Selasa, 04 Januari 2022

Theranos burned through its $945 million raised from wealthy investors while Holmes lived in luxury - Daily Mail

How Theranos burned through $945M in investment while Elizabeth Holmes lived in luxury $5,000-a-month apartment in San Francisco: Fraudsters' firm was losing $2 million a week in 2013 and had a $585 million deficit by 2015

  • Elizabeth Holmes's five month trail revealed the troubled Theranos founder courted billionaires who sunk more than $945 million into the failed company
  • Investors included media mogul Rupert Murdoch, Walmart's Walton Family, and former Secretary of Education Betsy DeVos 
  • Holmes submitted financial projections of success while the company loss millions every year, and was loosing nearly $2 million every week in 2013
  • By 2015, the company had a $585 million deficit and only $429,000 in revenue
  • Despite the financial troubles, Holmes lived in a San Francisco luxury apartment with a view of the Golden Gate Bridge and owned a $9 million home 
  • Holmes was found guilty on Monday of four counts of wire fraud, and could face 20 years in prison for each count
  • The jury was unable to reach a verdict on three other counts, with the judge expected to declare a mistrial, but the government can choose to retry    

Theranos, the troubled Silicon Valley startup headed by now-convicted fraudster Elizabeth Holmes, burned through the $$945 million it raised through wealthy investors, all while she lived in a $5,395 a month San Francisco suite with a jaw dropping view of the Golden Gate Bridge. 

Holmes, 37, was found guilty of four counts of wire fraud by a California jury on Monday after deceiving investors into sinking more than $945 million into her faulty blood testing machines. 

Theranos raised nearly all of its capital from investing titans including media mogul Rupert Murdoch who lost $125 million, former Secretary of Education Betsy DeVos who gave $100 million, former Secretary of State Henry Kissinger who invested $3 million and Walmart family heiress Alice Walton who lost $100 million. 

The five month trial that exposed Holmes's dubious claims about financial success ultimately revealed the company was a money sinkhole that lost nearly $2 million a week in 2013 and reported only $429,000 in revenue before going under in 2015.  

Elizabeth Holmes (center) was found guilty on four counts of wire fraud by a California jury on Monday after deceiving wealthy investors into sinking more than $945 million into Theranos

Elizabeth Holmes (center) was found guilty on four counts of wire fraud by a California jury on Monday after deceiving wealthy investors into sinking more than $945 million into Theranos

Rupert Murdoch
Alice Walton
Betsy DeVos

Some of the wealthy investors included (L-R) media Mogul Rupert Murdoch, Walmart family heiress Alice Walton and former Secretary of Education Betsy DeVos

Holmes lived in the Lombard Place luxury apartments with a $5,395 monthly rent

Holmes lived in the Lombard Place luxury apartments with a $5,395 monthly rent 

Theranos investors: 

  • Rupert Murdoch: $125 million  
  • The Walton Family: $150 million 
  • Former Secretary of Education Betsy DeVos: $100 million 
  • Cox Communications heirs: $100 million 
  • Partner Fund Managment firm: $100 million 
  • Carlos Slim, media investor: $30 million 
  • Andreas Dracopoulos, Greek shipping heir: $25 million 
  • The Oppenheimer family:  $20 million 
  • Riley Bechtel, former chairman of the Bechtel Corp: $6 million 
  • Daniel Mosley, lawyer and power broker: $6 million 
  • Former Secretary of State Henry Kissinger: $3 million 
  • Robert Kraft, New England Patriots owner: $1 million 
  • Former Defense Secretary James Mattis: $85,000 

In late September, Theranos Controller Danise Yam, who was in charge of overseeing the company's finances since 2009, testified that Theranos was hemorrhaging big losses since 2010. 

The company recorded $16.2 million losses in 2010, then another $27.7 million in 2011. The following year, the company recorded no revenue and a lost of $57 million. 

In 2013, which was when the company was losing nearly $2 million every week, Yam said the company lost a total of $92 million. 

By 2014, the company accumulated a deficit of $376 million, with a measly $14,000 recorded in revenue. 

Yam said the losses stemmed from the company's investment into research and development of the failed blood testing machines.

Holmes, who painted herself as a young tech billionaire and modern version of Bill Gates and Steve Jobs, was only a billionaire on paper due to her shares and actually only received a $200,000 salary from the failing company in 2013 and 2014. 

Yet despite the financial trouble, Holmes lived in a two-bedroom, $5,395 a month apartment at Lombard Place, in San Francisco, that had a gorgeous view of the Golden Gate Bridge. 

She also owned a $9 million home in the affluent town of Atherton, California, with her business partner Sunny Balwani in 2013. 

Holmes now resides in a nine-bedroom, $135 million at Green Gables Estate in Silicon Valley with her husband Billy Evans.  

When things finally went under for Theranos in 2015, the company, valued at $9 billion, only had $429,000 in revenue and a $585 million deficit. 

But while the company's finances were in shambles, Holmes continued to paint rosy financial projections, claiming the company would make $122 million in 2015 in order to attract big money investors. 

Among some of the wealthy investors included the heirs of Cox Communications, who gave $100 million; media investor Carlos Slim, who lost $30 million; Greek shipping heir Andreas Dracopoulos, who put in $25 million; the Oppenheimer family, who invested $20 million; New England Patriots owner Robert Kraft, who lost $1 million; and former Defense Secretary James Mattis, who invested $85,000 of his personal savings.  

Another donor included Kissinger's lawyer, Daniel Mosley, who invested $6 million after helping the former secretary of state secure his investment. 

'He said it would be terrific if you would take the time to learn about the company and give me your views on it,' Mosley said of his conversation with Kissinger.

Mosley testified that Holmes was looking for 'high-quality families' to invest.

During his conversations with Holmes, Mosley said he began evaluating a potential investment for himself.

'I was still looking at it with an intent to tell Dr. Kissinger what I thought about it,' Mosley said adding that he found it to be 'personally interesting.'

Mosley, a lawyer and power broker among wealthy families, asked Holmes for audited financial statements of Theranos in 2014, but when she failed to supply any he invested anyway.

Lombard Place Apartments is described in the online rental listing as being 'beautiful' and having 'grace'
The entrance to the building is pictured

Lombard Place Apartments is described in the online rental listing as being 'beautiful' and having 'grace'. The entrance to the building is pictured

Interior images show the bridge in the left hand corner of one of the rooms at the two-bedroom home by the bay

Interior images show the bridge in the left hand corner of one of the rooms at the two-bedroom home by the bay

The biggest perk of #303 at 1340 Lombard Street is the glorious view of the Golden Gate Bridge and San Francisco Bay

The biggest perk of #303 at 1340 Lombard Street is the glorious view of the Golden Gate Bridge and San Francisco Bay

The main house at Green Gables is pictured. Holmes and her husband are believed to have been renting one of the smaller properties on the grounds, of which there are six

The main house at Green Gables is pictured. Holmes and her husband are believed to have been renting one of the smaller properties on the grounds, of which there are six 

Holmes testified that she painted a rosy financial outlook for Theranos  while the company was hemorrhaging hundreds of millions in losses

Holmes testified that she painted a rosy financial outlook for Theranos  while the company was hemorrhaging hundreds of millions in losses 

Former Secretary of State Henry Kissinger invested $3 million into Theranos, with his lawyer putting in $6 million and spreading the idea of investing to his other wealthy clients

Former Secretary of State Henry Kissinger invested $3 million into Theranos, with his lawyer putting in $6 million and spreading the idea of investing to his other wealthy clients 

Mosley then recommended that other clients of his invest in the company.

They included the Walton family, founders of Walmart, and headed by Alice Walton - the richest woman in the world, worth $70 billion.

The Walton family invested about $150 million in 2014 through two separate entities, according to the investor list.

Another of Mosley's clients, the DeVos family - including Betsy DeVos, who served as Donald Trump's education secretary - invested about $100 million.

'It's obvious that they are highly disappointed in them as a company and as an investment,' said Greg McNeilly, the chief operating officer of The Windquest Group, the holding company of DeVos and her husband.

McNeilly said the $100 million was a joint investment across multiple generations and branches of her family, and described the share held by DeVos and her husband as 'minor.'

Betsy DeVos, her husband and their four adult children are worth roughly $2 billion. 

Holmes faces up to 20 years in prison for each of the four counts of fraud

Holmes faces up to 20 years in prison for each of the four counts of fraud

Holmes faces up to 20 years in prison for each of the four fraud charges following Monday's guilty verdict. She is unlikely to face the maximum sentence but would likely serve them concurrently.  

She was also found not guilty on four other fraud counts, and the San Jose jury were unable to reach a verdict on three other counts, which were set aside for a later date. 

Judge Edward Davila, who oversaw the case, said he planned to declare a mistrial on the three charges, which the government could choose to retry. 

A sentencing date is expecting to be set next week at a hearing on the three hung charges, which include an interview by the US Probation Office as it prepares a pre-sentence report. 

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2022-01-04 17:24:45Z
1209210653

Meet the Theranos investors defrauded out of millions - Daily Mail

The Theranos investors who were duped out of millions: Rupert Murdoch sank $125M into the doomed blood-testing company, Henry Kissinger put in $3M and former education secretary was defrauded out of $100M

  • Elizabeth Holmes, 37, was convicted on Monday of four counts of fraud in connection with the blood testing start-up she founded in 2003, Theranos
  • Holmes was masterful in convincing the rich and powerful to invest in her company, with one bold-faced name convincing another to follow suit
  • Among the earliest and largest investors was Rupert Murdoch, who in 2005 put money in the company, eventually ending up with a $125 million stake
  • In 2017, the year before the company collapsed, Murdoch sold his stake back to the company for $1
  • Other investors included Henry Kissinger, Larry Ellison, Betsy DeVos and the Walmart founder - with many of them also sitting on the company's board
  • Holmes could be sentenced to 20 years in prison for each of the four counts, although they will likely be served concurrently and she will appeal 

The conviction of Theranos founder Elizabeth Holmes on Monday has brought some measure of justice to those she defrauded - but the rich and often famous investors she courted have long lost any hope of getting their money back.

Her wealthiest and most high profile victims include Rupert Murdoch, who lost $125m and the DeVos family - including Trump-era Education Secretary Betsy DeVos, who invested $100m.

Other notable figures who lost large amounts include former Secretary of State Henry Kissinger, who invested $3 million,  ex-Defense Secretary Jim Mattis, who lost $85 million, and New England Patriots owner Robert Kraft, who invested $1 million. 

Also duped was the Walton family, who own Walmart. They sunk a cool $150 million into Theranos. 

Holmes, 37, was found guilty of four counts of wire fraud by a jury in San Jose, at the end of a five-month trial.

The court heard how she dreamt of a blood testing biotech firm, and promised astonishing results - yet failed to deliver. She was a master of marketing, the court heard, and managed to pull the wool over the eyes of some of America's biggest names in business, tech, politics and finance.

One of the earliest investors was media mogul Rupert Murdoch, who led a $5.8 million Series A fundraising round in February 2005, when the company was called Real-Time Cures.

Elizabeth Holmes is seen leaving court on Monday, having been found guilty on four counts

Elizabeth Holmes is seen leaving court on Monday, having been found guilty on four counts

Rupert Murdoch, the 90-year-old media mogul, invested $125 million in Theranos, becoming one of their largest investors. In 2017 he sold his stake for $1

Rupert Murdoch, the 90-year-old media mogul, invested $125 million in Theranos, becoming one of their largest investors. In 2017 he sold his stake for $1

Elizabeth Holmes found guilty of four counts 

1. Conspiracy to commit wire fraud against Theranos investors: Guilty

2. Conspiracy to commit wire fraud against Theranos paying patients: Not guilty

3. Wire fraud against Theranos investors: wire transfer of $99,990 from Alan Jay Eisenman: No verdict

4. Wire fraud against Theranos investors: wire transfer of $5,349,900 from Black Diamond Ventures: No verdict

5. Wire fraud against Theranos investors: wire transfer of $4,875,000 from Hall Phoenix Inwood Ltd.: No verdict

6. Wire fraud against Theranos investors: wire transfer of $38,336,632 from PFM Healthcare Master Fund: Guilty

7. Wire fraud against Theranos investors: wire transfer of $99,999,984 from Lakeshore Capital Management LP: Guilty

8. Wire fraud against Theranos investors: wire transfer of $5,999,997 from Mosley Family Holdings LLC: Guilty

9. Prosecutors dropped this count in November, after making an error that put the count in peril.

10. Wire fraud against Theranos paying patients: wire transmission of patient E.T.'s blood-test results: Not guilty

11. Wire fraud against Theranos paying patients: wire transmission of patient M.E.'s blood-test results: Not guilty

12. Wire fraud against Theranos paying patients: wire transfer of $1,126,661 used to purchase advertisements for Theranos Wellness Centers: Not guilty

 

Murdoch eventually increased his stake to $125 million, having phoned former Cleveland Clinic CEO Toby Cosgrove to ask about Holmes before he invested.

Cosgrove and his clinic were also reportedly weighing an investment in Theranos that never materialized.

According to Carreyrou, Murdoch viewed Theranos' other investors - including Cox Enterprises, the Atlanta-based conglomerate which invested $100 million - as a signal of legitimacy for the technology and its projected revenues.

Murdoch in turn attracted other investors, and was pivotal to the company's success.

Holmes assiduously courted Murdoch: in one anecdote from Wall Street Journal reporter John Carreyrou's book, he recounts a meeting at Murdoch's California ranch, where the media tycoon was 'surprised' by her bodyguards, while he had only one bodyguard himself.

'When he asked her why she needed it, she replied that her board insisted on it,' Carreyrou writes.

Carreyrou broke the 2015 story about Theranos's shaky foundations - writing in the Murdoch-owned Wall Street Journal.

When Holmes found out about the story, she asked Murdoch to stop it being published.

'You personally went to the owner of The Wall Street Journal to try to quash the story,' said Robert Leach, an assistant U.S. attorney, at trial during questioning of Holmes.

'I did,' Holmes replied.

Carreyrou's report caused the downfall of Theranos, and the loss of Murdoch's money.

In March 2017, the company bought back Murdoch's $125 million shares for just $1.

That price tag could potentially allow Murdoch, worth an estimated $22.4 billion, to write off his investment in Theranos as a loss - a move that could let the media mogul save millions on taxes owed on other investments, the Wall Street Journal speculated.

The 90-year-old Murdoch was not the only veteran public figure to lose out.

Henry Kissinger, the 98-year-old former Secretary of State, invested $3 million in Theranos and his lawyer, Daniel Mosley, invested a further $6 million.

'Dr. Kissinger explained to me he was on the board of Theranos and that it was a very interesting company,' Mosely testified in week nine of the trial, in November.

Kissinger himself is worth an estimated $50 million.

Henry Kissinger, now 98, is seen in January 2020. He invested $3 million in Theranos and was on the board

Henry Kissinger, now 98, is seen in January 2020. He invested $3 million in Theranos and was on the board

Alice Walton, daughter of Walmart founder Sam Walton, invested $100 million in Theranos on the advice of a lawyer

Alice Walton, daughter of Walmart founder Sam Walton, invested $100 million in Theranos on the advice of a lawyer

'He said it would be terrific if you would take the time to learn about the company and give me your views on it.'

Mosley testified that Holmes was looking for 'high-quality families' to invest.

During his conversations with Holmes, Mosley said he began evaluating a potential investment for himself.

'I was still looking at it with an intent to tell Dr. Kissinger what I thought about it,' Mosley said adding that he found it to be 'personally interesting.'

Mosley, a lawyer and power broker among wealthy families, asked Holmes for audited financial statements of Theranos in 2014, but when she failed to supply any he invested anyway.

Mosley then recommended that other clients of his invest in the company.

They included the Walton family, founders of Walmart, and headed by Alice Walton - the richest woman in the world, worth $70 billion.

The Walton family invested about $150 million in 2014 through two separate entities, according to the investor list.

Another of Mosley's clients, the DeVos family - including Betsy DeVos, who served as Donald Trump's education secretary - invested about $100 million.

'It's obvious that they are highly disappointed in them as a company and as an investment,' said Greg McNeilly, the chief operating officer of The Windquest Group, the holding company of DeVos and her husband.

McNeilly said the $100 million was a joint investment across multiple generations and branches of her family, and described the share held by DeVos and her husband as 'minor.'

Betsy DeVos, her husband and their four adult children are worth roughly $2 billion.

Holmes cultivated an enigmatic persona, and managed to win over wealthy individuals

Holmes cultivated an enigmatic persona, and managed to win over wealthy individuals 

Betsy DeVos, who served as Donald Trump's education secretary, also invested in Theranos

Betsy DeVos, who served as Donald Trump's education secretary, also invested in Theranos

Oracle founder Larry Ellison, worth an estimated $12 billion, was an advisor to Holmes and an investor

Oracle founder Larry Ellison, worth an estimated $12 billion, was an advisor to Holmes and an investor

Tech entrepreneur Larry Ellison, founder of Oracle, was introduced to Holmes by Don Lucas, one of the company's earliest backers and the founder of Lucas Venture Group. It is unclear how much he invested in the firm, although Holmes is said to have told other investors that he was considering putting up $20 million. 

Holmes testified that she met Lucas when the company was raising its Series B financing round.

'Don Lucas was one of the early VCs in Silicon Valley,' Holmes told the court.

'I knew him as someone who focused on building great companies in the long term,' she said, naming Oracle, National Semiconductor and Adobe as some of his investments.

'I was introduced to him by someone who had gone to college with my dad,' she said. 'He had a lot of questions. He began a very comprehensive diligence process.'

Ellison ended up joining the Series C investment round, along with Lucas and his nephew, Chris Lucas, who was one of the investors called by the prosecution.

James Mattis is seen on September 22, arriving in court in San Jose to testify against Holmes

James Mattis is seen on September 22, arriving in court in San Jose to testify against Holmes

Another Trump figure to invest in the company was James Mattis, the four star general who became defense secretary.

Mattis testified against Holmes on the sixth day of the trial, recalling how impressed he was with Holmes when he first met her in 2011 while still serving a four-star general in the Marine Corps, where he oversaw U.S. wars in Iraq and Afghanistan.

A few months after retiring from the military in 2013, Mattis joined the Theranos board and also invested in the startup, adding $85,000 of his own savings so he would have some 'skin in the game.'

Theranos paid him $150,000 annually as a board member. He resigned in 2016, becoming disillusioned with Holmes, and became defense secretary the following year.

He told the court: 'There became a point where I didn't know what to believe about Theranos any more.'

19 YEARS OF THERANOS

2003 - Holmes dropped out of Stanford University at 19 to found Theranos, pitching its technology as a cheaper way to run dozens of blood tests with just a prick of a finger and a few droplets of blood. Holmes said she was inspired to start the company in response to her fear of needles.

2004 - Theranos raises $6.9million and is valued at $30million. 

2007 - Theranos is valued at $200million.

2010 - Investors bought what Holmes was selling and invested hundreds of millions of dollars in the company. She said in a July Securities and Exchange Commission (SEC) filing that it had raised $45million. It is valued at $1billion.

2013 – Theranos announces partnership with Walgreens.

2014 - Theranos was worth more than $9billion and Holmes the nation's youngest self-made female billionaire, hailed by Fortune magazine.

Elizabeth Holmes, founder and chief executive officer of Theranos Inc., speaks during the 2015 Fortune Global Forum in San Francisco, California, on November 2, 2015

Elizabeth Holmes, founder and chief executive officer of Theranos Inc., speaks during the 2015 Fortune Global Forum in San Francisco, California, on November 2, 2015

February 2015 – In The Journal of the American Medical Association, a Stanford School of Medicine professor criticizes failure to publish anything in peer-reviewed biomedical journals. A notoriously secretive company, Theranos shared very little about its blood-testing machine with the public or medical community.

October 2015 - An investigation by The Wall Street Journal found that Theranos' technology was inaccurate at best, and that the company was using routine blood-testing equipment for the vast majority of its tests. The story raised concerns about the accuracy of Theranos' blood testing technology, which put patients at risk of having conditions either misdiagnosed or ignored, and Theranos temporarily halts finger prick tests.

June 2016 - Walgreens ended its blood-testing partnership with the company.

July 2016 - Department of Health and Human Services effectively banned Theranos in 2016 from doing any blood testing work at all.

2018 - Holmes forfeits control of Theranos and agrees to pay a $500,000 fine to settle charges by the SEC that she had committed a 'massive fraud' that saw investors pour $700million into the firm.

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2022-01-04 05:52:30Z
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Senin, 03 Januari 2022

Prince Andrew accuser’s 2009 deal with Jeffrey Epstein made public - BBC News

Prince Andrew, Virginia Roberts and Ghislaine Maxwell in 2001
Virginia Roberts

Virginia Giuffre agreed not to sue anyone connected to Jeffrey Epstein who could be described as a "potential defendant", a 2009 damages settlement against the sex offender shows.

The document, disclosed by a New York court, reveals the financier paid her $500,000 (£371,000) to end her claim.

Ms Giuffre is suing the Duke of York in a civil case for allegedly sexually assaulting her 20 years ago, when she was a teenager.

He has consistently denied the claims.

The document was released ahead of a critical hearing on Tuesday in the civil case involving Prince Andrew - and the interpretation of the settlement will form a central plank of the argument between the two sides.

Ms Giuffre alleges she was trafficked to the prince by Epstein and Ghislaine Maxwell.

Although the settlement does not mention the prince by name, his lawyers say this 2009 deal means she cannot sue him - because she agreed to end all legal action against anyone connected to the offender who could be described as a "potential defendant".

A source in Prince Andrew's legal team said "Giuffre referred to 'royalty' in her 2009 claim [against Jeffrey Epstein] and that means Prince Andrew was covered by the deal".

Epstein died in prison in 2019, while Maxwell was last week convicted of recruiting and trafficking young girls to be abused by the late financier.

But Ms Giuffre's legal team say the terms of the Florida settlement are irrelevant to her case against the Prince - which alleges sexual abuse by the royal in New York, London and the US Virgin Islands.

In her 2009 claim against Epstein, lawyers for Ms Giuffre said she was lured into a world of sexual abuse at his Florida home when she was a teenager.

They added: "In addition to being continually exploited to satisfy defendant's [Epstein] every sexual whim, [Ms Giuffre] was also required to be sexually exploited by defendant's adult male peers, including royalty, politicians, academicians, businessmen and or other professional and personal acquaintances."

That case never went to trial because on 17 November 2009 Jeffrey Epstein agreed to pay her $500,000 to stop it in its tracks. That deal was confidential until now - but has been made public because of its potential importance to the Prince Andrew case.

In the document, Ms Giuffre, also referred to by her unmarried name Roberts, agreed to "release, acquit, satisfy, and forever discharge" Epstein and "any other person or entity who could have been included as a potential defendant".

The settlement's wording says she discharges "potential defendants" from any US legal action, including damages claims dating "from the beginning of the world".

The precise meaning of that wording is expected to be the subject of intense legal arguments in New York on Tuesday.

Jeffrey Epstein and Ghislaine Maxwell relax in a log cabin on the Queen's Balmoral estate
US Attorney's Office SDNY

In filings to the New York court last month, Andrew B. Brettler, the duke's lead lawyer, said the Epstein settlement's plain language would be clear once it was released to the public.

"Epstein negotiated for this broad release, insisting that it cover any and all persons who Giuffre identified as potential targets of future lawsuits, regardless of the merit— or lack thereof —to any such claims," he said.

"Giuffre's baseless claims against Prince Andrew ... must be dismissed at this stage."

In a statement, one of Ms Giuffre's lawyers, David Boies, said the settlement was not relevant to her claim and "does not mention Prince Andrew". "He did not even know about it," he said.

In a previous court filing her lawyers said that the Epstein deal was "outside the four corners" of her action against Prince Andrew because it does not cover her claims against him.

Lisa Bloom, a lawyer for alleged victims of Jeffrey Epstein, described the settlement as "one of the most bizarre" she had ever seen, telling BBC News she thought it was "incomprehensibly vague".

"We want contracts to clearly specify who is released from a lawsuit and who is not," she said, adding that she could not see a judge releasing Prince Andrew from a lawsuit because he was not named specifically.

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2022-01-04 00:10:55Z
1235743636

Prince Andrew accuser Virginia Giuffre's confidential $500k settlement with Jeffrey Epstein made public - Sky News

The woman who has accused Prince Andrew of sexual assault agreed not to sue anyone connected to Jeffrey Epstein who could be described as a "potential defendant", a newly-released document shows.

The 2009 settlement between Virginia Giuffre and disgraced financier Epstein reveals he agreed to pay her $500,000 (£370,000) to end her legal claims against him.

Details of the confidential deal were made public on Monday following an order by US judges.

Who's who in the Jeffrey Epstein scandal?

court case photo
Image: Jeffrey Epstein paid Virginia Giuffre $500,000 to sign the settlement

Ms Giuffre, formerly known as Virginia Roberts, is suing the Duke of York in a civil lawsuit in which she claims he "committed sexual assault and battery" upon her when she was 17.

Andrew, who has not been charged with any criminal offences, has vehemently denied the allegations against him.

His lawyers say Ms Giuffre's settlement with Epstein "releases Prince Andrew and others from any purported liability arising from the claims" she has made against the royal.

More on Ghislaine Maxwell

But Ms Giuffre's legal team has said the agreement applies "at most" to people involved in litigation in Florida, thereby excluding Andrew.

On Tuesday, a New York judge will hear arguments on whether to dismiss Ms Giuffre's lawsuit against the duke, which is seeking unspecified damages.

What are the 'factual allegations' stated in Virginia Giuffre's lawsuit?

Prince Andrew has denied the allegations against him
Image: Prince Andrew has repeatedly denied the allegations against him

Her 2009 settlement with Andrew's former friend Epstein reveals she agreed to dismiss her lawsuit against the financier "upon payment and clearance" of the $500,000.

The document states that this would also "forever discharge… any other person or entity who could have been included as a potential defendant… from all, and all manner of, action and actions of Virginia Roberts, including state or federal..."

It adds that the agreement "represents a final resolution of a disputed claim and is intended to avoid litigation".

"The settlement agreement shall not be construed to be an admission of liability or fault by any party," the document says.

Those involved in the settlement had agreed it was "not intended to be used by any other person, nor be admissible in any proceeding or case against or involving Jeffrey Epstein, either civil or criminal", according to the document.

The settlement relates to a Florida state case to which the duke was not a party.

Andrew's legal team has described the civil case against him as "baseless" and had argued it should be thrown out as Ms Giuffre now lives in Australia - and not the US where it is being held.

But Ms Giuffre's lawyers said the duke should not have a "get out of jail free card" over matters of jurisdiction, and the judge dismissed the royal's request.

Virginia Giuffre pictured with lawyer David Boies in 2019
Image: Virginia Giuffre is suing the Duke of York

Ms Giuffre alleges that she was trafficked by Epstein to have sex with Andrew when she was aged 17, a minor under US law, and was pictured with the royal and Ghislaine Maxwell during the period the alleged intercourse took place.

Her lawyers have asked for a wealth of information from Andrew's legal team as they probe his BBC Newsnight interview when he said he was visiting a Pizza Express on the day of the claimed sexual encounter.

They have requested travel documents detailing the duke's movements on Epstein's planes and to his various homes, the duke's visit to Pizza Express in Woking, and London's Tramp nightclub where Ms Giuffre alleges she danced with a heavily sweating Andrew before they had sex.

In his Newsnight interview, Andrew claimed he had a medical condition at the time which meant he did not sweat.

The release of the 2009 settlement comes after Ghislaine Maxwell was found guilty of recruiting underage girls to be sexually abused by her ex-boyfriend Epstein, who killed himself in 2019 while awaiting trial on sex trafficking charges.

If judges do not throw out Ms Giuffre's lawsuit against Andrew this week, a trial could be held between September and December 2022.

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2022-01-03 18:22:36Z
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Minggu, 02 Januari 2022

Colorado wildfires: Two missing after devastating blazes followed by heavy snow - Sky News

Search teams are looking for two missing people in the snow-covered debris of devastating wildfires that ripped through parts of Colorado.

Nearly 1,000 homes were destroyed and hundreds damaged as the blazes hit two towns in Boulder County in the US state.

For those who escaped the flames, heavy snowfall has compounded the misery.

One of the homes which was destroyed by a wildfire in Superior. Pic: AP
Image: One of the homes destroyed by fire in the wildfires. Pic: AP

US President Joe Biden has declared the scene a national disaster, freeing up federal funds to assist affected people and businesses in recovery efforts.

Three people were initially reported missing but one has been been accounted for, Boulder County Sheriff Joe Pelle said on Sunday.

The cause of the fire is still under investigation but Mr Pelle said authorities were pursuing a number of tips and had executed a search warrant at "one particular location", without providing further details.

After visiting some of the damaged neighbourhoods, Colorado Governor Jared Polis said: "I know this is a hard time in your life if you've lost everything or you don't even know what you lost.

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"A few days ago you were celebrating Christmas at home and hanging your stockings and now home and hearth have been destroyed."

The remains of a van destroyed by wildfires before heavy snow fell. Pic: AP
Image: The remains of a van destroyed by wildfires before heavy snow fell. Pic: AP

Winter grassland fires are rare in Colorado, but experts have warned similar events will be more common in the coming years as climate change warms the planet.

Professor Jonathan Overpeck, a climate scientist at the University of Michigan, said: "These fires are different from most of the fires we've been seeing across the West, in the sense that they're grass fires and they're occurring in the winter.

"Ultimately, things are going to continue to get worse unless we stop climate change."

The blazes burned through at least 9.4 square miles on Thursday and firefighters eventually brought it under control on New Year's Eve.

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Homes ablaze as wildfires streak through Colorado
The Marshall Fire engulfs a home in Louisville, Colo., Thursday Dec. 30, 2021 as crews worked through the night battling the blaze that had destroyed more than 500 home in Boulder County. (AP Photo/The Gazette, Christian Murdock)
Image: Two people are missing following the wildfires

The fires had been fanned by winds of up to 105mph that helped flames leap to new ground.

Tens of thousands of people were ordered to flee, many escaping through thick smoke as the fires approached.

As the remains of properties were still smouldering on New Year's Day, the snow began to fall.

The cities of Louisville and Superior, north west of Denver, were evacuated
Image: The cities of Louisville and Superior, north west of Denver, were evacuated

Families have been returning to their neighbourhoods to find burnt-out shells of their homes.

When resident Cathy Glaab returned to her property, she found it had been turned into a pile of charred and twisted debris. It was one of seven houses in a row that were destroyed.

"The mailbox is standing," Ms Glaab said through tears. "So many memories."

Snow covers the smouldering remains of homes in Louisville, Colorado. Pic: AP
Image: Snow covers the smouldering remains of homes in Louisville, Colorado. Pic: AP

Red Cross shelter volunteers have been distributing electric heaters to residents as officials struggle to restore gas and electricity.

A historic drought and heatwaves have made wildfires harder to fight in the area, with 90% of Boulder County in severe or extreme drought having seen no substantial rainfall since mid-summer.

Extreme weather has also been taking hold in other parts of the US, with heavy snowfall disrupting road travel in the Pacific Northwest to California, and intense thunderstorms across the south damaging homes and buildings in Alabama.

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2022-01-02 21:11:08Z
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Finland insists on its right to join Nato in defiance of Russia - Financial Times

Russia’s sabre-rattling in Ukraine has reignited the debate in Finland as to whether the Nordic country should join Nato, defying demands from Moscow that seek to limit expansion of the military alliance in Europe.

Both the president Sauli Niinisto and the prime minister Sanna Marin used their new year addresses to underscore that Finland retained the option of seeking Nato membership at any time.

“Let it be stated once again: Finland’s room to manoeuvre and freedom of choice also include the possibility of military alignment and of applying for Nato membership, should we ourselves so decide,” Niinisto said.

Marin added in her separate speech that every country had the right to decide its own security policy, stressing: “We have shown that we have learnt from the past. We will not let go of our room for manoeuvre.”

Russia’s foreign ministry said last week that Finland and Sweden joining Nato “would have serious military and political consequences that would require an adequate response from the Russian side”.

As Russia amasses about 100,000 troops on Ukraine’s eastern frontier, Washington, Moscow and Nato member states are set to meet for talks in early January. US president Joe Biden is also due to speak to Ukrainian president Volodymyr Zelensky on Sunday. Vladimir Putin, the Russian president, has previously refused to rule out military action and has warned he has “all kinds” of options if his demands for “security guarantees” to limit Nato expansion are unmet.

Finland and neighbouring Sweden are both militarily non-aligned but have a growing co-operation with Nato as well as strong bilateral relationships with members of the alliance such as the US, Norway and UK.

There is no sense of Finland imminently about to apply for Nato membership, but Russia’s activity on the borders of Ukraine and its list of demands just before Christmas has fired up the internal debate in Helsinki to a level last seen after the Russian annexation of Crimea.

Niinisto also warned the west that it risked empowering Russia if it removed the threat of possible military action. Citing former US secretary of state Henry Kissinger on appeasing Nazi Germany, the Finnish president said: “Whenever avoidance of war has been the primary objective of a group of powers, the international system has been at the mercy of its most ruthless member.”

Petteri Orpo, leader of the main opposition National Coalition party, a longtime supporter of Nato membership, also said that now was the time to discuss whether Finland should apply and that he believed joining would improve both its security and that of the neighbouring region.

“Russia has recently suggested that the possible Nato membership of Finland and Sweden would force it to retaliate militarily. Such a speech is reprehensible and ultimately says more about Russia’s ultimate goals than Finland’s or Sweden’s. Finland does not pose a threat to Russia now or in any other way,” Orpo said on Thursday in a post on his party’s website.

Atte Harjanne, an active reservist and head of the parliamentary group of the Green party, a member of the ruling five-party government coalition, said the arguments for Finland joining had been “strengthened” and that the country should join immediately.

Leading politicians in all three Baltic countries believe that Finnish and Swedish membership of Nato is crucial for improving the security situation on Russia’s western border amid worries not just about Ukraine but also Belarus and its use of migrants to test Poland, Lithuania and Latvia.

Finland and Sweden joining Nato “could make entire northern Europe much more stable and safer,” said Marko Mihkelson, head of Estonia’s parliamentary foreign affairs committee.

Finland is one of the few European countries that did not significantly cut its military strength after the cold war as its 1,340km-long border with Russia, and memories of the bitterly fought 1939-40 winter war against the Soviet Union, ensured security matters retained a high priority.

Finland has also retained close diplomatic and commercial ties with Russia, and security experts say that Niinisto is perhaps the European leader most respected by his Russian counterpart Putin, with whom he has regular conversations.

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2022-01-02 18:46:53Z
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Unidentified person crosses demilitarised zone into North Korea - Sky News

An unidentified person has crossed the demilitarised zone into North Korea.

The person was spotted using surveillance equipment on the eastern portion of the heavily fortified border on Saturday night, but South Korean troops failed to capture them.

The DMZ stretches from coast to coast on the Korean peninsular. It is about 2.5 miles (4km) wide and heavily mined, with barbed wire fences and armed guards patrolling both sides.

North Korea leader Kim Jong Un (C) attends a paramilitary parade held to mark the 73rd founding anniversary of the republic at Kim Il Sung square in Pyongyang in this undated image supplied by North Korea's Korean Central News Agency on September 9, 2021. KCNA via REUTERS
Image: North Korea leader Kim Jong Un has warned of a great 'life-or-death struggle' for the country

It came after North Korea leader Kim Jong Un warned of a "great life-and-death struggle" for his nation as he marked the end of his 10th year in power.

A military officer who spoke anonymously to Reuters said South Korea had sent a message to the North on Sunday morning to ensure the safety of the unidentified person.

The North, which has adopted a shoot-on-sight policy during the COVID-19 pandemic, is not believed to have responded to the message.

There was public uproar in September 2020 when North Korean troops shot dead a South Korean fisheries official who went missing at sea, something which Pyongyang blamed on COVID rules and apologised for.

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It is unclear whether the incident marks a rare case of a South Korean attempting to defect to the North, or if it was a North Korean who was returning.

A South Korean army soldier, centre bottom, shakes hands with a North Korean army soldier before crossing the Military Demarcation Line to inspect the dismantled North Korean guard post
Image: Excursions across the heavily mined border are tightly controlled by both countries. File pic.

When the Korean War ended in 1953, the two sides only signed a truce, not a peace treaty, meaning they are technically still at war.

Although about 34,000 North Koreans have defected to the South since the late 1990s to avoid poverty and political oppression, the majority escape the country through North Korea's border with China.

Defections through the DMZ are very rare. Although agents and spies did cross the DMZ during the height of the Cold War rivalry between the two countries, these incidents have not been reported in recent years.

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2022-01-02 17:19:11Z
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