The financial news that actually matters
Vincent J. Camarda, a Long Island investment adviser who ran A.G. Morgan Financial Advisors, LLC, pleaded guilty in Central Islip federal court to securities fraud and investment adviser fraud after raising at least $138 million from more than 430 investors through what regulators describe as an offering fraud. The scheme, which began around June 2020,…
West Marine Inc., the boating supply retailer founded in 1968, has filed for Chapter 11 bankruptcy in the District of Delaware, overwhelmed by roughly $800 million in debt that traces back to a private equity buyout nearly nine years ago. The filing, designated Case No. 26-10794, arrived as the U.S. Trustee for Region 3 circulated…
Roughly 1.73 million vehicles were seized from borrowers in 2024, a total not seen since the aftermath of the 2009 financial crisis. The figure, drawn from Cox Automotive data, signals that a growing number of American households can no longer keep up with monthly car payments that ballooned alongside vehicle prices and interest rates over…
Wendy’s plans to shut down between 298 and 358 U.S. restaurants in the first half of 2026, a cut of roughly 5% to 6% of its domestic system, after same-store sales fell across the chain. The company already closed 28 locations in the fourth quarter of 2025, leaving 5,969 U.S. units at year-end. The wave…
Federal prosecutors in the Middle District of Florida have charged Christopher Alexander Delgado, 34, of Apopka, Florida, with wire fraud and money laundering for allegedly running a Ponzi scheme through his firm Goliath Ventures, formerly known as Gen-Z Venture Firm. The government says Delgado obtained at least $328 million from investors between January 2023 and…
Oracle eliminated roughly 30,000 positions in the first half of calendar 2026, cutting nearly one-fifth of its workforce and carrying out the single largest layoff disclosed by any company this year. The reductions, tied to a formal restructuring plan the company began disclosing in late 2025, center on employee severance as Oracle shifts capital toward…
Every American taxpayer now has a fixed answer to a question that has loomed since the 2017 Tax Cuts and Jobs Act: the seven individual income tax rates, spanning 10% to 37%, will not snap back to their pre-2018 levels. Congress locked them in permanently through the One Big Beautiful Bill Act, designated H.R. 1,…
Shoppers at dozens of Saks Off 5th locations across the country will lose access to discounted luxury goods after Saks Global filed for Chapter 11 bankruptcy and announced plans to close 57 of its roughly 70 outlet stores. The company will keep just 12 Off 5th locations open while it restructures under court supervision, a…
Edwin Brant Frost IV, the founder and president of First Liberty Building & Loan LLC, faces a federal wire fraud charge for allegedly running a Ponzi scheme that solicited investor funds through purported short-term bridge loans. Prosecutors in the Northern District of Georgia say Frost used money from new investors to pay earlier ones, a…
JPMorgan Chase CEO Jamie Dimon warned in his latest annual shareholder letter that higher interest rates act like gravity on stock valuations, a phrase that closely mirrors a caution Warren Buffett delivered more than two decades ago. The parallel landed on April 5, 2026, when JPMorgan Chase published its 2025 Annual Report, and it arrives…