Brazil Cuts Selic Rate to 14% as Inflation Eases but Risks Persist 
US Stock Futures Hold Steady as Iran Hormuz Deal and Earnings Shape Market Sentiment 
Western Digital Q4 Earnings Beat Estimates as FY2027 Outlook Tops Expectations 
India Plans Tax Reforms to Boost Foreign Investment and Manufacturing 
Gold Price Holds Steady as Fed Rate Outlook and Jobs Data Keep Markets on Edge 
Trump Urges Exxon, Chevron to Cut Gas Prices After Record Oil Profits 
Oil Prices Extend Three-Day Decline as Hopes Rise for U.S.-Iran Strait of Hormuz Deal 
Asian Currencies Mixed as Yen Retreats, Traders Eye U.S.-Iran Talks and Fed Data 
Palantir Stock Soars as AI Demand Drives Strong Q2 Earnings and Higher 2026 Outlook 
Asian Stocks Rally as AI Optimism Lifts Tech Shares Across Regional Markets 
Sinopec Boosts Russian ESPO Oil Purchases as Middle East Supply Tightens 
Asian Currencies Rise as Dollar Stays Near Six-Week Low, RBI Holds Rates Steady 
DeepSeek to Raise AI API Prices as Demand for New Models Surges 
SanDisk Q4 Earnings Beat Estimates as Q1 Revenue Outlook Meets Expectations 
Asian Currencies Hold Steady as US Dollar Nears Seven-Week Low Ahead of Key Jobs Data 
Asian Stocks Slip as AI Rally Fades, Oil Holds Steady on Iran Peace Deal Hopes 
Gary Jones, the former president of the United Auto Workers, was sentenced to jail on Thursday, June 10. The executive was given a 28-month imprisonment term for misappropriating the union’s funds.
Gary Jones’ case is part of the wider federal investigation into corruption inside the UAW. According to Reuters, the accused pleaded guilty last month and admitted to embezzling more than $1 million.
Jones’ guilty plea for various offenses
Based on the statement from the United States Department of Justice, the former UAW chief pleads guilty to not just embezzlement but tax evasion and racketeering as well. He also admitted to conspiring with at least six other UAW executives for years to embezzle money from the union for their personal benefit.
“Jones admitted that he and other senior UAW officials used the UAW money to pay for personal expenses, including golf clubs, private villas, cigars, golfing apparel, green fees at golf courses, and high-end liquor and meals costing over $750,000 in UAW funds,” the U.S. DOJ said in a press release last month. “For example, in just one of the years of the conspiracy, Jones used UAW money to purchase over $13,000 in cigars for the use of high-level UAW officials.”
The case has been going on for more than a year now, and the verdict was finally handed down. Gary Jones appeared before the U.S. District Court in Detroit yesterday. In one of his previous court appearances, he apologized to the UAW members for betraying their trust, and he asked them for forgiveness.
The court’s final decision
Finally, at Thursday's hearing, the court ordered the former UAW president to return $550,000 to the UAW. He will also have to pay $42,000 to the Internal Revenue Service, and at least $151,000 would be forfeited from him.
The prosecutors also asked the 63-year-old Gary Jones to pay a $10,000 fine. In his final statements, he reportedly pleaded for mercy from Judge Paul Borman. He also apologized once again to the UAW and said that he failed the union.
"I failed the UAW," Jones stated. "I let my union down and I pray every day that no harm comes to the UAW."
