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    SAN JOSE (KPIX 5) – Record-setting investments and big commercial office deals are still happening in Silicon Valley, even though many of the big office buildings are still empty during the pandemic. “We’ve had in one week in Silicon Valley the largest office leases of the year in the United States and the largest investment sales of the year in the United States,” said Mark Ritchie of Ritchie Commercial in San Jose. READ MORE: Smash-And-Grab Thieves Hit San Jose Eastridge Mall Jewelry Store; 5 SoughtIn one of the latest big office deals, a British investment company just paid what’s believed to be a San Jose record price per square foot for three office buildings on Coleman Avenue in North San Jose. “It just shows the incredible global interest in investing in Silicon Valley, to buy the office space for the tech firms in anticipation of the post-COVID return to the workplace,” Ritchie said. But in some parts of downtown San Jose, the only sounds you hear is the pounding and machinery of high-rises going up. And most of the people...
    VIDEO4:3504:35SEC to finalize rules that allow delisting of foreign firmsThe Exchange Foreign public companies that are listed in the United States may be delisted if their auditors do not comply with requests for information from U.S. regulators.  On Thursday, the Securities and Exchange Commission adopted amendments to finalize rules to implement the Holding Foreign Companies Accountable Act (HFCAA). The law was passed in 2020 after Chinese regulators repeatedly denied requests from the Public Company Accounting Oversight Board (PCAOB), which was created in 2002 to oversee the audits of public companies, to inspect the audits of Chinese firms that list and trade in the United States. In 2020, Chinese firm Luckin Coffee fired its CEO and chief operating officer following an internal fraud probe, which increased calls for action.    The law permits the SEC to ban companies from trading and be delisted from exchanges if the PCAOB is not able to audit requested reports for three consecutive years. It also requires companies to declare whether they are owned or controlled by any foreign government. The rules adopted on Thursday establish a framework for...
    CNBC's Jim Cramer on Monday laid out his investment playbook for two economic scenarios that could materialize as a result of the Covid omicron variant. The heavily mutated variant has spooked some investors, particularly during Friday's holiday-shortened session in which the Dow Jones Industrial Average recorded its worst day since October 2020. However, U.S. stocks finished higher Monday, as President Joe Biden indicated broad economic lockdowns currently aren't needed. Cramer agreed with Biden, saying strict restrictions akin to earlier stages of the pandemic are very unlikely. However, the "Mad Money" host said the Covid omicron variant may have an effect on the economy and investors need to prepare accordingly.SlowdownIf the spread of the variant gets to a point that ultimately causes an economic slowdown, Cramer said his top stock pick is Amazon. "This is a company that does well when people are scared to go to the mall. And it does well as more companies embrace the cloud because Amazon Web Services is indeed the dominant player in cloud infrastructure," he said, contending the cloud transition will continue even if...
    Turkish President Recep Tayyip Erdogan (C) gestures as he delivers a speech on stage, with on the background banknotes of the Turkish Lira, during the Annual Evaluation Meeting for the 2019 year. Ankara, January 16, 2020.ADEM ALTAN | AFP The unpredictability of Turkey's fiscal and monetary policy means investors should stay away until normality is restored, according to Ozan Ozkural, managing partner of boutique investment firm Tanto Capital Partners. The Turkish lira collapsed to previously unfathomable record lows this week as the country's central bank, the TCMB, continues to cut interest rates despite rising double-digit inflation. Inflation is approaching 20% in the country of around 85 million people, meaning prices of basic goods have soared while salaries in the local currency have devalued considerably. Speaking to CNBC's "Squawk Box Europe" on Wednesday, Ozkural said the issue lay not just with the contrarian loosening of monetary policy as central banks around the world look to tighten, but with the method through which it is being carried out. "Investors, we like nothing less, if you will, than an unpredictable monetary and...
    An art dealer ex of Made in Chelsea star Victoria Baker-Harber faces 20 years in a US prison over a £16 million scam.    Inigo Philbrick, 34, admitted to conning investors out of millions of pounds and told a judge he did it all 'for the money'. When the 'serial swindler' was uncovered in November 2019, he failed to appear for court hearings in both London and Miami, cities in which he owns art galleries, before he was eventually arrested by the FBI on the Pacific island of Vanuatu.  A court heard the lucrative scam financed his lavish 'lifestyle', with Philbrick appearing as an expert on art business conferences and his offices registered in Grosvenor Street, Mayfair. He also has a baby with Ms Baker-Harber, 33, whom he began dating in 2017. His then partner gave birth to daughter Gaia in November last year, with the Made in Chelsea socialite posting pictures of her first birthday on Instagram earlier this month.  Inigo Philbrick pictured with former partner Victoria Baker-Harber, of Made in Chelsea fame, whom he had a baby with last year Victoria...
    MARTINEZ (CBS SF) – An electrician from Martinez has been ordered to pay $481 million in restitution and was sentenced to three years in federal prison in connection with a $1 billion Ponzi scheme. According to federal prosecutors, 46-year-old Joseph W. Bayliss played a “key role” in a fraud scheme involving Benicia-based DC Solar and its owner, Jeff Carpoff. READ MORE: Man Arrested After Forcing His Way Into San Bruno ResidenceCourt documents said Bayliss posed as an engineer who inspected newly constructed mobile solar generator units, which were solar generators that were mounted on trailers and were promoted as able to provide emergency power to cellphone towers and lighting at sporting events. The units were sold to investors who were given federal tax credits, but prosecutors said DC Solar became a fraud scheme that took new investor money to pay older investors. As DC solar lost money, the company stopped manufacturing the units and sold to investors thousands of units that in reality, did not exist. Prosecutors said Bayliss signed thousands of reports stating that new solar power units were...
    SACRAMENTO, Calif. (AP/CBS13) — A Bay Area electrician was sentenced to three years in prison Tuesday and ordered to pay $481.3 million in restitution for participating in a $1 billion Ponzi schemed that suckered Warren Buffett’s Berkshire Hathaway Inc., among many others. Joseph W. Bayliss, 46, of Martinez, was an electrician who prosecutors say was hired by Benicia-based DC Solar to pose as a licensed engineer to inspect new mobile solar generator units that were mounted on trailers. READ MORE: Suspected Retail Crime Ring Member Arrested After Auburn Target TheftThe company marketed the generators between 2011 and 2018 as being able to provide emergency power for cellphone companies or to provide lighting at sporting and other events. But the owners started telling investors they could benefit from federal tax credits by leasing the generators back to DC Solar, which would then provide them to other companies for their use, prosecutors say. The generators never provided much income, and prosecutors say early investors were paid with funds from later investors. The company eventually stopped building the mobile generators altogether, and prosecutors...
    The state of Ohio has sued Facebook, which is now known as Meta, alleging that it broke federal securities law by purposely misleading the public about the negative effects of its social platforms and the algorithms that run them. The lawsuit filed by Ohio Attorney General Dave Yost on behalf of the state's pension fund specifically claims that Facebook buried inconvenient findings about how the company has managed those algorithms as well as the steps it said it was taking to protect the public.  The suit also contends claims that Facebook knew that its platform facilitated dissention, illegal activity, and violent extremism, but refused to correct it, to the detriment of investments by the Ohio Public Employees Retirement System.  'Facebook said it was looking out for our children and weeding out online trolls, but in reality was creating misery and divisiveness for profit,' Yost said in a statement. 'We are not people to Mark Zuckerberg, we are the product and we are being used against each other out of greed.'  Ohio Attorney General Dave Yost has sued Facebook, which is now known as...
    milanvirijevic Are financial crises occurring more frequently? There were nearly four decades between the crash of 1929 and the bear market of 1968. Fast-forward to the 21st century — only 20 years passed between three financial crises: the 2001 dot-com crash, the 2008 global financial crisis and in 2020, the Covid-19 pandemic's economic recession. What used to be rare, isolated events are increasingly becoming more frequent. In fact, 68% of investors with investable assets of $100,000 or more expect to live through more financial crises in their lifetime, according to Nationwide's Advisor Authority study. What's more, 35% of investors surveyed expect to live through three or more additional crises. One of the best ways an investor can prepare for future financial crises is to look back at previous events. While the economic recession of the Covid-19 pandemic is certainly top of mind, the 2008 financial crisis still weighs heavily on investors' financial decision making today.More from Advisor Insight:Here's a look at other stories impacting the financial advisor business. Workers to get better idea of 401(k) retirement income Here are...
              more   COLUMBUS, Ohio – Ohio Attorney Dave Yost has taken social media behemoth Facebook to federal court for misleading investors on how the negative effects of its content management algorithms in an effort to boost its stock performance while deceiving shareholders. The civil lawsuit, filed in U.S. District Court for Northern California on behalf of the Ohio Public Employees Retirement System (OPERS) and other Facebook investors, charged Facebook and its senior executives violated securities laws  by purposely withholding information about the negative effects its products have on the health and well-being of children and the steps the company claimed it had taken to protect the public. “Facebook said it was looking out for our children and weeding out online trolls,” Yost said in a news release, “but in reality it was creating misery and divisiveness for profit. “We are not people to (Facebook CEO) Mark Zuckerberg; we are the product and we are being used against each others out of greed.” The OPERS’ lawsuit contends Zuckerberg and other company officials knew they were making false statements regarding the safety,...
    Republican Ohio Attorney General Dave Yost filed a complaint against Facebook on Monday, alleging the company misled its investors. The complaint alleges that Facebook executives violated federal securities laws by making false statements to the public regarding the negative effects its platform has on the mental health of teen users. The complaint cites documents leaked to The Wall Street Journal by former Facebook employee Frances Haugen as evidence that Facebook was aware its platform was harmful but failed to disclose its negative impact or take adequate steps to ameliorate its harms. “Facebook said it was looking out for our children and weeding out online trolls, but in reality was creating misery and divisiveness for profit,” Yost said in a statement. “We are not people to Mark Zuckerberg, we are the product and we are being used against each other out of greed.” Facebook CEO Mark Zuckerberg announces rebrand.(Screenshot/Facebook/Facebook Reality Labs) The complaint names Facebook founder and chief executive Mark Zuckerberg along with David M. Wehner, Facebook’s chief financial officer, and Nick Clegg, Facebook’s vice president of global affairs and communications, as defendants...
    Sotheby's auctioneer Oliver Barker leads an auction of works by Pablo Picasso from the MGM Resorts Fine Art Collection on Oct. 23, 2021.Ronda Churchill | AFP | Getty Images Yieldstreet is launching a fund to allow retail investors to buy into a portfolio of artworks, aiming to capitalize on the soaring prices and demand for fine art. The fund is the latest in a series of start-ups and new businesses that allow consumers to invest in art and collectibles by buying small ownership stakes. While art investment funds have been around for decades, the new generation of funds use advanced databases, digital platforms and artificial intelligence to better buy and sell works that will gain value. Masterworks, which securitizes individual paintings and allows investors to buy shares for $20, recently announced a funding round at a valuation of $1 billion. Yieldstreet announced Friday the launch of The Art Equity Fund, a series of funds that will each hold a portfolio of works by major post-war and contemporary artists. The first fund, which will likely be under $10 million, will include...
    A view from a petrol station shows gas prices over $4, in Arlington-Virginia, United States on October 30, 2021.Yasin Ozturk | Anadolu Agency | Getty Images Stagflation fears have plagued investors in recent months, as prices start to rise in an economy that hasn't quite picked up pace yet. But investors can employ a few strategies to trade around these risks, analysts say. An economy going through stagflation is one that simultaneously experiences stagnant activity and accelerating inflation. This phenomenon was first recognized in the 1970s when an oil shock led to an extended period of higher prices but sharply falling GDP growth. Similarly, energy prices have spiked recently, contributing to inflation fears. In an October report, Morgan Stanley noted that stagflation risks are drawing investor attention, and could stem from a "supply shock." "Disruption of global supply chains has caused shortages in areas such as energy and semiconductors. These situations could drag into next year, which would likely keep inflationary pressures high in the short term," Morgan Stanley analysts wrote.VIDEO12:3512:35Why everyone is so obsessed with inflationCNBC ExplainsStagflation presents a...
    SACRAMENTO, Calif. (AP) — The owner of a San Francisco Bay Area solar energy company was sentenced to 30 years in federal prison Tuesday for an audacious Ponzi scheme that defrauded investors of $1 billion. It’s the biggest criminal fraud scheme in the history of the federal court district that covers inland Northern California, said Acting U.S. Attorney Phillip Talbert. READ MORE: CA Pushes To Vaccinate Or Give Boosters Ahead Of Potential Winter SurgeJeff Carpoff, 50, received the maximum penalty after pleading guilty in January 2020 to conspiracy to commit wire fraud and money laundering. Paulette Carpoff, 47, faces up to 15 years in prison after pleading guilty at the same time to money laundering and conspiracy to commit an offense against the United States. The couple agreed to forfeit more than $120 million in assets, including a fleet of collector cars and vacation homes in the Caribbean, Mexico, Lake Tahoe and Las Vegas purchased entirely with cash. Prosecutors said they intend to use the assets in partial restitution to victims of the fraud. The government already auctioned off 148...
    SACRAMENTO, Calif. (AP) — The owner of a San Francisco Bay Area solar energy company was sentenced to 30 years in federal prison Tuesday for an audacious Ponzi scheme that defrauded investors of $1 billion. It’s the biggest criminal fraud scheme in the history of the federal court district that covers inland Northern California, said Acting U.S. Attorney Phillip Talbert. Jeff Carpoff, 50, received the maximum penalty after pleading guilty in January 2020 to conspiracy to commit wire fraud and money laundering. Paulette Carpoff, 47, faces up to 15 years in prison after pleading guilty at the same time to money laundering and conspiracy to commit an offense against the United States. The couple agreed to forfeit more than $120 million in assets, including a fleet of collector cars and vacation homes in the Caribbean, Mexico, Lake Tahoe and Las Vegas purchased entirely with cash. Prosecutors said they intend to use the assets in partial restitution to victims of the fraud. The government already auctioned off 148 vehicles, including the 1978 Firebird previously owned by late actor Burt Reynolds,...
    Carlina Teteris | Moment | Getty Images Financial advisors are often lauded for their investment acumen. Frequently, their biggest value is in saving clients from their worst impulses. Indeed, top advisors on CNBC's annual Financial Advisor 100 list have received ample requests for strange, risky or outright dumb investments during their careers — and, if left to their own devices, clients may have otherwise lost hundreds of thousands or millions of dollars. "People still hope for the home run — that this scheme or this idea will set the world on fire," said David Rea, president of Salem Investment Counselors in Winston-Salem, North Carolina, which ranked No. 2 on this year's FA 100. "And they can be sold."Long live the pay phoneAbout 20 years ago, a longtime client approached Rea with a supposedly winning idea: buying coin-operated pay phones. Cellular communication, then ascendant, was a fad, and pay phones would come back in vogue once Americans lost interest, he believed. The client, a retiree, was willing to stake his entire individual retirement account, worth $1 million, on the venture. More...
    skynesher It's been a banner year for actively managed stock mutual funds, with 21.1% average growth through October, according to Morningstar. However, year-end payouts may soon put a damper on double-digit returns, triggering tax bills for funds in brokerage accounts. When a fund manager sells underlying assets at a profit without losses to offset it, they must pass those gains to shareholders along with dividend income. The payout typically happens once per year, in December, after the fund announces an estimate in late October or early November. While the gains aren't a problem in tax-deferred accounts, such as 401(k) plans or individual retirement accounts, investors with mutual funds in brokerage accounts may owe levies on these payouts. "It always throws a little wrench when we're doing end-of-year tax planning for clients," said Andy Pratt, partner and director of investment strategy at The Burney Company in Reston, Virginia, which ranks 38th on CNBC's 2021 FA 100 list. More from FA 100:Inflation is here for now. How top financial advisors are handling itHow to know if actively managed exchange-traded funds are right...
    HashiCorp employees at the start-up's HashiConf conference in San Francisco in October 2018.HashiCorp HashiCorp, whose software helps developers manage cloud infrastructure, filed to go public on Thursday and said revenue in the second quarter jumped 49%. The company will trade on the New York Stock Exchange under ticker symbol "HCP." HashiCorp is based in San Francisco but calls itself a "remote-first company with a global distributed workforce" for its 1,500 employees. The company was founded in 2012 and is named after co-founder Mitchell Hashimoto. HashiCorp offers cloud-based versions of open-source software, such as Terraform for setting up infrastructure and Vault for managing passwords. Revenue in the period ended July 31 climbed to $75.1 million from $50.5 million a year earlier, with 98% coming of sales coming from subscriptions. The company is set to hit the public market as investors are paying sky-high prices for fast-growing software businesses. GitLab, a fully-remote provider of developer collaboration tools, went public last month and has a market cap of about $16 billion on just $58.1 million on revenue in the most recent quarter. Toast,...
    Traders work on the floor of the New York Stock Exchange (NYSE) on October 15, 2021 in New York City.Spencer Platt | Getty Images After a disastrous 2020, when many corporations were forced to cut dividends, these payments to shareholders have been rising for the last several quarters. The dollar value of dividends paid on the S&P 500 will likely hit historic record levels in the third quarter and for the full year, as well.  "Dividends are back," Howard Silverblatt, senior index analyst at S&P Dow Jones Indices, told me. S&P 500: Yearly dividend payouts 2017   $420 billion 2018   $456 billion 2019   $485 billion 2020   $483 billion 2021 to date:  $522 billion, up 8.1%Source: S&P Dow Jones Indices  Nearly 300 companies in the S&P 500 have raised their dividend this year.  Overall, dividends in the second quarter were up 4% from a year ago, and 6.5% higher than the pandemic low set in the third quarter of 2020, according to BMO Capital Markets. "Elevated cash levels, below average payout ratios... and an unprecedented recovery in corporate earnings are setting the stage...
    LAKEWOOD, Colo. (CBS4) – A group of local investors has withdrawn its bid in the sale of Casa Bonita in Lakewood. The iconic restaurant and entertainment venue is set to be sold to Comedy Central’s “South Park” creators Trey Parker and Matt Stone. Fans of Casa Bonita attend a rally outside Casa Bonita on April 24. (credit: Evan Semón/CBS) READ MORE: Deer Gets Tangled Up In Badminton Net In Evergreen“Save Casa Bonita” withdrew its objections in court filings on Tuesday. The owner of the iconic restaurant has reached a deal with Parker and Stone, who are from Colorado, to sell for $3.1 million. READ MORE: Don't Throw Out That Jack-O-Lantern From Halloween, Turn It Into CompostIn the filing, the current owner said he had to lay off employees but the prospective owners have promised to rehire them. LAKEWOOD, CO – JANUARY 11: Mexican restaurant Casa Bonita has been a memory-making institution for decades, filling children with countless sopapillas and dreams of plummeting from the top of a man-made, three-story indoor waterfall while people eat tacos, listen...
    Early in 2020, Sam Lyon's new job fell through because of a coronavirus hiring freeze. That's when Lyon decided to create what he calls the "Uber Eats Challenge." The Salem, Oregon, resident committed to delivering food for 12 hours per day every day in June, aiming for a pace that would amount to $100,000 a year. He tracked his progress on the social media platform TikTok. By the end of the month, he had made 795 deliveries and driven nearly 5,000 miles. Check out this video for a full breakdown of how much money he earned and to see what he learned from the experience.  More from Invest in You: 'Predictably Irrational' author says this is what investors should be doing during the pandemicCoronavirus forced this couple into a 27-day quarantine amid their honeymoon cruiseHow to prepare for a family member with Covid-19 Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
    New York (CNN Business)\It's official: The Federal Reserve is winding down its aggressive pandemic-era stimulus measures, a process Wall Street nerds call "tapering." But what, exactly, does that mean? The short answer: Money has essentially been free for the past year and a half, thanks to the Fed's double-barrel shotgun approach to economic stimulus — interest rates near zero and a massive investment in bonds that keeps yields near rock-bottom. When the Fed eases off the stimulus pedal, borrowing could grow more expensive, making businesses pay more, which means less profit, which means Wall Street is...sad.For a more in-depth answer, read on!While it might sound somewhat academic, the results of the Fed's decision could have a huge impact on everyday people, especially those looking to buy a home or run a business. Read MoreThe coronavirus crashTo understand how we got here, let's flash back to March of 2020, when Covid-19 landed like a bomb on US shores. Businesses shut down, at least 20 million people lost their jobs in a single month, and Wall Street was in full-on panic mode....
    New York (CNN Business)It's official: The Federal Reserve is winding down its aggressive pandemic-era stimulus measures, a process Wall Street nerds call "tapering." But what, exactly, does that mean? The short answer: Money has essentially been free for the past year and a half, thanks to the Fed's double-barrel shotgun approach to economic stimulus — interest rates near zero and a massive investment in bonds that keeps yields near rock-bottom. When the Fed eases off the stimulus pedal, borrowing could grow more expensive, making businesses pay more, which means less profit, which means Wall Street is...sad.For a more in-depth answer, read on!While it might sound somewhat academic, the results of the Fed's decision could have a huge impact on everyday people, especially those looking to buy a home or run a business. The coronavirus crashRead MoreTo understand how we got here, let's flash back to March of 2020, when Covid-19 landed like a bomb on US shores. Businesses shut down, at least 20 million people lost their jobs in a single month, and Wall Street was in full-on panic mode....
    In this article BIRDA woman walks past an Allbirds store in the Georgetown neighborhood of Washington, D.C., on Tuesday, Feb. 16, 2021.Al Drago | Bloomberg | Getty ImagesShoe maker Allbirds is hoping to attract investors who favor companies that put an emphasis on sustainability as it launches its initial public offering. The company, known for its eco-friendly wool sneakers and slip-ons, is expected to begin trading Wednesday on the Nasdaq exchange under the ticker symbol "BIRD." "We did get exposure to a lot more pockets of capital as a result of the fact that people saw the genuine and authentic leadership that we're putting forward on ESG," co-founder and co-CEO Joey Zwillinger said in an interview on CNBC's "Squawk Box." "I think why the demand was so great ... investors were really attracted by the opportunity to put their capital against great opportunity to create outcomes that were better for the planet." On Tuesday, Allbirds said it raised more than $300 million after pricing on the high end of its IPO. It priced 20.2 million shares at $15 a piece, after...
    Natasha Alipour Faridani | DigitalVision | Getty Images The U.S. Department of the Treasury is now paying a 7.12% annual rate on I bonds, an inflation-protected and nearly risk-free investment, through next April, which may be attractive to those seeking relatively safe portfolio options. Crumbling purchasing power continues to be a concern as Americans see higher prices at the gas pump, when buying groceries and for other day-to-day living expenses. Annual inflation rose by 4.4% in September, the fastest pace in more than three decades, according to the U.S. Department of Commerce. While Treasury officials still predict improvements, they admit inflation has lingered for longer than expected. These hikes have also prompted a 5.9% increase for Social Security payments in 2022, the largest annual cost of living adjustment in 40 years. More from Personal Finance: If you don't get a 5% raise this year, you aren't necessarily taking a pay cutWhere to get the best rates on your savings amid rising inflationInflation is a growing risk. Here's what advisors are recommending "Clients are asking about it," said certified financial planner Leona...
    VIDEO1:4601:46CNBC Fed Survey: Taper imminent, inflation now biggest economic threatSquawk Box Amid heightened concerns about inflation, respondents to the CNBC Fed Survey believe the Federal Reserve will announce a decision to taper Wednesday and begin hiking interest rates considerably sooner than previously forecast. Respondents to the survey overwhelmingly forecast that the Fed will announce a decision to reduce its monthly asset purchases in the statement Wednesday and begin tapering in November. The Fed is expected to reduce it $120 billion in monthly purchases of Treasurys and mortgage-backed securities by $15 billion a month, which would bring purchases to an end by May.Zoom In IconArrows pointing outwardsRespondents also moved forward their forecast for the first rate hike to September 2022 from December in the last survey. But the September average masks a more aggressive outlook: 44% of the 25 respondents believe the Fed will raise rates by July, meaning rate hikes will follow the end of taper by just a few months. Expectations for a modest pace of both tapering and hiking rates from the Fed were a source of...
    A convicted con artist from Long Island admitted in federal court in Trenton on Monday that he scammed investors in a purportedly revolutionary new aspirin -- most of them elderly -- out of $3.5 million that he used as his own personal piggybank. Donald A. Milne III, a 57-year-old repeat offender from Massapequa, defrauded more than 70 victims from throughout the country who though they'd invested in Instaprin, which he touted as a “fast-acting form of powdered aspirin that could instantly stop heart attacks and strokes," Acting U.S. Attorney Rachael A. Honig said. He used the money instead for a Caribbean vacation, boating expenses, divorce payments, clothing, and spa treatments -- and to sustain and operate Island Raceway & Hobby Inc., a now-defunct remote-controlled toy race car business in Lindenhurst, she said. A much smaller portion of the money went toward paying other investors in a “Ponzi-scheme fashion,” Honig said. Milne – who’d pleaded guilty to investment fraud charges in a previous case more than 20 years ago -- told the investors this time that their money was being used to...
    Photo by Mike Kline (notkalvin) | Moment | Getty Images Proposed legislation unveiled Thursday as part of Democrats' $1.75 trillion social and climate spending plan would close a tax loophole for cryptocurrency investors. The Build Back Better Act would subject crypto transactions to "wash sale" rules, an anti-abuse measure that currently applies to stocks, bonds and other securities, according to an outline published by the House Rules Committee. As a result, bitcoin, ethereum, dogecoin and other crypto would be subject to the rules. They prevent investors from claiming tax benefits from an investment loss then quickly buying back that same asset, effectively retaining ownership. The new proposal would apply after Dec. 31.VIDEO2:4902:49Here's where Democrats' latest tax plan on top earners standsSquawk BoxThe Rules Committee proposed its near-final legislative draft after the White House unveiled a policy framework Thursday morning, the result of months of negotiations among moderate and progressive Democrats. The legislation may still evolve and its success isn't guaranteed. Democrats need nearly full party support in both chambers for the measure to pass, given unified Republican opposition. Key holdouts...
    In this article RDSA-GB(GERMANY OUT) Germany Berlin - Shell petrol station with solar plant (Photo by Schöning/ullstein bild via Getty Images)ullstein bild | ullstein bild | Getty ImagesThe surprise win earlier this year by activist firm Engine No. 1 of board seats at Exxon Mobil was a watershed event in Big Oil's ability to control the climate narrative as investors push for change. But the stake revealed this week in Royal Dutch Shell by Dan Loeb's Third Point Management activist investor firm may say more about how energy giants balance business models in the future to hang on to higher return, cash-generating legacy fossil fuel projects while investing in renewable energy. Loeb's idea is simple: just break up the company. Put the oil and gas assets into a separate firm focused on returning cash to shareholders while setting up a renewable energy company to succeed on its own. Is the sum of the parts going to be worth more than the whole in the future of the oil and gas business? Loeb's investor letter comments on Shell were not...
    New York (CNN Business)Only a week ago, Bitcoin hit an all-time high of nearly $67,000. But investors have been dumping the world's most valuable cryptocurrency in favor of the new kid -- or rather, new dog -- in town: shiba inu.The price of one bitcoin fell more than 5% Wednesday and was trading around $59,000, 12% below last week's record levels. For any other asset, like a stock or bond, a drop that steep in such a short time would be considered a market correction. For bitcoin, it's just business as usual. Crypto investors have come to accept that bitcoin is volatile. Despite more than 13,000 cryptocurrencies listed on CoinMarketCap — ranging from dogecoin and shiba inu to more obscure tokens with even goofier names, such as Elon's Marvin, Dogelon Mars, Baby Floki Billionaire and Kitty Inu...(because cat lovers own crypto too) — bitcoin remains the dominant digital currency. Bitcoin? Ethereum? Dogecoin? Your guide to the biggest names in cryptoThe total number of bitcoins now in circulation have a market value of $1.1 trillion. That's nearly half of the size...
    A cryptocurrency company is on track to purchase the Gibraltar Stock Exchange (GXS). Valereum Blockchain, a Gibraltar-based blockchain technology group, has signed an option to snap up 80 per cent of the GSX. If given the green light by regulators, Valereum claims it would establish the world’s first fully regulated integrated fiat and digital exchange, where investors could buy securities using bitcoin, ethereum, dogecoin, cardano and stablecoin tether. Speaking to This is Money, Richard Poulden, chairman of Valereum, said: 'Gibraltar is a great place for this world first integrated exchange due to the fact it uses English language, it has a good legal structure and has a robust regulatory environment to European standards.  'This is a very exciting opportunity for investors as they will be able to use crypto to invest in fiat securities in a fully regulated environment for the first time.' On the cards: Valereum Blockchain has signed an option to snap up 80% of the Gilbraltar Stock Exchange No crucial details like price have been disclosed. Valereum said in a statement: 'As with many exchange transactions the full details...
    (CNN)It's time for investors to start making safer bets.That's what Howard Marks, co-chairman of Oaktree Capital, told CNNMoney editor-at-large Richard Quest on "Markets Now" on Wednesday."Defense is more important than offense" right now, said Marks, the author of "Mastering the Market Cycle: Getting the Odds on Your Side."Investors should consider taking a stake in utilities, and decreasing their investments in more volatile tech stocks, he said.Defense is the name of the game for a few reasons.Read MoreThough stocks have been soaring, Marks warned that we may be nearing the end of the bull cycle."I'm not saying get out," he said. "I think that being out of the market is pretty dangerous today, and I think it would be a mistake to raise cash." But more reliable stocks can protect investors from big losses if the climate changes.Marks also pointed to the trade war with China as another reason for investors to tread carefully."We have a trade battle with China, it's probably going to get solved, but it may go off the rails," he said. "And if it goes off the...
    The HSBC Holdings Plc headquarters building in Hong Kong, China.Paul Yeung | Bloomberg | Getty Images LONDON — HSBC Asset Management has shared a raft of advice with clients looking to navigate the current "wall of worry" facing global markets.  With concerns about global growth and inflation causing jitters of late, along with the prospect of premature central bank policy adjustments and the resurgence of Covid-19 in certain parts of the world, investors have plenty on their plate when deciding where to allocate money.  In a message to clients earlier this week, HSBC Asset Management Global Chief Global Strategist Joe Little recommended a number of strategies, including looking at Asian fixed income, "reasonably priced inflation hedges," and value and cyclical stocks.  Consensus forecasts for U.S. 2021 GDP [gross domestic product] have been cut by 0.7 percentage points to 5.9%, according to HSBC's aggregate, while supply chain disruption has pushed up U.S. 2021 inflation expectations by a full percentage point to 4.3%.VIDEO2:3802:38The biggest issue facing markets? Inflation, expert saysSquawk Box EuropeEconomists have revised down the outlook for China's 2021 GDP growth...
    NTSB: Driver was behind wheel at time of Texas Tesla crash With Virginia governors race looming, Biden takes to CNN town hall to pitch his agenda to voters Quarterly financial reports play a vital role on Wall Street, as they help investors see how a company has performed and what might be coming down the road in the near-term. And out of all of the metrics and results to consider, earnings is one of the most important. Load Error We know earnings results are vital, but how a company performs compared to bottom line expectations can be even more important when it comes to stock prices, especially in the near-term. This means that investors might want to take advantage of these earnings surprises. Hunting for 'earnings whispers' or companies poised to beat their quarterly earnings estimates is a somewhat common practice. But that doesn't make it easy. One way that has been proven to work is by using the Zacks Earnings ESP tool. The Zacks Earnings ESP, Explained The Zacks Earnings ESP, or Expected Surprise Prediction, aims to...
    In this article HOOD GME Rafael Henrique | LightRocket | Getty ImagesThe Securities and Exchange Commission said online brokerages, enticed to increase revenue through the controversial industry practice of payment for order flow, are turning stock-trading into a game in order to encourage activity from retail investors. Wall Street's main regulator on Monday released its highly anticipated report on the GameStop mania earlier this year. The 44-page report detailed how the trading frenzy went down and raised red flags on a number of issues, including the back-end payments that brokerages receive, gamification of trading, as well as disclosures on short sales. But it stopped short of laying blame on a single cause or entity. "Payment for order flow and the incentives it creates may cause broker-dealers to find novel ways to increase customer trading, including through the use of digital engagement practices," SEC officials said in the report. Payment for order flow is one of the largest revenue sources at Robinhood, the millennial-favored stock trading app that raked in a record number of new customers over the past year...
    People wearing face masks walk in front of a big Euro sign in Frankfurt am Main, western Germany, as the European Central Bank (ECB) headquarters can be seen in the background on April, 24, 2020.Yann Schreiber | Getty Images LONDON — A substantial portion of investors expect the U.S. Federal Reserve and the European Central Bank to keep monetary policy slightly too loose for too long, according to a Deutsche Bank survey. In a market sentiment survey of more than 600 investment professionals worldwide, conducted by the German lender between Oct. 6-8, 42% expected the Fed to stay slightly too dovish, while 24% anticipated that the central bank would get policy "about right" and 33% foresaw a more hawkish tilt. The prospect of a dovish policy error from the ECB was seen as more likely, with 46% expecting policy to remain too accommodative, compared to 26% believing policy across the common currency bloc will be "about right" and 21% seeing a premature or excessive tightening. By contrast, 45% see a bigger risk of the Bank of England making a hawkish...
    MoMo Productions | DigitalVision | Getty Images Exchange-traded funds are often associated with passive strategies. But money has also poured into the actively managed version of ETFs, as investors crave more precision, experts say. While passively managed ETFs aim to replicate an index, such as the S&P 500, active managers are more hands-on, trying to outperform a specific benchmark. Active ETF managers may routinely "check under the hood" with a process-based approach, said certified financial planner Jon Ulin, managing principal of Ulin & Co. Wealth Management in Boca Raton, Florida. Actively managed U.S. ETFs jumped to nearly $275 billion in net assets in September, up from about $140 billion the previous year, according to Morningstar data, making up just over 4% of the overall U.S. ETF market. Experts say there are several reasons for the explosive growth. "I think the one common thread among a variety of different things is that ETFs are becoming the vehicle of choice for a larger number of investors," said Ben Johnson, director of global ETF research for Morningstar.Lower costsOne of the biggest selling points...
    DALLAS (CBSDFW.COM) – Texas oil and gas mogul Christopher A. Faulkner has been sentenced to 15 years in federal prison for bilking investors out of millions of dollars and concealing money from the IRS. A frequent media commentator and self-proclaimed “frack master,” Faulkner, now 44, was arrested in June 2018 at the Los Angeles International Airport. READ MORE: 79-Year-Old Woman Struck And Killed By Pickup In ArlingtonHe entered his first guilty plea in October 2018. After the judge declined to impose the binding 12-year sentence stipulated in the plea agreement, Faulkner withdrew his guilty plea. He entered a second guilty plea in December 2020 and was sentenced in September 2021 to 15 years in federal prison for securities fraud and attempted tax evasion. U.S. District Judge Jane Boyle also ordered him to pay $92.4 million in restitution to his victims. Dubbed the “Frack Master,” Chris Faulkner faces criminal charges for his work as founder, CEO and president of the Dallas-based oil and gas company Breitling Energy. (photo courtesy: chrisfaulkner.me) According to plea papers, from 2011 to 2016, Faulkner...
    VIDEO1:0701:07Invesco's Kristina Hooper: There's a lot of 'excitement' in techTrading Nation Investors may want to hit the buy button the next time technology stocks sell off. Invesco's Kristina Hooper contends the group is playing a crucial role in corporate America's desire to boost productivity. "Technology over the longer term is going to benefit from increased corporate spending," the firm's chief global market strategist told CNBC's "Trading Nation" on Friday. "There's a lot of excitement there." But she suggests investors will need some patience. "We may not see it in the short run just because yields are going up," added Hooper. Wall Street's affinity for tech is waning chiefly because the 10-year Treasury Note yield is ticking higher. The yield hit a high of 1.617% during Friday's trading — its highest level since June 4. Growth stocks, which include tech, typically underperform in a rising rate environment because it puts pressure on profits. Over the past four weeks, the tech-heavy Nasdaq is off more than 5% from its all-time high, hit on Sept. 7. It fell 74.48 points on Friday to...
    Workers with Patriot Environmental Services mop up oil on the surface of the water at Talbert Marsh in Huntington Beach, CA on Monday, October 4, 2021.Paul Bersebach | MediaNews Group | Getty Images A massive oil spill off the coast of southern California this past weekend has clean-up crews racing to prevent an ecological disaster. It has also prompted experts to say it's time to transition away from the fossil fuel industry. "What this spill does is underscore the need to move away from oil to other cleaner sources of energy," said Danielle Fugere, president of As You Sow, a non-profit shareholder advocacy group focused on environmental and social issues. More from Personal Finance:What to do if Democrats ax the backdoor Roth IRA strategyWealthy may avoid $163 billion in taxes every year. Here's how they do itThese year-end tax moves may help you save, whatever happens in Congress Companies can address this by revising their business models to consider climate risk, Fugere said. Federal lawmakers also have an opportunity to make the environment a top concern in upcoming legislation. Individual...
    Zach Avery, whose real name is Zachary J. Horwitz, pleaded guilty Monday with wire fraud over the Ponzi scheme related to his company 1inMM Capital LLC A little-known sci-fi actor pleaded guilty Monday to running a massive Ponzi scheme that raised at least $650 million from investors in phony Hollywood film licensing deals. Zachary Joseph Horwitz, 34, a resident in the Beverlywood of Los Angeles, entered a plea to a federal charge of securities fraud and could face up to 20 years in prison when he's sentenced January 3rd of next year, according to a statement from the U.S. attorney's office. Prosecutors alleged that from 2014 to 2019, Horwitz secured hundreds of millions of dollars in loans by using his film company, 1inMM Capital LLC, to solicit investors with bogus claims their money would be used to buy regional distribution rights to movies and then would generate profits by licensing the rights to online streaming platforms, including Netflix and HBO.  Instead of using the funds to acquire films and arrange distribution deals, Horwitz used the money of the victims to...
    New York (CNN Business)The whirlwind ride for bitcoin continues. The price of the world's most valuable cryptocurrency soared above $50,000 Tuesday morning — the highest level in nearly four weeks.Although there was no specific catalyst driving bitcoin's recent surge, digital asset investment firm CoinShares notes investors have been plowing money into cryptocurrencies for the past seven weeks. "We believe this decisive turnaround in sentiment is due to growing confidence in the asset class amongst investors," CoinShares said in a report Monday.That increased confidence has pushed bitcoin to rally almost 20% in the past week. Other top cryptocurrencies, including ethereum, binance, solana and Elon Musk favorite dogecoin, have enjoyed similarly large gains. JUST WATCHEDWill cryptocurrency replace the dollar? Scott Galloway explainsReplayMore Videos ...MUST WATCHWill cryptocurrency replace the dollar? Scott Galloway explains 03:15Another expert pointed out that some of the recent macro concerns that have dragged down stocks could also be boosting bitcoin. Read More"Inflation fears are driving a resurgence in crypto, and I don't think that's going away anytime soon," said Chris Kline, chief operating officer and co-founder of Bitcoin IRA.It's...
    DETROIT (AP) â A man addicted to the Michigan Lottery was sentenced to more than four years in prison Wednesday for a scheme that cost investors more than $23 million. Viktor Gjonaj of Troy told people that he was plowing their money into real estate deals. Instead, he was playing the Daily 3 and Daily 4 games â more than $1 million a week by 2019. READ MORE: 4 Metro Detroit Residents Charged With COVID-19 Relief FraudGjonaj believed he had discovered a guaranteed way to win big jackpots, according to his plea agreement. Instead, Gjonaj âwound up with nothing other than a federal felony conviction,” defense attorney Steve Fishman said in a court filing. Gjonaj, a real estate broker, created a fake title company and instructed investors to wire money into a bank account, investigators said. READ MORE: Detroit Grand Prix Files For Return To Downtown Detroit In 2023U.S. District Judge Linda Parker sentenced him to 53 months in federal prison. Fishman, who had sought 30 months, said Gjonaj confessed to the FBI even before agents knew there was a...
    ESG investing, or when a company's environmental, social and governance factors are evaluated, is booming, and a panel of sustainability-focused investors said the trend is only going to accelerate from here. Climate change "is a mega-trend that if you take advantage of it, and get ahead of it, it's going to be an alpha generator for the next 30 or 40 years," CalSTRS Chief Investment Officer Christopher Ailman said Wednesday at CNBC's "Delivering Alpha." "If you don't pay attention to it, it's going to be a negative alpha and you're going to be stuck with a low-beta return." Wendy Cromwell, vice chair at Wellington which had $1.4 trillion in assets under management as of the end of the second quarter, echoed these comments, saying of climate change that "investors need to study it, and companies need to be prepared for it." ESG investing is booming, with global assets in sustainable funds hitting $2.24 trillion at the end of June, according to data from Morningstar. Assets first topped the $1 trillion mark in the second quarter of 2020. But the ESG...
    In this article OMEGTraders work on the floor of the New York Stock Exchange (NYSE) in New York, on Monday, Aug. 23, 2021.Michael Nagle | Bloomberg | Getty ImagesSPACs are getting a much-needed reality check after investors and regulators grow wary of the Wall Street craze, and the majority of deals could have a hard time surviving with time running out. Once a sure-fire way to bet on an IPO pop, blank-check deals are now experiencing a market washout with the vast majority of new issues dipping below their debut price. Ninety-seven percent of more than 300 pre-merger SPAC deals are now trading below their key $10 offer price, according to a CNBC analysis of SPAC Research data. Most of the SPACs are trading for less than the cash raised in their IPOs amid shareholder redemptions and cooling demand. Meanwhile, they're up against a deadline to find a target to merge with in a crowded market. If the SPACs fail to complete a deal within a timeframe, they will liquidate and return capital to investors minus expenses. "It's clear not...
    Charter school industry lobbyists, who appear to have lost a fight in the U.S. House of Representatives over an appropriations bill that cuts federal funding to charter schools operated by for-profit businesses, are rolling out a campaign to defend their taxpayer revenues in the U.S. Senate, but federal lawmakers may wish to consider new evidence of how for-profit charter enterprises introduce potential harms into public education. One such potential harm, according to an in-depth examination conducted by Our Schools, stems from for-profit charter school operators partnering with private investors intent on turning quick profits from public dollars meant for educating children. Our Schools examined the relationship between Pansophic Learning, owner of the Accel Schools chain of for-profit charter schools, and Safanad Limited, a private equity firm, originating in the Middle East, with extensive investment holdings in K-12 education, senior living, and other public sector-related enterprises. What Our Schools found was that for-profit businesses like Pansophic Learning are providing entryways for wealthy investors from abroad to flood the U.S. with money to buy up struggling taxpayer-funded enterprises and put into place...
    A former pastor of the Westminster-based Church of the Healthy Self was sentenced Friday to 14 years in federal prison and ordered to pay more than $22 million in restitution after being accused of orchestrating a church-based investment scheme that took in $33 million. Kent R.E. Whitney, 39, formerly of Newport Beach, pleaded guilty in November 2020 to two counts of mail fraud and filing a false federal income tax return. Whitney started Church of the Healthy Self in 2014 and operated out of a strip mall in Westminster until April 2019, officials said. Representatives of the church used television appearances and live seminars, which were often uploaded to Youtube, to encourage investors to put money into the CHS Trust, the church’s investment arm. Investors were misled to believe that traders had not lost money in years, they were regularly audited and there was a guaranteed annual return rate of 12%, according to court records. His victim investors were mainly in the Orange County, Northern California and Texas areas, officials said. Whitney sent documents to investors with false reports of...