Dumpling Chain Earns Most Revenue per Restaurant of Any Chain in US
Din Tai Fung—a family-owned restaurant chain known for its xiao long bao, also known as soup dumplings—earned $27.4 million last year for each of its 16 locations in the United States, according to
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CNBC
a day ago
- CNBC
Author of 'King Dollar': Recent actions by Trump administration may drive interest rates higher
Paul Blustein of CSIS still believes there is no alternative to the U.S. dollar, and says April's sharp dollar sell-off in Asia was due to the large dollar asset holders such as the Japanese, Taiwanese life insurers hedging themselves.
Business Insider
2 days ago
- Business Insider
Over 100 US companies hiring remote workers ended up funding Kim Jong Un's weapons programs, DOJ says
The Justice Department said on Monday that it had seized hundreds of computers and accused 13 people of tricking US companies into paying salaries to North Korea. In a new indictment filed in Massachusetts federal court, prosecutors alleged that conspirators fooled over 100 American firms in Washington, D.C., and 27 states. These firms weren't named, but authorities said they include Fortune 500 companies and a defense contractor in California with access to sensitive military technology files. Investigators detailed an elaborate scheme where at least two US citizens worked with North Korean state actors from 2021 to 2024 to steal identities, use them to get people hired in American industries, and then siphon their salaries to Pyongyang. "These schemes target and steal from US companies and are designed to evade sanctions and fund the North Korean regime's illicit programs, including its weapons programs," John Eisenberg, assistant attorney general in the National Security Division, said in a Monday statement. First, the conspirators used online background check services to obtain the personal data of over 80 Americans, the Justice Department said. Using that data, they created fake identities for a network of Chinese and Taiwanese people who lived outside America but posed as US-based IT workers or software engineers looking for remote jobs. Authorities said that once hired, the scammers would ask their employers to send work laptops to homes in New Jersey, New York, and California. But these homes were actually "laptop farms," where the computers were plugged into hard drives that gave user access to IT workers in North Korea, per the Justice Department. At least 29 suspected laptop farms in 16 states were raided by US law enforcement, the department said in its statement. Prosecutors alleged that Wang Zhengxing, one of the US citizens named in the indictment, hosted one of such laptop farm and created shell companies, such as a fake "VC-backed startup" called Tony WKJ, to receive the fake workers' salaries. The money was then sent to North Korea-controlled accounts. Wang has been arrested and faces charges in the five-count indictment, alongside eight other Chinese and Taiwanese citizens. The other US citizen named in court documents, Kejia Wang, is at large. The Justice Department said both men and four other unnamed partners working in the US received at least $696,000 in total from North Korea for their services. Four North Koreans were named in a separate criminal indictment filed in the Northern District Court of Georgia, which accused them of posing as US-based workers and laundering their salaries. They're also accused of stealing data and cryptocurrency from their employers, then lying about the theft. "How many times do I need to tell you??? I didn't do it!!! It's not me!!!" one of the fake workers wrote in a Telegram message to one of these companies in 2022, per the Justice Department. The US has been trying to crack down on what it warns is a wide-scale, concerted effort by North Korea to dupe American firms into hiring its IT workers to fund Pyongyang's government. For years, the FBI and the Justice Department have said the fraud could involve thousands of North Korean workers farming millions of dollars for weapons and missile programs. Other major indictments include the charging of an Arizona woman who was accused in May 2024 of helping North Koreans find work with over 300 companies in the US.
San Francisco Chronicle
2 days ago
- San Francisco Chronicle
US brings charges in North Korean remote worker scheme that officials say funds weapons program
WASHINGTON (AP) — The Justice Department announced criminal charges Monday in connection with a scheme by North Korea to fund its weapons program through the salaries of remote information technology workers employed unwittingly by U.S. companies. The charges are part of what law enforcement officials described as a nationwide operation that also resulted in the seizure of financial accounts, websites and laptops that were used to carry out the fraud. Two separate cases — one filed in Georgia, the other in Massachusetts — represent the latest Justice Department effort to confront a persistent threat that officials say generates enormous revenue for the North Korean government and in some cases affords workers access to sensitive and proprietary data from the corporations that hire them. The scheme involves thousands of workers who, armed with stolen or fake identifies of U.S. citizens, are dispatched by the North Korean government to find work as remote IT employees at American companies, including Fortune 500 corporations. Though the companies are duped into believing the workers they had hired were based in the U.S., many are actually stationed in North Korea or in China and the wages they receive are transferred into accounts controlled by co-conspirators affiliated with North Korea, prosecutors say. "These schemes target and steal from U.S. companies and are designed to evade sanctions and fund the North Korean regime's illicit programs, including its weapons programs,' Assistant Attorney General John Eisenberg, the head of the Justice Department's National Security Division, said in a statement. In one case exposed on Monday in federal court in Massachusetts, the Justice Department said it had arrested one U.S. national and charged more than a half dozen Chinese and Taiwanese citizens for their alleged roles in an elaborate fraud that prosecutors say produced at least $5 million in revenue and affected more than 100 companies. The defendants are accused of registering financial accounts to receive the proceeds and creating shell companies with fake websites to make it appear that the workers were connected to legitimate businesses. They also benefited from the help of unidentified enablers inside the United States who facilitated the workers' remote computer access, tricking companies into believing the employees were logging in from U.S. locations. The Justice Department did not identify the companies that were duped, but said that some of the fraudulent workers were able to gain access to and steal information related to sensitive military technology. The case filed in Georgia charges four North Korean nationals with using fake identities to gain access to am Atlanta-based blockchain research and development company and stealing hundreds of thousands of dollars in virtual currency. The Justice Department has filed similar prosecutions in recent years, as well as created an initiative aimed at disrupting the threat.
