A new study finds Investment fraud has become the No. 1 costliest type of fraud in the U.S. with a record $3.82 billion stolen in 2022, up from $1.6 billion the previous year, with Kentucky having one of the largest average victim losses. According to the findings released Monday, Kentucky ranks No. 6 with the average victim losing $151,253 per incident last year.
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If you save and invest for decades, you'd like to know you can retire without financial worries. Nonetheless, you still have to be aware of some threats to a comfortable retirement- and how to respond to them. Your withdrawal rate should be based on several factors, including your age at retirement, the size of your portfolio and the amount of income you receive from…
9 reasons wealthy clients should consider LTCi
Although some high-net-worth individuals might want to self-fund their long-term-care needs instead of buying a long-term care insurance policy, self-funding is not always their best option.
The Great Financial Crisis bear lasted 517 days (from Oct. 9, 2007, to March 9, 2009, and caused a 56.8% drop in the S&P 500 index. To help thaw the frozen economy, Congress enacted a series of spending measures, and concurrently, the Federal Reserve slashed interest rates to zero and purchased government and mortgage-backed bonds. The combination of these trillions…
A Fort Worth owner of oil and gas companies was sentenced to more than 17 years in prison for running a multi-million dollar fraudulent scheme, announced Leigha Simonton, the U.S. Attorney for the Northern District of Texas. Billy Marcum, Jr., 67, pleaded guilty in December 2022 to wire fraud. District Judge Mark Pittman, who also ordered Marcum to pay more than $16…
TAMPA, Fla.ā Starting this fall, all ninth graders in Florida will need to take a financial literacy course before they can graduate high school. It may be summer, but Savannah and Alana Powell are learning how to manage their financesā a lesson that has the potential to last a lifetime. Their father, Cedric Powell is a financial advisor who is supporting the measure.
RALEIGHā A bill addressing environmental and social governance has passed both houses of the General Assembly and was sent to Democratic Gov. Roy Cooper on June 14. Destin Hall, Jason Saine, Celeste Cairns, and Neal Jackson.
Barring additional suspensions from Congress, student loan payments will resume this fall after a three-year forbearance that began as part of the Coronavirus Aid, Relief, and Economic Security Act. Fidelity Investments studied nearly 60,000 student debt holders and found that roughly one in five borrowers report allocating nothing to their 401.
Long Island resident Jason Kurland, age 49, of Dix Hills, was sentenced to 13 years in federal prison in US District Court in Brooklyn on Thursday, June 15. According to prosecutors, Kurland was a partner at a Long Island law firm between 2018 and 2020, and built a reputation for representing lottery jackpot winners across the United States. In 2018, Kurland took on…
The U.S. Attorney for the Western District of North Carolina, Dena J. King, issued the following news release on June 20, 2023:. A criminal indictment has been unsealed in federal court in Asheville, charging four individuals with allegedly executing a multi-million dollar bank fraud scheme, announced Dena J. King, U.S. Attorney for the Western District of North…
Financial professionals still favor tried and true investments
Financial professionals are interested in recommending alternative investment vehicles for their clients but are concerned about the lack of liquidity and overall cost associated with those investment vehicles.
ESG rule needed to counter ‘chilling effect,’ DOL says
The Department of Labor’s ESG rule is needed to correct the “chilling effect” a previous Trump administration rule placed on those environmental, social and corporate governance investment options, U.S. attorneys argue.
The left and the right both agree Social Security and Medicare need reform. Reader K writes, "Those who work the hardest in our country are the same people funding the Social Security Trust Fund and are still paying into the Medicare fund even when they are enrolled in Medicare and receiving Social Security. "Many of those higher-income people found out just how…
The U.S. Securities and Exchange Commission and Binance have reached an agreement in court that lets the world's largest cryptocurrency exchange continue to operate in the United States as it battles SEC fraud charges. The SEC alleges Binance broke U.S. law by operating as an unregistered securities exchange. As a result, the SEC asked that the assets of…
The benefits of engaging through philanthropy
The direction of my life has been forever changed by the relationships I’ve made through work with charitable initiatives.
After 10 consecutive interest rate hikes meant to squeeze down inflation, the Federal Reserve on Wednesday held steady at a benchmark rate of between 5 and 5.25%, indicating that the aggressive intervention has yielded results and the central bank is easing off. Let's hope this pattern holds, because the consequences of too much harsh medicine could be more…
The Long Islandā Lottery Lawyerā who fleeced his multi-million-dollar jackpot winners drew an unlucky 13 years in prison Thursday, when a Brooklyn judge ordered him locked up in his fraud case. Jason Kurland, 49, was convicted at trial last year of steering winnersā money into his own merchant cash advance businessā and of losing millions of their funds in a Ponzi…
This week, the Federal Reserve Board has a scheduled meeting to decide what to do about interest rates. The average family is still paying about $340 more for goods per month than last year. Unexpected events like the past weekend's bridge collapse in Philadelphia can cause prices to increase.
Home buyers looking for mortgage rates to stabilize or even drop got good news Wednesday, as the Federal Reserve announced a pause in its monthslong campaign of interest rate hikes. The Fed controls the federal funds rate, a metric that directly affects short-term lending. After determining rising inflation wasn't just a temporary feature of the…
The 2nd U.S. Circuit Court of Appeals in Manhattan said in a two-page order that Guo Wengui's lawyers had failed to convince a three-judge panel that Judge Analisa Torres made a clear error in refusing to accept a $25 million bail package proposal in April. Prosecutors said he fleeced thousands of investors in too-good-to-be-true offerings that promised…
