But now, that household debt is taking on unprecedented levels that could sink the consumer economy, according to new data from the Federal Reserve Bank of New York. U.S. credit card debt rose by $45 billion to $1.03 trillion in the second quarter from the first quarter, a 4.6% quarterly increase. It's the first time in U.S. history that household credit card…
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The widow of a former U.S. Senate candidate from Maine has filed a civil lawsuit alleging his campaign adviser defrauded the couple of more than $225,000 for a fake cryptocurrency venture. Max Linn's wife, Hanna Aquino, and Susan Englar, who represents Linn's estate, filed the complaint Monday in U.S. District Court in Maine against Matthew McDonald of Bar Harbor.
Interest grows in annuities as part of employer-sponsored retirement plans
Nearly 70% of participants in a recent survey would like more information about annuities as part of their employer-sponsored retirement plan.
Half of pre-retirees doubt Social Security viability
Half of pre-retiree question the long-term viability of Social Security, with 26% fearing the benefit will run out of funds in their lifetime.
Mr. Hirschfeld's seven children filed a 2017 lawsuit against Mary E. Hirschfeld, their father's second wife, that alleged she fraudulently transferred most of the assets from his nearly $3 million estate for her "sole benefit." Mr. Hirschfeld died in December 2014 at age 78. Mr. Hirschfeld and his first wife, Rita, were divorced in August 1998.
When a Naples man attended his church, he saw pews filled with investment fraud targets, the Securities and Exchange Commission says. And, an SEC complaint said, Brent Seaman ripped off $35 million from at least 60 of those people in what turned into a Ponzi scheme. “Many of these investors were elderly, retired, and connected to a Naples church where Seaman was an…
In response to the increasing acceptance and adoption of AI-based care, Nationwide is testing eldercare robots in homes of select policyholders with mobility issues.
After years of delays due to issues with payments to prosecutors and relocation debates, suspended Texas Attorney General Ken Paxton appeared in a Harris County court over criminal securities fraud charges on Thursday morning. During the short hearing, Paxton's defense attorneys and special prosecutors on the case stood before Harris County State…
—Americans with credit card debt are caught in the crossfire of the Federal Reserve's battle to bring down inflation. The Fed has hiked interest rates 11 times since March 2022, raising its baseline interest rate last week to a 22- year high. Caitlin Hogan, a 32- year-old case manager in central Kansas, told The Hill she had to put some unexpected expenses on one of…
Former Georgia resident on the lam after defrauding millions from Christian communities: Prosecutors
The U.S. Attorney’ s Office for the Southern District of Georgia on Tuesday said international fugitive Jason Gerald Shenk, 45, a former resident of Dublin, Georgia, is charged with multiple wire fraud and money laundering charges for redirecting the multimillions in donations for personal uses. Mr. Shenk is accused of soliciting millions of dollars of…
BRIDGEPORT, Conn.- A one-time millionaire real estate developer with past ties to corrupt Connecticut politicians was sentenced to more than five years in prison on Monday for fraud involving a failed hotel-condominium project in Florida and properties elsewhere. Robert Matthews requested a prison sentence of no more than 27 months, but instead got 65…
A new study from Bankrate ranks all 50 U.S. states when it comes to affordability, overall well-being, healthcare quality/cost, weather and crime. For some residents nearing retirement in Alaska– ranked 50 out of 50– New York, California, Washington and Massachusetts, a move toward the middle of the country could pay off, Bankrate's findings suggest.
Hiring your spouse can result in significant tax savings. This is especially true if you are a sole proprietor or have a single-member LLC since these entities enable the business owner to deduct the family medical expenditures. The IRS has no limit on how much you can reimburse your spouse for medical expenses.
Jul. 31— BUFFALO— Two uniformed U.S. marshals, handcuffs hanging from their belts, took seats in the courtroom of U.S. District Court Judge Richard Arcara as he began sentencing proceedings Monday for former Falls businessman and current newspaper publisher Frank Parlato Jr. "He has every right to not like the IRS. But he has no right to commit a crime, "Assistant U.S….
A preliminary settlement has been reached involving a securities lawsuit against 22nd Century Group Inc. and two former top executives, according to a news release Monday from a law firm representing the plaintiffs. According to Pomerantz LLP, the federal settlement involves a lawsuit filed in September 2019 in the Western District Court of New York.
Empowering African American agents to remain in the game
During a recent NAAIA, three seasoned insurance agency owners discussed what it took to build a successful agency.
Adding alternative investments to your wealth practice with PPLI
Investors are diversifying beyond stocks and bonds. How to use private placement life insurance.
Guiding clients through a realistic retirement budget
Help clients envision the retirement they want and let them know what it will take to make it happen.
CEO Carl Ruderman’ s part in the 1 Global Capital fraud already has cost him money— a $15 million civil penalty, another $750,000 cash dunning— and real estate, as in 50% of the equity in a five-bedroom, 12- bathroom Aventura condominum. Ruderman’ s indictment puts the size of the 1 Global Capital fraud at $250 million, the lowest estimation to appear in any of the…
When ‘spray and pray’ fails: How to develop a niche market
A growing number of advisors are spurning the “spray and pray” approach, and turning to niche marketing to attract their ideal clients.
