NEW YORK- FTX founder Sam Bankman-Fried's spectacular rise and fall in the cryptocurrency industry- a journey that included his testimony before Congress, a Super Bowl advertisement and dreams of a future run for president- hit a new bottom Thursday when a New York jury convicted him of fraud in a scheme that cheated customers and investors of at least $10…
News coverage of insurance industry and financial advisor regulation.
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“To make it in this city as a landlord, you’ ve got to fight everything that’ s done, practically,” a 29- year-old Donald Trump told the Daily News. The former president— and current frontrunner in the 2024 race— is expected to face a day-long public grilling about his tenure at the Trump Organization in state Attorney General Tish James’ case against his real estate…
Over the past five years, the state Insurance Department paid a political ally of Commissioner Mike Causey roughly $295,000 for sporadic work that drew little oversight.
In 2019, state Insurance Commissioner Mike Causey looked every bit a maverick politician. Causey was celebrated as a noble actor in an FBI sting that resulted in the federal criminal charges against a billionaire political donor and one of the state’ s biggest GOP luminaries, former Congressman Robin Hayes.
Fed decides to stand pat on rates, as market does its work
Federal Reserve policymakers decided to “hold ‘em” and let the treasurer and bond markets take care of quashing inflation.
Rollovers, exemption 84-24 among areas targeted in new fiduciary rule
The Department of Labor unveiled nearly 500 pages worth of new fiduciary rulemaking today and, at first glance, industry trade…
Oregon financial regulators have reached a settlement with a precious metals dealer that allegedly targeted hundreds of elderly people in 30 states who sunk millions of dollars into overpriced silver and gold coins. The Oregon Division of Financial Regulation on Thursday, Oct. 27, announced the settlement, which stems from a federal lawsuit Oregon and 29…
President Biden to announce new actions to protect retirement security by cracking Down on junk fees in retirement investment advice.
Biden Labor Department taking direct aim at FIAs in new fiduciary rule
Federal regulators are taking yet another crack at extending a fiduciary rule to annuity sales, this time with tighter messaging and full-throated White House backing.
State attorneys general appeal court decision upholding Biden ESG rule
A group of 26 state attorneys general are appealing a federal court decision to uphold the Biden administration’s ESG rule.
NEW YORK— Donald Trump is once again lashing out at the Manhattan judge presiding over his civil fraud trial in New York. The former president on Saturday took to his social media platform to attack "Trump-hating" Judge Arthur Engoron a day after he issued a ruling ordering Trump's eldest daughter, Ivanka Trump, to testify in the case. In June, an appeals court…
Suffolk man pleads guilty to $2 M health insurance fraud scheme. Jessica D. Aber, U.S. Attorney for the Eastern District of Virginia; Brian Dugan, Special Agent in Charge of the FBI' s Norfolk Field Office; and Maureen R. Dixon, Special Agent in Charge of the Office of Inspector General for the U.S. Department of Health and Human Services, made the announcement after U.S.
PIABA continues effort to prevent erasure of consumer complaints
A campaign prevent widespread erasure of consumer complaints from regulator databases has made progress, but most are expunged on request.
Calif. annuity legislation must pass by 2025 to avoid ‘dual regulation’
Legislation that would make California the 41st state to adopt best-interest annuity sales rules stalls amid pushback from consumer groups.
–A New York judge asked former President Trump to pipe down after he grew animated while a witness testified against him in his civil fraud trial. Judge Arthur Engoron issued the warning after Trump threw his hands up in frustration and conferred with his lawyers during real estate appraiser Doug Larson's second day of testimony, according to The Associated…
SAN DIEGO– Christopher Toups, who at the time of his crimes was a chief petty officer in the U.S. Navy, was sentenced in federal court to 30 months in prison after admitting that he and others defrauded an insurance program meant to compensate service members who suffer serious and debilitating injuries while on active duty. According to a press release from the…
Catherine Skidmore, 56, of Meridian, was sentenced Friday to 41 months in federal prison for a wire fraud and money laundering scheme in which she embezzled from the Black Canyon Irrigation District. District Judge Amanda K. Brailsford was announced by U.S. Attorney Josh Hurwit. According to court records, beginning in May 2019 and continuing to July 2022,…
Insurance industry finds links between fraud and insurer discrimination
Insurance companies and regulators could reverse rising fraud by engaging underserved communities and supporting insurance literacy efforts, a panel of experts said last week.
—Donald Trump will be back in court Tuesday for his New York civil fraud trial, but a face-to-face showdown with former lawyer and fixer Michael Cohen will have to wait. Judge Arthur Engoron said Monday that the earliest Cohen can now testify is Oct. 23. Cohen’ s absence is scrambling the trial schedule in its third week, forcing the New York attorney general's office…
RUTLAND- A Chittenden County man, who made international news when he stole five Teslas valued at over $600,000 in 2018 and 2019, was sentenced in federal court in Rutland on Wednesday to 48 months in prison. Michael A. Gonzalez, 34, fraudulently obtained the five Teslas valued at about $607,000 from car dealerships in New York, New Jersey, Massachusetts and…
