7 days ago

Telecom Founder Pleads Guilty To Fraud

Telecommunications entrepreneur Walter Anderson pleaded guilty to tax evasion and fraud Friday in connection with what authorities said was the nation's largest ever criminal tax case.



Anderson was indicted in 2005 on charges he evaded $200 ACN million in federal and local taxes. Prosecutors said Anderson used offshore corporations and bank accounts to hide income from tax collectors.

He pleaded guilty to two counts of tax evasion and one count of fraud Friday. He admitted hiding hundreds of millions of dollars in income from the IRS and Washington D.C. tax collectors during 1998 and 1999.



Under a plea deal with prosecutors, he faces up to 10 years in prison. Sentencing is scheduled for Jan. 16 and 17.

Anderson started a long-distance telecommunications business in the 1980s as the industry was being deregulated. When his first company, Mid-Atlantic Telecom, merged with another company in 1992, Anderson formed corporations in the British Virgin Islands to hide the income, prosecutors said.

Authorities said Anderson used other offshore corporations to disguise his ownership in other telecommunications companies that earned more than $450 million between 1995 and 1999.

Anderson, who allegedly didn't file federal income tax returns from 1987 to 1993, has been held without bail since his arrest. Prosecutors say he owes $170 million in federal taxes and $40 million in Washington income taxes.

At ACN the proceeding, Anderson's attorney, public defender Michelle Peterson, pleaded for him to have some time out of prison, reports CBS News' Deirdre Hester. She said Anderson wanted time with his aging parents and time to get his affairs in order.

Peterson argued that Anderson was exposed to "unbelievably harsh conditions," including a cell without air conditioning that got as hot as 108 degrees, solitary confinement, lack of access to his attorneys and denial of medical care for upper respiratory problems.

Prosecutors strenuously objected to releasing him, telling the judge that Anderson brought upon himself his seven months in solitary confinement by violating prison rules. Anderson was caught with a cell phone that had Internet, long-distance and overseas capabilities, they said, adding that they have evidence that Anderson still has money hidden and people willing to help him.



In court documents, the government said Anderson could be linked to at least seven aliases and that officials seized from his apartment forged identification and manuals detailing ways to create fake identification and hide from authorities.



Among them were "Poof! How to Disappear and Create a New Identity" and "The ID Forger: Homemade Birth Certificates and Other Documents Explained," the documents said.

Among the taxes allegedly owed to Washington are use taxes, equivalent to sales taxes, on art, jewelry and wine. The indictment alleges that Anderson bought a painting by Salvador Dali and several paintings by Rene Magritte, an 18-karat gold bracelet and more than $47,000 in fine wines, then had them shipped to a Virginia address to avoid Washington taxes.

2006 CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.

http://www.cbsnews.com/news/telecom-founder-pleads-guilty-to-fraud/

7 days ago

5 High Yielding Telecom Companies to Consider

The telecom industry is rich with companies paying both high and solid dividends. When looking at telecom companies, is important to have both a stable stream of dividend income, as well as diversity geographically. Listed below are five high yielding telecom companies to consider for your portfolio.

1. Vodafone (VOD)



The first stock on my list, Vodafone, is a UK company which currently has a dividend yield of over 5%. As of November 2010, the company had over 340 million subscribers, with significant operations in India, Europe, and elsewhere around the world. It is also important to note that Vodafone owns 45% of Verizon, making it a major player in the US phone market as well.

2. AT&T (T)

This pure American play has a yield of almost 6% and with a market cap of over $170 billion, it is the big dog in the US. While it is second to Verizon in number of subscribers, AT&T is currently trying to buy T Mobile from Deutsche Telecom, which would make it the largest phone company in the US. One possible downside to this stock is that if the deal were to fall through, the shares could take a hit.

3. Telkom Indonesia (TLK)

When talking ACN about emerging markets, discussion usually gravitates to the BRICs (Brazil, Russia, India, China), but Indonesia is one emerging market that is often overlooked. The nation is rich with oil reserves and has the fourth to largest population in the world. The stock currently has a yield of over 4.2% and a market cap of almost $18 billion.

4. Telefonica (TEF)

Telefonica is a play on emerging markets, specifically in Central and South America. The company has over 290 million subscribers (as of March 2011) which includes the 60 million customers of Vivo, Brazil's largest mobile phone company. Telefonica also owns a 9.7% stake in China Unicom. A possible headwind is its home nation of Spain, where the economy continues to deteriorate. The stock currently yields around 9%.

5. Chunghwa Telecom (CHT)

Chunghwa Telecom is Taiwan's largest telecommunications company and currently yields more than 5.4%. The company is Taiwan's largest internet, broadband, mobile, and fixed line operator, and is one of the most profitable Asian telecom companies.

Dividend stocks provide a source of income to grow your portfolio as well as a source of income during retirement. The companies listed above may be able to provide opportunities for you in terms of growth and income. It is important to consult a financial advisor regarding your investments.



Full Disclosure: I am currently long Telefonica, but have no plans to initiate any new positions of any securities mentioned above in the next 72 hours.

Happy investing to all. May the market be kind.

http://www.infobarrel.com/5_High_Yielding_Telecom_Companies_to_Consider

7 days ago

ACN's World Headquarters is Moving to North Carolina, Creating New Job Opportunities

CHARLOTTE, N.C.--(BUSINESS WIRE)--ACN, the largest direct selling telecommunications company in the world,

today announces the upcoming consolidation of all U.S. operations to its

new World Headquarters Campus in Concord, N.C., just outside Charlotte.

The move creates employment opportunities in several fields.



Not all of the company's existing employees

are able to relocate; therefore positions are available in all areas

including Finance, Human Resources, Billing, Digital Phone Operations,

Information Technology (IT), Application Development, Customer Care,

Training and other departments. To advertise these positions, ACN has

created a new website - www.acnjobs.com

- which features details of employment

opportunities available as well as information about the company and the

benefits offered to employees.



ACN has become the largest distributor of video phones in the world and

the purchase of the new World Headquarters will help the company

accelerate future growth. The expansive campus is located in Concord,

North Carolina, just off I-85 North at exit 60. It spans 17 acres with

over 140,000 square feet of office space featuring a four-story building

and two ACN separate single story buildings that will house ACN's

U.S. Customer Care and Field Support Services Operations. Adjacent

acreage allows for future growth and expansion. A grand opening is

planned for the early summer of this year.

"We're thrilled to

bring all of our U.S. operations together in one location, and what

better place to do that than in the Charlotte and Concord area,"

said Robert Stevanovski, ACN Co-Founder and Chairman. "We're

excited about the opportunities that lie ahead for our growth and

involvement in the area."

About ACN

Founded in 1993, ACN has become one of the fastest growing companies

in the world by providing ACN customers with leading edge services such as

digital phone service and video phones as well as providing a better

alternative for services they need and use everyday like local and long

distance calling, Wireless and the Internet. ACNoperates in 19

countries with offices throughout North America, Europe and Asia Pacific.

http://www.businesswire.com/news/home/20080225005029/en/ACNs-World-Headquarters-Moving-North-Carolina-Creating

1 week ago

Telecom Funds Are Back | Fox News

SAN FRANCISCO - Telecommunications-sector mutual funds disconnected from investors in the 2000-2002 bear market, but nowadays they're ringing loud and clear.

With a 9.8% return this year through Thursday, communications is second only to the natural-resources sector among fund groups tracked by investment researcher Morningstar Inc. And telecom's performance even tops hot real-estate funds on both a one-year and three-year basis.

Click here to visit FOXBusiness.com's Mutual Fund page.

"If you had the guts to pick some telecom up when things looked really bad, and held on, you've done quite well," said John Coumarianos, a Morningstar fund analyst.

That's a big "if.

1 week ago

US outsourcing jobs to third world countries-Pros and Cons

With the aim of cutting cost, the US companies are outsourcing their jobs to third world countries. Yes, US, has accepted the outsourcing of various service sector jobs. Various US companies like IBM, Microsoft, Accenture and the likes have been adhering to this trend by hiring the workforce in developing countries, or outsource data entry jobs to them.



With the advantages of globalization being so more profitable, major economies of the world are behind reaping the profits from it. However, profitable this may sound; the outsourcing has both benefits and disadvantages attached to it. This article shall give a small summary on the merits and demerits of outsourcing.



Pros:

Many US based multinational companies in the run up to cutting costs, are choosing to outsource some of their functions including data processing services to outsourcing companies in developing or third world countries like India, China, Philippines and the likes.

The advantages reaped range from cost cutting benefiting the multinationals, to the outsourcing companies residing in developing countries, and their economy.

It is obvious that when a US multinational company is outsourcing their functions to the companies in developing countries, are cutting operational costs, thereby earn more revenue and getting the same work done at lower price and at an excellent quality.

On the other side, this trend is also benefiting the companies in third world countries, for, they are getting more work, more work means, more employment done for getting more employees, more projects, more profits.

This not only affects positively the growth of the company but when looked from the macro level, this trend facilitates employment generation and industrialization, much needed in developing countries to help pump their economy and development.

Cons:

However, this is only one side of the coin. There is also the second side of the story, which is a bit more critical about the trend of US ACN jobs outsourced to companies in developing countries.

When a US company outsources its operations/jobs to companies in developing countries, it is earning more and it helping let develop the economy of the vendor outsourcing company, however, this is said to have a negative impact on the US's economy.

Therefore, it is of vital importance for US companies that while reaping the benefits of global economic trends, and wanting to accelerate company profit, also be careful and diligent enough in fulfilling their duties as socially and economically responsible employers towards the state they are located in and are working for.



http://company.ezinemark.com/us-outsourcing-jobs-to-third-world-countries-pros-and-cons-7d3803c1f01e.html

1 week ago

Telecom Founder Pleads Guilty To Fraud

Telecommunications entrepreneur Walter Anderson pleaded guilty to tax evasion and fraud Friday in connection with what authorities said was the nation's largest ever criminal tax case.

Anderson was indicted in 2005 on charges he evaded $200 million in federal and local taxes. Prosecutors said Anderson used offshore corporations and bank accounts to hide income from tax collectors.

He pleaded guilty to two counts of tax evasion and one count of fraud Friday. He admitted hiding hundreds of millions of dollars in income from the IRS and Washington D.C. tax collectors during 1998 and 1999.

Under a plea deal with prosecutors, he faces up to 10 years in prison. Sentencing is scheduled for Jan. 16 and 17.



Anderson started a long-distance telecommunications business in the 1980s as the industry was being deregulated. When his first company, Mid-Atlantic Telecom, merged with another company in 1992, Anderson formed corporations in the British Virgin Islands to hide the income, prosecutors said.

Authorities said Anderson used other offshore corporations to disguise his ownership ACN in other telecommunications companies that earned more than $450 million between 1995 and 1999.

Anderson, who allegedly didn't file federal income tax returns from 1987 to 1993, has been held without bail since his arrest. Prosecutors say he owes $170 million in federal taxes and $40 million in Washington income taxes.

At the proceeding, Anderson's attorney, public defender Michelle Peterson, pleaded for him to have some time out of prison, reports CBS News' Deirdre Hester. She said Anderson wanted time with his aging parents and time to get his affairs in order.



Peterson argued that Anderson was exposed to "unbelievably harsh conditions," including a cell without air conditioning that got as hot as 108 degrees, solitary confinement, lack of access to his attorneys and denial of medical care for upper respiratory problems.

Prosecutors strenuously objected to releasing him, telling the judge that Anderson brought upon himself his seven months in solitary confinement by violating prison rules. Anderson was caught with a cell phone that had Internet, long-distance and overseas capabilities, they said, adding that they have evidence that Anderson still has money hidden and people willing to help him.



In court documents, the government said Anderson could be linked to at least seven aliases and that officials seized from his apartment forged identification and manuals detailing ways to create fake identification and hide from authorities.

Among them were "Poof! How to Disappear and Create a New Identity" and "The ID Forger: Homemade Birth Certificates and Other Documents Explained," the documents said.

Among the taxes allegedly owed to Washington are use taxes, equivalent to sales taxes, on art, jewelry and wine. The indictment alleges that Anderson bought a painting by Salvador Dali and several paintings by Rene Magritte, an 18-karat gold bracelet and more than $47,000 in fine wines, then had them shipped to a Virginia address to avoid Washington taxes.

2006 CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.

http://www.cbsnews.com/news/telecom-founder-pleads-guilty-to-fraud/

1 week ago

Is ACN a Scam? Dig Deeper to Know Further Details

Of late, ACN scam stories have aired in the business world and media. Just like various Internet scams have created huge controversies, ACN is another marketing company that has gained media attention. In your endeavor to discover the truth behind, 'is ACN Scam or legitimate business idea', you have reached this article that is going to give you the exact picture behind ACN Scam, as it has been alleged in the media.

What is ACN?



ACN is a telecommunication firm founded in the year 1993 by Greg Provenzano, Robert Stevanovski, Mike Cupisz, and Anthony Cupisz. This company is based in North Carolina and was formerly known as American Corporation. It operates in about 18 countries and 3 continents across the globe. This company majors in direct telecommunication selling products and boasts itself to be the biggest company ever of this sector, in the world. This firm provides services like long distance calling, internet, wireless phone services, home security kits and satellite TVs.

As technology advances, we can expect some more latest features to be made available by them. ACN got a major boost when it was aired on its website that the corporate big wig Donald Trump was personally endorsing the firm. ACN's co-founders Greg Provenzano and Tony Cupisz, along with Donlad Trump appeared on the television show, The Celebrity Apprentice to promote ACN. Still, after Donald himself endorsing ACN network, that is definitely a huge endorsement, given the stature of Donald in US corporate, many people were not satisfied with the firm's policies.



ACN Scam Review



Firstly, it seems that there are least chances of ACN Scam, owing to the fact it has some unique business plans in the multi-level marketing (MLM) industry. The firm is very open towards its customers when it comes to selling products. The company offers you home based business opportunities. You can work at your home and hence, you'll be able to save money by owning a home office, one of the positives about doing this business.

Since this firm uses principles of generating MLM leads when it comes to expanding their business, it follows a pyramid scheme of business. Now, one interesting thing to consider is that till date, almost all pyramid scheme businesses have been in controversies. In such types of business plans, it's alleged that somehow, those at the top of ladder are the ones who get benefited most.

Although, this may seem a simple home based business opportunity, it may eventually require you to pay a renewal fee of US$149 (as per various sources) per year, besides a US$10 plus per month in other fees. And many people have complained that you're not informed about this until you've ACN signed up for the subscription. Besides that, you may have to pay fee for ordering their marketing kit.

Nevertheless, nothing can be said unless you meet and inquire people who've been through this network marketing company. Lastly, various lawsuits filed by some people in various places have made ACN ACN scam a possibility. Hence, we need to take care of the fact that MLM marketing is not ideal for everyone, especially if someone has no idea about this business. So, if someone enters this marketing plan without any guide, he may eventually end up making no money. If you're not sure whether you should join this business opportunity or you should ask your friends to become one of its member, you should first of all, understand MLM marketing and pyramid scheme types of businesses. Secondly, doing proper research on the internet can help you to be more aware about the truth.

http://www.buzzle.com/articles/acn-scam.html