Month: August 2023

A part-time pretzel shop worker who had only 9 cents in his bank account is charged in a fraudulent “free-riding” scheme to buy nearly $200,000 of shares in Tesla, GameStop, and Nvidia without paying for them, the Securities and Exchange Commission (SEC) says. 

Deyonte Jahtori Anthony, 23, of Concord, North Carolina, is accused of opening a brokerage account in July 2022 using a fraudulent application. The SEC says he overstated his personal income and made $1 million in bogus deposits from his bank account. At the time he was working at various fast-food and retail jobs – including the pretzel chain Auntie Anne’s – and had only 9 cents in his bank account. 

According to a complaint, Anthony used “immediate access” credit extended to him by his broker-dealer to purchase nearly $200,000 in shares of Tesla, GameStop, Nvidia, and a cybersecurity ETF called HACK before his deposits could be reversed for insufficient funds. The brokerage is not named in the complaint. 

SEC FILES CHARGES AGAINST FORMER NEW JERSEY OFFICER IN CRYPTO FRAUD SCHEME TARGETING FIRST RESPONDERS

The brokerage caught on to the scheme, froze his account, and liquidated his holdings before he made any profits, the complaint says. 

The brokerage liquidated Anthony’s holdings for a net profit of $7,127. He was not able to sell any of his holdings for profit before the brokerage froze his account. 

When asked why he made the $1 million in unfunded deposits without having funds to cover the transactions, Anthony – according to the SEC – said it was “a joke” and “never really thought of it as fraud.” 

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Anthony is permanently barred from trading securities and must show a copy of the SEC’s complaint to any bank at which he is trying to open a brokerage account. 

As of now, Anthony is not officially represented in the SEC case. No notice of appearance has been filed on his behalf. 

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Apple has reportedly carried out 3D printing trials for some of its future watch manufacturing. 

The tech giant has recently done so for the steel casing of the Apple Watch 9, Bloomberg reported Wednesday. The 3D printing process has been in the works for several years, according to the outlet, which attributed the information to unnamed sources.

FOX Business reached out to Apple for comment on the Bloomberg report.

The upcoming Series 9 of Apple’s smartwatches has not yet been officially announced by the iPhone maker. The Apple Watch Series 8 debuted in 2022.

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Bloomberg pegged the percentage of all Apple Watch units that have stainless steel casings at roughly 10%. Aluminum reportedly serves as the metal for a majority of them. 

The company wants the manufacturing of Ultra models of the Apple Watch with titanium cases to involve 3D printing next year, per Bloomberg.

In the future, other devices could reportedly see the technique brought to their production. That will depend on how it pans out with the upcoming Apple Watches, according to the outlet. 

The use of 3D printing for the steel chassis would help boost efficiency in the manufacturing process, Bloomberg reported. It also involves less metal, something that would reportedly have environmental advantages. 

Many have projected the announcement of Apple Watch 9 will take place at the tech giant’s rapidly-approaching “Wonderlust” event. At the same time, the widely anticipated iPhone 15 could also get an introduction. 

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Earlier in the week, Apple scheduled Sept. 12 as the date of “Wonderlust,” this year’s iteration of its annual September event. Last year’s happened Sept. 7. 

Apple’s smartwatches fall under the company’s wearables, home and accessories segment. 

For the third quarter, that segment’s net sales came in at $8.28 billion. Compared to those reported in the same three-month time frame last year, they represented a lift of nearly 2.5%.

Apple CFO Lucas Maestri said in early August, when the company put out its latest quarterly results, that the wearables, home and accessories division posted a “June quarter record” in greater China and showed “strong performance in several emerging markets.”

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“We continue to see Apple Watch expand its reach with about two-thirds of customers purchasing an Apple Watch during the quarter being new to the product,” he told analysts and investors. “And this is combined with very high levels of customer satisfaction, which was recently reported at 98% in the United States.” 

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