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How to navigate the late 2022 real estate market

November 28, 2022

The 43% jump in U.S. home prices in the past 18 months coupled with the Federal Reserve raising interest rates to combat inflation, means the market is entering a period of intense uncertainty, with plenty of turbulence ahead. The housing market has cooled, and Americans have grown uneasy, according to a market overview by Clever Real Estate.

New Albany man accused of $10M cryptocurrency scheme

November 28, 2022

The FBI and federal prosecutors are accusing a New Albany man of passing himself off as an expert cryptocurrency trader while defrauding investors of at least $10 million. Authorities arrested Rathnakishore Giri, 27, on Nov. 18 after a grand jury indicted him on five counts of wire fraud, according to the U.S. Department of Justice. Giri solicited investments…

The practice of proclaiming virtue while amassing wealth and power is not new

November 28, 2022

What do Elizabeth Holmes, Sam Bankman-Fried and Al Capone have in common? Capone did serve time for tax evasion, and Holmes was recently sentenced to 11 years in prison for defrauding the public through her blood-testing company Theranos. Feeding the hungry went along with that, and his efforts were not unsuccessful, given that many people regarded him as a hero…

November 25, 2022
Investors 'doomscrolling' on the brink, surveys find.

Investors ‘doomscrolling’ on the brink, surveys find

Surveys from Wells Fargo and Janus Henderson Investing found investors are anxious about the stock market and inflation, with some wishing they could cash out. They are staying put, but keeping a close eye on what comes next.

Former West Haven finance director testifies on falsified invoices in DiMassa fraud scandal

November 23, 2022

Cieplinski was the government's eighth witness in the trial for John Trasacco, a contractor who is alleged to have received $431,982 from West Haven through two companies he controls for goods and services he did not provide to the city. Michael DiMassa has pleaded guilty, admitting to submitting and signing the payment vouchers for fraudulent invoices to…

Fed hawkishness peaks as rising debt payments erode savings

November 23, 2022

Tighter Federal Reserve policy is raising households' interest-rate burden, leading to a rapid decline in excess savings and underscoring the likelihood hawkishness has peaked. A combination of a collapse in demand and huge government transfers led to an estimated peak of $2.3 trillion in excess savings being accumulated by the middle of 2021..

Here’s how the pros deal with declining balances on retirement plans, investments

November 23, 2022

Stock markets in the United States and around the world have seen losses of 20% to 30% or more so far this year. The Federal Reserve Bank has been aggressively raising interest rates and tightening monetary policy, inflation has reached 40- year highs and geopolitical risks are elevated. Most bond asset classes have performed negatively this year, as well, as…

New Albany man accused in $10 million cryptocurrency Ponzi scheme

November 23, 2022

NEW ALBANY, Ohio– A New Albany investment manager was arrested and accused of taking part in a cryptocurrency investment fraud scheme. Rathnakishore Giri, 27, of is accused of promising investors that he would "generate lucrative returns with no risk to their principal investment amount, which he guaranteed to return," according to a release by the Department of…

FTX Collapse: Genesis denies being on the verge of bankruptcy

November 22, 2022

Bloomberg News says the brokerage, which was exposed to FTX, warned investors it could file for bankruptcy if it can't raise fresh cash. Bloomberg News reports that the firm has warned investors that it might file for bankruptcy if it does not quickly find fresh cash. But a spokesperson for Genesis tells TheStreet that the Bloomberg News article is not accurate…

Thomas L. Knapp: Don't blame crypto for scam

November 22, 2022

As cryptocurrency exchange FTX falls into bankruptcy and its principals seem likely to face various criminal charges over the activities leading to that bankruptcy, it's time for another round of crowing from opponents of cryptocurrency. That is, older investors in FTX and related enterprises such as trading firm Alameda Research seem to have been paid…

COLA is sweet for Social Security recipients

November 22, 2022

If you receive Social Security, you've probably already heard that your checks in 2023 will be bigger– considerably bigger, in fact. Here's what's happening: For 2023, there's an 8.7 percent cost-of-living adjustment for Social Security benefits– the largest increase in 40 years. Also, the monthly Medicare Part B premiums are declining next year, to $164.90/…

Tax burden may rise for some seniors as Social Security benefits increase next year

November 22, 2022

That’ s because tax rates on Social Security benefits are not changing with inflation. Taxing Social Security benefits began in 1984 as part of a sweeping reform of the system. You are hitting the middle earner, even people with modest incomes,” said Mary Johnson, Social Security and Medicare policy analyst at the nonpartisan Senior Citizens League.“ It’ s really…

Amazon reaps billions of dollars in government incentives

November 22, 2022

Editor's note: This is part of an ongoing series of stories on the impacts of Amazon's rapid growth in Florida, covering effects on real estate, small businesses, the job market, politics and more. The Washington, D.C.- based nonprofit organization Good Jobs First has tracked those economic development subsidies over the years. It found that government subsidies…

What rising personal loan rates mean for borrowers

November 22, 2022

Personal loan rates from banks, credit unions and online lenders are up after repeated interest rate hikes from the Federal Reserve this year, the latest of which came last week. Personal loan rates are somewhat tied to supply and demand, which is why they don't follow the Federal Funds rate as closely as other financial products like mortgages do, says Werner…

Tucson couple sentenced to 5 years in prison for defrauding investors

November 22, 2022

Victims' losses totaled about $5 million, according to a news release from the U.S. Attorney's Office in Arizona. On Nov. 15, Michael Feinberg, 73, and Betsy Feinberg, 80, were sentenced by U.S. The couple operated Catharon in Tucson after their home in Sedona was foreclosed on in 2013, the indictment states.

November 22, 2022
Referrals and prospect pose challenge for some advisors, post-COVID.

Referrals, prospects pose a challenge for some advisors, post-pandemic

As advisors increasingly work with clients and prospects virtually as well as in-person, many are looking for ways to successfully carry out one of their most critical tasks: obtaining referrals and introductions.

Lessons we are still learning from the crypto crash

November 21, 2022

When it was revealed that the FTX "exchange" was backed by capital denominated in crypto tokens created by its founder Sam Bankman-Fried with no intrinsic value, the "Ponzi scheme" collapsed into a $32 billion loss of value in one day. And the major financial players who invested in FTX- including some big Wall Street venture firms- have lost billions.

Ohio man charged with running alleged $10 million cryptocurrency Ponzi scheme

November 21, 2022

Mr. Giri promoted himself to investors as an expert in trading Bitcoin derivatives, a claim authorities allege was both fraudulent and misleading. According to the Commodity Futures Trading Commission, which filed a civil enforcement action against Mr. Giri in August, his alleged scheme lasted from March 2019 to at least August 2022. Instead, authorities…

November 21, 2022
A recent survey found nearly half of its respondents are very concerned about inflation, and a third of those respondents are holding more than 90% of their investable assets in cash.

Survey reveals consumer attitudes toward saving and investing

As Americans continue to grapple with high inflation, a new survey finds nearly half of its respondents are very concerned about inflation, and a third are holding more than 90% of their investable assets in cash.

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