SAN FRANCISCO — Apple Inc. is gearing up to unveil the iPad 3 today, and is betting a 4G-equipped version will tempt more U.S. consumers to pay extra to watch high-quality video on the go, and in turn, give Verizon Wireless and AT&T Inc. a revenue boost.
Until now, the cheaper Wi-Fi-only model – with more limited Web access -– is by far the top-selling iPad.
The newest iPad will be capable of operating on a high-speed 4G “LTE,” or Long-Term Evolution network, according to a source familiar with the product. At speeds roughly 10 times faster than current 3G technology, that may go a long way toward banishing the sometimes shaky video quality of older devices.
Texan found guilty in Ponzi scheme
HOUSTON — Allen Stanford was convicted Tuesday of running a $7 billion Ponzi scheme, a verdict that caps a riches-to-rags trajectory for the former Texas financier and Caribbean playboy.
It was a vindication for the U.S. government, which closed down his financial empire in February 2009 but had failed for years to address signs that the business was built on air.
Stanford, 61, was found guilty on 13 of 14 criminal counts, including fraud, conspiracy and obstructing an investigation by the U.S. Securities and Exchange Commission. Stanford attorney Ali Fazel said they expect to appeal.
Stanford is likely to face a maximum of about 20 years in prison if he is sentenced to concurrent terms.
In other news
CONGRESS ON TUESDAY overturned a court decision and reaffirmed that the government has the right to impose higher tariffs on goods from China and other state-run economies that subsidize their exports to the U.S. The House voted 370-39 to pass the measure and send it to President Obama for his signature. The Senate approved it Monday with no debate.
– From wire reports