Former F1 boss Bernie Ecclestone on Tuesday formally pleaded not guilty to fraud charges in which he allegedly failed to notify the British government of millions of dollars held in a trust fund in Singapore. The 92-year-old billionaire, who wore a dark suit and black glasses, confirmed his name in London’s Southwark Court before pleading not guilty to fraud charges from July 2013 to October 2016.
He is set to stand trial in November after the UK Inland Revenue launched a global probe into his financial situation. Prosecutors allege that when asked about the overseas trusts he was interested in, he failed to declare a trust with bank accounts in Singapore worth about $650 million.
They allege that Ecclestone set up “only one trust” for the benefit of his three daughters and claimed that he was “not a beneficiary or a colonist in any trust, either in England or abroad.” Prosecutors allege he acted “dishonestly” and sought to profit from the charges. Ecclestone ran F1 racing for 40 years from the 1970s to 2017, managing the sport before stepping down as chief executive in 2017 and Liberty Media took over the series. The businessman denied fraud charges last summer and formally pleaded not guilty on Tuesday.
Phillips 66 Stock Still Appears to be Undervalued for Value Investors and Options Income Traders:
Phillips 66 (PSX) stock still looks undervalued to value buyers, with a dividend yield of 4.33% and an expected P/E ratio of 8x. In addition, there are attractive income opportunities for covered call and short put investors. PSX Puts – Expires June 30 – As of June 6 – Bar Chart. This means that a trader who has secured his $9,100 in cash and/or margin with a brokerage firm can enter a “Sell to open him 1 put contract at $91.00” order. You will receive $95.00 in your account immediately. So this represents an immediate return of 1.04% (i.e. $95/$9,100).
In fact, some investors may not only want to trade both, but also want to hold stocks for the long term. This allows both the OTM put side and the call side to receive payments. As long as the PSX stock doesn’t move significantly over the next 24 days, investors could earn more than 1.81% (0.77% on the short call side and 1.04% on the short put side). This shows that a patient value investor can reap substantial returns in PSX stocks. This is because the stock is selling below its valuation average and option income is short.
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