Cryptocurrencies, such as bitcoin and ethereum, are intended to serve as a type of digital money that consumers can use in everyday commercial transactions. They may be traded on online exchanges for conventional currencies, including the U.S. dollar, or be used to purchase goods or services, usually online. But with one bitcoin recently trading at around $15,000, an increase of…
America’s population is aging. As people age, their mental faculties can diminish. They can become isolated, dependent, and frightened. Seniors who accumulated wealth over their lifetimes become attractive targets for unscrupulous people who prey on their vulnerabilities. It generally begins rather simply. A senior citizen with limited investment knowledge and/or limited English skills opens a brokerage account and deposits some…
Financial matters can be bewildering. Stockbrokers are supposed to help simplify the complexities and steer us in the right direction. But sometimes, stockbrokers care more about earning commissions than they do your well-being. It results in customers being stuck with dismal investments. Customers who complain are met with vigorous denials often supported by reams of “gotcha” paperwork that bear your…
Each year, millions of hard-working employees invest billions of dollars in their employer’s 401(k) plans because they trust their employer to provide a best-of-class plan. Often, however, the employer’s endeavors are tainted by a failure of effort, competence, and/or loyalty. Employees’ hard-earned retirement savings are exposed unnecessarily to wasted fees and poor investment performance. But employees need not suffer in…
Annuities are a constant subject of litigation, and for good reason. Although the companies that pitch annuities describe them as relatively simple products, they are anything but. These are complex contracts with high fees, long lock-up periods and bewildering disclosure documents. Basically, an annuity is a life insurance policy that is bundled with a separate investment account. Your investment account…
Private equity conjures up images of billionaires investing in success stories like Facebook and Tesla. Often, though, private equity investments come from retired persons who have labored a lifetime accumulating wealth for their golden years. But when seniors fall prey to investments like Prometheus Law PLCMGMT LLC and Metropolitan Coffee and Concession, their golden dreams unfortunately turn into investment nightmares.…
Last week the Securities and Exchange Commission said it will pay a former company employee who reported potential securities law violations between $5 million and $6 million — the third-largest award to date under the SEC’s whistleblower program. The tipster at the unnamed company had alerted the SEC to violations of securities law that the SEC had no way of detecting, according…
Ponzi scheme victims suffer investment fraud, which can literally rob individuals of their savings. Learn here about a Ponzi scheme and what to do if you fall victim to this investment ploy. Ponzi scheme The grandfather of Ponzi schemes was Charles Ponzi, whose ideas for growing money took fruition in the 1920s. In the case of Charles Ponzi, the investment involved…
A 401(k) plan is essential for any American employee who wants to save for his/her retirement. However, chances are you just take a quick look at your balance every month to make sure things are moving forward. But without looking at your statement thoroughly, how would you know if your retirement plan is being misused or mismanaged? According to the…
Recently, there has been an increase in cases where a current or former employee sues their employer for mismanaging the company’s 401(k) plans. The allegations have ranged from excessive fees to improper revenue sharing to poor-performing or untested investment options. Many of these cases involve an employer who doubles as the investment manager for the mutual funds that are offered…