The financial news that actually matters
A federal judge sentenced exiled Chinese businessman Miles Guo to 30 years in prison on June 29, 2026, for orchestrating a fraud that solicited more than $1 billion from thousands of investors. The sentence also strips Guo of a $26.5 million New Jersey mansion, a Bugatti, a Lamborghini, a Rolls Royce Phantom, and a yacht,…
Rossen G. Iossifov, already serving a federal prison sentence for laundering millions of dollars through an international cyber fraud scheme, now faces fresh criminal charges for allegedly stealing approximately $290,000 in cryptocurrency that had been forfeited to compensate the very victims he helped defraud. The forfeited crypto sat in an account registered to Iossifov at…
Retirees who owe money to the Social Security Administration could see their entire monthly benefit vanish in a single payment cycle. The SSA announced in March 2025 that it will raise the default overpayment withholding rate to 100% of a person’s monthly benefit for certain new overpayments, reversing a policy that had cut the default…
About 2.6 million Medicare Advantage enrollees were forced to find new coverage this year after insurers terminated or consolidated plans across the country. Researchers at Johns Hopkins Bloomberg School of Public Health estimate that as many as 2.9 million beneficiaries face the same disruption heading into 2027, meaning roughly one in ten people enrolled in…
People who lost money in a six-year investment fraud scheme tied to a Wausau, Wisconsin, man may soon recover a fraction of their losses through a federal online auction of seized cars and jewelry set to begin July 28. Stanley Pophal pleaded guilty to wire fraud and money laundering for a scheme that ran from…
Near-retirees who buy their own health coverage through the Affordable Care Act Marketplace are about to confront a sharp price increase. When the temporary expansion of premium tax credits expires after tax year 2025, a 60-year-old earning roughly $64,000 a year could owe about $14,900 annually for a benchmark silver plan in 2026. That figure…
Christopher Alexander Delgado, a 34-year-old cryptocurrency executive from Apopka, Florida, pleaded guilty to conspiracy to commit wire fraud, wire fraud, and money laundering after running a scheme through his company Goliath Ventures that took in at least $400 million from investors and caused at least $250 million in losses. According to a detailed announcement from…
Two federally insured credit unions were forced into involuntary liquidation within a single month this spring, wiping out institutions in Pennsylvania and Arkansas and putting a sharp focus on the federal deposit insurance cap that protects only $250,000 per individual account. The National Credit Union Administration shut down Copper and Glass Federal Credit Union in…
Anyone who inherits a traditional IRA from a family member who died after 2019 now faces a hard deadline and a steep penalty for missing it. Congress rewrote the rules through the SECURE Act of 2019, replacing the old “stretch” option with a 10-year window that forces most non-spouse beneficiaries to drain the entire account…
Eleven people, led by defendant Hua Wang, have pleaded guilty in a $65 million fraud ring that tricked thousands of older Americans into mailing cash to rental homes for fake investments. The U.S. Attorney’s Office for the Southern District of California announced the guilty pleas, with $64 million in losses tied to Wang alone. The…