Advisor News

Jun. 1— A federal judge on Thursday described Joseph LaForte— founder of besieged Philadelphia business lender Par Funding— as a "menace" and ordered him jailed until his trial in a $550 million fraud and extortion case. U.S. Magistrate Judge Richard A. Lloret said he'd been convinced by prosecutors that LaForte, 52, of Philadelphia, had attacked, threatened, or…

Two Lake Norman men, one who owns a lakefront mansion and the other who owns a lakefront home, pleaded guilty Thursday to wire-fraud conspiracy, admitting they stole from unsuspecting investors, federal prosecutors said. Cornelius residents Marlin Hershey and Dana Bradley, both 53, coaxed dozens of victims to invest in unregistered securities, U.S. Attorney…

The stock market has traded in a fairly narrow range in recent weeks, holding its breath for a deal on the debt ceiling and for signs of oncoming recession. The market is also awaiting future Federal Reserve actions. Bulls and bears have been in a standoff— debating whether a weaker economy will cause the Fed to cut rates and boost stock prices or whether an oncoming…

While there is plenty to discuss regarding what is happening in the stock market and the economy, much of it consists of the same actions and reactions that we've been talking about for a year and a half. During this time, we watched the Federal Reserve label the inflation as "transitory." Furthermore, over the last year, Wall Street was aware of the Fed's intentions as…

Putnam County resident Andrew Brown, age 55, of Putnam Valley, was convicted of defrauding members of the Law Enforcement Employees Benevolent Association, a labor union for law enforcement officers employed by New York City, the US Attorney's Office for Southern District of New York announced on Wednesday, May 31. Brown, along with former LEEBA President and…

(The Hill) — America’s credit card balance has passed $1 trillion, or it’s about to, depending on whom you ask. The…

Carrie Tolstedt, the former head of Wells Fargo & Co.’s Community Bank, agreed to pay a $3 million penalty stemming from charges brought in…

The dynamics of retirement planning have dramatically shifted as Americans navigate inflation, market volatility, financial crises, fears of bank failures and other challenges.

The U.S. Attorney for the Eastern District of New York, Breon Peace, issued the following news release on May 25, 2023:. At the federal courthouse in Central Islip, John Quadrino was sentenced by United States District Judge Joan M. Azrack to 41 months' imprisonment and over $3.3 million restitution for directing a Ponzi scheme utilizing Princess Cut Industries,…

—Credit Suisse owes former Georgian Prime Minister Bidzina Ivanishvili hundreds of millions of dollars for failing to protect the billionaire's money held in a trust pilfered by a manager, a Singapore court ruled Friday, the latest scandal for the Swiss bank whose yearslong problems forced its takeover by a rival. Ivanishvili in 2004 put more than $1.1…

People who are considering retiring at the end of this year need to be doing a number of steps now to see if it is possible to do so and achieve the best outcome. All retirement planning starts with one thing and that is income planning. One of the first decisions many people make is deciding when to start receiving Social Security benefits.

Nearly 70% of Generation Z and millennial consumers believe the current economic environment is hurting their ability to be financially independent adults and more than 1 in 4 don’t feel optimistic about their current financial situation, according to new research by Experian.

A recent series of bank failures in the United States has highlighted problems with regulation and supervision by the U.S. financial authorities. The U.S. Federal Reserve Board has released a report examining the March failure of Silicon Valley Bank, a regional bank in the state of California. The collapse of the U.S. banks was partly due to the Fed's interest…

A former financial advisor for the Joliet branch of Edward Jones was sentenced to two years in prison and ordered to pay $710,308 to his former employer after he pleaded guilty to stealing about $800,000 from several clients. U.S. Judge Robert Gettleman sentenced Ronald Molo, 63, of Shorewood, on Tuesday after he pleaded guilty on Dec. 1 to one count of wire fraud.