Top Morning Stories 11/4/11: Sentencing in Investment Fraud Case, AMD Cutting Jobs
Sentencing Set in High Profile Investment Scheme Case
The Associated Press reports sentencing is set for today for the former CEO of an Austin-based investment firm that used former NFL stars to defraud hundreds of investors. People lost more than $50 million in investments they thought were legitimate.
Kurt Branham Barton, founder of Triton Financial, was convicted on 39 counts, including wire fraud and money laundering. The AP reports the charges could carry up to life in prison:
Prosecutors said Barton wanted to hang out with NFL players and used money that investors thought was for real estate deals and short-term business loans to pay for a luxury box at University of Texas football games, a $150,000 car and family trips on private jets. None of the athletes, including some who lost millions, was accused of wrongdoing.
AMD Cutting Global Workforce by About 10 Percent
Advanced Micro Devices Inc. is cutting 1,400 jobs worldwide, including 320 Austin jobs. An AMD press release says the company expects to save more than $200 million next year in operational costs and that it is restructuring to meet new market demands:
The company expects to reinvest a significant portion of the savings to fund initiatives designed to accelerate AMD's strategies for lower power, emerging markets, and the cloud.
A company spokesman told KXAN AMD is offering severance packages to all eligible employees.
Last Day to Vote Early
Today is the last day to vote early in Tuesday's elections. Texans are voting on ten state constitutional amendments. Travis County is also holding two bond elections for transportation and parks projects. The County has made some changes for election day with new "vote centers." Voters from all precincts will be able to vote at any polling place, not just their assigned precinct.
Time Change this Weekend
Don't forget to set your clocks back one hour Saturday night. Daylight Saving Time ends Sunday at 2 a.m. Enjoy the extra hour of sleep!