV, a/k/a “Peter Khaim,” and ANTHONY DIPIETRO.  ROLANDO CHUMACEIRO, a/k/a “Chuma,” and MARCELO QUIROGA are licensed medical practitioners who incorporated medical practices as part of the scheme, prescribed unnecessary and excessive medical treatments, and overbilled insurance companies under the No-Fault Laws.

The Gulkarov Indictment also includes charges against an attorney, ROBERT WISNICKI, Esq., who is the founding partner of two New York-based law firms.  As alleged, WISNICKI laundered hundreds of thousands of dollars of illicit proceeds for the leaders of the Gulkarov Conspiracy and concealed these transfers by fabricating retainer agreements, lying to law enforcement, and committing perjury before a federal grand jury. 

 

Finally, the Gulkarov Indictment includes a charge against an NYPD police officer, ALBERT ARONOV.  As alleged, as part of the scheme, ARONOV logged into NYPD computers during off-hours and searched for confidential motor vehicle accident reports on the NYPD’s servers.  ARONOV then took photos of the reports using a pre-paid “burner” phone and transmitted the photos to the leaders of the Gulkarov Conspiracy using an encrypted messaging application.  The leaders then used the confidential information contained in these reports to contact the motor vehicle accident victims, lie to them, and steer them to the Gulkarov Clinics for medical treatment.  When later questioned by federal agents, ARONOV lied about his involvement in accessing and disseminating the confidential motor vehicle accident reports.

All told, the Gulkarov Conspirators billed insurance companies for more than $30 million in fraudulent medical treatments.

The Pierre Indictment

The Pierre Indictment separately charges five additional individuals (the “Pierre Conspirators”) with participating in a second criminal scheme to exploit the No-Fault Laws.  The Pierre Conspirators fraudulently owned and controlled five medical services corporations – including medical clinics and a magnetic resonance imaging (“MRI”) center – by paying licensed medical professionals to use their licenses to incorporate the professional corporations (collectively, the “Pierre Clinics”).  The Pierre Conspirators further defrauded automobile insurance companies by billing insurance companies for unnecessary, harmful, and excessive medical treatments, falsifying clinical injuries in reports, and lying under oath to insurance company representatives.

The Pierre Conspirators promoted the scheme through bribery.  Like the Gulkarov Conspirators, the Pierre Conspirators also paid hundreds of thousands of dollars to the Runners, who used this money to pay bribes for confidential motor vehicle accident victim information.  The Runners then used this information to induce victims to seek medical treatment at, among other places, the Pierre Clinics.

The Pierre Conspirators laundered the proceeds of the fraud scheme through phony loan arrangements and shell companies.

As alleged, the leader of the Pierre Conspiracy is BRADLEY PIERRE, who is not a physician.  PIERRE conducted much of the No-Fault Scheme from his physical office located in a law firm owned by a family member (“Law Firm-2”), where, among other things, he monitored the Pierre Clinics using closed circuit TV cameras, communicated with co-conspirators using Law Firm-2’s email domain, and met with doctors in Law Firm-2’s offices.   PIERRE further openly communicated with Law Firm-2 about the scheme, for instance telling his family member, “I’m going to make sure you ALWAYS make your quota.”  Law Firm-2 paid PIERRE over $4 million in connection with the No-Fault Scheme – typically from Law Firm-2’s Interest on Lawyers Trust Accounts (“IOLA Accounts”) – while maintaining no documentation or ledgers identifying the purpose of these payments.

The Pierre Indictment further charges two licensed medical practitioners with participating in the scheme.  MARVIN MOY is a medical doctor who incorporated a medical practice as part of the scheme and agreed with PIERRE to conduct unnecessary and painful electrodiagnostic testing on patients.  WILLIAM WEINER is a doctor of osteopathic medicine who incorporated a medical imaging facility as part of the scheme and agreed with PIERRE to falsify findings of clinical injuries in MRIs in order to boost patient referrals.

Finally, the Pierre Indictment charges two individuals for conspiring with PIERRE to pay bribes in order to facilitate the scheme.  ARTHUR BOGORAZ is a paralegal and manager at a New York-based personal injury law firm (“Law Firm-1”).  Among other things, BOGORAZ and PIERRE agreed to jointly pay bribes for patient and client referrals to the Pierre Clinics and Law Firm-1.  ANDREW PRIME is a Runner who bribed 911 operators and operated an additional call center as part of the scheme.

All told, the Pierre Conspirators billed insurance companies for more than $70 million in fraudulent medical treatments.

*                *                *

The maximum potential sentences are prescribed by Congress and are provided here for informational purposes only, as the sentencing of the defendants will be determined by a judge.

Mr. Williams praised the work of the FBI, the New York State Police, the New York City Police Department, the New York City Department of Financial Services, the Westchester County District Attorney’s Office, and the National Insurance Crime Bureau.  Mr. Williams noted that the investigation is ongoing.

This case is being handled by the Office’s Complex Frauds and Cybercrime Unit, and the White Plains Division.  Assistant United States Attorneys Mathew Andrews and Louis A. Pellegrino are in charge of the prosecution.

22-007                                                                                                                                                           ###

Gulkarov Indictment

Defendant

Age

Hometown

Charges (Potential Maximum Term of Imprisonment)

ALEXANDER GULKAROV, a/k/a “Little Alex”

 

 

 

 

Healthcare fraud conspiracy, money laundering conspiracy, Travel Act conspiracy, obstruction conspiracy, aggravated identity theft

(42 years)

 

 

ROMAN ISRAILOV

 

 

 

 

Healthcare fraud conspiracy, money laundering conspiracy, Travel Act conspiracy, aggravated identity theft

(37 years)

 

PETER KHAIMOV, a/k/a “Peter Khaim”

 

 

 

 

Healthcare fraud conspiracy, money laundering conspiracy, Travel Act conspiracy, aggravated identity theft

(37 years)

 

ANTHONY DIPIETRO

 

 

Healthcare fraud conspiracy, money laundering conspiracy, Travel Act conspiracy; obstruction conspiracy

(40 years)

ROLANDO CHUMACEIRO, a/k/a “Chuma”

 

 

 

Healthcare fraud conspiracy

(10 years)

 

MARCELO QUIROGA

 

 

 

Healthcare fraud conspiracy

(10 years)

 

ROBERT WISNICKI

 

 

 

 

Money laundering conspiracy, obstruction conspiracy

(25 years)

 

ALBERT ARONOV

 

 

 

 

False statements

(5 years)

 

 

Pierre Indictment

 

BRADLEY PIERRE

 

 

 

 

Healthcare fraud conspiracy, money laundering conspiracy, Travel Act conspiracy, aggravated identity theft

(37 years)

 

MARVIN MOY

 

 

 

Healthcare fraud conspiracy, money laundering conspiracy

(30 years)

 

WILLIAM WEINER

 

 

 

 

Healthcare fraud conspiracy, money laundering conspiracy

(30 years)

 

 

ARTHUR BOGORAZ

 

 

 

 

 

Travel Act Conspiracy

(5 years)

 

 

ANDREW PRIME

 

 

 

 

Travel Act Conspiracy

(5 years)

 

 

 

 

[1] As the introductory phrase signifies, the entirety of the texts of the Indictments and the descriptions of the Indictments set forth herein constitute only allegations and every fact described should be treated as an allegation.