Polaroid Files for Bankruptcy a Second Time

Claimed they spoke to God, made a fortune

(NEWSER) - If only they were real psychics, maybe they would have seen this coming. A Florida family has been indicted for running a psychic advice business that scammed clients out of $40 million over two decades, reports the Miami Herald . In "Operation Crystal Ball," federal prosecutors charged 10 people in Fort Lauderdale and New York with 61 counts of conspiracy, mail fraud, wire fraud, and money laundering—each with a maximum sentence of 20 years in prison. More»

Group buys equipment from shuttered plant, seeks to reinvent recipe

(NEWSER) - A determined band of entrepreneurs, scientists, and lovers of retro photography is doing its best to bring Polaroid film back from the dead, the New York Times reports. The group managed to buy the company’s old equipment just before it was dumped and is now attempting to reinvent the chemicals Polaroid once produced in plants dismantled after production ceased last year. More»

Dreier bilked clients, spent cash on yacht and beach houses

(NEWSER) - New York lawyer Marc Dreier pleaded guilty yesterday to selling hundreds of millions in bogus promissory notes to hedge funds and other clients, reports the Times. Dreier, 59, used the $400 million to fund a Manhattan apartment, beachfront houses, and an $18 million yacht. “He has disgraced the honorable profession of law,” said the judge after he entered his plea. More»

(AP) - Bernard Madoff's lawyer told a judge today his client will plead guilty later this week to 11 counts including money laundering, perjury and securities, mail and wire fraud. Prosecutors say the disgraced money manager will face up to 150 years in prison on the charges. More»

GOP doesn't want to weather another scandal

(NEWSER) - House Minority Leader John Boehner is pressuring Rep. Rick Renzi, indicted yesterday for extortion, money laundering, and fraud in connection with an Arizona land deal, to step down, urging his fellow Republican "to seriously consider whether he can continue to effectively represent his constituents under these circumstances.” Boehner plans to meet with Renzi, the Chicago Tribune reports. More»