Indian billionaire investor Rakesh Jhunjhunwala says he's very upbeat about his country's growth potential after the country underwent a massive banking crisis and the rollout...Asia Economyread more
Stocks in Asia mostly recovered in Tuesday afternoon trade as investors cheered a reprieve in U.S.-China trade tensions surrounding Chinese telecommunications giant Huawei.Asia Marketsread more
The issue of corporate debt has surfaced as companies continue to use the low rates the Fed has provided to lever up their balance sheets.The Fedread more
The U.S. government on Monday temporarily eased some trade restrictions imposed recently on China's Huawei, a move that sought to minimize disruption for the telecom company's...Technologyread more
Most U.S. hedge funds aren't expecting another big stock market sell-off as more firms curb bets on volatility, according to Nomura.Marketsread more
Mall owners are increasingly building out food halls with local chef-driven eateries, sushi bars and premium coffee shops.Retailread more
While Trump's lawyers had argued that the committee's subpoena did not have a legitimate legislative purpose — and was therefore invalid — Mehta took a broader view.Politicsread more
See which stocks are posting big moves after the bell on Monday, May 20.Market Insiderread more
A record 257.4 million travelers are expected to opt for U.S. airlines for travel this summer, the 10th consecutive annual increase, a trade group forecast on Tuesday.Airlinesread more
Binny Bansal, co-founder of Indian e-commerce giant Flipkart, says there are three traits that led to the business landing a record-breaking sale to retail giant Walmart.Entrepreneursread more
Silicon Valley argues that Wall Street focuses too much on near-term profits — but investors have embraced money-losing biotech IPOs.Marketsread more
The charges against celebrity lawyer Michael Avenatti are "very significant," veteran white-collar defense attorney Thomas Gorman told CNBC on Monday.
His arrest on Monday came about 15 minutes after he tweeted that he would be holding a press conference to disclose a "major high school/college basketball scandal perpetrated by" Nike that he claims to have uncovered.
"That's over the top," Gorman said on "The Exchange. "
"This is clearly not the way to present a whistleblower claim. There are proper ways to present a whistleblower claim. You can take the client down to the Securities and Exchange Commission, for example. They have a whole process to do this. The client can get paid money if it pans out," he added.
The real problem for Avenatti is that he was caught on tape, said Gorman, who has defended companies and individuals in SEC and Justice Department investigations.
According to the complaint, Avenatti and a cooperating witness spoke with Nike attorneys by phone and during that call "Avenatti stated, with respect to his demands for payment of millions of dollars, that if those demands were not met 'I'll go take ten billion dollars off your client's market cap ... I'm not f---ing around.'"
"Since they are on tape, it's going to be hard for Mr. Avenatti to dispute these," Gorman said.
He just needs to look at another high-profile case — that of former hedge-fund manager Raj Rajaratnam — to see how crucial those recordings can be. Rajaratnam is now serving prison time for insider trading.
"What convicted him was not the other evidence. It was the tapes," Gorman said.
Avenatti, who once represented porn star Stormy Daniels in her lawsuits against President Donald Trump and his former attorney Michael Cohen, is also facing separate charges of embezzlement in Los Angeles.