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SEC Freezes Assets of Thailand Trader for Insider Trading Ahead of Smithfield Foods Acquisition Announcement The Securities and Exchange Commission announced an emergency court order to freeze the securities and assets of a trader in Bangkok, Thailand, who made in excess of $3 million by trading in advance of last week’s announcement that Smithfield Foods agreed to a multi-billion dollar purchase by the Chinese holding company, Shuanghui International Holdings.
SEC Proposes Money Market Fund Reforms The United States Securities and Exchange Commission unanimously agreed to propose new regulations that would alter the way that money market funds operate in order to make them less volatile and susceptible to fluctuations that would ultimately harm investors.
SEC Warns Investors Regarding Binary Options and Charges Cyprus Company The Securities and Exchange Commission cautioned investors about the dangers of participating in binary options and has charged a Cyprus-based business with selling them illegally to investors in the United States.
Chrysler Refuses to Initiate Jeep Recall In a rare refusal of the United States government, the Chrysler Group is rebuffing a National Highway Traffic Safety Administration request to recall 2.
Experiment Time: The New Massachusetts Health Care Situation The fervent debate has lost most of its steam as the United States Supreme Court has rejected the premiere legal challenge and November’s presidential election snuffer out the opposition’s hopes for a late reversal.
SEC Comes Down on 61 Companies for Committing Fraud in the Over-the-Counter Market The SEC today announced the second-largest trading suspension in U.
SEC Charges Prominent Company for Accounting Mishaps The SEC today charged a Washington-based commercial truck manufacturer for a number of accounting deficiencies that clouded the company’s financial reporting to investors during the financial crisis.
On the Brink: Federal Disability Trust Fund Disappearing Quickly Roughly 11 million Americans depend on federal disability payments; however, the system is on the verge of running out of money.
Rising Rapidly: Mortgage Rates are Highest in a Year Mortgage rates in the U.
Livestrong No More: Nike to Stop Making Livestrong Products Nike announced that it will cease making and selling products for the Livestrong Foundation at the end of this year.
SEC Charges Institutional Shareholder Services with Breaching Clients’ Voting Rights The Securities and Exchange Commission charged a Rockville, Maryland-based proxy adviser Shareholder Service for failing to protect the confidential proxy voting information of clients participating in several proxy contests.
SEC Charges Dallas-Based Trader with Front Running The Securities and Exchange Commission announced fraud charges and an immediate asset freeze against a trader at a Dallas-area investment advisory firm who illegally profited by placing personal trades before executing large order trades for clients that had a strong opportunity to increase the stock’s price.
Not as bad as we thought: Obamacare Premiums in California Lower than Expected Health insurance providers in the state of California will charge an average of $304 a month for the silver-level coverage (the least expensive plan) in state-based exchanges starting next year.
Another One Bites the Dust: IRS Official Lois Lerner Placed on Administrative Leave The official of the Internal Revenue Service responsible for overseeing the unit that targeted conservative groups for a number of years starting in the spring of 2010 has been placed on administrative leave, according to a statement released by both the Republican and Democratic parties.
Ben Bernake Warns against Raising Interest Rates too soon Federal Reserve Chairman Ben Bernanke warned the American public of the risks associated with raising interest rates too soon.
Not So Sunny: SEC Charges City of South Miami with Fraud The Securities and Exchange Commission today charged South Miami with defrauding bond investors regarding the tax-exempt financing eligibility of a mixed-use paring and retail structure being constructed in its downtown commercial area.
Apple Facing the Heat: Tech Giant Questioned over Tax Havens Apple executives defended the tech giant’s tax strategy on Capitol hill today, claiming that the corporation pays one of the highest effective tax rates of any major company in the United States.
SEC Charges Father and Son Conducted Cherry-Picking Scheme at Investment Company The Securities and Exchange Commission charged a father and son and their Chicago-based investment advisory business with defrauding clients via a cherry-picking scheme that reaped them approximately $2 million in illegal profits, which they used to purchase vehicles, vacations, and luxury homes.
Fired IRS Official Denies Intentional Targeting and Lying to Congress Ousted IRS Official Denies Intentional Targeting and Lying to Congress A significant increase in workload, as oppose to deliberate targeting, led to foolish mistakes and acts of political discrimination in the IRS as cited by an inspector general’s report, the agency’s outgoing commissioner claimed today.
SEC Charges China-Based Execs in Scheme to Divert Money for Personal Use and Overstate Revenues The United States Securities and Exchange Commission charged husband-and-wife executives at a China-based business with engaging in a fraudulent activity to overstate the company’s revenues and divert funds from a securities offering for their personal use.
Cost Cutters: Deficits in the United States Falling Faster than Expected Headed by Douglas Elmendorf, the United States Congressional Budget Office, projects this year’s deficit will be $200 billion less than it projected just a few months ago.
Stuck in the Mud: Europe Facing Longest Recession in History A long winter held back construction activity in Germany, which contributed to a sharper than expected drop in first quarter output across the Eurozone.
Young Men: The Exposed Age Group under Obamacare The Obama administration claims that the Affordable Care Act will provide cheaper health insurance for millions of Americans.
Nearly 100,000 Borrowers Shortchanged in Mortgage Settlement Checks that were supposed to compensate mortgage borrowers who fell victim to illicit foreclosure practices have finally started arriving in mailboxes; however, many of these checks are well short of the amount owed.
SEC Charges Pennsylvania City for Making Fraudulent Public Statements The United States Securities and Exchange Commission charged the city of Harrisburg with securities fraud for misleading public when it issued statements regarding its financial situation.
SEC Issues Alert on Settlement Income or Pension Streams The United States Securities and Exchange Commission, along with the Financial Industry Regulatory Authority issued an investor alert for Pension or Settlement Income Stream Investments.
Does Obamacare Help the Female Population? With Mother’s Day behind us, President Obama spoke to a group of women—including a number of moms—about the ways the new Affordable Care Act is already providing aid to millions of Americans like them.
President Obama Says He Will Not Tolerate Wrongdoing at IRS President Barack Obama on Monday vowed to hold accountable employees of the Internal Revenue Service involved with improperly targeting conservative groups that applied for tax-attempt status.
Tesla Sales Eclipse Majority of Luxury Automobiles The Tesla Model S, which is priced at a substantial $70,000, is now the hottest electric car on the market.
Sued: California Accuses JP Morgan of Fraud in Credit-Card Debt Collection California Attorney General Kamala Harris filed a lawsuit against banking giant JP Morgan on Thursday, alleging that the financial institution engaged in legal and fraudulent debt collection practice against tens of thousands of California residents.
Enron Convict to be released from Jail Early Former Enron executive Jeffrey Skilling has reached an agreement to reduce his fraud sentence by nearly a decade.
Slashing Costs: U.S. Deficit Plunges by a Whopping 32 Percent The United States’ annual deficit has dropped 32 percent over the first seven months of the fiscal year compared with same period last year, according to a report issued by the U.
SEC Charges Traders in Enormous Kickback Scheme Involving Venezuelan Official The United States Securities and Exchange Commission charged four individual with ties to a New York City brokerage in a scheme involving millions of dollars in illegal bribes paid to a high-ranking Venezuelan official to secure the bond trading business of a state-owned Venezuelan financial institution.
Another Record: Dow Closes Above 15,000 Today marked another record-setting on Wall Street as the Dow Jones Industrial Average closed above 15,000 for the first time ever.
Game Changer: Staples to Start Selling 3-D Printers 3-D Printers, the next generation of printers, have officially gone mainstream as consumers can now procure one from Staples for $1,300.
White House Report: The Employment Situation in April Although more work remains to be done, today’s employment report offers further evidence that the United States’ economy is continuing to strengthen after undergoing one of the worst recessions since the Great Depression.
SEC Charges Two Mutual Funds for Inaccurate Disclosures about Decisions on Behalf of Shareholders The United States Securities and Exchange Commission today charged the gatekeepers of two mutual fund trusts with misleading disclosures regarding the factors they deemed when renewing or approving investment advisory contracts.
Sign of things to come: Jobless Claims Dip to 5-Year Low After rising as high as 670,000 during the financial crisis, weekly jobless claims are currently at around half of that level.
A Lifelong of Pain and Suffering: Many Boston Victims Face Lifetime of Medical Bills More than $30 million has been graciously donated to victims of the Boston Marathon Bombing, yet it may not be nearly enough to cover the lifelong medical bills for many of those impacted by the tragedy.
41 Percent of College Graduates Overqualified for what they do More than 4 out of 10 recent college graduates say they find themselves stuck in menial jobs that do not require a college degree.
Time to Pay the Piper: Level Global Agrees to Pay Nearly $22 Million to Settle Insider Trading Charges The United States Securities and Exchange Commission announced that Greenwich.
Emergency Situation: Millions of Americans can’t afford to go to the Doctor An increasing number of Americans are skipping medical care simply because they cannot afford it.
Capital One Facing the Heat: Banking Giant Charged by SEC The United States Securities and Exchange Commission charged Capital One Financial and two prominent executives for understating millions of dollars in auto loan losses that were incurred during the months leading up to the financial crisis.
PETA Playing Hardball: Environmental Advocacy Group Purchases a Stake in SeaWorld PETA purchased stock in SeaWorld, which went public last week, to pressure the company into freeing what the environmental protection group deems as “enslaved” killer whales.
SEC Seeking to Halt Scheme that Raises Investor Funds under the Guise of the JOBS Act The United States Securities and Exchange Commission announced fraud charges against a Washington State-based company and its owner for defrauding investors with claims to raise billions of investment capital under the JOBS Act and invest it exclusively with domestic companies.
SEC Names Anne Small as General Counsel The Securities and Exchange Commission announced that Anne Small has been named General Counsel of the federal agency.
Stocks Bounce Back After briefly plummeting thanks to a fake tweet sent by the Associated Press saying there were explosions at the White House, stocks bounced back to end the day on a positive note.
Time to Start Worrying: Apple’s Profit Slips 18 Percent Apple’s older, cheaper devices have long been popular with consumers; however, those discounts have pinched the company’s historically strong profits.
Stocks Bounce Back After Fake Tweet After briefly plummeting thanks to a fake tweet sent by the Associated Press saying there were explosions at the White House, stocks bounced back to end the day on a positive note.
Social Media Shutdown: Wall Street Cracks Down on Facebook Posts and Tweets Several states in the U.
From Rogue Trader to Locked Up The United States Securities and Exchange Commission charged a former employee at a Connecticut brokerage firm with scheming to profit from placing unauthorized orders to purchase Apple stock.
Inflation is Extremely Low Right Now: Is it Time to Worry? Prices of common goods are not going up very much, but should we celebrate? The answer to this inquiry is: not exactly.
Rocky Mountain Plunge: SEC Charges Denver Businessman with Insider Trading The United States Securities and Exchange Commission today charged a wealthy Denver businessman with insider trading based on proprietary information he procured from the CEO of an oil company that was about to secure a prominent investment.
Underground Profits: The Lucrative World of Cigarette Smuggling Cigarette smuggling is a hot new business as taxes rise in some states but remain marginal in others.
Dow Drops more than 200 Points After Boston Marathon Bombing A widespread sell-off in stocks accelerated this afternoon following the news of two explosions at the Boston Marathon.
Know Your Role: CEOs Earn 354 Times more than the Average Worker Oracle CEO Larry Ellison was the top-earning CEO in 2012 with a salary of $96.
Bold Move: Dish Launches $25.5 Billion Bid for Sprint Satellite TV provider Dish Network offer a bid of $25.
Computer Issues: Shares of Microsoft and HP Tumble after Dismal PC Sales Shares of prominent personal computer manufacturers, software companies and chipmakers tumbled Thursday after PC sales endured their worst quarter in history.
Total Recall: Toyota, Nissan and Honda in Massive Recall Japanese automakers Nissan, Honda, Toyota and Mazda are on the verge of recalling roughly 3.
Smoking Kills: Obama Calls for Cigarette Tax Hike of Nearly $1 per Pack The federal government already imposes a sin tax on cigarettes of $1.
The Future is not looking so Bright: Class of 2013 Faces Grim Job Prospects College graduates under the age of 25 faces an 8.
Broke Doctors: Wait, What? As a considerable number of doctors struggle to keep their practices afloat, some are buckling under finance woes and pushed into bankruptcy.
Axed: J.C. Penney CEO Shown the Door The Ron Johnson tenure at J.
Jay-Z’s Latest Venture: The World of Sports Rap star and businessman Shawn “Jay-Z” Carter, officially became a sports agent last week, kicking off his latest venture with a superstar client—New York Yankees second baseman Robinson Cano.
Shodan: The most Diabolical Search Engine on the Internet “When Internet users do not find their inquiries on Google, they think no one can find them; this is simply not true.
Pump the Brakes: Hiring Slows Severely in March Hiring in the United States slowed drastically in the month of March as the economy added only 88,000 jobs, the lowest monthly gain since June of last year.
Wave of the Future: Bitcoin ATMs Coming to a City near You Media mogul Jeff Berwick is hoping to bring Bitcoin ATMs to major metropolitan areas throughout the world within the next couple of weeks to months.
See You Later: Lululemon Executive Axed After See-Thru Yoga Pant Fiasco Lululemon, the maker of yoga clothing, announced that its chief product executive was let go after last month’s see-through yoga pants debacle.
Counterstrike: Facebook’s New Weapons against Google Counterstrike: Facebook’s New Weapons against Google Facebook is planning to use Google’s own platform—the Android Operating System—against it.
Coming up Aces: Zynga Stock Surges on U.K. Gambling Bet Zynga, as a result of now offering real money online poker throughout the United Kingdom, experienced strong earnings for the first quarter of this year.
Going Green gets a Jolt: Porsche Ready to Unveil Plug-in Hybrid Model The new Porsche Panamera E-Hybrid will boast a 20-mile all-electric driving range, along with an 84 mile per hour all-electric maximum speed.
What a Rip-Off: CVS Charges $133 more than Costco for Generic Drug CVS charges $150 for a monthly prescription of the generic form of the cholesterol drug Lipitor—the same drug sells for $17 at Costco.
Fannie Mae Posts Record Profit Mortgaging financing giant Fannie Mae reported a record profit of $17.
On the Road to Recovery: Automakers Report Strong March Car Sales Major automakers recorded another solid month of car and truck sales, kicking off the crucial spring selling season on a positive note.
A Certified Money Maker: Tesla Expects to secure its First-ever Profit Tesla Motors is on the verge of reporting its first-ever quarterly profit following strong sales of its all-electric Model S.
Creeping Back to Normal: Madoff Victims get back another $500 Million An additional half a billion dollars has been returned to the victims of Bernard Madoff’s Ponzi scheme.
The Rich get Poorer? French President Francois Hollande is reviving calls for a 75 percent top income tax rate for the wealthy.
All Fun and Games Till Somebody gets Caught Federal investigators, on Friday, charged Michael Steinberg of SAC Capital with securities fraud to which he pleaded not guilty.
Cyprus Banks Reopen with Harsh Cash Limits Banks in Cyprus reopened today for the first time in nearly two weeks.
S&P 500 Finally Hits New Record High After flirting with the milestone for the past few weeks, the S&P 500 finally topped its all-time closing high in morning trading today.
Ouch: Facebook’s Mark Zuckerberg Faces $1 Billion Tax Bill Facebook’s Initial Public Offering made founder Mark Zuckerberg a multi-billionaire; however, it also left him with a pretty hefty tax bill.
Terminated: Employees Fired over Fort Advertisement Featuring Tied-up Women The India-based advertising agency that created an ad showing three women tied up in the back of a Ford has fire several of the employees responsible for creating the images.
Going Green: Mercedes Unveils Tesla-Powered Electric Car Mercedes-Benz has unveiled a revolutionary electric car developed in partnership with Tesla Motors.
Going Rogue: T-Mobile Revolutionizes Cell Phone Pricing Model Long stuck in fourth place, T-Mobile sent shockwaves through the telecommunication industry with its plan to roll out its 4G LTE network and offer bargain plans with no contract requirements to entice potential customers.
Power Moves: Warren Buffet on Track to Become Top Goldman Shareholder Warren Buffet’s Berkshire Hathaway is set to become a long-term investor in Goldman Sachs, as Buffet is well on his way to becoming one of Goldman Sachs’ 10 largest shareholders.
Starbuck’s CEO Doubles Down on Gay-Marriage Support Starbucks CEO Howard Schultz recently announced to shareholders that they should sell stake in the coffee-giant if they don’t appreciate or respect his strong support for gay marriage.
Dunk City: Florida Gulf Coast is the Crown Jewel of March Madness Florida Gulf Coast apparel sales are soaring on the heels of the basketball team’s unparalleled success in this year’s NCAA Division I National Tournament.
Guns and Ammo Sales Propel Jobs Boom The booming enthusiasm for firearms is propelling a vibrant job market for the manufacturing of ammunition and firearms.
Leveraged Finance Booming as Big-Ticket M&A Deals Soar Leveraged finance activity, specifically leveraged high-yield bonds and loans, is on pace to have one of its busiest months in the past decade.
Economy Much Worse Than We Think The Great Recession of 2008 may have officially ended during the summer of 2009, but many Americans are pessimistic about the overall state of the economy, according to a national survey conducted by the John Heldrich Center for Workforce Development at Rutgers University.
Weekly Jobless Claims Edge Higher The number of Americans filing new claims for unemployment benefits edged higher this past week, but a trend reading dipped to its lowest in five years and pointed to ongoing improvement in the labor market.
Sitting on a Gold Mine: Cyprus has an Abundance of Natural Gas Cyprus has not been the luckiest nation in the recent weeks; however, at the end of 2011, an American energy firm made a find that was a bit more than fortuitous: the company found a massive giant natural gas field off of Cyprus’ southern coast.
Crisis Levels: Recession Looming over France Business activities in France shrank in March at the most rapid rate in four years, defying expectations for a broad improvement.
Yahoo CEO Receives $1.1 Million Bonus after Ending Work-at-Home Program Yahoo CEO Marissa Mayer took home a $1.
Workers not getting their Piece of the Pie The gap between hourly pay and productivity is the highest it’s been since the few years following World War II.
Cyber Currency is Booming Bitcoin—digital currencies created by an anonymous hacker--sounds like something from the future or science fiction; however, the four-year-old currency is quite real and trading at an all-time high.
Crash and Burn: Microsoft Fined $730 million by European Union European regulators have fined computer giant Microsoft roughly $730 million for failing to uphold an agreement to offer users with a choice of Internet browsers.
Stock Market Soars to Record High The Dow Jones Industrial Average climbed to a record high during Tuesday’s trading hours.
Waterproof Tablets and Phones set to make a Splash Consumer electronics and water seldom mix, and for many users, there are few things more annoying than a tablet or smartphone that’s been accidentally dropped in water.
Hess to Quit Retail Gasoline Business The Hess Corporation is set to discontinue its retail gasoline operations along with its marketing and energy trading businesses to focus on production and exploration, the company announced on Monday.
The Rich get Richer: Forbes' Rankings finds 210 New Billionaires The Forbes Rankings, which lists the wealthiest men and women in the world, was released today and revealed a record 1,426 billionaires spread throughout the world.
Yahoo Defending No-Work-At-Home Polic Internet giant Yahoo is responding to backlash of a decision to prohibit employees from working at home, claiming it is the right move for the company.
Henry Barbour: ‘Two Sides to Every Issue Henry Barbour, a member of the Republican National Committee and one of five GOP members tasked with developing a new GOP strategy following the failed 2012 elections, refused to say if climate change is one of the focal points his party should address, stating “there are two sides to every issue.
Office Depot Announces Merger with Rival OfficeMax Office Depot just announced a deal to merge with smaller rival OfficeMax in an all-stock transaction worth approximately $1.
American and US Airways Announce $11 Billion Merger Ending a courtship that lasted over a year on the part of US Airways, American Airlines agreed to merge with the smaller US Aiway’s to pave the way for the creation of the country’s largest airline.
Former Credit Union COO Ordered to Pay $72.5M On November 26, 2012, the US Attorney’s Office for the Northern District of Ohio reported that Anthony Raguz was sentenced to 14 years in prison and ordered to pay $72.
Large Financial Institutions Must Annually Conduct Stress Test On October 9, 2012, the Federal Deposit Insurance Corporation (FDIC) announced the final rules for stress testing by large financial companies required under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
European Finance Leaders Meet to Avoid Euro Zone Debt Crisis In an emergency meeting to decide how to deal with an impending Greek default, Euro Zone leaders are meeting in Brussels to discuss the possibility of a bailout to keep the Euro afloat and the European Union intact.
Emerging Market Investors Face Losses Among Worldwide Fears The emerging markets of the BRIC nations lead many to favor investing in their economies, as it was believed Brazil, Russia, India, and China were ready to join the major economies of the world.
New “Apps” Make Personal Finance a Breeze As many people have struggled to get their personal finance in order, especially as they seek the newest and expensive 'must haves', these same expensive pieces of technology now offer help in getting their user's books in order.
Guide To: Finance Lawyers
Guide to Finding Debt Lawyer What is a Debt Lawyer?A debt lawyer is an attorney who represents clients who owe considerable amounts of money to banking institutions, credit card companies, the IRS, and other businesses.