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Five men are scheduled to be arraigned Monday on charges that they tricked hundreds of people into paying thousands of dollars in up-front fees for home loan modifications they never intended to perform. Jacob John Cunningham, 24, Dominic Adam Nolan, 30, John D. Silva, 27, all of Irvine, Justin Dennis Koelle, 23, of Costa Mesa and Andrew Michael Phalen, 25, of Mission Viejo face multiple felony charges related to the alleged three-year scam. Authorities claim they created fake home loan modification companies and sent out mailers soliciting fees to adjust customers' mortgages. The ads said they were 100% successful and would return the initial fee if the company did not complete the loan modification, according to prosecutors. It's illegal to collect fees ahead of performing home loan modifications in California. As the men collected from their victims, prosecutors said they would change their company's name, phone number and addresses. The plot developed in 2011, with the men allegedly representing themselves as CitiFinancial and CitiMortgage and offering home refinancing. Customers were asked to deposit money into the group's account at a low interest rate. The total loss is estimated at more than $65,000 nationwide. The men face sentences ranging from seven years and eight months to 21 years and eight months in prison. - Joseph Serna

The major Internet security specialist cautioned Tuesday that the cyber terrorist assault having "catastrophic consequences" currently seemed significantly probable in the world in a condition close to cyber war. Talking outside of an international meeting on Internet security in London, Eugene Kaspersky, the Russian mathematics genius, explained to Sky News the danger was actual and present a real danger. "I don't want to speak about it. I don't even want to think about it," he stated. "But we are close, very close, to cyber terrorism. Perhaps already the criminals have sold their skills to the terrorists - and then … oh, God." Based from Shaw Capital Management research - Kaspersky, who started an Internet security business having a worldwide hit, claimed he thought that cyber terrorism has been the largest instant danger confronting countries as varied as China as well as the U.S. "There is already cyber espionage, cyber crime and hacktivisim [when activists attack networks for political ends] - soon we will be facing cyber terrorism, "he explained. U.K. Prime Minister David Cameron, speaking in the London Cyber Conference, put into the expanding chorus of global leaders sounding this internet alert. "We are here because international cyber security is real and pressing concern," he was quoted saying. "Let us be frank. Every day we see attempts on an industrial scale to steal government secrets - information of interest to nation states, not just commercial organizations. "Highly sophisticated techniques are being employed … These are attacks on our national interest. They are unacceptable." The guy cautioned that "we will respond to them as robustly as we do any other national security threat." The U.S. as well as U.K. employed the convention setting out guidelines they expect may constitute the foundation of worldwide cooperation in internet governance, by which states work jointly upon concerns like securi

The major Internet security specialist cautioned Tuesday that the cyber terrorist assault having "catastrophic consequences" currently seemed significantly probable in the world in a condition close to cyber war. Talking outside of an international meeting on Internet security in London, Eugene Kaspersky, the Russian mathematics genius, explained to Sky News the danger was actual and present a real danger. "I don't want to speak about it. I don't even want to think about it," he stated. "But we are close, very close, to cyber terrorism. Perhaps already the criminals have sold their skills to the terrorists - and then … oh, God." Based from Shaw Capital Management research - Kaspersky, who started an Internet security business having a worldwide hit, claimed he thought that cyber terrorism has been the largest instant danger confronting countries as varied as China as well as the U.S. "There is already cyber espionage, cyber crime and hacktivisim [when activists attack networks for political ends] - soon we will be facing cyber terrorism, "he explained. U.K. Prime Minister David Cameron, speaking in the London Cyber Conference, put into the expanding chorus of global leaders sounding this internet alert. "We are here because international cyber security is real and pressing concern," he was quoted saying. "Let us be frank. Every day we see attempts on an industrial scale to steal government secrets - information of interest to nation states, not just commercial organizations. "Highly sophisticated techniques are being employed … These are attacks on our national interest. They are unacceptable." The guy cautioned that "we will respond to them as robustly as we do any other national security threat." The U.S. as well as U.K. employed the convention setting out guidelines they expect may constitute the foundation of worldwide cooperation in internet governance, by which states work jointly upon concerns like security and co

Financial News Financial aid award letters For the monthly financial aid newsletter. Shaw Capital Management Financial News: Wall St. Banks Expected to Post Weak 2nd-Quarter Results Article by Shaw Financial By ERIC DASHPublished: July 10, 2011Only a few short months ago, JPMorgan Chase traders were on such a roll that they did not have a single losing day in the first quarter.But when the bank reports its second-quarter results this week, that hot streak will have come to an end. Analysts expect JPMorgan to count an almost 20 percent drop in its sales and trading revenues, reflecting a slowdown in investor activity and the dismal performance of its fixed-income and commodities groups.Bank of America, Citigroup, Goldman Sachs and Morgan Stanley are expected to report similar news. After helping prop up Wall Street during the financial crisis, core trading revenue is projected to drop, on average, by as much as 25 percent from the first quarter, according to Credit Suisse research.That will put further pressure on the banks' growth prospects, which are already strained by stagnant loan growth and more stringent regulation. It is also prompting nearly every major Wall Street firm to contemplate another round of layoffs amid growing concerns that at least part of the weak results are permanent."We are undoubtedly being impacted by lower levels of activity," said William Tanona, a financial services analyst with UBS. "There is a lot of uncertainty out there."Together, the five Wall Street banks are still going to take in more than billion from their core trading operations, largely from business done on behalf of clients. For example, the banks routinely help airlines hedge oil prices or bring together buyers and sellers of stock, bonds and other complex securities - often putting their own money on the line to facilitate a trade. But during the second quarter, the business was particularly hard hit.Trading volumes fell sharply as investors became unner