Feb. 15— A former official at a beleaguered Philadelphia- based business lender admitted in court Wednesday that he and the company's other principals defrauded hundreds of investors by offering the hope of double-digit returns on loans to companies deemed too risky to borrow from traditional banks. The conspiracy charge to which Perry Abbonizio, 65, of…
Advisor News
The who, what, where, how and why of advisor mentorship
Mentorship is a two-way street between mentor and mentee.
Feds file first criminal charges against Par Funding principal in long-running financial fraud probe
Feb. 15— A former official at an embattled Philadelphia- based business lender is expected to admit in court Wednesday that he and the company's other principals defrauded hundreds of investors with promises of double-digit returns on loans to companies deemed too risky to borrow from traditional banks. The conspiracy charge to which Perry Abbonizio, 65, of…
Kirchner, 35, was arrested at his home in Westlake on Tuesday morning, according to the U.S. attorney's office for the Northern District of Texas. He later appeared before U.S. Magistrate Judge Hal R. Ray Jr. "This defendant flaunted his apparent wealth while allegedly diverting millions from company coffers into his private bank account," U.S. Attorney Leigha…
“All of these pilots are seeking to demonstrate what’ s possible across the country for state and federal policy,” said Sean Kline, associate director of the Stanford Basic Income Lab, which is tracking more than 100 pilot programs across the country. The California programs are offshoots of universal basic income, a decades-old idea that was revived in 2019 when…
We survived 2022, but will 2023 be better? Bill Greiner, CFA, chief economist for Mariner Wealth Advisors, states this is correct 72% of the time. One reason is the Federal Reserve Board's indication to continue increasing interest rates to help curb inflation.
The North Texas- based founder and former CEO of a supply-chain logistics company was arrested and charged with wire fraud after FBI agents raided his Westlake home Tuesday morning, according to the U.S. attorney for the Northern District of Texas. Christopher Kirchner, 35, the founder of Slync, a supply-chain management software startup, has been charged via…
Federal judge tosses out portion of DOL rollover advice guidance
Financial advisors providing first-time advice in a plan rollover setting will not be considered fiduciaries – at least for the time being.
American International Group today announced that it has entered into a binding memorandum of understanding with Stone Point Capital LLC, a leading private equity firm focused on investing in businesses within the global financial services industry, to form an independent Managing General Agency to serve High Net Worth and Ultra High Net Worth markets.
It is common for my clients to own real property in multiple states. Maybe they are snowbirds with primary residence in Idaho, and winter property in Arizona, or California. Sometimes my clients own out of state investment properties such as rentals in Spokane.
Ron DeSantis spoke at Florida SouthWestern State college's Collier Campus in Naples. He called it a push against "these elites" attempting to "inject political ideology into investment decisions, corporate governance, and really just the every day economy," saying it would not work out well in Florida or in the United States, and that there wasn't much support…
NEW YORK— Stocks are rising Monday as Wall Street waits for a report to show whether inflation is continuing to cool or perhaps setting the market up for worse pain. High inflation and the Federal Reserve's response to it with higher interest rates have been at the center of Wall Street's sharp moves for more than a year. The Fed has aggressively hiked rates to…
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.
–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…
