When the Securities and Exchange Commission announced charges against FTX CEO Sam Bankman-Fried recently, it ended a nearly two-month-long drama. Bankman-Fried's unethical business setup between his hedge fund Alameda Research and crypto exchange FTX were enough of a worry for the broader cryptocurrency economy and devotees of decentralization.
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–Federal Reserve Governor Christopher Waller on Friday had a pair of warnings for those involved in cryptocurrency assets, telling buyers they could lose their investments, and banks that they must guard against bad actors and risks to the financial system. In recent months the cryptocurrency industry has been roiled by massive losses for investors,…
On Feb. 1, the Fed raised its benchmark rate just a quarter-percentage point, a mere 48 hours before hiring news would ricochet across the markets. The Labor Department on Feb. 3 reported a 3.4% unemployment rate— its lowest level. Five days later, Federal Reserve Chair Jerome Powell had to eat crow following his previous transitory inflation remarks.
NEW YORK- Sam Bankman-Fried, the founder and former CEO of FTX, has been unusually talkative following the November collapse of the cryptocurrency exchange and his subsequent indictment on fraud and other charges. Bankman-Fried will appear before the judge hearing his case in New York Thursday on a bail-related matter. GOODYEAR, Ariz.- A shortage of pilots is…
Busting the myths about wealth management careers
What are some of the myths that prevent women and people of color from seeking careers in wealth management?
BOSTON— A Middleboro financial adviser has pleaded guilty to "defrauding his vulnerable clients and stealing their retirement assets," a written statement from U.S. Attorney Rachael S. Rollins' office said. Paul R. McGonigle, 67, pleaded guilty on Friday, Feb. 3, to one count of investment adviser fraud, two counts of money laundering, three counts of wire fraud, one…
The U.S. Attorney for the Southern District of New York, Damian Williams, issued the following news release on Feb. 9, 2023:. Damian Williams, the United States Attorney for the Southern District of New York, announced that ADAM BELARDINO, the former chief executive officer of the Maddox Group, was sentenced in White Plains federal court to 42 months in prison for…
Kyle J. Wine, 42, of Lee's Summit, Mo., will serve three years of supervised release after his federal prison sentence, U.S. Attorney Vanessa Roberts Avery announced in a news release. Wine owned various commercial aircraft supply businesses, including JetPro International LLC, Nexus Aviation and Turbotech Partners. It turns out Wine had already sold one engine…
This Valentine's Day, take time to remind your loved ones that Social Security helps people in all stages of life. Apply for Social Security Disability Insurance benefits. If your loved one is planning for retirement or interested in estimating their future benefits, they can create a free and secure my Social Security account at www.ssa.gov/myaccount and…
Tom Brady, considered the best quarterback to ever play football, is retiring, this time for good, and my reaction to his announcement— a chest-tightening— surprised me, but not because I’ m a Brady groupie. The news simply reminded me of a reality I try not to think about too much. People in my circle are retiring at a much faster clip than beginning new jobs.
A Lexington area investment advisor and attorney, Douglas Hawkins, of Richmond, has been found guilty by a federal jury at U.S. District Court in Lexington of investment advisor fraud, securities fraud, and two counts of mail fraud. The U.S. Attorney's office for the Eastern District of Kentucky says according to the evidence presented during the trial, while…
Wells Fargo& Co. has agreed to pay $300 million in cash as part of a settlement with shareholders addressing a federal class-action lawsuit filed in 2018.. The Construction Laborers Pension Trust for Southern California led the class action lawsuit brought on behalf of an estimated "hundreds of thousands" of investors. According to the settlement, the $300…
Most Americans sandwiched between caring for children and aging parents are stressed about affording their financial obligations over the next decade, a new survey said. While 66% said they are at least "somewhat stressed" about the costs of having to take on the care of aging parents while still raising a family, only 32% discussed their financial needs with…
The U.S. Attorney for the Eastern District of Kentucky, Carlton S. Shier IV, issued the following news release:. A Lexington investment advisor and attorney, Douglas Hawkins, of Richmond, Ky., was found guilty late Friday, by a federal jury sitting in Lexington, of investment advisor fraud, securities fraud, and two counts of mail fraud. Carlton S. Shier, IV, United States…
The U.S. Attorney for the Northern District of Illinois, John R. Lausch Jr., issued the following news release on Feb. 6, 2023:. DAVID SHELDON WELLS, 32, of Chicago, was charged with three counts of wire fraud in an indictment returned Wednesday in U.S. District Court in Chicago. The indictment was announced by John R. Lausch, Jr., United States Attorney for the Northern…
Dear Rusty: I have a question about the family maximum SS retirement benefit. As I understand it, if the breadwinner is drawing retirement benefits or is deceased, the family maximum is calculated from a formula that yields a figure between 150 percent and 188 percent of the breadwinner's primary insurance amount- his or her monthly benefit if claimed at full…
The Zurich- based Credit Suisse Group and the Honolulu- headquartered Trinity Investments, both investment firms, acquired the hotel at 3555 S. Ocean Dr. from Brookfield Asset Management, the same co-owner of the high-end outdoor shopping mall in the Miami Design District. The Diplomat closing is one of the largest in U.S. history, with the most recent being the…
Passage of the Secure Act 2.0 brings retirement crisis into focus
Recent statistics and surveys paint a scary picture of an aging American population that doesn’t understand the financial realities of retirement. The Secure 2.0 Act has helped shine a light on this issue.
NEW YORK- Wall Street climbed Wednesday to its best level since the summer following the latest hike to interest rates by the Federal Reserve, which said it's finally seeing improvements in inflation. Much of Wall Street is hoping that cooling inflation since the summertime means the Fed may raise rates just a bit more, before taking a pause and then possibly…
While the U.S. economy remains in growth territory this year, the odds are rising that it will stumble into a recession during 2023. Ongoing tightening by the Federal Reserve, slow growth abroad, the jump in energy prices caused by the Russian invasion of Ukraine, and the modest reversal of expansionary fiscal policy as the COVID recession recedes have combined…
